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.
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:
Misstatement of income or assets
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