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National mortgage news

Canada’s convoluted rules for prepayment penalties cause issues for consumers, lawyer says

Posted:Jun 19, 2017 5:00 AM ET

National mortgage news

Nadim Kara says he feels his mortgage lender did not give him all the information he needed to know about breaking his mortgage. Craig Chivers/CBC

Related

Related Stories

A Toronto man is warning people to take a close look at the penalties they’ll face for breaking a mortgage before they lock in, after his paperwork didn’t include important information that would have saved him more than $10,000 in fees.

“I was frustrated that a key piece of information hadn’t been disclosed to me,” Nadim Kara says.

“Particularly as that piece of information wasn’t in the mortgage contract so I had done what I thought was my due diligence and you know, I read the papers. I read the contract, I called them, I check in online.”

Mortgage contracts have to disclose all information on penalties for ending a mortgage early and how they will be calculated.

Kara didn’t know it then, but missing from his mortgage contract was information about a little known rule — homeowners with a fixed term longer than five years can only be charged a penalty of three months’ interest if they break their mortgage after the fifth year, not the much higher interest rate differential fee.

In Kara’s case, if he had waited just 60 more days, his penalty would have shrunk from $13,000 to $3,000.

National mortgage news

Nadim Kara and Tori Ingram live in Toronto with their daughter. (Craig Chivers/CBC)

While Kara’s issue has now been resolved, he’s frustrated no one is taking responsibility and worries other Canadians may be paying higher penalties than they should be.

In 2012, Kara and his wife moved from Ottawa to Toronto, renting out their Ottawa house, hoping it would increase in value over the years.

By February, that hadn’t happened and they were losing money, so Kara started looking into the cost of selling — reviewing his mortgage documents and contacting his mortgage company, First National Financial, to ask about penalties for breaking his mortgage early.

By the time the Ottawa house sold, Kara was less than two months away from the five-year mark on his mortgage — and that big reduction in penalty costs.

The fees associated with paying out mortgages early top the list of Canadians’ complaints to the country’s banking ombudsman, according to numbers provided by the independent investigator.

Experts say the rules, which apply to some lenders but not others, are so convoluted they leave Canadians who break or renegotiate mortgages confused and suffering from “sticker shock” when they are dinged with massive fees.

“If I had all the information in front of me, I would have made a different decision and I think that’s the key,” Kara says.

‘Duty of care’ not met, says homeowner

He found out he could have saved thousands only after the sale closed; the information was in the mortgage discharge papers provided by First National.

“I think there’s a duty of care to your client, to walk them through the options and to be transparent. And I don’t feel that’s what happened here,” he says.

The next day, May 2, he asked the company to refund the $13,000 penalty and charge the three-month interest fee of $3,000 instead. It initially refused and repeatedly told Kara it was “case closed.”

“I mean we’re not buying a sweater, right? This is a multi-hundred-thousand-dollar purchase,” Kara says. “There is an inherent conflict in financial institutions, between disclosure and maximizing profit.”

National mortgage news

Nadim Kara says he contacted First National twice to confirm how the prepayment penalty would be calculated. (CBC)

More than a month later, and just hours after First National learned Go Public was involved, the company changed its mind and agreed to charge Kara the $3,000 penalty.

Refund offered

Go Public put the issue to both First National Financial and the brokerage, Integrated Mortgage Planners.

“After taking all circumstances into consideration, and in the interests of maintaining goodwill with this borrower, we made the decision to decrease the prepayment fee and a refund was made to Mr. Kara,” Robert Inglis, chief financial officer of First National Financial, tells Go Public in an email.

“We concluded that our calculations had been made in accordance with his mortgage terms. Notwithstanding, we noted that written disclosure of his prepayment privileges and fees could have been made clearer by his mortgage broker at the time he entered into his mortgage,” Inglis wrote.

The broker, Dave Larock, tells us he did verbally inform Kara and his wife of the five-year repayment rule when they signed the original mortgage documents in 2012, but couldn’t include the information in the mortgage documents because they are “system generated” and “cannot be modified.” He also says the documents meet “every standard required by the regulator.”

