One leading rate site has seen an influx in business since RateHub’s announcement that it will start its own mortgage brokerage.
“We’ve definitely seen an increase in people contacting us; our head of business development, Al Spadaro, has been dealing with onboarding a lot of them,” Kelvin Mangaroo, President of RateSupermarket.ca told MortgageBrokerNews.ca. “We have seen a lot more brokers contacting us in the past couple weeks.”
On Monday, True North Mortgage – which was one of RateHub’s largest clients – announced it will no longer list its rates on the popular rate comparison site. It will, however, continue to do business with RateSupermarket.
“Dan was our first client way back when and he’s always been on with us and … he’s continuing to work with us right now but nothing else I think we’d want to publicize right now,” Mangaroo said.
When asked about RateHub’s decision to start a brokerage of its own Mangaroo was understandably diplomatic, iterating that RateSupermarket will continue to support the broker channel by hosting rates and generating leads.
“I couldn’t comment on their business decision or anything but I know for us we’re committed to the broker channel and we’re going to continue as we’ve been and we look forward to generating more and more leads and business for brokers,” Mangaroo said.
As for whether RateSupermarket plans on following RateHub’s lead, Mangaroo dismissed the idea of starting his own brokerage.
“Definitely not at this time; we’re committed to the broker channel and continuing to do what we do,” he said.