The Canadian Mortgage Brokers Association
101-1765 West 8th Avenue V6J 5C6 Vancouver, BC, Canada

From our merry friends in Australia - the FBAA!!!!

Bank of Canada will maintain current level of policy rate until inflation objective is achieved, continues its quantitative easing program.

A new digital services tax will raise the cost of many services for Canadians.

Information about the Federal Emergency Rent Subsidy https://www.jdsupra.com//federal-government-announces-can/

The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of percent, with the Bank Rate at percent and the deposit rate at percent. As the economy recuperates, it will continue to require extraordinary monetary policy support.

The C.D. Howe Institute’s Monetary Policy Council (MPC) recommends that the Bank of Canada keep its target for the overnight rate, its benchmark policy interest rate, at 0.25 percent at least until October of 2021.

CMBA-BC is working with the regulators from the MBRCC to develop and implement a national Code of Conduct for mortgage brokers. Please see the MBRCC press rele...ase below. You can let CMBA-BC know your views on the proposed Code. The Mortgage Broker Regulators’ Council of Canada (MBRCC) is working with the Canadian mortgage brokering industry to develop a National Code of Conduct (Code) for mortgage broker professionals. The Code promotes high standards of business conduct to protect consumers of mortgage brokering services. Once implemented mortgage professionals across Canada will be expected to follow the conduct standards outlined in the Code and each jurisdiction will promote and enforce the Code through its local approach. The Code reflects the common regulatory standards in Canada’s mortgage brokering industry, while recognizing that each jurisdiction has its own regulatory approach for the conduct of business. Mortgage professionals will continue to be subject to all regulatory standards in the jurisdiction in which they practice. The Canadian Mortgage Brokers’ Association (CMBA) and Mortgage Professionals Canada (MPC) are committed to partnering with MBRCC on the implementation of the Code. Once the Code is finalized to reflect association and industry feedback, CMBA and MPC will adopt the MBRCC Code of Conduct. MBRCC member jurisdictions are seeking input on the proposed Code from mortgage professionals across the country. The consultation will begin on October 23, 2020 and end on December 23, 2020. https://www.mbrcc.ca/Documents/View/7039 The consultation will close on December 23rd.

The House Price Index rose by 9.4 per cent in August. That's the biggest annual leap since 2017. https://www.cbc.ca/news/business/crea-house-price-1.5724433

A whopping penalty from FRSA for mortgage syndicatorhttps://www.investmentexecutive.com/news/from-the-regulators/fsra-fines-real-estate-developer-250k/

Freeland to be the new Finance Minister

Canada will be getting a new finance minister as Bill Morneau will be stepping down.

People really need to know about how job scams work, which are on the rise in the Covid era.

CRA interest free deadline - September 30th.

CREA's latest stats on house prices across the country - definitely a bounce upwards!

Une nouvelle décision de la Cour suprême du Canada sur les défauts de paiement hypothécaire au Québec https://www.scc-csc.ca/case-dossier/cb/2020/38242-fra.aspx

CREA advises of mixed bag of results on housing sales data

More good news from Canada Guaranty, which will not be following CMHC with mortgage underwriting rule changes.

Genworth announces that it will not change its underwriting policy.

CMHC tightens up mortgage underwriting rules for insured mortgages - see link for details.

Now available for on-demand viewing: CMBA leaders panel discussion on the state of the industry and adapting to the new normal. Original broadcast date, May 19. https://youtu.be/fUe5rCF1xXs

CMBA leaders from across the country will be hosting an online panel discussion next Tuesday. They will be reviewing the ways that our industry is adjusting to the new normal. Members are encouraged to join us. For more details and to sign-up, click here: https://tinyurl.com/y6vae9us

A good summary of Covid relief measures impacting real estate and mortgages across Canada, including Ontario, Alberta and BC

Mortgage advice in unprecedented times: CMBA's new advertising campaign https://youtu.be/cRKGLk8gaYM

Mortgage advice in unprecedented times: CMBA's new advertising campaign https://youtu.be/Zua57dgOFUA

The new CMBA national advertising campaign is well on its way to reaching 1 Million views by our target audience. The featured video ads invite borrowers to connect with a broker via our dedicated website, MBadvice.ca, which automatically displays the contact details of all CMBA-BC Members.

