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As of July 1st, there are a number of changes coming to mortgage dealings in Ontario. As of that date, people like me, mortgage agents, have to be registered with the Financial Services Commission of Ontario. More to the point, we have to call ourselves mortgage agent.
I used to call myself a "mortgage consultant," since I felt that more clearly described my role, but since the term is no longer available, I chose to comply. (Although I suppose I could call myself "the mortgage agent you would want to consult" -- any thoughts on the appropriate font to use to put that on a business card?)
Showing posts with label mortgage brokers. Show all posts
Showing posts with label mortgage brokers. Show all posts
Saturday, June 28, 2008
Thursday, April 10, 2008
U.S. mortgage brokers fight back against proposals (National Post, 10 Apr 2008, Page P14)
I saw this article in today's National Post (it's probably in other papers as well, but that's the paper I have electronic access to). While I agree that there were cases of people getting the wrong mortgages, there is no indication in the article that there is a reason for the increased "yield-spread premiums."
People with 'bruised' credit are harder to place, and the lenders offer a higher finder's fee to the broker for placing these clients. An unintended consequence of such a change, I would think, is that it would be harder to get credit for these people. Shouldn't we be encouraging people to build home equity and re-establish their credit. (In Canada, anyway, people in this predicament would be required to put some of their own money down.)
U.S. mortgage brokers fight back against proposals
BY RUTH MANTELL Dow Jones
National Post
10 Apr 2008
NEW YORK • Plenty of parties share blame for the housing crisis, but one of the most maligned groups has been mortgage brokers, who critics claim pushed thousands of homeowners into expensive mortgages they should have never been given. New rules from...read more...
People with 'bruised' credit are harder to place, and the lenders offer a higher finder's fee to the broker for placing these clients. An unintended consequence of such a change, I would think, is that it would be harder to get credit for these people. Shouldn't we be encouraging people to build home equity and re-establish their credit. (In Canada, anyway, people in this predicament would be required to put some of their own money down.)
U.S. mortgage brokers fight back against proposalsBY RUTH MANTELL Dow Jones
National Post
10 Apr 2008
NEW YORK • Plenty of parties share blame for the housing crisis, but one of the most maligned groups has been mortgage brokers, who critics claim pushed thousands of homeowners into expensive mortgages they should have never been given. New rules from...read more...
Related:
Washington shares blame for Bear Stearns collapse
Washington shares blame for Bear Stearns collapse
U.S. OVERHAUL COULD TAKE YEARS Overhaul would give U.S. Fed more power
Washington shares blame for Bear Stearns collapse
Washington shares blame for Bear Stearns collapse
U.S. OVERHAUL COULD TAKE YEARS Overhaul would give U.S. Fed more power
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