Vancouver, B.C. - Street Capital revealed more details about changes to its Loyalty program announced last week, specifically removing any mortgage restrictions tied to trailer fee commissions.
Whereas previously a borrower’s mortgage would be restricted if a broker elected to be paid trailer fees, at the CAAMP Mortgage Forum, the company announced that those restrictions have been eliminated.
Axed were reinvestment fees for early termination and limits on paying out before the three-year mark, among others.
The move, say brokers at the conference, should help to reinvigorate support for the lender, which saw some of its monoline competitors make gains in this year's CMP Brokers on Lenders survey.
Last week, President Paul Grewal billed the changes to the Street Loyality program as creating a "virtually seamless" product line.
“We believe that the strategic alignment with mortgage brokers on their renewing business demonstrates our commitment to our broker partners," he said. “The Street Loyalty Program is a great way for brokers to create enterprise value by partnering long term with Street Capital. Brokers now have more choice than ever with Street. We are very excited.”