MLN NewsStream

TD's rate quoting system wasn't working well—for anyone, including brokers, customers and the bank itself. So, management radically changed to a new model called "Real Time Pricing (RTP)." It kicked off today, April 1, following TD's trial run with a few mortgage industry heavyweights.

If you're a TD broker, you've probably heard much about it already, so we'll skip all the fluff. Here’s the part that actually matters if you’ve got deals to close and clients who view interest rates as a zero-sum game.

In this latest instalment of "Canadian Fintechs: The Struggle is Real," we revisit Mogo.

Followers of the company may remember that it launched the MogoMortgage in 2017 with more fanfare than a Canada Day parade. The company vowed to "drive high-margin, transaction revenue" from home loans and "gamify" the mortgage experience.

As it turns out, the business has been anything but fun and games for the company.

It took little time for True North Mortgage to scoop up 25+ former Rocket Mortgage Canada employees. The move turbocharges the Calgary-based company's salesforce and follows Rocket Canada's announced closure.

"True North Mortgage is pleased to provide employment opportunities to nearly two-thirds of Rocket Mortgage Canada’s front-line mortgage professionals," said Amanda Magee, Chief Growth Officer of True North. "The company will also maintain an office presence in Windsor, Ontario, ensuring continuity for employees and contributing to the local economy." The outpost will function as a remote call centre, like True North's main Calgary and Toronto offices.

Rate tables on mortgage websites are often as compelling as a parliamentary budget footnote.

Far too many sites settle for generic, ineffective rate grids with no context for consumers whatsoever. If yours is one of them, leveraging a technique called price anchoring can boost prospect engagement.

If you're seeking a textbook case of banks giving consumers the short end of the stick, look no further.

The nation's biggest mortgage lender, RBC, just slashed its posted rates.

"RBC's move is the biggest move to increase penalties (IRDs) since its posted rates peaked on September 20, 2023," says Matt Imhoff, founder of Prepayment Penalty Mentor (PPM).

For those fluent in the dark arts of interest rate differential (IRD) charges, this spells disaster for anyone daring to escape their RBC mortgage shackles early. Here's precisely how grim it gets...