Six weeks ago, Scotiabank dropped a policy bomb with its STEP qualifying rate change. The move made it much harder for borrowers with higher debt ratios to get approved. After investigation, we've since unearthed suspected reasons behind this shift. The story that follows outlines those, as well as

💡In today's edition... • Fed mind games: Hawkish? Dovish? Both! • Nesto's exclusive with M3 is ending • Fixed rates on ice • Rogers tells the DoF what it should have already known It's been a smorgasbord of mortgage news this week...

We spoke with FINTRAC last week to confirm what we thought we knew about mortgage broker 'know your client' (KYC) and ongoing monitoring obligations. Here's what a spokesperson told us: On when KYC checks are required

💡Mortgage Bytes follow below... Canada's FINTRAC rules have hit the mortgage broker industry like a piano falling from the sky. Almost three weeks after FINTRAC started in the mortgage industry, we're getting emails from brokers at top brokerages still confused about their obligations. This includes brokerages