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Mortgage Broker News

  • MortgageBrokers-com’s agent headcount is up 35% versus last year. It’s quarterly revenue is up 60% to $5,420,443. It posted a loss of $562,510, however, due largely to stock-based compensation charges. (MB gives out stock to new brokers as they sign up)
  • Mortgage Protection Plan (MPP) has insured 40,000 borrowers in 2008 (through October). In February MPP is rolling out its "Yes" plan. In other words, it will say "no" to no one–as long as the applicant is between 18 and 65. Bad health or not.
  • The Canadian Association of Accredited Mortgage Professionals (CAAMP) has increased the AMP designation‘s educations requirements by 20%.  As reported previously, CAAMP has also created a new AMP category for newcomers, similar to an articling period in the legal profession. (Chronicle Herald)
  • CIBC mortgage revenue was down 27% in the 4th qtr. YOY.  Market share was down very slightly from 14.2% to 14.1%. 
  • Laurentian’s residential mortgage volume is up 10% YOY.
  • In case you didn’t see these recent changes:
    • AIG has made some changes affecting its policy on premium porting. It’s also adjusted its refinance qualifications. More…
    • Commissioned borrowers are no longer eligible under Genworth’s BFS program.  They’ll now have to fully prove income.  Also, for BFS refinances, LTV has been reduced from 90% to 85% and beacon scores have increased from 620 to 650 (for 80.01% to 85% LTVs). 
    • MERIX has reinstated pre-approvals. It charges a 0.10% premium for them, which covers hedging and administrative costs.
    • ING now requires mortgage insurance on all mortgages above $750,000 (regardless of LTV), and also on all condominium properties with an LTV of 75% or higher.
  • Manitoba and Nova Scotia have new mortgage broker legislation coming in 2009. (Source: CAAMP)
  • Street Capital is now lending in Nova Scotia. The company is adding three more underwriters in January.
  • Here is the average mortgage brokers income according to
  • PMI has clearance from OSFI to repatriate $41.5 million from its discontinued Canadian operation to its American parent. The capital will be used to support PMI’s beleaguered U.S. mortgage insurance business. PMI still has to leave $17.4 million in Canada to support the run-off of PMI Canada’s business.
  • Canada’s largest alternative mortgage lender, Home Trust, has maintained an investment grade rating from S&P.
  • MCAP no longer offers 40-year amortizations on conventional products.
  • Seneca College is offering a new 5-day accelerated mortgage agent licensing course in Ontario. The course is designed for those with prior mortgage/real estate experience and costs $239. It’s offered online or on campus. More…