A mortgage broker acts as an intermediary who sells mortgage loans on behalf of individuals or businesses. Traditionally, banks and other lending institutions have sold their own products.However as markets for mortgages have become more competitive, the role of the mortgage broker has become more popular.Today in most developed mortgage markets (especially the U.S., UK, Australia, New Zealand, Spain and Canada) mortgage brokers are the largest sellers of mortgage products for lenders.
The laws governing mortgage brokerage in Canada are determined by provincial governments. Throughout Canada, high ratio loans are insured by either the Canada Mortgage and Housing Corporation, Genworth Financial or AIG United Guaranty.Quebec is unique in all of North America as its laws are based on the Civil Code. The law permits mortgage brokerage to be performed by those in the finance industry, as well as those in the real estate industry.
The land occupied by Canada was inhabited for millennia by various aboriginal peoples Beginning in the late 15th century, British and French expeditions explored and later settled the Atlantic coast.France ceded nearly all of its colonies in North America in 1763 after the Seven Years War.In 1867, with the union of three British North American colonies through Confederation, Canada was formed as a federal dominion of four provinces.This began an accretion of additional provinces and territories and a process of increasing autonomy from the United Kingdom, highlighted by the Statute of Westminster in 1931, and culminating in the Canada Act in 1982 which severed the vestiges of legal dependence on the British parliament.
Genworth Financial is an international financial services organization that offers a portfolio of primarily consumer-focused products through its various companies, including annuities, combination products, investment services,life insurance, long term care insurance, medicare supplement insurance, mortgage insurance, and payment protection insurance. Genworth Financial is headquartered in Richmond, Virginia, and employs over 7,000 people in 25 different countries.
Payment Protection Insurance (PPI) is a type of insurance that provides an income to maintain a borroweras debt repayments in the event of an accident or sickness that prevents them from working, or unemployment.PPI policies are obtainable to protect most forms of personal debt, including personal loans, mortgages, and credit card repayments. Insurance coverage is frequently purchased through the lender when the finance arrangement is organized.However, stand-alone policies are available at any time.
Banks activities can be divided into retail banking, dealing directly with individuals and small businesses; business banking, providing services to mid-market business; corporate banking, directed at large business entities; private banking, providing wealth management services to High Net Worth Individuals and families; and investment banking, relating to activities on the financial markets.
Most banks are profit-making, private enterprises. However, some are owned by government, or are non-profits. Central banks are normally government owned banks, often charged with quasi-regulatory responsibilities, e.g. supervising commercial banks, or controlling the cash interest rate. They generally provide liquidity to the banking system and act as Lender of last resort in event of a crisis.
To be qualified for PPI coverage, the purchaser will typically have to be aged between 18 and 65 (or higher in some circumstances), and employed for at least 16 hours a week (or on a long term contract or have been self-employed for a period of time).
Quebec is the second most populated province, after Ontario. Most inhabitants live in urban areas near the Saint Lawrence River between Montreal, the largest city, and Quebec City, the capital. English-speaking communities and English-language institutions are concentrated in Montreal but are also significantly present in the Outaouais, the Eastern Townships, and Gaspe regions.
The central and northern portion of the province is sparsely populated and inhabited primarily by Aboriginal peoples.While the provinces substantial natural resources have long been the mainstay of its economy, sectors of the knowledge economy such as aerospace, information and communication technologies, biotechnology and the pharmaceutical industry also play leading roles.