Larock took the extra step of following up with Kara near the five-year anniversary of the mortgage to talk about options, but was unaware Kara had already sold the house.

Convoluted rules cause problems

What happened to Kara is an example of how Canada’s convoluted rules around the disclosure of prepayment penalties are causing problems, according to civil litigation lawyer Kieran Bridge.

Most federal rules, he says, apply to banks but not private lenders like First National, which fall through the cracks.

Bridge also says bank mortgages aren’t without problems. He’s argued successfully in cases where banks incorrectly applied complicated mathematical formulas to calculate penalties or failed to clearly disclose penalty information to homeowners.

National mortgage news

Lawyer Kieran Bridge is leading a class action lawsuit against CIBC over mortgage prepayment penalty disclosure. (Ken Leedham/CBC)

Under federal legislation, banks should disclose how mortgage break penalties are calculated and how they will change over time.

Homeowners also have certain responsibilities, he says. Many don’t pay attention to what ending their mortgages early will cost them at the time they lock in. The other issue, he says, is with the technical language used in the documents they sign.

For example, in Kara’s case he was told his penalty would be calculated according to a method called the interest rate differential (IRD). Typically, penalties on fixed mortgages are calculated using whichever is higher, three months’ interest or IRD. With today’s interest rates, the IRD is always a much higher fee.

“That is one of the things I looked for — what was in the paperwork that the customers were given when they entered into their mortgage? What did it say about what prepayment penalty they might have to pay and how it will be calculated?” Bridge says.

‘Clear direction’ needed, lawyer says

In 2010, the federal government’s budget included a promise to standardize the calculation and disclosure of mortgage prepayment penalties. Despite those promises, not much has changed, Bridge says.

“I think that the government does have a role here in providing very clear direction through regulation on what disclosure is required prior to these types of transactions taking place,” Kara says.

National mortgage news

Nadim Kara says he was not told he should wait two months before selling a house in Ottawa in order to save more than $10,000. (Craig Chivers/CBC)

He has some advice for consumers looking to break their mortgages.

“I think the number 1 thing I want them to know is that the first question to ask is . What are all of my options today and in the near future with respect to breaking my mortgage and how does the penalty that I will have to pay change today versus whether I wait months or years?” he says.

“I don’t want this to happen to anyone and I really, above all, I just want other people to have this information so that they can protect themselves.”

Submit your story ideas

Go Public is an investigative news segment on CBC-TV, radio and the web.

We tell your stories and hold the powers that be accountable.

We want to hear from people across the country with stories they want to make public.


National Mortgage Company, national mortgage news.#National #mortgage #news


Buying or Selling? Call us today.

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  • National mortgage news
  • National mortgage news
  • National mortgage news
  • National mortgage news

We are passionate people who are willing to challenge the ordinary. We specialise in mortgage servicing and providing high quality residential lending solutions to our partners, customers and fast-growing network right across Australia.

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Privacy Act Amendments 2014

The Privacy Act amendments, including the introduction of Comprehensive Credit Reporting (CCR), took effect Wednesday 12 March 2014.


Current Interest Rates on Home Loans, Savings, Car loans – CD Rates, mortgage rates news.#Mortgage


Today’s Interest Rates and Financial Advice:

Mortgage rates news

Financial Advice

Would you like to buy a home but worry that you’d never qualify for a mortgage? It’s time to stop guessing and evaluate your chances to land a loan based on everything from how much you make to your credit score. Believe it or not, the odds are in your favor.

November 14th 2017

The average cost of financing a new or used car or truck has stayed low over the past year, making auto loans a bargain by any historical measure. And buyers with reasonably good credit can always take advantage of the discount loans automakers are offering on many models.

November 13th 2017

Lending money to your child is risky business. But if you can avoid the personal pitfalls and convince the federal government that this is really a loan, and not a gift, the Bank of Mom and Dad can be a financial boon for everyone in the family.

