The CAAMP Expo Report – 2010

It was a fantastic first day at the CAAMP Mortgage Forum in Montreal. It’s the nation’s largest mortgage trade show, attended by over 1500 people.

Montreal-by-caribb-Doug

Here’s all the latest, straight from the exhibit floor…


********

CHIP:  Now lends above 50% LTV to qualified applicants, but borrowers must meet credit/income guidelines and debt service (make payments on) the amount above CHIP’s normal lending maximum. CHIP normally lends up to 40% LTV.

CMHC:  Has new online broker training with AMP credits and certificates of completion.

Equitable Trust:  Recently launched its 80-85% LTV “Yes You Can” Mortgage in BC. Equitable also has a new (and much improved) website.

Filogix:  Launched a new version of Exchange that provides instant condition updates to brokers. It’s initially being rolled out with Street Capital and Macquarie Financial. Filogix also has a new web portal with news and industry links.

FirstLine:  May re-launch their Designer ARM (teaser variable) after having been discontinued since 2008. Last time it was available it came with a deeply discounted front-loaded rate for 6-12 months, followed by a lower discount on the “back-end.” It was quite popular with people who wanted the cheapest possible variable and planned to later lock in.

CAAMP-Expo-2010

Genworth:  Has new e-Learning courses available for brokers, many with AMP credits.

ING Direct:  Is coming out with “new broker-friendly products” in 2011. More to follow. About 75% of ING’s business comes from the broker channel.

Optimum Mortgage:  Recently launched its stated income rental mortgage in Ontario. LTV is up to 75% on purchases, with a 650 minimum credit score and an 80% rental offset. Borrowers must be well-qualified and experienced in rental property management. Borrowed down payments are potentially allowed depending on the deal.

ResMor Trust:  Will soon launch a no-fee refinance program. It also hopes for bank status by the first quarter, with a line of credit product anticipated for later in the year.

ScotiabankIs piloting a FNF flat-fee refinance package to brokers with business relationship managers (BRMs). It’s expected to be rolled out to all approved Scotia brokers in the future. For a limited time during the pilot, Scotia is covering up to $500 of legal cost when using FNF for refinances. Restrictions apply.

Street Capital:  Will soon be launching an equity mortgage product.

TD Financing Services:  Just started a pilot for a 70% LTV equity product in Ontario and Quebec. It may go national soon. No income confirmation or NOA is required. Salaried of self-employed income is okay. Property must be in an area with a 100,000 population or greater, and the maximum amortization is 35 years.

Copy link