Morris Briglio
#560 - 171 W. Esplanade V7M 3J9 North Vancouver, BC, Canada

#mortgage via ripl.com

The last 2 days I spent time at the CMBA Mortgage Conference to spend time with many colleagues, many Lender partners and friends. Being in the industry that I love for over 40 years it is great delight that we have many talented ambitious young Mortgage Professional that will carry the torch for many years to come. The list of these young professionals is endless but from what was presented by the women and men that currently exist in this industry our future is extremely bright. Congratulations to CMBA for a conference that confirms that our industry is and will be in great hands! Very proud!

Recently I attended 2 industry events and was honoured to be asked to participate as a "panel member" along with 2 other colleagues with tremendous experience. The topic was "Alternative Lending in Canada". On Oct. 17th the Federal Government announced yet another rule change to the qualification of mortgages. Starting January 1, 2018 all residential mortgages, regardless if high-ratio (less than 20% down payment) or conventional (more than 20% down) must now qualify on the g...reater of the Bank of Canada "benchmark rate" (today 4.94%) or 200 basis points (2%) added to the contract rate. An example for this would an individual applying for a mortgage with an interest rate of 3.49% would need to qualify at 5.49% (200 basis points over the contract rate). The income to be used would be the T-1 General line 150 which is the taxable income for that calendar year. It is my opinion that the Canadian Banks will be declining a number of mortgages in 2018 and beyond. This will be primarily due to debt service ratios being too high. Consumers will not have the availability of financing new purchases, renovations, or refinancing to consolidate debt through conventional Bank interest rates. Now will be a good time to seek out a mortgage broker who will assist you the Alternative sources of capital. The Canadian Mortgage Market has always has "Alternative Lenders" who unlike the Banks have a higher risk tolerance to conventional Lenders. Their interest rates are slightly higher than the Banks and they offer the consumer viable choices to their financing needs. If you or someone you know would like to discuss this further please contact me directly. Stay tuned for any updates to this matter as they happen. See more

I recently attended the Mortgage Professional Canada National Conference this past weekend in Vancouver. I found it to be worthwhile and educational with a whole lot of enthusiasm by all participants. As a broker for the past 24 years I have attended numerous National Conferences in the past but this one certainly ranks very high. From the organizers to the facilitators, from the mediators to the breakout room speakers, I can honestly say that the Canadian Mortgage Industry today is in good hands for the future with the quality people we have in this industry. Well done!