Lisa Tollis, Real Estate Salesperson
1122 Wilson Street West. Ancaster, ON L9G 3K9
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With government announcements coming daily it can be hard to keep up. Here is a quick summary of what we know so far and what is still being clarified. Wage … Continue Reading Government programs for support during COVID-19 – what we know so far

3/31/2020 2:04:37 PM

We’ve all heard about the 6 month deferred mortgage payment option.  It was thrown out there by the government in an attempt to help property owners.  We now have some … Continue Reading 6 month mortgage deferral will help, not harm, despite what media say.

3/24/2020 11:44:45 AM

The Business Development Bank of Canada (BDC) is devoted exclusively to entrepreneurs. Here is a quick outline of some BDC Financing Options Online Financing: Been in business for more than … Continue Reading Help for small and medium sized business owners

3/24/2020 11:11:53 AM

There’s a document floating around the internet from Goldman Sachs.  Have you seen it? It’s a private client summary regarding the coronavirus.  1,500 companies dialed in to this call.   For … Continue Reading Update from Goldman Sachs

3/24/2020 5:38:50 AM

Welcome to today’s update.   Canada and the banks announced a six month deferral of mortgage payments.  I have been fielding many calls on how this works and the answer is … Continue Reading Mortgage Updates 03-19-2020

3/19/2020 4:59:56 PM

There have been many changes lately and there will be many more to come. As this is a critical and fast-moving situation, I wanted to get these updates out and … Continue Reading Important Mortgage Updates 03-18-2020

3/18/2020 10:32:31 AM

Stop… don’t sign any mortgage renewal, refinance or other mortgage offer from your banker. It is important to remember that they are not your friend. They are employees of a … Continue Reading Beware of those so-called 'SPECIAL OFFERS' from your Banker or Mortgage Lender

3/16/2020 11:53:00 AM

Mortgage News Daily

Posted To: Mortgage Rate Watch

The most important ingredient in the mortgage market is the presence of homeowners--prospective or otherwise--with the means and desire to make monthly payments. That fact invites investors to earn solid, predictable returns with almost no risk. After all, most of the mortgage market is comprised of loans that guarantee that an investor will get their principal and interest back. The only real risk is a temporary interruption in cash flow or a premature sale/refi that results in the investor being unable to collect interest for as long as they'd hoped. The industry term for such a premature sale/refi (or anything else that terminates the loan, like a foreclosure or short sale) is " prepayment ." Because of the guarantees from the agencies (Fannie/Freddie/Ginnie), prepayments account for most...(read more)

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4/6/2020 3:55:00 PM

Posted To: MND NewsWire

The Jobless Claims Report and the Employment Situation Report and were both pretty devastating last week with more than 6 million new unemployment claims filed on top of 3 million the prior week and 701,000 jobs lost. The unemployment rate jumped nearly a full point to 4.4 percent. Jing Fu, writing in the National Association of Home Builders (NAHB) Eye on Housing Blog, says the residential construction industry received its fair share of the pain. Employment in residential construction had been doing well, it was up by 24,100 in February, but that reversed in March, undoubtedly due to impacts from the COVID-19 pandemic , and 4,300 jobs were lost. The total loss across all construction categories was 29,000 jobs. Those losses, however, paled in comparison to the massive ones in the leisure...(read more)

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4/6/2020 10:25:49 AM

Posted To: MBS Commentary

Here's this week's Fed MBS Purchase Schedule . The daily amount is down from a recent peak of $50 bln to $25 bln . So does that mean the Fed is only going to buy half as much MBS as it was buying 2 weeks ago? And if so, why aren't prices tanking? It's important to keep in mind that the Fed's announced buying targets are just that: targets. For instance, when the target was $50bln / day, they only bought $36.6 billion / day on average. They lowered the target to $40 bln for Monday, March 30th and only manged to purchase just over $20bln that day. Incidentally, MBS sellers were lined up and waiting to offload that $40bln! When the Fed only showed up for $20bln, prices quickly tumbled (which is exactly what many a mortgage company had been clamoring for due to margin calls...(read more)

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4/6/2020 9:58:30 AM

Posted To: Pipeline Press

Twas a rough night since today it’s garbage day. I was worrying all night, “What should I wear to take it out?” Jeannette M writes, “On January 1st I thought, ‘This is my year!’ By April 1st I’m wiping my a-- with a coffee filter. No clue that this was coming.” Aside from science fiction writers, no one had a clue the corona virus would have this impact on the world. Sure, regulators had their eye on non-bank lenders and servicers , but certainly not REITs, which help drive the secondary markets for mortgage production. Their values have plummeted . Hasn’t anyone learned about borrowing short and lending long? Their demand to buy Agency MBS has also plummeted, leading many to observe that the NY Fed is the biggest buyer, and there is no...(read more)

