Mortgage Industry News

The latest happenings from within the mortgage industry. Here you’ll find a wide-ranging selection of stories focused on (but not limited to) the mortgage broker and lender communities in Canada.

Home Trust’s merger with Fairstone Bank: what it means for customers and brokers

April 15, 2024 No Comments

Alternative mortgage provider Home Trust has entered into a merger agreement with unsecured lender Fairstone Bank, but what effect the deal has on customers and brokers remains unknown.

Feds commit to exploring CRA income verification in budget 2024 to address mortgage fraud

April 12, 2024 7 Comments

The federal government today confirmed plans to consult with the mortgage industry on developing income verification tools through the Canada Revenue Agency.

Ottawa to allow 30-year amortization for first-time buyers’ mortgages on new homes

April 11, 2024 2 Comments

Advocates are praising Ottawa’s move to lengthen the amortization period on insured mortgages for certain homebuyers.

Near-term inflation expectations remain high, BoC surveys show

April 1, 2024 No Comments

While inflation expectations among businesses are steadily falling, Canadian consumers continue to expect elevated prices in the years ahead.

Lenders reducing average amortization lengths

Latest in mortgage news: OSFI head applauds lenders’ efforts to shorten amortization lengths

April 1, 2024 No Comments

OSFI says it is encouraged by the progress Canadian lenders have made in reducing amortization lengths of the mortgages within their portfolios.

BMO ramping up its broker channel division with new network partnerships

March 25, 2024 No Comments

Since its official launch in late January, BMO’s BrokerEdge division has been making waves and slowly growing its presence in Canada’s mortgage broker channel.

OSFI rejects Competition Bureau recommendation to drop mortgage stress test for lender switches

March 22, 2024 1 Comment

Canada’s banking regulator says it has no plans to remove the stress test on uninsured mortgages for borrowers who choose to switch lenders.

Ben Tal explored Canadian credit market risks

Canada’s credit market risks are on the rise, but CIBC’s Tal sees reasons for optimism

March 21, 2024 No Comments

Despite elevated credit market risks and rising delinquency rates, CIBC’s Ben Tal sees reasons for optimism.

Experts say title and mortgage fraud are fast growing in Canada and homeowners should take steps to protect their properties — and their identities. A person walks past multiple for-sale and sold real estate signs in Mississauga, Ont., on Wednesday, May 24, 2023. THE CANADIAN PRESS/Nathan Denette Experts say title and mortgage fraud are fast growing in Canada and homeowners should take steps to protect their properties — and their identities. A person walks past multiple for-sale and sold real estate signs in Mississauga, Ont., on Wednesday, May 24, 2023. THE CANADIAN PRESS/Nathan Denette

Homeowners, realtors should take steps to protect against title fraud: experts

March 17, 2024 1 Comment

It’s been years since you finished paying off your mortgage, so the letter in the mail from a bank saying you’re in default and now owe money comes as a shock.

OSFI issues notice about mortgage market risk

OSFI urges lenders to be vigilant amid “heightened risk” in the mortgage market

March 13, 2024 No Comments

In response to increased risks in the mortgage market, Canada’s banking regulator has issued a reminder to lenders about their risk management responsibilities.

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