Brokers on Lenders Survey: The results are in

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Brokers’ opinions of lenders have undergone some changes over the past year and they are reflected in the results of CMP’s 5th annual Brokers on Lenders Survey.
This year saw a new overall winner, with MCAP moving up from third to first, while last year’s winner, First National Financial, dropped to third. Merix Financial retained second place. The big movers were ING Direct and Street Capital, which moved up five and three places, respectively in the overall standings. There were also two new lenders in this year’s top 10, with National Bank and TD Broker Services making an appearance.
In terms of the medal count, MCAP and Merix topped the standings with seven each, while First National collected six.
To see all the survey results, click HERE.
Mortgage professionals from across the country took the time to answer questions and provide candid feedback on lenders in 11 categories: approval/ loan turnaround times, underwriter support, BDM support, broker support, transparency of commission structure, IT and electronic/technology, interest rates, product range, overall service level to brokers, satisfaction index on overall credit policy, and overall lender performance.
Grades were given on a scale of one (very poor) to five (very good). The overall response for many lenders was very strong, with the minimum requirement to be included in this year’s final tally set at 50 votes.  The number of lenders who received votes was nearly 30 in total, which shows that mortgage professionals certainly have a wide variety they feel comfortable using. After that we took the top 10 from each category. Not only does this make the final list easier to manage and read, but it ensures that the scores given represent a fair sample of mortgage professionals from all different areas in multiple provinces, rather than being based on only a few scores.
  • AL on 2011-09-13 3:06:34 AM

    Now how about a survey on if we agree with the results of this survey?

  • Ottawa Broker on 2011-09-13 4:31:09 AM

    Don't know how Al can not agree with the results. We, as brokers fill out the survey and we get to see the results. I know I look at the survey each year and sometimes I am surprised to see who is near the top. I have also checked out lenders becuase of this survey and have been very happy with the service I have recieved. I look at this survey as a way to see how other lenders are doing and if there is a lender I should maybe be looking at. Merix gets business from me now due to last years survey results, becuase it intrigued me so i tried them. The survey was correct, they are a broker friendly lender with good service.
    All BDM's promise the world, so I look at this yearly survey as an honest unbiased opinion presented by my fellow brokers on the lenders available in Canada.

  • Sasi Mache' on 2011-09-15 7:41:45 AM

    I like using MCAP for many reasons. Quick turnaround, super helpful BDM, underwriting managers are friendly and accessable ...and I love using 'professor', it's so easy and I can see exactly where each deal is at.

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