TECHNOLOGY FOR THE MORTGAGE INDUSTRY

The mortgage industry in Canada has enjoyed a huge boom over the last few years due to an active Real Estate market.  Government regulations over the years enacted to encourage home ownership,  construction, and stimulate the economy have contributed to this growth.

Low interest rates have made homes affordable for buyers and contributed to a boom in demand for new home construction.  The creation of Mortgage Backed Securities has  made more capital available for loans.   Mortgage insurance has reduced down payment requirements for buyers and also has reduced the risk for investors,  making housing and financing for it accessible.

The players in the mortgage industry have also changed. 

Mortgages are a form of debt financing where an interest in real property is used as security on the loan.  This kind of financing is not only required by homeowners and purchasers but also by land developers and builders when building commercial or residential developments.

Increasingly mortgage brokers and their agents are emerging as intermediaries,  arranging such financing for their clients. These mortgages are financed by Chartered Banks,  Mortgage and Loan Companies,  Trust Companies,  Life Insurance Companies,  Pension Funds,  Investment Mutuals, Credit Unions, and Fire and Casualty Companies.    In Canada mortgages are insured by the Canadian Mortgage and Housing Corporation (CMHC) or by GE Mortgage Insurance.  Regulation is done federally by the Department of Finance and the Office of the Superintendent of Financial Institutions and provincially by the Financial Services Commission of Ontario (or the equivalent in other provinces)  and the Superintendent of Financial Services.

These diverse stakeholders and their interests are leading to a wide array of tools for the mortgage industry for every part of the mortgage process including:

The "Technologies for the Mortgage Industry" site was created by Adriana Ieraci, a graduate student at the University of Toronto (Canada).  This site was developed for a graduate course - JCI1503 - Advanced Topics in Computing and Information Systems - as a term project requirement.  Much of the content material and web links presented on this website have been collected from existing sources.  You should not assume that any of this is error-free or that it will be suitable for any particular purpose you may have in mind when using it.  The site is meant to be solely a project in an educational context - and has no other purpose.  The author,  the University of Toronto or any of its divisions, including the course instructors, unequivocally declare that they do not endorse any of the companies or products mentioned or statements made in or referenced on this site.

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