It looks like business as usual at Macquarie Financial Canada. That’s great news for brokers who enjoy dealing with Macquarie on a regular basis.
Earlier today the company’s parent announced that it had halted it’s U.S. mortgage operations. 11 days ago the Herald Sun also reported that Macquarie was trimming it’s Australian mortgage business. Macquarie Group is one of Australia’s leading mortgage providers.
Grant MacKenzie, Macquarie Financial Canada’s Chief Executive Officer, says it’s Canadian operations are running well however. When asked if the U.S. changes will have any effect on Macquarie’s Canadian business, MacKenzie said, “None whatsoever.”
Peter Maher, head of Macquarie’s banking and financial services group in Australia, noted: “We’re not under any stress or challenge in [the Alt-A] loan area in terms of credit quality. The Canada loan portfolio is 100 per cent mortgage-insured and arrears are stable.”
According to Mr. MacKenzie, Macquarie Financial also benefits from having “long-term funding in place” in the Canadian market. That’s great to hear because evaporating mortgage funding has been the Achilles heel of many other Canadian lenders lately.
Hopefully nothing changes in Macquarie’s Canadian business. Macquarie has always been a strong supporter of mortgage planners in Canada. They offer solid compensation and customer retention programs and have been a leader in paying trailer fees. (Its broker partners benefit from an upfront finders fee, ongoing monthly trailer fees and renewal fees.)
Macquarie is headquartered in Toronto, with offices in Vancouver, Calgary and Montreal. According to their website Macquarie Financial has close to 100 employees across Canada.
Last modified: April 25, 2014
