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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

The Numbers Are In: House Prices Up 2.0% in July

In July, the Teranet–National Bank House Price Index™ was up 2.0% from the previous month, the second largest July increase since the Index series began in 1999. The advance was not very broad-based; prices were up in only seven of the 11 metropolitan markets surveyed. Gains exceeded that of the countrywide index in the four markets that have been driving Continue Reading

When Sales Comparables Matter to You

When a mortgage broker or branch brings forward a deal and the underwriting process takes place, one of the most important things you will look at is the property’s value. This, however, can also end up being a major area of contention that leads to disagreement. It is also something that is often under- or overestimated, leading to missed opportunities. Continue Reading

Validating Home Ownership Info and Sales History on a Property

This week we thought we’d get back to basics and review how to validate home ownership and sales history information on a property. We all know that it is crucial to get as much information as possible on a deal to avoid issues and to mitigate risk. Purview For Lenders lets you do that. The Purview For Lenders report can Continue Reading