Mortgage Platform Down

Mortgage Platform Causes Problems for Vancouver Home Mortgages For several days last week, there was no way for thousands of brokers to send applications to lenders. This affected brokers across Canada including those dealing in Vancouver home mortgages. This resulted because the mortgage industry’s largest mortgage origination platform temporarily went down; the platform is called, “Expert”. This […]

CICA Debt Poll

CICA Determined to Become Expert in Personal Finance A study was recently commissioned by the Canadian Institute of Chartered Accountants (CICA)  to learn what Canadians do on a day-to-day basis to manage their finances. The study also wanted to  understand how much confidence Canadians have in particular financial activities.  The purpose was to determine how […]

Bank Satisfaction Falls

Decrease in Bank Satisfaction could Benefit Vancouver Mortgage Brokers Customers became less satisfied this year with big and  mid-sized banks in Canada, according to a report released by J.D. Power and Associates. A large part of this is due to a decrease in satisfaction relating to fees. The study does not highlight satisfaction related to […]

Pros and cons of a mortgage broker

When Chris Vale and his wife Keli Hines bought a home in Oshawa, they arranged a mortgage through an in-house firm their real estate agent’s company had. “We were told, ‘Here’s the rate and here’s what you pay,’ ” Vale recalls of the transaction, which took place several years ago. Then Vale met mortgage broker […]

Buying a house? Don’t go to the bank

I sold my property last week and I’m in a mad scramble to find a new home. With my wish list in hand and a pre-approved mortgage under my belt, I’m confident I’ll eventually find what I’m looking for. Much to the chagrin of my financial planner, a bank employee, I’ve decided to use an […]

45% of brokers procrastinate on re-licensing

It has come down to the wire for nearly half of Ontario’s 12,000 mortgage professionals – who, with only a month left on the clock, had yet to complete that do-or-die re-licensing course. “What can I say? That’s the industry” Joe Rosati, executive director for the Independent Mortgage Brokers Association of Ontario, told MortgageBrokerNews.ca.  “FSCO […]

Mortgage brokers undercut banks

Mortgage brokers are once again undercutting the banks and some are willing to buy down your rate — eating part of their commission in the process — to gain customers. Steep mortgage discounts from the major banks have all but disappeared from the market, leading mortgage brokers to make sacrifices for market share amid new […]

Happy Clients Are Gold

How important is client satisfaction to a mortgage broker? The answer is in this stat: A whopping 82% of broker clients find out about their broker via referral. (Source: Maritz/CAAMP) Existing clients are gold. As a broker, they’re our best source of new business. That’s why it pays to take care of and invest in them. […]

Less Broker in Your Broker

“There are lenders that are taking the brokering out of brokering” — IMBAPresident Albert Collu, via CMP That line is symbolic of what’s happening in our business. The face of mortgage brokering is changing. Lender policies meant to drive efficiencies are impairing brokers from doing their jobs. This is no more evident than with volume minimums. More […]

Interprovincial Mortgage Brokers

The Internet has made doing business possible across the farthest reaches of the globe. It’s not surprising then, that technology is fostering mortgage brokering across provincial lines. More and more, we see out-of-province brokers advertising and quoting rates in other provinces. This is making the mortgage market more price-efficient and lowering costs for consumers. While […]

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