Exec says one trend in particular could play out in the months ahead
Mortgage practitioners should be keeping a lookout on potential major changes to the industry later this year, according to Leah Zlatkin, chief operating officer and broker at Mortgage Outlet.
Most crucial of these would be the likely market adjustments that could influence what amortizations would suit each customer’s situation the best.
“I think that in the near future, there’s going to be a time when we might swing back to 5-year variable [terms]... I do foresee there being a potential shift, especially if the Bank of Canada continues on their path of no change or reductions,” Zlatkin told Canadian Mortgage Professional.
Significant policy shifts might also be on the table.
“We also need to keep a pulse on the fact that [the Office of the Superintendent of Financial Institutions] might be changing regulations soon,” Zlatkin said. “[Brokers] need to make sure that they’re staying on top of all those regulations.”
As an example of these sweeping changes, the Financial Services Regulatory Authority has made wide-ranging adjustments to agent requirements in the past year alone.
“For anybody who is an agent as opposed to a broker, in a market where more and more people are turning to private lenders, you need to make sure that you know these guidelines and are operating within those parameters,” Zlatkin said.
For more insights on what the market could hold for the rest of the year, click here.
