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CAAMP Expo Notes

Mortgage-News Here’s a smattering of new product news from this week’s annual CAAMP Expo in Toronto.

  • CHIP is now offering an annuity payment option on its reverse mortgages.  That way borrowers don’t have to take a lump sum at closing (and pay interest on money they don’t use).
  • Peoples Trust is launching a subprime readvanceable mortgage in the spring (for borrowers with weak credit)
  • Solidifi will soon let mortgage brokers rate appraisers
  • InContact will roll out an online version of it’s client management software, called Nexa, in “early 2008.”  At last, it will synchronize client data automatically.  No longer will brokers need to manually import client updates from Expert.  Unfortunately, the price is increasing 75% to $69.99 a month.
  • ING Direct plans to offer 100% financing in Q1
  • Abode Mortgage is going live in Ontario and plans to launch a 1-year subprime mortgage “soon”
  • Desjardins just rolled out its new equity lending products
  • InterBay is starting its “InterBay Academy” in January 2008 to train brokers on its products
  • ResMor now offers 120-day rate holds
  • Street Capital is launching “A-credit” products in early 2008