Bond markets began the week torn between AI euphoria and economic realism. It started with record-breaking stock gains coaxing investors out of safe havens like 5-year bonds. Then came BMO's sorry-looking Canadian growth forecast, which reminded everyone that even optimism here comes with tariffs attached.

The latest instalment of Stress Test This delves deeper into the mind of Canada’s most entertaining mortgage provocateur. For fans of polite industry chatter, this one’s more chainsaw than charm school. For those craving a veteran broker's unfiltered take on mortgage marketing, buydowns, and bureaucracy, the “angry mortgage broker” pulls even fewer punches in this episode.

But before we roll the tape, one moment in this interview deserves a spotlight. Whatever your stance on the content, the 7:10 mark drops a lesson every originator should internalize. Standing for something and voicing it clearly are the differences between being noticed and remaining invisible in a crowded market.

With America's shutdown dragging on and its marquee payrolls report in limbo, Canada's 5-year yield climbed 2 bps on Friday. For the week as a whole, however, it slid 5 bps.

Looking ahead, rate markets will watch tomorrow as our Prime Minister goes back into the lion's den (a.k.a. the White House) for a second meeting with Trump. The President knows Carney’s political oxygen depends on a tariff win and will no doubt use that leverage against him.

Last week, OSFI threw mortgage advisors for a loop with this guidance at its "Industry Day":

"For borrowers with multiple mortgages, the income used for the borrower income criterion should not include income used to validate the borrower's ability to service mortgages on other properties."

Even the general public is talking about it. See this → Reddit thread.

Shortly after OSFI's comments, our inbox lit up with reader questions like:

Does this mean that none of the borrower's income whatsoever can be used to qualify for a subsequent mortgage on an income-producing property (a.k.a. non-owner-occupied rental), if that borrower already has a primary residence mortgage?

We promptly contacted the regulator (nine days ago) and received the final details today. Here's what we can tell you.

If you're a Canadian mortgage advisor, no one has to tell you that underwriting literacy is power. You know full well that an edge in know-how puts you ahead of rivals.

Among other things, it enables you to:

• Know where to place deals, finding lower cost solutions for more unique borrower cases
• Quickly spot which clients fit “A,” “Alt-A,” or private products, saving time.
• Present unique variable income (e.g., from commissions, self-employment or rentals) in ways underwriters accept.
• Restructure liabilities and credit utilization (e.g., by optimizing debt paydowns) to get clients qualified.
• Anticipate red flags (zoning, leased land, condo bylaws, rural water sources, etc.) and mitigate them before submission.
• Prepare applications that avoid “endless condition loops”
• Request only the bare minimum necessary documents from busy clients.
• Spot fraud patterns faster, saving your reputation with lenders.
• Argue effectively for exceptions.
• Foresee closing conditions, prep clients in advance, and minimize last-minute surprises.

In short, better knowledge yields happier clients and more referrals.

But most brokers run their days at full capacity. Many don't invest the time in learning. (That's not the case with those of you reading this, of course.)

Yet, there are very real opportunity costs associated with not honing one's knowledge—hence the reason for REMIC's shiny new Residential Mortgage Underwriting course.

We don't usually cover mortgage courses, as there are so many of them, and most are as thrilling as a three-hour lecture on stapler safety. But with Ontario’s regulator now demanding 10 Professional CE hours, I looked for one course that knocks off a decent chunk in one shot. This course covers half the quota—five of FSRA’s 10 CE credits for Ontario agents.

As a result, I road-tested this one myself. Turns out that REMIC's training is pretty practical, and after 18 years of writing about mortgages, learning a few things was no small surprise.

Here's a quick take...

With the U.S. government entering day two of its shutdown, there's no end in sight. Markets are forced to divine macro trends the way gamblers pick horses: with plenty of faith and not much data. All federal data releases—including weekly jobless claims and non-farm payrolls—have been postponed.

With Washington “closed until further notice,” bond markets are left scavenging for clues in private-sector data. First out of the gate was Wednesday's ADP payroll report. And let’s just say, if this were a movie, critics would be walking out at intermission.

The U.S. government has shut down, but markets saw it coming. So far, the fallout is minimal, with U.S. bond futures little changed at 5:30 am ET Wednesday.

If the impasse drags on, effects could range from the Fed having less data to make rate decisions to widespread bond volatility.

Interestingly, as Washington closes shop, politicians don't get furloughed. After all, you can't get laid off from a job you weren't doing in the first place.