The Globe and Mail Got it Wrong!
Three weeks ago, while we were all enjoying the hot and humid days of summer, The Globe and Mail reported that “unregulated lenders” now own a 15% share of Canada’s mortgage market, according to a Finance Department memo it obtained.
“Unregulated?” Not a chance. Virtually all prime non-bank lenders are regulated and must conform to:
- Federal regulations that apply to the banks providing their funding
- Federal regulations that apply to insurers providing their default insurance and securitization
- Provincial regulations applying to mortgage brokerages, administrators, etc.
Non-deposit-taking lenders must also withstand the regular audits and scrutiny of their OSFI-regulated bank funders and investors. At the end of the day, this puts them under a microscope that’s just as intense as the major banks, if not more so.
This increase in Canada’s mortgage market share is great news. It means Canadian’s are waking up to the opportunities offered to them by non-traditionally regulated lenders. They and their mortgage broker partners are overwhelmingly responsible for keeping rates and prepayment penalties down, and that keeps more money in Canadians’ pockets. Ready to up-size, downsize, refinance or renovate? Talk to Tracy today.
Meet the Parents
Who doesn’t love a family get-together? Tracy and Sid are smack-dab in the middle of this happy snap featuring the Stacey clan.
New Baby on the Way
Tracy’s son, Nathan and Nicole are thrilled to announce their first child will be making his/her debut at the end of January 2017.