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Good Evening Broker Partners,
As many of you are aware, the recent introduction of the enhanced rules around the B20 legislation has created a new landscape for mortgage lending. As a credit union, our regulator (FICOM) has not yet mandated that we follow these rules, but there are direct and indirect effects of these changes on our business. These changes have prompted us to review the approach to our mortgage origination volumes in 2018.
Consequently and effective immediately, we will be accepting only insured mortgage applications through either CMHC or Genworth. While we understand this is a substantial change, we have not arrived at this decision lightly and are introducing this change in order to maintain a healthy balance of mortgage origination volumes. To assist your clients with their insured mortgage needs, we will be instituting a 24-hour turnaround time for all fully documented insured mortgage applications.
These changes reflect the new lending environment that has emerged over the last couple of years and are aimed at serving our market and our members in a responsible way. While we cannot predict if this change will be permanent, Westminster Savings is committed to closely monitoring our broker channel for opportunities to broaden our offerings in the future.
I am sure many of you may have questions for me and I am happy to have discussions around this new change. I would ask that you email if you would like to review and I will get back to you at my earliest opportunity.
Manager, Business Development
Suite 1900 – 13450 102 Avenue
Surrey, BC V3T 5Y1
D 604 519 4226 | F 604 585 0250
C 604 813 5219 | W wscu.com
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