Xceed remains in the mortgage origination game – launching a “green” program for new home purchases and refinances – althought it hasn't yet invited brokers back to play.
“Xceed’s mortgage originations are centered around servicing its existing clients who may be looking to upgrade to a new home or refinance, and we would like help them make green choices,” Gleb Ioussoufovitch, director of sales and marketing for Xceed, told MortgageBrokerNews.ca. “At this point, Xceed is still not back to the broker channel.”
The Xceed XTRAGREEN Mortgage offers direct clients 10 basis points off of the lender’s posted rate on refinances directed at energy efficient upgrades, but also on the purchase of homes boasting of high-efficiency furnaces, solar panels or wind turbines.
Those originations won’t be through the broker channel, with the pared-back operation still focused on in-house sales.
Last January, the lender announcing it would suspend originations of insured mortgages through the broker channel after reporting a $17.6-million loss last year. For 2010, originations through external brokers totaled $228.4 million compared with $374.2 million in 2009. The company also cited the cost of financing new mortgages as a primary reason for cutting its connection to that external pipeline.