Last month, Scotiabank shelved its pilot subprime venture The Mortgage Authority (TMA). In their announcement, Scotia said they’ve “decided to limit any further expansion in the non-prime market segment.”
If you’re an AMP mortgage agent and want more words behind your name, you can now elect to be called a “Residential” and/or “Commercial Mortgage Specialist.” Only the commercial designation has any significant standards, however. The “Residential Mortgage Specialist” title can be had with just an AMP and a signature– and therefore seems relatively meaningless.
Need help understanding Ontario’s new mortgage regulations? IMBA training has it covered.
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