Boston, November 19, 2012 – A new report from Aite Group examines the Canadian residential mortgage market ecosystem. It focuses on the market’s strong regulatory oversight and the benefits and challenges that spring from uniquely Canadian credit processes and mortgage products. It also explores the sector’s IT infrastructure, the concerns of large lenders, and opportunities for technology vendors to help strengthen the market.
Canada’s private sector mortgage market is held in high esteem by its global peers. In-country household ownership increases annually, sound credit policies are key in financial institutions’ lending decisions, and regulators are knowledgeable and engaged. Six of Canada’s largest domestic banks hold more than 60% of the country’s residential mortgages, and these portfolios are viewed as safe and relatively well managed. Even so, Canada’s private sector mortgage market shows signs that continuing global economic turbulence is affecting the country’s borrowers and financial institutions.
“Canada’s private sector mortgage market is strong but not by any means immune to the difficulties that other like countries have faced in the past few years,” says Christine Pratt, senior analyst with Aite Group and author of this report. “The challenge is to continue to manage the private sector market prudently and cautiously, learning from mistakes made in other markets and applying technology where it can be of value.”
The report references the following Canadian banks and other entities: Bank of Montreal, Canada Guaranty, Canadian Imperial Bank of Commerce, CGI, D+H, Delta 360 Inc., Equifax, FICO, Genworth Financial Canada, HCL Technologies, National Bank of Canada, Nomis Solutions, Oracle, Paradigm Quest, Pegasystems, Proofpoint, Royal Bank of Canada, SAP AG, Scotiabank, Strategic Information Technology (SIT), Symcor, TD Canada Trust, Techcom, and TransUnion Canada.
This 34-page Impact Report contains 10 figures and three tables. Clients of Aite Group’s Wholesale Banking service can download the report by clicking on the icon to the right.