November 13th 2017

Here’s how to make all of the right decisions so that you’ll save more, invest wisely and take full advantage of all the tax breaks to build your retirement nest egg.

November 10th 2017

It’s not enough to find a good location at an affordable price. Condo buyers must consider lots of extra costs, from association fees and special assessments to how well the building is maintained and how strictly it enforces rules on everything from noise to pets.

November 10th 2017

You’ve scouted out the best mortgage rate and fought hard to get the best price on your new home. But your bargaining shouldn’t stop there. Here’s how you can save on everything from settlement fees to title insurance.

November 8th 2017

Mortgage rates news

Interest ing Snapshot

Individual retirement accounts, or IRAs, are a great way to build financial security for you and your family. They’re easy to open and our simple strategy helps you make all the right decisions now, and in the years ahead.

Mortgage rates news

Mortgage rates news


Current Interest Rates on Home Loans, Savings, Car loans – CD Rates, mortgage rate news.#Mortgage


Today’s Interest Rates and Financial Advice:

Mortgage rate news

Financial Advice

Would you like to buy a home but worry that you’d never qualify for a mortgage? It’s time to stop guessing and evaluate your chances to land a loan based on everything from how much you make to your credit score. Believe it or not, the odds are in your favor.

November 14th 2017

The average cost of financing a new or used car or truck has stayed low over the past year, making auto loans a bargain by any historical measure. And buyers with reasonably good credit can always take advantage of the discount loans automakers are offering on many models.

November 13th 2017

Lending money to your child is risky business. But if you can avoid the personal pitfalls and convince the federal government that this is really a loan, and not a gift, the Bank of Mom and Dad can be a financial boon for everyone in the family.

November 13th 2017

Here’s how to make all of the right decisions so that you’ll save more, invest wisely and take full advantage of all the tax breaks to build your retirement nest egg.

November 10th 2017

It’s not enough to find a good location at an affordable price. Condo buyers must consider lots of extra costs, from association fees and special assessments to how well the building is maintained and how strictly it enforces rules on everything from noise to pets.

November 10th 2017

You’ve scouted out the best mortgage rate and fought hard to get the best price on your new home. But your bargaining shouldn’t stop there. Here’s how you can save on everything from settlement fees to title insurance.

November 8th 2017

Mortgage rate news

Interest ing Snapshot

Individual retirement accounts, or IRAs, are a great way to build financial security for you and your family. They’re easy to open and our simple strategy helps you make all the right decisions now, and in the years ahead.

Mortgage rate news

Mortgage rate news


Rate Trend Index – Mortgage Rate Trends, mortgage rate news.#Mortgage #rate #news


Mortgage Rate Trend Index: Nov. 15, 2017

Mortgage rate news

Each week, Bankrate surveys experts in the mortgage field to see where they believe mortgage interest rates are headed.

This week (Nov. 15-22), 10 percent of the panelists believe mortgage rates will rise over the next week or so; 40 percent think rates will fall; and 50 percent believe rates will remain relatively unchanged (plus or minus 2 basis points).

Calculate your monthly payment using Bankrate’s mortgage calculator.

Read the comments and rate predictions of mortgage experts and Bankrate analysts below.

10% say rates will go up

Mortgage rate news

Dick Lepre

Senior loan officer, RPM Mortgage, San Francisco

Both the daily and weekly stochastic techs of the 30-year Treasury bond future are bearish (lower prices, higher yields) signaling slightly higher yields and rates in the coming week.

40% say rates will go down

Mortgage rate news

Les Parker

Senior vice president of LoanLogics, Trevose, Pennsylvania

Let’s get fiscal, fiscal. Look for a relief rally in bonds and the dollar as Dodd-Frank reform and tax cuts move towards passage. Expect thankful bucks and equities to duck unless the bills become turkeys.

Mortgage rate news

Greg McBride, CFA

If tax reform talks bog down, concerns about the low inflation numbers will resurface and pull yields a bit lower.

