Competing rate site picks up slack after rate removal

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A broker may have had his record-low rate snubbed by RateHub, but a competing rate site plans on listing it as long as the product is on offer.

“At press time, the rate is live on our site. We will continue to feature it as long as it is being offered,” Penelope Graham of RateSupermarket.ca told MortgageBrokerNews.ca. “While this rate applies to applicants closing within a 30-day period only, we feel it’s important to feature this option as it applies to a specific subsect of borrower.

“It is simply a specialized product targeted to a very specific, qualified buyer,” Graham continued. “As with all rates featured on our site, we provide clear and full disclosure to all restrictions and features associated, and who may or may not qualify.”

RateHub decided to remove a 2.44 per cent five-year fixed being offered by Verico Spin Mortgage last Thursday, citing concerns that too few clients would qualify and that the listing was being used to solicit leads for other products at higher rates.

Several mortgage brokers suggested the rate removal was done in a bid to bolster RateHub’s own rates – through its affiliate brokerage, Canwise Financial.

According to Graham, RateSupermarket’s mandate is to offer a variety of mortgage options that fit various borrower profiles.

“As a third-party objective consumer resource, it is our mission to provide consumers with full and transparent access to the mortgage market,” Graham said. “We feature a variety of options that are suitable for different borrower profiles. We will continue to feature all rate types, offered by nationally and provincially regulated lenders.”
 

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