TOP ALTERNATIVE LENDERS
(Tie) Equitable Bank, Hosper Mortgage
(Tie) Haventree Bank, HomeEquity Bank, BlueShore Pacifica
(Tie) CWB Optimum Mortgage, Magenta
Lenders’ turnaround times once again proved to be one of the biggest thorns in brokers’ sides. As was the case last year, this category was one of lenders’ worst-performing areas for 2020. Given the ever-changing interest rates and complexities caused by the pandemic, as well as the lingering negative effect of B-20 regulations, this doesn’t exactly come as a surprise.
Some brokers acknowledged the role COVID-19 is playing in slowing down turn-around times, but others felt it’s been an ongoing issue. “Turnaround time remains the biggest flaw,” said one broker. Others simply noted that turnaround time was the biggest challenge they’ve had with a lender’s service in the last 12 months.
Despite the low scores, brokers also had plenty of good things to say. “They provided quick turnaround times and picked up rush deals for me to get the answers I needed to win the deal,” one broker raved. “I’ve known my lender since 2010, so I know what to expect,” said another broker. “He is amazing and true to his word, always tries to help to the best of his abilities. I also love that he includes CTB as income, his rates are competitive, and his turnaround time is fast.”
First National earned an impressive sixth consecutive gold medal in this category, while MCAP vaulted onto the podium with silver, and RMG took bronze for the second year in a row. Among the alternative lenders, more ties saw a total of seven lenders receiving medals for turnaround time.