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Ontario's mortgage broker regulator (FSRA) feels mortgage shoppers need more protection from bad advice. So it commissioned this survey, which it plans to use when developing new broker guidelines this fall.

Mortgage suitability is also on the radar of other provincial regulators. We have comments from some of them below.

But first, here's what FSRA's survey revealed...

As mortgage brokers are painfully aware, the channel's former undisputed #1 lender—Scotiabank—pulled way back from the space last year.

Despite mortgages being an anchor product for the bank, it said it needed to reassess its entire approach to real estate secured lending in order to manage its balance sheet.

This week, the nation's third-largest bank finally made its triumphant return—chopping broker rates and putting it back in contention with archrival TD.

The move was met with fanfare on industry forums like I Love Mortgage Brokering and Twitter. A surprising number of brokers appeared willing to forgive and forget months of horrible rates, suggesting Scotia will likely go from MIA to MVP.

But the cost of its absence was nonetheless steep.

So many mortgagors are tapped out. They're imploring the rate gods at 234 Wellington Street for cuts.

Much to their irritation, forward pricing in Canada's bond market isn't cooperating.

OIS data from Bloomberg now imply:

Members now have direct access to MLN's daily rate database—the same data we use to track and report rate trends in the prime mortgage market.

View it at Canadian Mortgage Rate Survey.

The data has many uses, particularly for mortgage providers employing a spread pricing strategy.

Such originators systematically set their rates to be X basis points above the market's "leading rates." The problem is, "leading rates" can be subjective.

Quantifying rate competitiveness is where the Rate Survey shines. Members can now easily:

1. Monitor unadvertised discretionary mortgage rates at the Big 6 banks
2. Track the nation's lowest advertised non-Big-6 rates
3. Benchmark their rates against the national average.

MLN's Canadian Rate Survey provides a quick objective source for:

• Setting advertised pricing
• Quantifying the competitiveness of a firm's rates for marketing purposes
• Finding pockets of opportunity where a mortgage provider can take the lead on a given term
• Charting average market rates
• Comparing rates on one's personal financing.

The launch today is stage one of the Survey. MLN will continue enhancing the data, including adding product features later this year.

If you have questions about MLN's Canadian Mortgage Rate Survey, please email us at info@mortgagelogic.news.

In other news...

See: Fed still trying to break inflation