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4/6/2020 8:07:37 AM

Posted To: MND NewsWire

Black Knight has taken what will probably prove to be only their first in-depth analysis of the potential effects of the COVID-19 pandemic on the economy and specifically on the U.S. housing and mortgage markets. The paper looks at the current state of the market, key drivers of the pandemic on the housing and mortgage industries and models some possible outcomes. We are extremely pleased that they have used mortgage rate information from MortgageNewsDaily for some of their calculations. Because it is their business, Black Knight, also makes a lot of recommendations as to how technology can mitigate some of the most dramatic impacts. The company notes that the situation at present is incredibly fluid and dynamic, "and underlying facts and assumptions in this report may need to be revisited...(read more)

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4/3/2020 12:49:40 PM

Posted To: MND NewsWire

Home building might be the answer to more than just the housing shortage according to some information provided by Paul Emrath, economist for the National Association of Home Builders (NAHB). He maintains that it can also be a significant factor in rebuilding the economy once the COVID-19 crisis ends. Emrath has updated NAHB's 2014 estimates of the economic impact that residential construction has on the U.S. economy, especially via the number of jobs it creates. Nationally he estimates that building an average single-family home creates 2.90 full-time equivalent (FTE) jobs. Full-time equivalency is enough work to keep one person employed for a full year. This work generates $189,000 in wages and salaries and $110,957 in taxes. Although the majority of these jobs (FTE of 1.71) are in construction...(read more)

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4/3/2020 8:26:46 AM

Posted To: Pipeline Press

While in captivity it is important to focus on the friends you’ll see when you’re released . Your borrower doesn’t want the fuss and muss of typing up their own forbearance letter so they don’t have to make payments on their federally backed mortgage? Don’t worry: someone has created a form letter . The press focuses on the bad news, like NYC hospitals reportedly implementing ‘Do Not Resuscitate’ policies for coronavirus patients, or the political finger pointing that will be debated for decades. There is good news, however, like Spain and Italy seeing a slowdown phase of new cases. Strides are being made in finding people immune , or quick finger-*** blood tests to determine whether we’ve ever had COVID-19. Treatments and preventative vaccines...(read more)

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4/3/2020 8:16:51 AM

Posted To: MND NewsWire

The Department of Housing and Urban Development (HUD) has announced how it will be allocating its initial portion of funds from the massive Coronavirus Aid, Relief, and Economic Security (CARES) Act passed by Congress last week. Over $3 billion will be awarded through the Department's Community Development Block Grant, Emergency Solutions Grant, and Housing Opportunities for Persons with AIDS programs. HUD Secretary Ben Carson said use of the existing grant formulas will allow funds to be awarded quickly. They will be accompanied by new guidance that cuts red tape so grantees can quickly help their communities. Two billion of the funds will go to states, communities, and non-profit organizations for the following: Construction of medical facilities for testing and treatment. Acquisition of...(read more)

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4/3/2020 8:04:06 AM

Posted To: MBS Commentary

Many people have "expert sources" they rely on for insight to potential market movers. I understand this quite well. On the one hand , I used to believe that such experts knew more than my 13yr old about what might happen next in the market. On the other hand , I often fend off questions from my MBS Live family members that seem to suggest that I am an expert source on rates. If we're talking about what IS happening and what HAS happened in rates, sure. But if we're talking about the FUTURE, there are no gurus . Current market movement is providing a profound reminder about just how true this "no gurus" thesis is. I recently updated one of our knowledge base entries with the following snippet warning on the dangers of thinking you know anything that other people...(read more)

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4/2/2020 9:41:54 AM

Posted To: Pipeline Press

Yesterday I decided to put thoughts of SRP values plummeting, and EPO & EPD penalties being enforced, out of my mind and get some exercise. My cat Myrtle had a mix of curiosity and disdain while watching me do my the 90-second yoga class on YouTube, which is about all my body can handle. “Come into the moment! Feel the energy flow from your ‘sit bones’ into the earth. Feel your heartbeat throughout your spine!” After the 90 seconds Myrtle lost interest and had begun to lick “herself” with ease, and I was ready to go back to staring at my computer for 14 hours day like I am now. I figure if I add 10 seconds a day, by the time we’re released from captivity I’ll be up to doing… seven hours of yoga per day. Namaste! Speaking of animals...(read more)

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4/2/2020 8:30:57 AM