Mortgage rate news

Joel Naroff

President and Chief Economist, Naroff Economics, Holland, Pennsylvania

Concern that the tax plan is getting out of control affecting stocks and bonds.

50% say rates will remain unchanged

Mortgage rate news

Logan Mohtashami

Senior loan officer, AMC Lending Group, Irvine, California

We had a 9 basis point spread from 2.31 percent from 2.40 percent and Wednesday pricing is 2.34 percent so not much action. Key channel levels are 2.27 percent and 2.45 percent and a break of these levels will mean something, but until then we are stuck in this channel. Oil prices have held up well this year, and still no pull backs in the markets, but seeing some selling this week. Lumber prices are at 21-year highs so we see some commodity inflation but not enough to pull up core CPI and PCE.

Mortgage rate news

Brett Sinnott

Vice president of capital markets, CMG Financial, San Ramon, California

It is still expected that the Fed will carry out its final rate move of 2017 by increasing 25 bps at their December meeting. This, combined with their balance sheet unwind, should have a greater effect on mortgage rates than the previous moves earlier in the year. Home prices continue to hinder prospective buyers as almost half of the nation’s top markets are now considered “overvalued” according to recent figures, and although seasonality may be a significant reason for low mortgage volume, at some point higher interest rates will be a dominant force in home values and mortgage volume.

Mortgage rate news

Jim Sahnger

Mortgage planner, Schaffer Mortgage, Palm Beach Gardens, Florida

Look for rates to remain unchanged going into Thanksgiving. Trading could be light so should we get any news that surprises us, we could see some wide swings in bond prices. Happy Thanksgiving to all!


National Mortgage Professional Magazine – National Association of Mortgage Brokers, national mortgage news.#National #mortgage #news


National Mortgage Professional Magazine

National mortgage news

NAMB has paid for your complimentary print subscription to National Mortgage Professional Magazine – Click here to receive your FREE subscription!

National mortgage newsNational Mortgage Professional Magazine is The Source for top originators and connects the mortgage professional community under various media formats. While electronic media has become a vital part of our information platform, there is nothing like the feeling of holding a magazine in your hands. In the business world, knowledge and expertise rank high in the qualities of successful professionals. A subscription to our print edition ($59.00 value) allows you to share the informative articles in our publication with your colleagues and business partners – it is literally right there, at your fingertips. Our exceptional team of industry-seasoned monthly contributors, all with meaningful expertise in their related disciplines, provide the most up-to-date news, insight and advice for today s mortgage professional.

National mortgage newsWant to stay informed on a more local level? The contents of our state e-editions include all of the content from our national publication plus state-specific mortgage association information, including the President’s Message, which highlights local issues, such as regulatory and legislative matters, along with the state calendar of events.

National mortgage newsStay on top of mortgage industry news and trends. The NMP Daily Email Newsletter is your source for breaking news, insights and tips. Get free access to full articles including the hottest industry headlines, featured articles and other mission critical mortgage industry stories delivered to your inbox each day.

National mortgage newsThe NMP Mortgage News Ticker is a daily news feed that gives you a snapshot of the hottest mortgage news stories from around the web. Stay informed of the most recent headlines and blogs, all compiled into one convenient daily email.

National mortgage newsMortgage News Network (MNN) features regularly scheduled and special event video programming with industry experts sharing insights that impact your business today and in the future. MNN provides market forecasts, proven sales and marketing strategies, interviews with industry leaders and more.


CBC News – Disclosure vs, national mortgage news.#National #mortgage #news


National mortgage news

Canada’s convoluted rules for prepayment penalties cause issues for consumers, lawyer says

Posted:Jun 19, 2017 5:00 AM ET

National mortgage news

Nadim Kara says he feels his mortgage lender did not give him all the information he needed to know about breaking his mortgage. Craig Chivers/CBC

Related

Related Stories

A Toronto man is warning people to take a close look at the penalties they’ll face for breaking a mortgage before they lock in, after his paperwork didn’t include important information that would have saved him more than $10,000 in fees.

“I was frustrated that a key piece of information hadn’t been disclosed to me,” Nadim Kara says.

