When CMLS launches its single-family residential lending division at the end of the month, it will have what CEO Chris Brossard calls “a national reach from a regional perspective.”
“We look forward to partnering with mortgage professionals across the country,” says Brossard. “Although we are new to the residential sector, we are not so new to mortgage lending.”
CMLS traces its origins back to 1974 when it was established as Penmor Investment Services in association with a prominent Canadian investment management firm. It’s entry into residential has been roundly welcomed by brokers, now grappling with the loss of another high-profile lender, ING Direct.
Brossard sees the regional division bringing a “community approach” to the residential market.
“Brokers like to have a local contact,” he says. “That is why we have centers in Vancouver, Calgary, Toronto, Ottawa, Montreal and Halifax. We will be leveraging our existing branch network.”
CMLS is a CMHC-approved lender with issuer and seller status, lending it the kind of cost advantage associated with direct access to the NHA mortgage-backed securities market and Canada Mortgage Bond program.
“We’ve been partnering with mortgage professionals for over 35 years in the commercial sector, helping over 7,000 clients with their financing needs and now manage over $6 billion of mortgages from coast to coast,” says Brossard. “Our residential division will have a full array of products.”