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CAAMP Mortgage Forum 2012

caamp12Sunday marked the first day of the annual CAAMP Mortgage Forum in Vancouver. Out of all the events in our industry (and there are a lot), there’s still no better place to connect with dozens of mortgage suppliers all at once.

In case you couldn’t make it, here’s some of the unofficial word from different exhibitors on the Expo show floor.

Bridgewater Bank has streamlined its products and is launching its Excellence Mortgage in January. It’s designed for AAA borrowers and comes with increased discounting—especially for “Power” status brokers. Also coming in January is Bridgewater’s Advantage Power Compensation Program with increased finder’s fees, faster turnaround and more products. Bridgewater has one of the most reasonable broker status programs in the business—just $1 million in volume required every half-year.

B2B Bank is integrating with AGF and may adopt and offer AGF’s alt-A products by the spring.

Canada Guaranty insurance is available via Scotiabank, First National, ING and Street Capital (and RBC, BMO and PCF if you’re outside the broker channel).

Canadiana Financial is getting its full product line-up back soon.

Coast Capital is doing rentals to 75% LTV with 75% rental offset and no rate upcharge. It is still doing Equity Lending to 65% LTV, including for new immigrants.

Davis+Henderson will be launching a new mobile app for iOS in early 2013. It’s a suite of tools that will help brokers engage with clients. Of particular interest are two features: voiceprint authentication (an alternative to written authorization for consents) and image capture (for capturing a client’s ID on camera).

Dominion Lending Centres has created a new VISA card with a 9.9% fixed rate that can be sold by its brokers.

Equitable Trust hasn’t lost any of its alternative lending products following OSFI’s B-20 guidelines. It’s got a stated income 3.95% 3-year promo for self-employed borrowers with a 1% fee (no-fee and 1-year term options also available).

First Canadian Title now follows up on payout requests daily.

Fisgard is doing second mortgages up to 75% with provable income.

Home Trust, the country’s biggest alternative lender, has been mostly unaffected by OSFI’s B-20 guidelines, from a product standpoint. It has been rolling out a GIC referral program. Authorized brokers at selected firms can refer GIC clients here.

Lanyard specializes in $1- to $5-million mortgages in Alberta, British Columbia and downtown Toronto with no income qualification and no GDS/TDS requirements. LTV is 60% max. Lanyard allows other lender’s second mortgages behind its first, and non-recourse mortgages are also available. Current rate range: 5.35% to 8%+ depending largely on LTV.

Marathon Mortgage: Opening in January.

Marlborough Stirling is launching a portal for brokers to check their deals (brokers won’t need to be a MorWeb user to use it). RMG will be the first lender to use the system in January.

Merix Financial is looking to launch near-prime products and an improved status broker program in 2013.

MonCana Bank just launched in British Columbia. It will reportedly be adding high-ratio switches and Genworth as an insurer option.

Mortgage Protection Plan is piloting a term life insurance referral program for brokers. The full roll-out is expected in the first quarter. Term options are expected to be 10, 20 and 30 years, and provided by Manulife.

Optimum Mortgage is still doing 75% loan-to-value non-income qualifying mortgages for self-employed borrowers. Among other things, it accepts bank statements for income verification.

Radius Financial’s volumes have doubled in the last 60 days, largely on the back of its new RateWise product (Specs)—which accounts for 48% of its current pipeline. RateWise is currently priced at 2.94% with full compensation. Half of its volume is now originated from brokers unaffiliated with Mortgage Architects (its sister company). Radius is implementing a dedicated underwriter program in 2013.

Scotia Mortgage Authority is one of the few lenders using all three insurers.

Street Capital now offers an enhanced Loyalty Program.

Toronto Dominion Bank accepts “New-to-Canada” borrowers who have been in the country for five years (previously it was three years).

Canadian Mortgage Hall of Fame Awards Gala

Congratulations to Andy Charles, Patrick Chetcuti and Gord Dahlen for their well-deserved induction into the Canadian Mortgage Hall of Fame.

Also receiving awards at Sunday night’s gala were Bob Hanscom, Art Appelberg, Sandy Higgins, Gina Best, Mortgage Depot-VERICO, Stan Falkowski, TMG The Mortgage Group and Hali Strandlund.

Rob McLister, CMT