(Tie) MERIX/Lendwise, First National
TOP ALTERNATIVE LENDERS
(Tie) Haventree Bank, HomeEquity Bank, BlueShore Pacifica
(Tie) CWB Optimum Mortgage, Hosper Mortgage
(Tie) Equitable Bank
Coming in at a solid third among lenders’ best-performing categories and enjoying a healthy boost in average score from 2019, broker support – loosely defined as brokers feeling like lenders have their back and that everyone is on the same page – plays a huge role in making brokers’ jobs more stream-lined and enjoyable. Because of its import-ance, the category was mentioned several times in both brokers’ most positive and most negative experiences with lenders over the past 12 months.
“The capacity to communicate to the brokers as a ‘partner’ is lost to most lenders today,” said one broker. “The lenders want brokers to partner with them and support them, but the lenders do not have the capacity to support the brokers. It is by the book, and interpretations are not generous.” Another broker called out their lender’s “limited support, perhaps due to our loca-tion. No portals at all; documents are all processed through email.”
On the flipside, some brokers had glowing things to say about the support they receive. “Very supportive and resourceful reps. If they can’t fund a deal, they will sometimes direct you to the funding source who can,” said one broker. “Very good working rela-tionships; they offer outstanding support and assistance,” said another.
Among the A lenders, RMG Mortgages and MERIX/Lendwise traded places from last year’s rankings – RMG took the gold, while MERIX shared silver with last year’s bronze medallist, First National. MCAP, which missed the podium last year after claiming gold in 2018, came back to take the bronze. The alternative lenders again shared the wealth, with ties for gold, silver and bronze.