Mortgage News

Oct 24, 2018
Getting The Deal Done

By Lisa Gordon LOCATION, LOCATION, LOCATION. While it’s been called the first rule of real estate, it’s also a key consideration in a successful mortgage application. Depending on where a property is located, a mortgage broker might have to do a bit...

Oct 24, 2018
How to Build a Sellable Mortgage-Based Business
Rick Thibert

By Urma Mollema, Owner Ivy League Business Consulting Inc. MOST MORTGAGE BROKER entrepreneurs who start a business don’t initially think about selling it someday. An exit strategy is not something they think about while they are building their business base. As an...

May 24, 2018
How Stricter Rules Affect Appraisals

Many brokers and lenders may have noticed a significant change in 2018 to the way appraisers handle Market Rent Reports or estimates (Rental Letters, Market Rent Estimates within reports and Schedule “A” rental estimates).Appraisers have experienced a major change in the scope of service from their governing body (the Appraisal Institute...

May 24, 2018
Setting the Record Straight

The Canadian Mortgage Brokers Association wrote to S&P Global (S&P) in March concerning some inflammatory statements the ratings agency made about brokers and the risk they pose to banks. More specifically, S&P is reported to have said that, “As brokers do not bear credit risk for the residential mortgages they...

May 24, 2018
Protecting the Priority of Second/Private Mortgages

Loan transactions involving borrowers seeking financing through private lending or by way of a second mortgage tend to carry additional risk that is not present in a traditional first mortgage transaction, and require extra care for real estate practitioners such as mortgage brokers. There are a variety of legal and...

May 17, 2018
Up North & Down Under

WHEN IT COMES to broadening their business horizons, seven B.C. mortgage professionals aren’t afraid to cross borders in search of inspiration. In fact, this fall saw them making the long journey Down Under, where the Finance Brokers Association of Australia (FBAA) was holding its 2017 National Industry Conference on November 24...

May 17, 2018
Australian Consumer Advocates Take Aim at Broker Commissions

A CONSUMER GROUP IN AUSTRALIA has incensed the mortgage broker industry there by calling for all commissions to be scrapped – a suggestion that triggered an immediate and scathing reaction from the Finance Brokers Association of Australia (FBAA). The call by consumer organization CHOICE was contained in a submission to Treasury...

May 17, 2018
Rehabbing Drug Labs

PICTURE A HAPPY FAMILY, excitedly buying a new home. The deal is done, the paperwork is signed and everything seems ready for moving day. Then, the family discovers that their dream home was previously used to produce drugs, and now they are having trouble qualifying for a mortgage. This is just one...

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