“Particularly as that piece of information wasn’t in the mortgage contract so I had done what I thought was my due diligence and you know, I read the papers. I read the contract, I called them, I check in online.”

Mortgage contracts have to disclose all information on penalties for ending a mortgage early and how they will be calculated.

Kara didn’t know it then, but missing from his mortgage contract was information about a little known rule — homeowners with a fixed term longer than five years can only be charged a penalty of three months’ interest if they break their mortgage after the fifth year, not the much higher interest rate differential fee.

In Kara’s case, if he had waited just 60 more days, his penalty would have shrunk from $13,000 to $3,000.

National mortgage news

Nadim Kara and Tori Ingram live in Toronto with their daughter. (Craig Chivers/CBC)

While Kara’s issue has now been resolved, he’s frustrated no one is taking responsibility and worries other Canadians may be paying higher penalties than they should be.

In 2012, Kara and his wife moved from Ottawa to Toronto, renting out their Ottawa house, hoping it would increase in value over the years.

By February, that hadn’t happened and they were losing money, so Kara started looking into the cost of selling — reviewing his mortgage documents and contacting his mortgage company, First National Financial, to ask about penalties for breaking his mortgage early.

By the time the Ottawa house sold, Kara was less than two months away from the five-year mark on his mortgage — and that big reduction in penalty costs.

The fees associated with paying out mortgages early top the list of Canadians’ complaints to the country’s banking ombudsman, according to numbers provided by the independent investigator.

Experts say the rules, which apply to some lenders but not others, are so convoluted they leave Canadians who break or renegotiate mortgages confused and suffering from “sticker shock” when they are dinged with massive fees.

“If I had all the information in front of me, I would have made a different decision and I think that’s the key,” Kara says.

‘Duty of care’ not met, says homeowner

He found out he could have saved thousands only after the sale closed; the information was in the mortgage discharge papers provided by First National.

“I think there’s a duty of care to your client, to walk them through the options and to be transparent. And I don’t feel that’s what happened here,” he says.

The next day, May 2, he asked the company to refund the $13,000 penalty and charge the three-month interest fee of $3,000 instead. It initially refused and repeatedly told Kara it was “case closed.”

“I mean we’re not buying a sweater, right? This is a multi-hundred-thousand-dollar purchase,” Kara says. “There is an inherent conflict in financial institutions, between disclosure and maximizing profit.”

National mortgage news

Nadim Kara says he contacted First National twice to confirm how the prepayment penalty would be calculated. (CBC)

More than a month later, and just hours after First National learned Go Public was involved, the company changed its mind and agreed to charge Kara the $3,000 penalty.

Refund offered

Go Public put the issue to both First National Financial and the brokerage, Integrated Mortgage Planners.

“After taking all circumstances into consideration, and in the interests of maintaining goodwill with this borrower, we made the decision to decrease the prepayment fee and a refund was made to Mr. Kara,” Robert Inglis, chief financial officer of First National Financial, tells Go Public in an email.

“We concluded that our calculations had been made in accordance with his mortgage terms. Notwithstanding, we noted that written disclosure of his prepayment privileges and fees could have been made clearer by his mortgage broker at the time he entered into his mortgage,” Inglis wrote.

The broker, Dave Larock, tells us he did verbally inform Kara and his wife of the five-year repayment rule when they signed the original mortgage documents in 2012, but couldn’t include the information in the mortgage documents because they are “system generated” and “cannot be modified.” He also says the documents meet “every standard required by the regulator.”

Larock took the extra step of following up with Kara near the five-year anniversary of the mortgage to talk about options, but was unaware Kara had already sold the house.

Convoluted rules cause problems

What happened to Kara is an example of how Canada’s convoluted rules around the disclosure of prepayment penalties are causing problems, according to civil litigation lawyer Kieran Bridge.

Most federal rules, he says, apply to banks but not private lenders like First National, which fall through the cracks.

