Broker: Lender's products are what matters

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One leading broker has echoed the same sentiments of some of Canada’s largest broker networks: it is a lender’s products – and not it’s affiliation with one particular network – that will determine broker opinion.

“I think if a lender has good programs and good rates brokers will use them," Ron Butler of Verico Butler Mortgage said on MortgageBrokerNews.ca. "If it is good for the client, brokers should not care about any lender affiliation to a brokerage network when they are looking for the best fit for a client.”

B2B Bank made headlines in early June when it announced an investment in Verico. The move was well received by broker networks and it was viewed as a vote of confidence by the bank in the mortgage broker industry.

According to François Desjardins, president and chief executive officer of B2B Bank, thirty lenders have exited the industry since 2009 but B2B is here to stay, offering the services of a full-fledged bank without the bias of in-house salespeople responsible for exclusively hocking its products.

“If brokers don’t like our products they don’t have to sell them,” He told MortgageBrokerNews.ca.

B2B Bank announced in late April its dedication to the alternative lending space by unveiling four specific Alt-A products which joined its traditional insured and conventional mortgage products. The intention was to create as many options to get as many Canadians – who may not fit the requirements of a prime product – into a home of their own.

“Accessibility of buying houses in Canada is something we stand behind; many Canadians are finding they don’t have the ability to buy a house and our most recent products are aimed at helping them do just that,” Desjardins said. “We aim to move from prime, down the stream to allow home access to more and more Canadians.”
 

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