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The Numbers Are In: House Prices Up 0.5% in January

In January, the Teranet–National Bank National Composite House Price Index™ was up 0.5% from the previous month, matching the largest January increases in the 18-year history of the Index, in 2003 and 2010. Prices were up in seven of the 11 metropolitan markets surveyed. The increase exceeded the countrywide average in Hamilton (1.1%), Toronto (0.8%) and Montreal (0.8%). It lagged Continue Reading

Who is Committing Mortgage Fraud – Your Brokers or Your Applicants?

It has been widely debated what is and what is not considered mortgage fraud, and who the perpetrators of mortgage fraud are. Because mortgage fraud deals with information that is often incorrectly declared or omitted from mortgage applications, this debate runs rampant. The most common incidences of mortgage fraud occur when information is incorrectly declared or omitted from a mortgage Continue Reading

Time = Money: Save Resources Through Strong Underwriting Principals

Would you agree that strong underwriting principals directly translate into the operations cost of your underwriting department? We think so. The further a deal goes down the funding process, the more time and expense it means to you. The same reasons still exist for deals blowing up after an initial approval: Other parties showing up on title or the owner Continue Reading

2017 is Here and Interest Rates Have No Where to Go But…

While 2015 was a fairly active year as far as the Bank of Canada adjusting interest rates, 2016 has remained largely uneventful. Canada began 2016 with a low interest rate of 0.5%, which has remained the status quo throughout the entire year. Economists and the Canadian government alike have continued to voice concerns that Canada could be at risk of Continue Reading

The Numbers Are In: House Prices Up 0.3% in December

In December, the Teranet–National Bank National Composite House Price Index™ was up 0.3% from the previous month, slightly more than the average December rise of 0.1% since the Index series began in 1999. Prices rose in eight of the 11 metropolitan markets surveyed. The increase exceeded the countrywide average in Toronto (1.2%), Victoria (1.2%), Quebec City (0.6%), Calgary (0.6%), Hamilton Continue Reading

Boots on the Ground: Automated Valuation Models the New Drive-by Appraisal

Drive-by appraisals have historically been the norm, even if you are a lender who finances insured deals that don’t require a conventional appraisal. Drive-by appraisals are the closest thing that lenders have to putting boots on the ground to validate the information submitted in an application. While drive-by appraisals can be very helpful, during the winter months it can be Continue Reading

Saving Time: Things to Look for in Your Application

One of the single largest expenses in a lender’s underwriting operation is the incorrect disclosure and omission of information. While this occurs to varying degrees, and while it is still argued which instances are and are not mortgage fraud, it nonetheless drives up the cost of underwriting. This has a trickle-down impact to both broker partners and lenders, whether it Continue Reading

Canadian Mortgage Industry – A Year in Review

2016 mortgage and real estate news were largely uneventful for the first half of the year, but the second half was a whirlwind of activity. The many announcements and regulations both at the provincial and federal level meant that the name of the game for the second half of 2016 was more rules, more regulation! The Bank of Canada began Continue Reading

The Numbers Are In: House Prices Up 0.2% in November

In November, the Teranet–National Bank National Composite House Price Index™ was up 0.2% from the previous month, slightly more than the average November rise of 0.1% since the Index series began in 1999. Prices rose in seven of the 11 metropolitan markets surveyed, in all cases by more than the countrywide average: Hamilton (1.4%), Toronto (1.1%), Montreal (0.9%), Calgary (0.7%), Continue Reading