Cash-back mortages: A deal from your bank that regulators are not keen on – Ask a Vancouver Mortgage Broker

It’s the last refuge of those who don’t have money, but still want to own a home. You want some of these record low rates on the market but you’re locked into a mortgage. Just break it, right? Not so fast, there’s a key question you need to ask before you commit to break a […]

Three key questions about Canada’s new mortgage insurance rules – Ask a Vancouver Mortgage Broker

Canada‘s housing watchdog released a set of long-awaited guidelinesfor the country’s three mortgage insurers on Monday. The new guidelines spell out the practices that the Office of the Superintendent of Financial Institutions wants to see from the country’s three mortgage insurers, Canada Mortgage and Housing Corp., Genworth MI Canada and Canada Guaranty. Here are answers to […]

OSFI moves to tighten mortgage insurance guidelines – Consult with a Vancouver Mortgage Broker

Canada’s financial regulator has unveiled a set of proposed guidelines for mortgage insurance providers aimed at tightening standards around underwriting governance and risk management. You want some of these record low rates on the market but you’re locked into a mortgage. Just break it, right? Not so fast The draft guidelines come two years after […]

OSFI to consult public before making changes – Ask a Vancouver Mortgage Broker

OSFI has held off on further tweaks to underwriting rules, but amid speculation that it may soon spring into action, one representative has assured MortgageBrokerNews.ca the public – including brokers – will be allowed their say. “If we decide to revise Guideline B-20 we will undertake public consultations,” Annik Faucher of OSFI told MortgageBrokerNews.ca. “No […]

A New Bank With a New Model — Canadian First – Ask a Vancouver Mortgage Broker

A New Bank With a New Model — Canadian First  By Rob McLister, Editor, CanadianMortgageTrends.com Being a Canadian bank puts you in exclusive company. There are5,991 commercial banks in the U.S., but just 25schedule I banks in Canada. That number will soon become 26 because Canadian First Financial Holdings Limited has just received OSFI approval to incorporate as a bank. (The bank’s […]

Taxpayer-free housing finance change coming to Canada – Ask a Vancouver Mortgage Broker

Finn Poschmann, Special to Financial Post  The Bank of Nova Scotia, a few days ago, received permission from the Securities and Exchange Commission to market to U.S. retail investors what are known as covered bonds. In pursuing SEC approval for market access, Scotia was following a trail blazed by the Royal Bank of Canada; market […]

Would shorter amortizations make the housing market safer? – Ask a Vancouver Mortgage Broker

Canada’s banking watchdog seems intent on stamping more risk out of the mortgage market. The latest idea being floated by The Office of the Superintendent of Financial Institutions (OSFI) is to limit amortizations to 25 years for homeowners who have put down 20 per cent of the purchase price or more. The current maximum is 35 years. If this […]

Is Your Bank Mortgage Really Fair – From Your Friendly Vancouver Mortgage Broker

Is Your Bank Mortgage Really Fair – From Your Friendly Vancouver Mortgage Broker Anyone who is somewhat savvy about mortgages knows that there are government agencies that keep tabs on what the banks are doing when it comes to mortgages. But, these agencies don’t see everything that goes on. Also, banks are also somewhat self regulatory when it […]

New Mortgage Rules Take Effect November 1, 2012 – From you Vancouver Mortgage Broker

New Mortgage Rules Take Effect November 1, 2012 – From you Vancouver Mortgage Broker November 1 is the day when the new mortgage regulations are put out by Office of the Superintendent of Financial Institutions Canada (OSFI). These mortgage regulations are called the B-20 guidelines and apply to any mortgage lender which is federally regulated. […]

Murphy: Gov’t may have jumped the gun- Ask a Mortgage Broker

The one-two punch of this summer’s mortgage rule and guideline changes may overwhelm the housing market, the president of CAAMP said during a national TV broadcast this week.  “The federal government introduced four set mortgage rule changes in June…we also saw some new underwriting guidelines from OSFI and also some changes by the CMHC,” said […]

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