In no way is this post intended to defend Bob Ord however there is a name for what some of you are doing. It is called cyber bulling. Full name disclosed or not, it does not matter. There are teenage kids out there committing suicide because of attacks like these. How can we expect the younger generation to stop doing it when so called professional adults do it as well. Good for you Rob stopping some of the comments as other sites (CMP for example) does not seem to monitor as much. Some of you need to take a step back and think about how you would feel if situations were reversed.

I like how you are throwing the work "conventional" in front of standard charge. Ivory Tower it is either collateral charge or standard charge. Yes ING only offers collateral charges however as per your original post you said they do not offer conventional and as I said you are WRONG. As far as rates go, yeah I guess Xceed has them beat. Wow. Also nice comeback on the text book commnet. Did I not just read that on another post? Face it. You are wrong on 3 of your 4 posts. As I said originally check your facts. Check your facts. Check your facts

Ivory tower I currently get top status with ING and I am getting 2.99% on a 5 year, 3.59% on a 7 year and 3.89% on a 10 year. So there are the facts on that subject. Now with respect to conventional mortgages. I am curious why you would post a link on collateral charges to back up your statement beacuase they are 2 totally different things. If you need to know the difference I suggest to pull out a text book called Understanding Mortgages 101 (Basic Edition)and that will explain the difference for you. In the end ING offers conventional mortgages.

You may want to check your facts before you post Market leading rates? YES on some terms Conventional mortgages? YES Open interest only HELOC? YES

Really? Who in their right mind will send a deal to Xceed?

Hi Ron. Exactly. Also no doubt the sales mangers at the Big 5 will use things such as this to talk current brokers to come and join them as mobile specialists again greater reducing the number of brokers in the market today.

Hi Lior I agree with just about everything you say except for them leaving is not a big blow. Regardless of what you are selling, when a company that was #1 and 1 year later they exit that market, a move like that is not good for that industry. I do not think that matters if you are selling mortgages or nuts and bolts for plumbers. Overall no one benefits

HI Jeff. Great question and also one I was asking myself. My thought would be since they will keep the book under CIBC the only interested buyers would be a company looking to enter the mortgage market in the broker industry (Cdn Tire, Walmart) would be the type that would buy. Again that is my guess

Question. What if you are a broker who has been restricted by almost every lender and you use Nexsys. Does the lender know who the original broker is? Does Nexsys do a check on those brokers that use them?

Hi cj. Have to agree. Does the broker world need another lender doing the same thing? I think not. And Steve you say they will be successful as it is the same team that built Resmore and they will be taking deposits? FYI Resmore is done. Also the deposit taking indusrty is extremely competitive. Until this story I have never heard of MonCan. Over the past few years Ally Bank spent a crazy amount of money advertising only to gain a minimal amount of deposits. It takes years and millions of dollars to get your name out there. I never wish failure on any company however it will be very difficult for them.

HI Grant. I suggest you take a closer look at that. No way are they offering you a 5 year fixed 2.4% open or closed. That is a variable. As per D reply why do you want an open? If that is a varaible then the rate really is not that great and the "open" option is costing you in a higher rate

HI Rob. Great points as always however I would like to add something in. I agree with ALice's comment earlier that Mortgage Architect agents are all high end and are a cut above the rest however here is my comment. Many brokers do not deal with TD or Scotia for the simple fact the have mobile specialists going after the same business they are and this theory gets no arguement from me. However I find it strange tha tthose we often have this feeling will then go ahead and use their "white lable" product that the firm has the access to. So you do not want to use someone in competition with you however you will use someone that your parent company is in competition with? Maybe I am not explaining it very well however if 30% goes to My Next it cuts into the true broker lender results such as First National MCAP etc.

T-Ricky all the other insurers will follow suit. Even though Genworth it private they still must follow government regulation. It is not CMHC making these changes, it is Dept of Finance

Bob. Jason is correct. Once you have it they do not take it away. It is for new mortgages only. NO different than anyone who does a 90% refinance today. Do you think in March the banks will ask for the extra 5% back considering now they only offer 85%? Bob are you a broker or a client?

