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In the Know: FCAC Recommendations to Prevent Real Estate Fraud

The Financial Consumer Agency of Canada (FCAC) put up a really great page about real estate fraud prevention. The page provides education about the two types of fraud that most commonly lead consumers (and we would add to that lenders) to financial losses. These types of real estate fraud are Title Fraud and Foreclosure Fraud. Title fraud occurs when a Continue Reading

Home Prices Up 0.8% in September

In September, the Teranet–National Bank National Composite House Price Index™ was up 0.8% from the previous month, the second-largest September rise since the Index series began in 1999. However, the advance was not very broad-based; prices rose in only six of the 11 metropolitan markets surveyed. Moreover, monthly gains exceeded that of the countrywide index in only three markets: Toronto Continue Reading

Canadian Banks Taking on More Risk than U.S. Counterparts

We stumbled upon an article recently in the Huffington Post that we thought was worth blogging about. Often we find ourselves watching interest rates to predict rising mortgage rates, but in this article the writer takes a look at consumer debt and financial health as a reason why banks could raise borrowing costs as they take on more risk. According Continue Reading

Underwriting Tips in a High Risk Lending Environment

Back in May and June, some economists speculated that the Bank of Canada might increase Canada’s lending rate in their July announcement, but thanks to Brexit and some markets continuing to maintain piping hot house prices, the BOC decided to maintain the 0.5% interest rate that Canadians have enjoyed for the past year. Read more on this here: While Continue Reading

Do You Upsell Your Deals?

When a deal comes in through a broker or even a branch, the first thing you likely look to do is get the presented deal approved. You assume that the deal originator has collected all of the information, that the information is accurate and that the deal submitted is the best deal for the client. In the case of refinances, Continue Reading

Home Prices Up 1.5% in August

In August, the Teranet–National Bank National Composite House Price Index™ was up 1.5% from the previous month, the third-largest August rise since the Index series began in 1999. However, the advance was not very broad-based; prices were up in seven of the 11 metropolitan markets surveyed. Monthly gains exceeded that of the countrywide index in the four markets that have Continue Reading

Online Appraisals Available in Canada?

Obtaining an appraisal can be a time consuming and expensive process. While appraisals are not necessarily required on all deals, when one is required it can be a time-consuming pain in the butt. Generally speaking, most lenders and insurers now leverage automated valuation models (AVM) in the application/underwriting process prior to ordering an appraisal. Not to be confused with an Continue Reading

How to Mitigate Mortgage Risk on a Macro Level

Lenders are increasingly leveraging data to mitigate the risk that their mortgage portfolio represents on a far greater level than ever before. If you represent a lender, especially in the area of risk mitigation, then this is the blog for you! Valuations are critical! While you evaluate the property value of individual deals that you put on the books, you Continue Reading

Automated Valuation Models in 1-2-3

Automated Valuation Models (AVM) are becoming the norm with lending institutions across Canada. It is important that if you plan to integrate Automated Valuation Models into your workflow that you understand what an AVM is and what it is not. Often AVMs are confused with appraisals because they both deal with evaluating property value. However, they are actually completely different Continue Reading

In the News: Governments Move to Restrict Shadow Flipping

Shadow flipping = a complicated and scary process that provincial governments are lifting the veil on and calling into the spotlight. How does shadow flipping work? Basically, when a property is listed for sale, the buyer has the right to ‘assign’ (this can be through selling the contract) to another party in between when the initial offer (contract) is made Continue Reading