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Mortgage Broker News

  • mortgage-securitization RBC says mortgage securitization has been “relatively unaffected in Canada” by the subprime crisis. They say it’s because “85% of it is guaranteed by the federal government.” Wow. Who knew? RBC also feels that mortgage credit conditions have eased overall “due to the arrival of long amortization mortgage products.” (i.e.  40-year amortizations)
  • IMBA‘s Annual Conference is May 8-9 in Toronto. It will include four very practical broker seminars.  (Hopefully CAAMP takes note and offers similar sessions in its Vancouver conference this year.)
  • If you’re a broker, don’t forget to watch our mortgage events page for other upcoming industry events.
  • MyNext Mortgage now offers loans up to $1 million.
  • ResMor now offers 120-day rate locks on all its products.
  • Mortgage Alliance feels its “Right Mortgage is one of the best mortgage product launches in recent Canadian history”–with $100 million funded in its first 45 days.
  • Abode Mortgage lost $1.3 million last quarter. CEO Mike Linehan said Abode refrained from “significantly increasing originations in the quarter. A high sales volume quarter would have placed additional stress on [Abode’s] warehouse facilities…”
  • Merix‘s volumes increased 78.6% in 2007. Their business development team grew from 7 to 20. They expect 68% growth in 2008 to $4.2 billion. Plus they’re opening a new Vancouver underwriting centre.
  • Quest Capital snagged a new $88 million credit facility.
  • National Bank’s residential mortgage business was up 6.2% from Oct. 2006 to Oct. 2007.