is opening an underwriting centre in Calgary this May, expanding their network from Toronto and Vancouver.
“The Canadian market in the prairie provinces continues to be strong,” says Paul Grewal, president of Street Capital. “All of us at Street Capital
are excited about this expansion and our plans are to have localized underwriting expertise in the midwest to build strong relationships with our brokers.”
The announcement comes on the heels of an announcement by Street parent company Counsel Corporation that it will dispose of its non-core business to concentrate on the popular mortgage channel lender.
“We have been executing on our growth strategy, which includes broadening and deepening our relationships with high-quality mortgage brokers,” Grewal told MortgageBrokerNews. “This decision by Counsel Corporation enables Counsel’s senior management to focus and build on the opportunity for growth and profitability we can provide.”
The decision to open the Calgary office may run counter to the industry trend of concentrating underwriting services under one roof, something brokers have worried will compromise the designated services thay increasingly rely on.
In addition to plans to open a third underwriting centre, Street has also applied for a banking license.
“We anticipate the application process will take an extended period of time, likely at least two years,” says Grewal . “Street Capital
will continue to be focused and committed to the mortgage broker channel. If the bank license is approved, we will keep our banking business primarily focused on residential mortgage lending as well as other consumer lending and related services.”