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.
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A friend who works in the financial world (for a big bank) recently told me that the banks would no longer be allowing assumable mortgages in Calgary. Can you speak to this?
Jan 23, 2008
From C.*.*.*.:
Effective immediately, mortgage assumptions and title transfers in Alberta cannot be completed until the purchaser or transferee satisfies all normal lending guidelines for mortgage qualification and approval.
Where did you find this information? I’d love to learn more.
Thanks!
Hi Digging,
Thanks for the snippet about this policy change. We appreciate it.
Cheers, Rob