According to reports banks are putting ‘the brakes’ on approval of new mortgages as new rules come into play at the end of the month.
I am not sure why this is necessary, since from my experience in the industry, mortgagees and lending institutions are, if anything, taking an inordinate amount of time to approve mortgages burdened by the weight of regulatory processes and, if anything, they are frustrating the number of sales done by the time delays. Continue reading