(Tie) RMG Mortgages, B2B Bank
TOP ALTERNATIVE LENDERS
(Tie) CWB Optimum Mortgage, Hosper Mortgage
(Tie) Haventree Bank, HomeEquity Bank
(Tie) Equitable Bank, BlueShore Pacifica, Magenta
Coming in sixth out of the 10 categories in terms of average score, product range continues to be an area where brokers want to see more from lenders. Scotiabank reclaimed the top spot among A lenders after ceding it to MERIX last year, while MCAP snagged silver and RMG Mortgages and B2B Bank tied for bronze. For the alternative lenders, Magenta fell from gold to bronze, which it shared with Equitable Bank and BlueShore Pacifica, Haventree and HomeEquity Bank tied for silver, and CWB Optimum Mortgage and Hosper Mortgage took home the gold.
While brokers made plenty of requests for additional products, they also gave several shout-outs to the lenders who were doing right by them in this area. “In the last 12 months, they added innovative new products and expanded their offerings,” one broker said. Added another: “They advised on upcoming products and specials and offered better education on product guide-lines. They’re working to provide innovation and support for brokers and homeowners.”
In terms of how lenders can improve in this area, it’s pretty simple: do all of the above. Expand options, provide education around the products and make sure those products line up with borrowers’ needs. Again, it all boils down to communication and staying ahead of trends.