Bridge also says bank mortgages aren’t without problems. He’s argued successfully in cases where banks incorrectly applied complicated mathematical formulas to calculate penalties or failed to clearly disclose penalty information to homeowners.

National mortgage news

Lawyer Kieran Bridge is leading a class action lawsuit against CIBC over mortgage prepayment penalty disclosure. (Ken Leedham/CBC)

Under federal legislation, banks should disclose how mortgage break penalties are calculated and how they will change over time.

Homeowners also have certain responsibilities, he says. Many don’t pay attention to what ending their mortgages early will cost them at the time they lock in. The other issue, he says, is with the technical language used in the documents they sign.

For example, in Kara’s case he was told his penalty would be calculated according to a method called the interest rate differential (IRD). Typically, penalties on fixed mortgages are calculated using whichever is higher, three months’ interest or IRD. With today’s interest rates, the IRD is always a much higher fee.

“That is one of the things I looked for — what was in the paperwork that the customers were given when they entered into their mortgage? What did it say about what prepayment penalty they might have to pay and how it will be calculated?” Bridge says.

‘Clear direction’ needed, lawyer says

In 2010, the federal government’s budget included a promise to standardize the calculation and disclosure of mortgage prepayment penalties. Despite those promises, not much has changed, Bridge says.

“I think that the government does have a role here in providing very clear direction through regulation on what disclosure is required prior to these types of transactions taking place,” Kara says.

National mortgage news

Nadim Kara says he was not told he should wait two months before selling a house in Ottawa in order to save more than $10,000. (Craig Chivers/CBC)

He has some advice for consumers looking to break their mortgages.

“I think the number 1 thing I want them to know is that the first question to ask is . What are all of my options today and in the near future with respect to breaking my mortgage and how does the penalty that I will have to pay change today versus whether I wait months or years?” he says.

“I don’t want this to happen to anyone and I really, above all, I just want other people to have this information so that they can protect themselves.”

Submit your story ideas

Go Public is an investigative news segment on CBC-TV, radio and the web.

We tell your stories and hold the powers that be accountable.

We want to hear from people across the country with stories they want to make public.


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    About The Implode-o-Meter

    ML-Implode.com was created in late 2006 to raise the alarm about the then-burgeoning implosion of the historically-epic housing and economic bubble. Started as a modest web page created by founder Aaron Krowne, this objective was achieved by, uniquely, tracking the in-progress implosion of independent mortgage lending companies then being ignored by a mainstream media in denial of even the existence of the housing bubble. At that time, you were more likely to hear a partyline of “housing always goes up” and juvenile jeers of “bubbles are for bathtubs” from TV’s talking heads, than of even slight concern about a clearly-overextended, already-frozen housing market.

    Operated as a broadly-open community forum, ML-Implode quickly took the lead in news about the mortgage implosion and subprime crisis, as industry professionals flocked to the site to share and find out the latest. The site even became, in part, a whistleblower platform, fighting (and winning) half a dozen lawsuits to defend the right of its contributors to post about corruption and malfeasance in financial companies, and be able to do so confidentially.

    Despite its initial incarnation being rendered insolvent by these frivolous legal attacks, ML-Implode continues today in a stripped-down, lean-and-mean embodiment, remaining dedicated to tracking the fallout of the 2007-2008 credit crisis. This mission includes keeping tabs on recession/depressionary conditions, the policy response to the economic downturn and continued financial instability, the Fed and other global central bank interventions (including “ZIRP” and quantitative easing), actions and reforms of the monetary authorities, market manipulation (official and private sector), all global geopolitical conflict with economic roots, the evolution of the banking and monetary system (including dollar-alternative “reserve currencies”, gold, silver, and bitcoin and other “virtual currencies”), the effect of the economic turmoil on society, basic themes of economic fairness and justice, and much more.

    We continue to doggedly watch all of these interconnected topic areas, daily picking the most important stories and commentaries, and bringing them together in a convenient and comprehensible form on this site. If you share our concerns, utilize one of the icons at the top of this page to “follow” us by twitter, RSS, email, and more.

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