(Tie) MCAP, First National
TOP ALTERNATIVE LENDERS
(Tie) CWB Optimum Mortgage, Hosper Mortgage
(Tie) Haventree Bank, BlueShore Pacifica
(Tie) Equitable Bank, HomeEquity Bank
After holding firm for two years at an average score of 4.00, satisfaction with credit policy ticked up a notch in 2020 to 4.13, but it’s still an area where brokers would like to see a lot of improvement from their lenders. Especially in light of the ongoing COVID-19 pandemic, changing credit policies are proving to be a big stressor for brokers in 2020. When asked about the biggest chal-lenge they’ve faced with lenders in the past 12 months, several brokers pointed specif-ically to policy changes tied to COVID-19 and a lack of communication from lenders about those changes.
Other criticisms centred around slow turnaround times brought about by increased documentation requirements, as well as a desire to see a float-down policy option. This feedback is nothing new for this category; however, given the extremely uncertain circumstances caused by COVID-19, brokers’ desire for more transparency, consistency and flexibility with credit poli-cies is much more urgent this year.
RMG Mortgages reclaimed its gold medal in this category after slipping to bronze last year, while Scotiabank took silver for the third year in a row, and MCAP and First National tied for bronze. Among alternative lenders, there were ties in each medal ranking, with CWB Optimum Mortgage and Hosper Mortgage coming out on top, Haventree Bank and BlueShore Pacifica earning silver, and Equitable Bank and HomeEquity Bank rounding things out with the bronze.