Brokers Rate The Banks
CMP's 2nd annual Brokers on Banks survey is in. Here are the lenders that brokers apparently liked the most, broken down by category.
Keep in mind, this survey rated just the big banks. CMP does a separate survey for non-bank lenders.
Best Approval/Turnaround Times:
1. TD Canada Trust
2. ING
This is such an important category. Low rates are meaningless if a lender can't close on time. Take last month's low-rate lender for example (we're not comfortable naming them but many brokers know who we're talking about). They're still working on applications submitted over a month ago!
Without question, there are times when we'd give up some of our commission to know a deal will get approved in 4 hours. With some lenders, like FirstLine, you don't have to give up anything. They just consistently provide reliable turnarounds. This should be the standard all lenders follow. TD is solid in this department as well.
Best Support from Business Development Managers:
1. Scotiabank
2. TD Canada Trust
BDM's who reply to emails and phone calls within two business hours should be applauded. We say focus less on site visits (we're biased being Internet based). Instead, send concise product summaries by email and focus on answering calls and emails quicker. As the Internet takes over mortgage brokering, time is growing as a factor. Fast feedback from BDMs will continue to rise in importance.
Best Broker Support:
1. Bridgewater Bank
2. TD Canada Trust
We love the lenders who explain their niche in short periodic emails. This helps brokers understand what that lender is good at versus the competition, and it's all the training most people need. Kudos to lenders with broker call centres as well. Call centres are a nice fallback when you can't reach, or don't need, a BDM or underwriter.
Best Broker Technology
1. Bridgewater Bank
2. TD Canada Trust
Immediate confirmation of faxed or emailed documents is on our permanent wish list. A centralized electronic document submission feature for Filogix Expert (where you could upload docs to any lender) would be even groovier!
Best Interest Rates
1. TD Canada Trust
2. Scotiabank
Lenders who offer great rates and lousy turnaround times fool no one. You might send them deals once, maybe twice. But few sane brokers will let a lender burn them consistently.
As a side note, TD is good but Scotia has rates just as good, with excellent products to boot (their open STEP for example).
Best Range of Products
1. ING
2. Scotiabank
Our hats are off to banks like Scotia who are wise enough to offer their best products though the broker channel.
