Canadian Mortgages

News on Canadian mortgage rates, mortgage brokers in Canada, banks, and fresh new mortgages.


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May 29, 2014

Online Mortgage Marketing

Yousry-BissadaThe Internet has changed mortgage shopping forever. Yet, some mortgage originators still don't put much thought into it. Many are content to simply put up a website and hope for visitors.

That doesn't cut it if you truly want to cultivate mortgage business online. Fortunately, however, there’s still time to act, says industry pioneer and Kanetix CEO Yousry Bissada. Online mortgage origination is “still in the early adopter’s stage,” he said on Monday, “But it’s coming.”

Speaking at VERICO’s annual conference in Las Vegas, his message was essentially this: “If customers can’t find you online, you don’t exist to them.”

Continue reading "Online Mortgage Marketing" »

May 27, 2014

Mortgage Career of the Week


B2B_Bank_Logo

Company: B2B Bank
Position Title: Business Development Manager – Mortgages (Ottawa)
Years of Experience Required: 4-10 years
Licences or Registrations Required: NA
Location of Position: Ottawa, Ontario
Applicants may apply: Online (see job description page)


Click on the position title above for more information. Advertise your mortgage job opening today! Click here to post. Or browse CMT's Mortgage Jobs Database.

May 26, 2014

Commercial Mortgage Market Update

Commercial-real-estate-canadaResidential lending may have slowed, but commercial lending is going strong. Commercial mortgage balances grew 8% last year versus 2012, according to lender CMLS Financial. Commercial origination was up roughly 18%.

If you want to follow the commercial lending market, two solid sources are CBRE Capital Markets and CMLS. Here’s the latest market update from each of them…

Continue reading "Commercial Mortgage Market Update" »

May 24, 2014

Mortgage Career of the Week

 

Mortgage Alliance

Company: Mortgage Alliance
Position Title: Sales Manager for the Prairie Region
Licences or Registrations Required: Mortgage Agent Licence is preferred but not required.
Location of Position: Calgary, Alberta
Applicants may contact: jpinheiro@mortgagealliance.com or gkaine@mortgagealliance.com


Click on the position title above for more information. Advertise your mortgage job opening today! Click here to post. Or browse CMT's Mortgage Jobs Database.

May 23, 2014

Sustainably Unsustainable

“I think this is the real thing. This is the end of extremely low interest rates. They’re simply unsustainable.” – Economist Benjamin Tal, August 2013

label isolated on white backgroundBenny Tal is one of the sharpest economic analysts on the block. For him to go out on a limb like this shows how convincing the rate-hike thesis was last summer.

Since that time, the unsustainable has proven quite sustainable.

Continue reading "Sustainably Unsustainable" »

May 20, 2014

Mortgages: ‘Big Box’ Brokers vs. 'Boutique' Experts

By Dustan Woodhouse, Special to CMT

Law concept: Expert Advice on keyDespite industry hype surrounding rate discounter websites, the reality is that most mortgage clients still embrace a higher level of service, if it’s priced fairly. 

The majority reject less service at a lower rate because, even for a skilled broker, the task of sorting through a myriad of mortgage products, policies and guidelines is daunting. The overabundance of online mortgage information only heightens demand for professional guidance. Case in point was Investors Group’s just-announced 1.99% offering. Confusion about its binding restrictions necessitated clear explanation, quantification and suitability analysis.

Continue reading "Mortgages: ‘Big Box’ Brokers vs. 'Boutique' Experts" »

Mortgage Career of the Week


IC_Logo

Company: IC Funding
Position Title: Commercial Real Estate Analyst
Years of Experience Required: NA
Licences or Registrations Required: Achievement of your Mortgage Agent’s licence within 6 months of starting
Locations of Positions: London, Ontario
Applicants may contact: corp@icfunding.com


Click on the position title above for more information. Advertise your mortgage job opening today! Click here to post. Or browse CMT's Mortgage Jobs Database.

May 16, 2014

AMP 3.0

AMPWhen people deal with mortgage brokers they want to know that they’re competent. But it’s hard to assess that if you don’t know a broker well.

That’s where industry accreditations come in. A credible industry designation shows that a broker has met minimum standards of proficiency and professionalism.

Canada’s most common mortgage designation is the Accredited Mortgage Professional (AMP), established by CAAMP in 2004. In the opinion of many, however, (including this author) the bar for getting those three letters behind your name has never been high enough.

That’s about to change.

Continue reading "AMP 3.0" »

May 14, 2014

IG’s 1.99%. Some Odds of Note

Investors-GroupInvestors Group’s 1.99% variable-rate special is already making life harder for competitors. Clients are contacting their bankers and brokers and asking, “Is this mortgage right for me?” and “Can you match this rate?”

Mortgage advisers are actively, and in many cases rightfully, selling against this mortgage. The fine print speaks for itself, albeit it’s still a spectacular deal.

We asked ourselves (and answered ourselves) the following questions.

Continue reading "IG’s 1.99%. Some Odds of Note" »

May 10, 2014

2014 Canadian Mortgage Awards

Canadian Mortgage Awards 2014Congratulations to the entire lineup of nominees and winners at last night’s CMP Canadian Mortgage Awards.

