MLN NewsStream

As any mortgage pro can attest, income on tax documents doesn't always reflect a borrower's true financial capacity. For entrepreneurs, write-offs, erratic cash flows, and lack of declared income can make traditional income docs as useful as a helicopter ejector seat.

That's why many alternative lenders swap NOAs and T1s for bank statements when vetting income. Such programs have been getting more challenging, however.

Take six-month bank statement programs, for example, which is where lenders annualize income based on a half year of cash flow—as evidenced by the borrower's bank statements. These flexible programs have been a dying breed at institutional lenders. But First National has brought the program back to life, at least for a while.

Its Excalibur alternative lending channel has a zesty new 6-month bank statement promo called "BFS6." We snagged time with EVP Scott McKenzie to dive into its significance.

So far, June is shaking up the rate market like a snow globe, and there may be more to come.

Canadian yields have collapsed 50+ bps in two weeks as markets figure out that inflation may not be as clingy as they thought. A move this seismic reflects a major rethink in market psychology.

For "Canada's Challenger Bank," insured single-family mortgage lending was apparently too much of a challenge.

Equitable Bank is following in competitor Home Trust's footsteps by tossing in the towel on insured mortgage originations through brokers.
​​

The government just unfurled guidelines for its newest mortgage policy brainchild, 30-year insured amortizations. These extended repayment periods are earmarked for first-time purchasers of newly-built residences and kick off this August.

Here's what mortgage pros need to know:

Toronto-based mortgage broker 8Twelve Mortgage Corporation has just scored a lucrative long-term revenue-sharing pact with NerdWallet (Nasdaq: NRDS).

San Francisco-based NerdWallet is a global financial information juggernaut. In Canada, it competes against Ratehub, Wowa, and countless others to deliver rate comparisons and advice to mortgage consumers. Its global revenue last year reached almost $600 million USD.

Since touching down in Canada in 2021, NerdWallet has been climbing Google’s mortgage search ranks faster than a squirrel climbs a tree. And that's just the beginning, the company promises.

To unpack this strategic alliance, MLN talked with 8Twelve CEO and Co-Founder Gary Fooks, who dished out several business plan nuggets.