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Canadian Company finds opportunity in sub-prime meltdown
VANCOUVER, B.C., April 23 /My Mortgage BC.com/ - Spectrum-Canada Mortgage Services Inc. has
found that the sub-prime crisis and subsequent credit crunch has positively
impacted both its origination and lending operations.
Established in 1999 specifically to service the non-conventional mortgage
market the company's focus is to provide alternative mortgage funding services
directly to the Banks and Credit Unions - a service it now provides to more
than 80 different Financial Institutions across the country.
As Canadian banks and credit unions have tightened their own lending
guidelines in the wake of the US sub-prime debacle more customers are being
turned down for mortgage assistance, says Carol Christopherson, President &
CEO of Spectrum-Canada Mortgage Services Inc.
Many of these financial institutions have alliances with Spectrum to
provide alternative funding services to their clients - The purpose of this is
to allow the bank or credit union to maintain the relationship with their
customer for the other wealth management and cross-sell opportunities.
According to Christopherson, the US sub-prime meltdown has caused
Canadian banks and credit unions to tighten their own lending guidelines and
refer more customers for mortgage assistance to Spectrum. "We have seen a huge
increase in the number of inquiries coming through from the financial
institutions in the last several months," said Christopherson.
Spectrum is the only company in Canada to have these referral
relationships with the banks and credit unions and is the only financial
intermediary to have focused exclusively on the non-conventional mortgage
market in the last 8 years.
"We have also seen a dramatic increase in requests for mortgage funding
in our lending operation as Canadian non-conventional lenders have either left
the Canadian market or ceased offering products - We are fortunate not to rely
on securitization for our funding which has allowed us to continue offering
these services to the clients and members of our bank and credit union
origination partners," Christopherson added.
My Mortgage BC.com note: My Mortgage BC.com utilizes the services of Spectrum to place some of those harder to place mortgage deals. For questions about your mortgage or about the services we offer please contact us at 1-888-665-1344.
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