The people and companies named this year were recognized for elevating their craft beyond the typical industry professional. As mortgage practitioners, we can learn something from every name on this list to make ourselves better.

Continue reading "2014 Canadian Mortgage Awards" »

May 08, 2014

A New Path for Broker Associations

Gary Mauris, Special to CMT

Gary-MaurisLife is funny. As I sit here and write this column, I scratch my head and ponder the irony of an article like this.

After all, it was only a handful of weeks ago that I was publically calling out CAAMP about the purchase of Canadian Mortgage Trends.

Continue reading "A New Path for Broker Associations" »

Mortgage Career of the Week

FSCO Logo

Company: Financial Services Commission of Ontario
Position Title: Senior Compliance Officers
Licences or Registrations Required: No
Location of Positions: Toronto, Ontario
Applicants may contact:  FSCOcareers@adecco.ca


Click on the position title above for more information. Advertise your mortgage job opening today! Click here to post. Or browse CMT's Mortgage Jobs Database.

May 07, 2014

CMHC’s Annual Report Documents its Contraction

CMHCCMHC is safer and better managed than it has been for years. But it nonetheless continues to pare back its mortgage insurance business at the Finance Department’s urging.

That’s triggering a host of side effects for lenders, who are forced to pass along higher costs and reduced mortgage availability to consumers.

Continue reading "CMHC’s Annual Report Documents its Contraction" »

May 03, 2014

Mortgage Career of the Week


CanadaMortgageDirect

Company: Canada Mortgage Direct
Position Title: Mortgage Specialist (Underwriter)
Years of Experience Required: 3-5 years mortgage industry experience.
Licences or Registrations Required: Mortgage associate licence with RECA
Locations of Positions: Calgary, Alberta
Applicants may contact: careers@canadianmortgagedirect.com


Click on the position title above for more information. Advertise your mortgage job opening today! Click here to post. Or browse CMT's Mortgage Jobs Database.

May 02, 2014

Updates on Stated Income & Second Home Programs

CMHC SCHLCMHC surprised the market last week by eliminating its insured second home and stated income programs. Many believed that the Department of Finance (DoF) had something to do with it.

We asked the DoF directly. Here’s what they told us:

Continue reading "Updates on Stated Income & Second Home Programs" »

April 30, 2014

Employee Pricing on RBC Mortgages

RBC-BankThe automakers run employee pricing campaigns seemingly every year. So why not try it as a bank?

This is precisely the basis for RBC’s latest mortgage promotion. The nation’s biggest bank is giving employee pricing to anyone who qualifies for its 4- and 5-year fixed terms. The offer applies to applications submitted from April 28 through June 6, 2014.

As for the rate, Vinita Savani, Director, Home Equity Financing says:

Continue reading "Employee Pricing on RBC Mortgages" »

April 27, 2014

Anti-Spam Rules: Prep Now

ランチョンミートCanada’s new anti-spam law has been called the most onerous legislation of its kind in the world.

It takes effect July 1, 2014, and penalties for non-compliance are severe (up to $1 million per violation).

If you’re a mortgage professional who wants to keep on the right side of the law, here are some useful resources:

Continue reading "Anti-Spam Rules: Prep Now" »

April 26, 2014

CMHC Sends Another Message

CMHCSince 2008 the nation’s largest mortgage default insurer has been on a mission to reduce its risk exposure. Yesterday that mission continued with CMHC announcing that it would stop insuring both second homes and self-employed borrowers without traditional proof of income.

Canadians have used these two programs for the last nine and seven years respectively.

But these are not the only adjustments CMHC has in store. It put the market on notice that “This is the first set of changes” we should expect, as a result of its internal insurance business review.

Thankfully, at least one private insurer is not making knee-jerk changes because of this news.

Continue reading "CMHC Sends Another Message" »

April 24, 2014

Mortgage Market Share - Q4

Market-share-mortgageIt's been a while since our last lender market share update. In this instalment we've included non-broker channel lenders as well, courtesy of data from David McVay and McVay and Associates. 

As you'll see, the last 12 months have been a boon to some lenders and rather punishing to others.

Continue reading "Mortgage Market Share - Q4" »

Mortgage Careers of the Week

True NorthCompany: True North Mortgage
Position Title: Mortgage Agent
Years of Experience Required: NA
Licences or Registrations Required: Mortgage agent licence
Locations of Positions: Vancouver, British Columbia; Toronto, Ontario
Applicants may contact: Vancouver position: chris.rempel@truenorthmortgage.ca; Toronto position: gershon.ashurov@truenorthmortgage.ca


Cffbank-logo

Company: CFF Bank
Position Title: Vice President, Customer Sales and Service, Western Canada
Years of Experience Required: 5+ years’ mortgage banking/lending experience
Licences or Registrations Required: No
Location of Position: Calgary, Alberta
Applicants may contact: Eloise Wanjoe at careers@cffbank.ca


FSCO Logo

Company: Financial Services Commission of Ontario
Position Title: Senior Manager, Market Risk Assessment
Licences or Registrations Required: No
Location of Position: Toronto, Ontario
Applicants may contact:  recruiting@fsco.gov.on.ca


Click on the position title above for more information. Advertise your mortgage job opening today! Click here to post. Or browse CMT's Mortgage Jobs Database.

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