Company: CityCan Financial
Location: Toronto, ON
Total volume: $65.6 million
Loans funded: 153
CMP: What is the biggest challenge facing the industry?
Paul Meredith: The new mortgage regulations. We are now very limited as to what we can do compared with the big banks, which makes it harder for us to remain competitive. [Another challenge is] rate aggregate websites that post ‘effective’ rates with no regulation on how these rates are calculated and how they are properly disclosed to the client.