Mortgage, Money and Dream – Our thoughts on Canadian Mortgage Market
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How are the broker lenders doing? CMT explains

Broker lenders market share - Q3 2013

As always CMT published the latest broker lenders market share stats. This chart does not show the mainstream banks or credit unions. It just provides a snapshot of the market share of the lenders who deal with brokers. Only the top tens are shown but there are

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Low rates have no effect on lenders profitability

The last quarter for MCAN and Equitable was good. The housing activity bloomed late in the summer but it helped to inflate the residential lending of the lenders. As a result net income grew compared to 2012. Equitable Bank saw a whopping 24% jump in the Single

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Why you may not like your bank

How a Canadian Identifies a Good Bank According to 4 in 5 Canadians – low or no fees is the definition of good banking.  6 in 10 Canadians – ready to leave their banks to save money.   Source:

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Quality not quantity – is more important now

National Bank has decided that it will pay equal attention to broker efficiency alongside business volume. Changes in bonus: It is introducing a change that will increase the existing Efficiency Bonus from next month. Existing Volume Bonus will take a ten basis point cut. National bank has

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What the brokers are thinking about lenders

Mortgage brokers deal with many lenders in their day to day business activities. Some they hold dear to their heart and some are just business partners. CMP runs this survey every year and the results are out. Interesting facts: 21% brokers think commission will go down in

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What is a Mortgage Servicing Company

There are number of parties involved in a mortgage transaction. In the mortgage industry there are lenders and the sales people like brokers or lenders representatives – you usually deal with while you are shopping for your mortgage. What happens when the deal closes and you move

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What you need to know about income verification

To be able to make regular mortgage payment, a source of income is required. Without an income, debt can not be serviced – very basic concept. Banks, therefore, take income verification very seriously. Nothing more important than the borrower having a legitimate source of steady income. (Don’t

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Banks Earnings – random thoughts

Why interest rate change will not hurt banks earnings: Obviously, bank’s main earning is not dependent on interest rate. It is the spread between cost of borrowing (or funding) and cost of lending – that earns bankers their breads. If you look at the spread then it

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Xceed – Giving Some Low Ratio Break

Xceed has recently came up with some interesting offers. On the Low ratio deals where the borrowers had to pay CMHC insurance premiums – the lender will now absorb the premiums in many cases.  Another point was also noted that there were some relaxations on the Beacon

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Covered Bond Market getting interesting – First Issue

RBC and CIBC are the only two Canadian deposite taking institutions who managed to register in the CMHC monitored Canadian covered bond programs. It is not reported that who else applied for the program but for now those two are eligible to issue bonds that are backed

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Changes in MCAN Mortgage Corporation

Last Friday MCAN reported that it has reached an important milestone of acquiring Xceed – it has received approval from the Office of the Superintendent of Financial Institutions Canada. While this has been going on the company also announced that Tammy Oldenburg (Present Vice President and Chief

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Equitable Group – Reported Record Profit – Q1, 2013

Equitable Group Inc., the parent company of Equitable Trust reported a record quarterly profit. Equitable Trust is well known for its Alt. A and B lending. Alt. A – borrowers are who misses the big lenders lending pass mark only by a small fraction. Alt. B in

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