Private mortgage risk flagged by regulators amid growth in shadow banking financialpost
And the market share trends are continuing on a national level, according to the latest figures from CMHC.
“This unregulated segment of the industry has likely attracted a higher number of borrowers that were not able to get qualified with a traditional lender in the context of rapidly rising interest rates,” the CMHC report said. “Rates are going up and it’s even harder than they thought it would be to get back into the traditional lending space….That’s most likely the reason,” Benwell said in an interview on Mar. 2.
Moreover, a lender in the private mortgage sector can be anything from a pooled syndicate to private individual and there is no standardized loan, so terms and conditions are often misunderstood, he said.Article content
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