The International Monetary Fund earlier this week observed that forecasting accurately during the coronavirus crisis is an extremely uncertain undertaking, but it still published an outlook that said the Great Lockdown will cause global GDP to contract by three per cent this year, the deepest since the Great Depression, followed by growth of 5.8 per cent in 2021.

Visit http://mbadvice.ca to connect with a mortgage broker online today https://youtu.be/aszHL3kyE-U

Visit http://mbadvice.ca to connect with a mortgage broker online today https://youtu.be/cmW7PGn4wzk

The provincial mortgage broker associations of the CMBA network are very pleased to announce a new national advertising campaign being launched this week in support of our member brokers across Canada. The campaign features a series of videos aimed at consumers with a unifying message that in these unprecedented economic circumstances, it's essential to get the right advice, and that the best mortgage advice comes from a mortgage broker. In order to make finding a member bro...ker easier than ever, we have launched a website, MBadvice.ca, specifically for this campaign. The website address is featured in the commercials' call to action. Each association will be sending updated members list so you will be found. Members are also invited to share these videos as part of their own consumer marketing efforts. Videos will be following ........

Just a reminder to stay safe! Social Distancing works!

The Queen's Coronavirus broadcast: 'We will meet again' - BBC

Be Safe, Be Healthy, Be Inside. Camilo Rodriguez President, Canadian Mortgage Brokers Association BC.

Are you looking to hear what is going on in BC? Check out webinars on-demand.

Keeping information running supporting Provincial Brokers with there Niche! #cmba

The pace of change in the mortgage market is unprecedented, and finding the right information is more important than ever. Join us to learn how private lenders ...are managing requests for payment deferrals, treating new applications for refinancing, and managing commitments on existing files where the borrowers risk profile has recently changed. Speakers on the line will include representatives from: InstaFund Pioneer West Alta West Capital Three Point Capital Deposit Financing Date: Wednesday, April 1 Time: 10:00AM PT Cost: Free Registration in advance is required

The Bank of Canada has made a second unscheduled cut to its benchmark interest rate, lowering it to 0.25 per cent amid the COVID-19 crisis.

This message is circulating to those using Filogix Update on Filogix services Finastra is currently investigating a potential security intrusion. We were alerted this morning to anomalous activity on our network which risked the integrity of our datacenters. As such, and to protect our customers, we have taken quick and strict remedial action to contain and isolate the incident, while we investigate further. We have also contacted our regulators.... Our approach has been to deliberately and temporarily disconnect from the internet the affected servers, in Canada and elsewhere, while we work closely with our cybersecurity experts to inspect and ensure the integrity of each server in turn. Using this isolation, investigation and containment approach will allow us to bring the servers back online as quickly as possible, but this will disrupt our services, particularly in North America, whilst we undertake this task. For our Filogix customers this impacts: Expert, Express, Exchange and FxLink. Our priority to you is twofold; protection of your systems and data, and resumption of normal services in the fastest, most secure way. At this time we expect this disruption to service to continue for the remainder of Friday March 20, 2020. We will continue to provide updates at www.filogix.com/expert.

IMPORTANT NEW CRITERIA FOR LOW RATIO INSURANCE COVERAGE Effective March 24, 2020, the following low loan-to-value mortgages funded prior to the date of this ann...ouncement, March 20, 2020, are eligible for government-guaranteed insurance: Low loan-to-value mortgages with a maximum amortization term up to 30 years commencing from when the loan was funded. Low loan-to-value mortgages whose purpose includes the purchase of a property, subsequent renewal of such a loan, or refinancing. All other eligibility criteria for government-guaranteed insurance will continue to apply to these mortgages. The above amendments will remain in force until December 31, 2020, at which time the eligibility criteria will revert to the existing rules. The Minister of Finance reserves the right to make amendments prior to this date, should circumstances change. These changes will not apply to low loan-to-value mortgage loans funded on or after March 20, 2020. The other existing criteria which apply for transactional mortgage insurance will remain unchanged.