Today, Prime Minister Justin Trudeau released his Mandate Letter to Minister of Finance Bill Morneau.
Today, Prime Minister Justin Trudeau released his Mandate Letter to Minister of Finance Bill Morneau. One of the prime minister’s stated priorities is that his minister must “review and consider recommendations from financial agencies related to making the borrower stress test more dynamic.” Our board, staff, and a roster of members who joined us in Ottawa for our meetings have spoken, and been heard. Indeed, this month in Ottawa, members of MPC’s senior staff met with policymakers to discuss housing policies under a new minority government situation. All were receptive to reviewing the stress test mechanism based on recommendations and testimony MPC presented through 2019; today’s announcement by Prime Minister Trudeau is proof positive of our efforts.
The Financial Services Regulatory Authority of Ontario (FSRA) has introduced amended disclosure forms for non-qualified syndicated mortgages. The amended forms, which are now in effect, are: 1) Form 3.0 - Information about Investor/Lender in a Non-Qualified Syndicated Mortgage, 2) Form 3.1 - Suitability Assessment for Investor/Lender in a Non-Qualified Syndicated Mortgage, and 3) Form 3.2 - Disclosure Statement for Investor/Lender in a Non-Qualified Syndicated Mortgage. Please visit the FSRA website for more details.
FSRA has introduced amended disclosure forms for non-qualified syndicated mortgages.
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What the Results of the 2019 Federal Election Mean To You
A Summary of Federal Party Promises Which May Affect You And Your Clients
To help you make an informed decision on October 21, we have prepared a comprehensive overview of the political promises of each party which may affect our mortgage brokering community and existing and aspiring homebuyers. There is also a summary chart for easy reference. Visit the advocacy section for more details.
The Ontario Ministry of Finance released the results of its review of the Mortgage Brokers, Lenders and Administrators Act (MBLAA). Since December 2018, we have been actively advising on the review and Ontario’s mortgage brokering sector with senior stakeholders. In January, President and CEO Paul Taylor and CMBA Ontario Executive Director Robert Gubbins submitted their joint recommendations. The recommendations must still be approved by the government but we are proud to be an important player in the legislative process on behalf of our Ontario members.
MPC is pleased that many of its MBLAA review recommendations were adopted by Ontario Ministry of Finance.
The latest consumer research report reveals that buying a home in 2019 is hard work and stressful. The report examines Canadians’ reaction to the First-Time Home Buyers Incentive, and the impacts of government mortgage regulations. To view the report, click the First-Timers Finding It Hard to the right under Advocacy in Action section.
New report examines perceptions of Canadians aged 23-54
