Brokers are likely breathing a sigh of relief following OSFI’s release of its B-21 guidelines Monday, with one of the only major changes being the office of the superintendent recommending stricter down payment requirements.
The comments section of MortgageBrokerNews.ca provides a soundboard for brokers to critique, lambast or applaud our articles (and, in some cases, fellow commenters). 2013 provided its fair share of heated debate but one particular story about renewal business – and the value brokers can add to win business – stoked the fires and, in some cases, the ire of several opinionated readers.
Debate has ensued about whether the broker channel should welcome laid off-bank employees, with some brokers believing those who failed to make the cut there will make second-rate agents here.
Whispers of a new rate site being backed by a deep-pocketed company have made their way across the industry, leaving some brokers frustrated.
Independent broker, Paolo Di Petta, will be meeting with Steven Del Duca, Liberal MPP of Vaughn and the man appointed to oversee the review of the MBLAA, on Thursday to discuss potential changes to the act – and he wants to collect and present broker feedback after a letter sent by CAAMP to the MPP did not represent brokers’ best interests.
Happy anniversary? It’s been a year since the mortgage rule changes took effect, and brokers have felt the impact not only on their business, but especially their clients.
RBC’s announced rate hike Friday is a signal the big bank is laying down its weapon of choice at least for the time being, say brokers.
Incoming Bank of Canada Governor Stephen Poloz is already getting advice from a C.D. Howe economist urging him to raise his overnight rate, but brokers are staying on message suggesting he should leave well enough alone.
Another article in the Toronto Star has showered praise on mortgage brokers, but one broker feels his industry is being done a disservice with what he calls “PR pieces” by CAAMP, when instead it should be addressing real concerns in the channel such as REDX reports.
More than 10 per cent of Ontario brokerages are operating without the errors & omissions insurance required by the industry’s governing act, according to FSCO.
