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Mortgage Broker News | 17 Nov 2014, 10:45 AM Agree 0
The parent company of one of Canada’s major lenders announced its third quarter results – its strongest quarter this year.
  • Frank | 17 Nov 2014, 12:23 PM Agree 0
    Those are impressive numbers from a newer lender. Also being a very good; broker friendly lender.
  • Jake Abramowicz | 17 Nov 2014, 12:39 PM Agree 0
    Street Capital is a newer lender?
  • Steve | 17 Nov 2014, 03:42 PM Agree 0
    I like the comp and auto comp on renewal.
    I like the stated income program
    I like look of the commitments and web portal mystreet mortgage
    BUT I hate the waiting, I hate the look of the condition sheet (underwriter says "ignore all that - why am I seeing something I am supposed to ignore?"), I hate the extra docs Street requires over other lenders, I hate what lawyers think of Street Capital files - lawyers hate Street particularly - I get constant complaints and most of all I hate having to help a file get funded on completion day.
    Congrats to Street on your success
  • Arbitrage | 18 Nov 2014, 11:12 AM Agree 0 sum it up perfectly. Great rates, programs, compensation and client portal but that's where it stops with these guys. I have spoken with 2 lawyers who charge their clients $300 extra when a Street file crosses their desk. Assisting on closing day...yup...all the time. Commitments filled with contradictions and confusion...check! On most of my Street commitments I have the underwriter remove at least 3 ridiculous things every time.

    I know that there aren't any perfect lenders out there but it's getting harder and harder for me to justify dealing with these guys unless I ABSOLUTELY have to.
  • Steve | 18 Nov 2014, 11:52 AM Agree 0
    I thought it was just me Arbitrage!
    thanks for clarifying that this a problem for lots of people.
  • Ron Butler | 18 Nov 2014, 01:55 PM Agree 0
    Steve and Arbitrage, you are dead right, Street is a great lender but lawyers hate the closing experience and it is filtering to the clients not just in higher fees to handle Street files but considerable bad mouthing of Street which hurts our image with the clients.

    I understand there is a strict pre-funding check that must take place and that the FCT instruction process adds another layer that can create delays but I am hopeful that Street will address this issue in 2015, Street management is too good to let these closing issues persist much longer.
  • Jake Abramowicz | 18 Nov 2014, 02:01 PM Agree 0
    How is SC different than any other monoline lender using FCT? Or any lender, for that matter? Lawyers that hate dealing with FCT will soon realize a drop in business. I don't place a mortgage so that it's easy for the closing lawyer, I place it so that it's good for the borrower. Lawyers, like mortgage brokers, are a dime a dozen anyways.

  • Ron Butler | 18 Nov 2014, 02:07 PM Agree 0
    Jake, we can feel that way about lawyers if we choose but it's what the client thinks that is important thing and there are enough lawyers bad mouthing monolines, telling the clients the reason you got your keys at 5:00 pm on moving day is 100% on the bad monoline lender and the clients should have gone through a bank branch, its not a positive for our business.
  • Jake Abramowicz | 18 Nov 2014, 02:13 PM Agree 0
    It's terrible for our business. I put equal blame on FCT and the monolines/lenders/banks that use FCT for this mess. Of course we'd all love 3-5 page instructions clear as day and have early closings. At the end of the day though I try my best for what the client wants, and not what will be easy for the lawyer.

    CMLS for example is a good case of a monoline that does not use FCT, that self-instructs, and that I have yet to have a single issue of at closing.

    We balance a fine line here with everything, it's part of the biz.
  • Steve | 18 Nov 2014, 02:14 PM Agree 0
    Jake, No lender is perfect as well all know. With street, I think FCT emails or calls the underwriter with issues, but the email/ call, in my opinion, gets buried and not dealt with in a timely manner. So the broker gets a panic call from the lawyer, then has to call the Street BDM who calls a team leader to complete the remaining task. When you call the Street BDM, they say "oh that again" and always fix it... Street has common re-occurring closing day "stop" points which are predictable and fixable. My time is valuable, I don't want my clients to know stress on closing day and repeatable "stoppers" are offensive. Closing day is victory day and I don't like lenders who steal that from me. What do you want your client's memory on closing day to be...
  • Jake Abramowicz | 18 Nov 2014, 02:18 PM Agree 0
    Wow. This is reason #1 I have not/will not deal with Street in the past and nor moving forward. Ouch.
  • Steve | 18 Nov 2014, 02:19 PM Agree 0
    I agree Ron. The client needs to feel a smooth seamless process and the lawyer can sabotage that, the realtor can sabotage that and the lender can sabotage that. Clients need to feel they made the right choice to go with a broker
  • Steve | 18 Nov 2014, 02:22 PM Agree 0
    Jake lets hope Street hears the lawyers, hears the brokers and hears the clients and decides to make a smooth closing process a priority. So much to like.
  • Jake Abramowicz | 18 Nov 2014, 02:28 PM Agree 0
    On a somewhat unrelated topic to sabotaging, lately I have heard so many funny stories coming from branches about how bad we, brokers, are. "Oh your rate will be higher". "Be careful of the fees". Etc Etc. Anyone else out there hear this crap? It's hilarious because every point they make is easily refutable.
  • Ron Butler | 18 Nov 2014, 02:37 PM Agree 0
    Dead right on that that one Jake, the banks have stepped up branch training to their staff about how to sew doubt about brokers and what we offer. I hear the same thing you hear, there will be hidden fees, the rate offered will never come true, the mortgage will not close on time. It's a long list of what's wrong with us.
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