Agree Igor. The big 5 basically own CMHC. The make teh calls. Several years ago they went crazy and bought everything and drove all the B lenders out of town. Yes the fact the B lenders could not et money was a major factor but CMHC was doing beacons in the 500"s, 100% purchase, 95 % refinance and 40 year amortization and now that the B lenders are gone they tightened up. Ultimate goal is it drive the mono lenders out. LAst week it was Xceed. I predeict 2-3 more real soon. The mono lenders are losing money on every deal the put on the books as the Big 5 are buying business however they can afford to lose on a mortgage but make up for it with other products

Hi Cheers Same question here

Hi Tomas. I once heard a glossy coat of new bright paint cannot hide rust for long. I agree with you in not saying they are in trouble however the ability to access funds will be tougher in 2011 in my opnion. The big 5 are ramping up their mobile spec force so there will be less reliance on white lable. Investots are looking for bigger gains in spread which will make the mono less price competitive. Xceed was non competitive in price and I think that had to do with Ivan not wanting to put a low rate deal on the books where there was no money into it. There are some big players that are funding a large amount of volume however I wonder how long they can do this with next to no speads (or none at all)

Hi Rob. Never good to see as at the end of the day it is not good for the industry. The more lenders the better and Ivan made some interesting comments about the higher costs as well as it is much harder to secure funds for mono lenders. Do you see this a possibility for anyone else this year?

Seriously?? You forgot to mention cash backs written in purchase and sale agreements that failed to get mentioned to the insurers.

TMG I must say some rather harsh comments and you show a rather lack of respect for the industry(broker that is). I am looking forward in reading some of the replies to your post

First I want to say that I am all in favor of any new product out there than can create extra sales regardless if it is 1 or 10,000. Prior to this post I have never heard of this product nor Greg Williamson so I did a google seach and looked at your website. Greg you appear to be sucessful from what I read about you which is the reason from my post here today. Greg you came back initally at banker in an ivory tower with a "show me your face attitiude" which has given me a not so positive opinion of you. I too choose not to post my name on this site. Why? Beacuse these blogs give us the ability to make that choice and the reason is my business only and it should end there. Banker in an ivory tower had made several posts on this site and for the most part I have agreed with what he/she has to say. Most of us who post on this are "average joe's" in the industry and are not at your level. WE go back and forth at times and things can get "heated" but like I said earlier most of us are average joe's. Greg you claim to be a professional tranier who has launched a national product so I would think your standards should be higher than most. In my opinion you came off extremely negative in your original post by calling out banker in an ivory tower or anyone of us that choose not to post our real name. I think this is a wonderful site and I think Rob is a true professional who has been critized in posts in the past however I never recall Rob ever coming out with the "show me your face" attitude Since that first post you have tried to back track a bit but what was said, was said. We all know Selling 101, Overcoming Objections and in my opinion Greg you initial response was not the best. Again just my opinion on what I have seen from this. As for the product I do not know enough about it to comment however like I said earlier anything that can make a sale works for me.

Hi JP. A company can open a diferent division within their company and not have to follow the bank act to get around this. Same thing that TD did with TD Financial services (formally VFC) and that program does not have tpo follow the bank act rules as the same with finance companies like Citi, Wells Fargo HSBC. I will assume that is what Home Trust has done here. I would almost guarantee it is listed as secured on the property. I would have a problem believeing that Home Trust is giving out money unsecured on low beacon clients.

Thanks Rob. No doubt this is not a friendly broker product. Its is funny your opening line sates risky or well calculated? TD is #2 in the bank world for a reason. Most changes are well thought out and well calculated. I think what they lose in broker share (at the end of the day do they really care?) they will make up for in retention.

Great post Rob. I asked myself when I saw the news last week will TD be the next BMO in the broker channel? I guess only time will tell. It would be interesting to know today what % of the total mortgages TD does comes from the broker channel.

Thank you banker in and ivory tower and well as Mike saving me from having to reply to Grank.