As you may or may not know, the mortgage landscape is changing.

But what you might not know is, something else has quietly been changing on the Mortgage front.

In a nutshell, the BIG 5 Banks can now see what you see when you pull your own credit report.

If one of the BIG 5 banks checks your credit today, they’re NOW able to see any mortgages you have.

For the longest time, none of the BIG 5 banks reported mortgages publicly to the credit bureau, while Credit Unions & Trust companies always have.

Well, nothing has changed on the reporting front, EXCEPT the Credit Bureau is NOW PRIVATELY disclosing your mortgages to the BIG 5.

What do I mean by privately disclosing?

If a mortgage company checks your credit today, as mentioned above, they won’t see any of the BIG 5 bank mortgages.

Whereas, if any of the BIG 5 banks check your credit, the credit bureau is now disclosing your mortgages regardless of who they’re with.

If you apply for a mortgage, you better be disclosing any and all mortgages because BIG BROTHER BIG 5 can now see.

Kind of seems like insider trading and I’m sure you’ll see some disappointed creative investors.

I actually see this as a good thing. A way to prevent speculative investors from purchasing multiple properties that they otherwise wouldn’t qualify for.

Just another sign of the cautious lending environment.

Please leave your comments below.

Mark Fidgett
Vancouver Mortgage Broker