Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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Canadians have been left wondering whether they’ll enjoy lower rates on mortgages and other loans in the aftermath of a surprise interest rate cut by the Bank of Canada on Wednesday.
Wells Fargo, JPMorgan to pay over $35 million to settle mortgage lending kickback probe
– canadianbusiness.com
WASHINGTON – Wells Fargo and JPMorgan Chase have agreed to pay more than $35 million combined to resolve claims that loan officers at the two banks received kickbacks in exchange for steering mortgage borrowers to a Maryland title company.
The Consumer Financial Protection Bureau said Thursday that JPMorgan and Wells Fargo each agreed to consent orders filed in federal court to settle the claims.
Wells Fargo has agreed to pay $24 million in civil penalties and $10.8 million to consumers affected by the scheme. JPMorgan is to pay $600,000 in penalties and about $300,000 in redress.
The CFPB and the Maryland attorney general found that loan officers at the banks referred borrowers to a now-defunct title company, Genuine Title, in exchange for cash and marketing services.
Federal law prohibits giving anything of value in exchange for a referral of business related to a real estate settlement service.
According to the CFPB, loan officers at Wells Fargo and JPMorgan sent homebuyers financing a mortgage through the banks to Genuine Title, which provided real estate closing services…
The Consumer Financial Protection Bureau said Thursday that JPMorgan and Wells Fargo each agreed to consent orders filed in federal court to settle the claims.
Wells Fargo has agreed to pay $24 million in civil penalties and $10.8 million to consumers affected by the scheme. JPMorgan is to pay $600,000 in penalties and about $300,000 in redress.
The CFPB and the Maryland attorney general found that loan officers at the banks referred borrowers to a now-defunct title company, Genuine Title, in exchange for cash and marketing services.
Federal law prohibits giving anything of value in exchange for a referral of business related to a real estate settlement service.
According to the CFPB, loan officers at Wells Fargo and JPMorgan sent homebuyers financing a mortgage through the banks to Genuine Title, which provided real estate closing services…
2 ways homeowners can benefit from the rate cut: Mayers
– thestar.com
The banks aren’t eager to follow the Bank of Canada’s lead and cut interest rates. But the odds are they won’t hold out for long.Why the Bank of Canada rate cut may not bring down mortgage costs
– theglobeandmail.com
All in mortgage-land are waiting and wondering if Canada’s major banks will actually pass along that rate cut.
Rate cut is good for variable-rate mortgage holders only
– moneysense.ca
(Getty Images / Sarah Jones)I can sum up how yesterday’s Bank of Canada rate drop impacts your mortgage in two words: It doesn’t. At least not immediately. That’s because we don’t borrow from the Bank of Canada—the banks that loan us money borrow from the Bank of Canada. So, don’t expect your mortgage rates to drop overnight.
But this doesn’t mean you won’t feel the impact from this recent rate drop. And the bottom line is the reason why mortgage rates changes is because it’s big business for the banks.
What’s the impact on variable-rate mortgages?
If you’re a current home owner with a variable rate mortgage than yesterday’s announcement will probably end up benefitting you. That’s because variable mortgage rates are essentially determined by your lender’s prime rate and your lender’s prime rate is influenced by the Bank of Canada’s key interest rate—the very same rate that was bumped down yesterday by 0.25%.
Still, this doesn’t mean you’ll immediately see more money in your pocket (or in this case, put against the principal of your mortgage)…
