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Thursday, May 25th, 2017

The State of Stated Income

Canada has 2.67 million self-employed citizens, about 15% of the work force, says CAAMP. Due to how they report income and deduct expenses, these individuals are frequently reliant on stated income mortgages. A few weeks back, Bloomberg quoted Canada’s bank regulator, OSFI, as saying stated income mortgages “have some similarities to non-prime loans in the U.S.” Just weeks before that, CMHC announced limits on bulk mortgage insurance, which […]

Report hints at why BMO went to 2.99%

New analyst reports are hinting at why BMO moved to offer that trendsetting 2.99 per cent rate, at the same time suggesting the offer may come back to bite it – and, indeed, the industry. The big bank trod out that historical interest rate early last month, kicking off three weeks of the unprecedented originations […]

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