Laurentian Bank’s review of problematic mortgages to finish in Q2 + MORE Mar 1st

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
 home equity

How can an extra $100 boost your mortgage? + MORE Mar 28th

When it comes to mortgages, $100 isn’t going to get you very far. But what if you paid an extra $100 a month towards your mortgage? It’s not a lot of money these days, but it can add up to some solid savings over time. Let’s look at a $300,000 mortgage with a 2.89% rate and a 25-y.... More »

CIBC kicks off bank earnings week with 25% profit rise May 24th

The Canadian Imperial Bank of Commerce's latest quarterly earnings beat market expectations with a double-digit profit bump on strong earnings south of the border and at home, despite slowing domestic mortgage growth..... More »
 home equity

Opinion: S&P Overstates Broker Fraud Driver + MORE Mar 22nd

A few weeks ago, S&P said Canadian bank risk was rising, and it blamed mortgage brokers in the process. The rating agency wrote: “…The growing share of residential mortgages originated via brokers, compound the risks of high household debt and house prices…As brokers do not bear credit ri.... More »

The Latest in Mortgage News – House Prices Under the Microscope May 27th

For homebuyers and homeowners alike, all eyes have been on the housing market in recent months waiting to see where house prices are eventually headed. With house prices already cooling on average across the country, particularly in and around the Greater Toronto Area, some are speculating that the .... More »

Q2 2018 Bank Earnings – Mortgage Morsels Jun 8th

The majority of Canada’s Big Six banks beat expectations for second-quarter earnings, despite slowing real estate activity and tighter lending rules for uninsured mortgages. Both RBC and Scotiabank posted 6% year-over-year increases in their residential mortgage portfolios, although the other .... More »
What is the Difference Between Fixed and Variable Rate Loans?
It’s no secret that acquiring debt can cause grief and anxiety. But whether it’s for an unplanned financial emergency, an upcoming renovation or a needed major purchase, there are some situations when taking out a personal loan makes sense.
A personal loan can be easier to apply for in comparison to other types of financing such as credit cards, or a personal line of credit from your bank. There are also no restrictions in how you spend a personal loan.
However, borrowing money from a lender or bank means you’re legally committed to paying the money back within a certain time frame. So when applying, simply guessing if your budget can afford the timely payments is a bad idea.
First, you need to understand how interest rates will affect your payments, and you basically have two ways to go — fixed rates or variable rates.
Fixed-rate loan – the “set it and forget it” choice
With a fixed-rate loan, the loan rate and payment you make each month will stay constant for the term of your loan, no matter how much the market fluctuates…

Continue Reading On ratesupermarket.ca »

MONTREAL _ Laurentian Bank expects to complete its review of problematic loans sold to an unnamed lender by the fiscal second quarter, and will fix or repurchase any remaining mortgages that failed to meet the proper criteria.
The Montreal-based lender _ which said late last year it discovered mortgages that did not meet documentation and eligibility requirements _ is implementing enhanced processes to avoid similar problems going forward, its chief executive said.
“We are increasing governance across the board,” Laurentian’s chief executive Francois Desjardins told a conference call discussing the bank’s fiscal first-quarter results on Wednesday.
“So that all new business is subject to enhanced quality control. So we will be paying more attention to the business overall, as loans renew and new business comes in.”
These stricter controls come after Laurentian said in December that an audit found mortgages sold to an unnamed third-party purchaser that did not meet documentation and eligibility requirements, and would need to repurchase as much as $304 million in mortgages…

Continue Reading On canadianbusiness.com »

Laurentian Bank says it expects to finish its review of problematic loans sold to an unnamed lender by the fiscal second quarter, and will fix or repurchase any mortgages that failed to meet the proper criteria.

Continue Reading On cbc.ca »

Share

PinIt
Compare insurance quotes through Kanetix.ca - save time and money!