The surge in
demand for mortgage brokers came from clients who were looking for alternative financial solutions after facing rejection by banks.
It says consumers should still visit their provincial regulator's website to get licence status
information for mortgage brokers authorized to operate in that province.
Banks are very strict about who they serve with loans, hence the
need for mortgage brokers who offer services to those who were turned down by banks.
These are people with good credit history and do not pose much
risk for the mortgage brokers who know they will be paid by the banks immediately the loan closes.
Prior to his legal career, he worked as a financial
analyst for a mortgage broker obtaining financing for large residential and commercial developments.
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Despite recent interest rate increases, a majority of Canadians believe their current mortgage interest rates are manageable, says a report by the Canadian
Institute for Mortgage Brokers and Lenders (CIMBL).
Dunning is chief economist for the Canadian Association of Accredited Mortgage Professionals, the umbrella
group for mortgage brokers.
She has worked as a loan
agent for both mortgage brokers and bankers and provides the insider's view into mortgage pricing, presenting applicants favorably and honestly, explaining mortgage disclosures, spotting shady practices, dealing with credit issues, and overcoming obstacles like unexpected title or property problems.
Florida Governor Charlie Crist is taking drastic steps to prevent mortgage fraud and will likely sign legislation that would require, among other things, criminal background
checks for mortgage brokers.
VA leads have been increasing in popularity with brokers and lenders across the U.S. because the licensing is
easier for mortgage brokers and VA offer the only true 100 % home loan that requires no money down.