“Our goal is to provide solutions for customers who don’t qualify for traditional A-products and offering them more flexibility in the marketplace,” Todd Poberznick, assistant vice president of B2B Solutions with Bridgewater Bank
told MortgageBrokerNews.ca. “The A-market has shifted and our focus has shifted away from the A because it’s gotten so competitive and … it’s just a hard game to play anymore.”
Industry players are finding it harder to place clients in conventional mortgages and many have called for lenders to step up to fill the need for more alternative options.
“The only lenders we have access to are A-lenders (and) we have to turn customers away who don’t qualify for A-deals and it’s costing us big time,” Dan Burke of the Burke Mortgage Group told CMP Magazine in October. “There is a huge opportunity for a B-lender to come to our market.”
Burke’s wishes – and, likely, the wishes of a great deal of his peers – have been granted, with Bridgewater bank promising to expand its Alt-A offering to more brokers.
“In the last two years we have played in that marketplace a little bit to get our fingers into the pie and we’ve felt that we’ve been fairly successful in that program that we ran with selected brokers that we dealt with over the last couple years,” Poberznick said. “What we’re going to do is expand that program to a larger amount of brokers that we want to deal with.”
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: Bridgewater Bank not forsaking A-lending
A key broker lender in the A-space is now saying increased competition in that realm is part of the reason it has moved to focus on Alt-A lending.