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.
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.
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.
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.
Scotiabank: Is 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.
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.