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Broker News

Check out this week’s latest mortgage jobsPost a mortgage job free until June 30!

  • FSCO FSCO’s new Ontario mortgage broker legislation takes effect in 11 days.  The public will now be able to check a broker’s license simply by searching here.  IMBA has a link with details on the new law.
  • “All of us have been struggling, banks and mortgage lenders, from the higher cost of funds and liquidity premiums.” — TD’s Joan Dal Bianco, vice-president of real estate secured lending.
  • “Our market share in mortgages declined quarter over quarter because of the expected impact of our decision to exit the broker channel.  However, again this quarter we experienced volume growth [and]…we’ve increased spreads on new originations 31 basis points year over year.” — BMO
  • Surplus Fact of the Day:  TD projects 18.5% of its residential mortgage portfolio will be pre-paid in 2008.  In 2007 the figure was 20%.  It’s anecdotal, but it would be interesting to see if other lenders are experiencing lower pre-payments as well.
  • Recreational properties are getting more affordable.  CEP News story
  • CHIP has signed a deal to distribute reverse mortgages with Multi-Prêts, Quebec’s biggest mortgage broker.
  • Former MoneyConnect CEO Moe Forget is now Executive Vice-President of AGF Trust`s Mortgage Products and Services division
  • CAAMP is encouraging Nova Scotia to adopt more regulation for mortgage brokers, including minimum educational standards.
  • The Alberta Securities Commission is considering removing the registration and prospectus exemptions available to mortgage brokers who deal in syndicated Alberta mortgages.
  • The FBI has stung over 400 American mortgage brokers since March for fraud.  The most popular mortgage frauds (in order) were:
    1. Misstatement of income or assets
    2. Forged documents
    3. Inflated appraisals
    4. Misrepresentation of a buyer’s intent to occupy a property as a primary residence.

It appears some idiots never learn…until they’re arrested.

  • Filogix’s latest Mortgage Broker Market Report shows banks gaining 1% market share since April 07.  Mortgage banks gained over five points, while subprime lenders and credit unions continued to lose share.
  • Street Capital is now lending in Newfoundland, P.E.I, New Brunswick and Manitoba.  The company also launched a new variable-rate mortgage at prime – .50%.
  • Merix now lends in New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland and Labrador