Exclusive: Lender launches Alt-A offering

by |
Brokers will now have another option for Alt-A mortgages, with one major lender announcing an alternative product that will target a brand new customer base.

In an exclusive interview with MortgageBrokerNews.ca, Bridgewater Bank’s assistant vice president, B2B, Todd Poberznick discussed Gateway – the lender’s recently launched alternative product.

“The Gateway product is (meant) to help people get into homes and act as a gateway to their next step-up and hopefully that is into a lower priced loan that will allow them to get financing that is more long-term,” Poberznick said. “We soft launched it on the 23 of October and we are taking it out to CAAMP on the weekend and it will officially be out to everyone at that point.”

The soft launch was done in a bid to seek broker feedback ahead of its official launch next week.

“We’ve gone out a little bit ahead of time to get some broker feedback and we had leaked it out to some brokers to be able to give us feedback about our product and what we are going to present and for the most part it got very positive feedback and they gave us some good criticism on some areas they thought we could improve on so we took that to heart and made some moves and that’s what we’ve launched on the 23,” Poberznick said.
And that feedback led to some tweaks to the product before its official launch.

“Brokers thought it was important to be able to go up to 30 year amortizations, so we’re going to allow that; we also took into consideration rental properties,” Poberznick said. “We’re dealing with one two and three year terms.”

With the new product, Bridgewater Bank will target self-employed clients, new Canadians, those with bruised credit and hopeful homeowners who have been shut out of the market due to tightened mortgage lending guidelines.

Bridgewater currently has seven underwriters on staff to support Gateway and they will offer the product to Canadians across the country, with the exception of the Maritimes and Quebec.
  • James Resourceful Capital Financial Corporation on 2014-11-19 3:03:29 PM

    Can't wait to see what Bridgewater has to offer on the Alt-A side. More competition in that segment of business is definitely warranted. So much business is left because we don't have many lenders willing to service.

  • James - Bridgewater Bank on 2014-11-19 6:03:12 PM

    Thanks for covering our Gateway release Justin. We're excited to offer more choices within the Alt-A market. For those interested, you can find more information at www.bwballstarportal.ca.

  • Kuldip S Panesar Homeland Mortgage Corp. on 2014-11-20 2:34:00 PM

    This is good news that one more Lender is coming with the Alt - A product. We do not have many lender offering mortgage under Alt -A program . They will definitely get more business of Business for self clients .

  • Kuldip S Panesar Homeland Mortgage Corp. on 2014-11-20 2:34:06 PM

    This is good news that one more Lender is coming with the Alt - A product. We do not have many lender offering mortgage under Alt -A program . They will definitely get more business of Business for self clients .

  • Kent Farnsworth on 2014-11-23 7:23:31 AM

    Great for everywhere but the Maritimes and Quebec. As usual a one or two bad apples have spoiled the whole barrell. NB has new licesing requirements coming down the pipe. We will be forced to follow the same, if not even more stringent requirements as Ontario brokers. I for one will be glad to see many of the changes. Whether or not it will get rid of the rubbish is hard to say, but it's a start. If you have one broker that does a good number of mortgages and their clients have very low delinquency, but another broker doing similar numbers has a ridiculous amount of foreclosures, it's not hard to tell what's happening. The problem is, instead of the lender doing anything about it, they just pull out of the area, and everyone suffers. It doesn't seem fair. It is frustrating because this isn't the first good lender we've lost down here for this reason.

Broker news forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Name (required)
Comment (required)
By submitting, I agree to the Terms & Conditions