Lender jumps into Alt-A lending

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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.

“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.”

Continued on page 2: Bridgewater Bank not forsaking A-lending

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  • Anthony C. on 2014-01-10 9:25:18 AM

    Congradulations and best of luck with your product launch...

    Been waiting for more bank lenders to enter this space....the growing number of non-conforming consumer profiles is on the rise and capitalizing on this trend will make for big news in the months and years to come.

  • Blair Anderson on 2014-01-10 10:47:03 AM

    That's excellent news. Will the program be available Canada wide?

  • Craig on 2014-01-10 11:15:21 AM

    If we want more lenders to play in the space then we need to go back to 75% max for conventional and free up some equity space for others. Remember how effective Associates, benificial, Avco all were? There is a place for these companies.

  • Ted Flitton on 2014-01-16 8:57:41 AM

    Hello Blair,

    My name is Ted Flitton and I work in corporate communications at Bridgewater Bank. Sorry for the very late response to you question. Thanks for asking. We are reviewing how to proceed and will have more details later in the spring. Please stay with us. Let's keep in touch.

  • Blair Anderson on 2014-01-16 9:17:43 AM

    Thanks Ted. I will...I've already reached out to my BDM re a stated income applicaiton :-)

    FYI, the navigation on your website for finding my BDM could be a little better ;-) Thanks!

  • Anthony C. on 2014-01-16 10:04:03 AM

    Hello Mr. Flitton,

    It's Anthony Cirelli touching base...I commented on 10-01-2014 regarding the great news...

    Can you comment if your lending guidelines will be tiered to credit profile, and will they at all resemble Bridgewater's earlier lending matrix, as it was back in the early to mid 2000's with your Gold/Silver/Bronze credit programs...

    Also, when can we expect a roll-out of your new product offering to the Brokerage community...?

    Awaiting your reply...many thanks.

  • Ted Flitton on 2014-01-21 3:36:01 PM

    Hi Anthony,
    I didn't see your comment so I apologize for the delay in responding. In short, it will not be the same as our old product matrix for (Gold –Silver –Bronze). We will be looking at the property, where it is located and the customers’ credit situation. We are still fine tuning all of the parameters and will be looking to launch towards the end of first quarter. Thanks for your interest.

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