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1 week ago | 
mortgagelogic.news | Robert McLister
Brokers prefer to get paid full commission on every deal, but it doesn't always work that way. Sometimes, even those who’d rather wrestle an alligator than offer a buydown end up shaving their pay or kissing a deal goodbye. That brings us to a recent case where a broker lost a deal after being undercut by a TD rep. It was publicized in a private industry forum, with some swearing it proved TD’s got a vendetta against brokers.
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1 week ago | 
mortgagelogic.news | Robert McLister
CIBC has quietly pulled the plug on the mortgage origination business at its digital banking arm, Simplii Financial. The move took effect June 19. You don't have access to this post on MortgageLogic.news at the moment, but if you upgrade your account you'll be able to see the whole thing, as well as all the other posts in the archive! Subscribing only takes a few seconds and will give you immediate access. This post is for MLN Pro subscribers only
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1 week ago | 
mortgagelogic.news | Robert McLister
As your devoted chronicler has reported for weeks, fewer borrowers are biting on variables. According to the latest official numbers for chartered banks, floating-rate market share fell in April from 43% to 40%. And it should drop again in May.
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1 week ago | 
mortgagelogic.news | Robert McLister
Fed Holds Its Key Rate at 4.375% You don't have access to this post on MortgageLogic.news at the moment, but if you upgrade your account you'll be able to see the whole thing, as well as all the other posts in the archive! Subscribing only takes a few seconds and will give you immediate access.
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1 week ago | 
mortgagelogic.news | Robert McLister
If you're a successful mortgage originator, you may be considering hiring help to call clients or manage inquiries. Or, you could skip the resumes, interviews, HR paperwork and salary, and adopt someone like Elizabeth. Elizabeth is less hire and more wire. She's a clever, affable bot with a voice so human you’d swear she’s got a coffee mug and a desk, not a server rack.
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1 week ago | 
mortgagelogic.news | Robert McLister
For decades now, CREA has cranked out its hotly-awaited monthly real estate report. Economists, journalists, and talking heads swarm these stats like seagulls to a chip truck, each squawking their own quick take. MLN's monthly ritual is to take enough time to scan the full horizon; spotting insights you may not have thought of. The goal is to distill it all down into bite-sized clues for the market's next moves.
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2 weeks ago | 
mortgagelogic.news | Robert McLister
New MLN members frequently hear us comment on Canada's 4-year swap rate and wonder, "Why is it so important for mortgages?"Here's a chart that shines a spotlight on why. ​ ​ ​Swap rates and fixed rates move like train tracks for a reason. Most importantly, it's because banks price fixed mortgages using swap rates as a benchmark. The main reason they do this is that swaps help banks manage interest rate risk in their mortgage portfolios.
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2 weeks ago | 
mortgagelogic.news | Robert McLister
One of the hardest things for some mortgage advisors is coming up with natural reasons to talk to past clients. That's a problem because, if you're an originator, deals depend on conversations. Butwhat if the conversations were started for you, with almost no effort on your part? That's the idea behind Ownwell. Ownwell turns past clients into future deals by automatically sending them personalized homeownership reports that grab attention.
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2 weeks ago | 
mortgagelogic.news | Robert McLister
The 2024 Fall Economic Statement announced that the Canada Revenue Agency (CRA) had reached out to mortgage originators and financial institutions to brainstorm on the best design for a new tool to combat mortgage fraud. Since CRA's industry consultation, it's been mostly crickets. Last week, we asked a mortgage tech executive who typically has the inside track on these matters.
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2 weeks ago | 
mortgagelogic.news | Robert McLister
Rates in Holding Pattern: This Week in Rateland Over the last seven days, we haven't heard a peep from the national frontrunners—rate stability is having a moment. You don't have access to this post on MortgageLogic.news at the moment, but if you upgrade your account you'll be able to see the whole thing, as well as all the other posts in the archive! Subscribing only takes a few seconds and will give you immediate access.