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New Bank & Trust Applicants May Add Competition

New-BanksExpect some new competitors in the mortgage business.  We heard there are over 30 new bank and trust applications awaiting approval at OSFI, Canada’s banking regulator.

As far as we know, they’re mostly small players, but that’s okay.  Small players can fill important niches. 

There’s no word on if/when the bulk of them will be approved, or how many will actually enter the mortgage market.

One interesting note, according to an observer we spoke with, is that smaller banks and trustcos may be more open to white-label arrangements with brokerage houses.  (Big mortgage brokerages all seem to want their own white-label products these days—even though very few private-label products are noteworthy in terms of rate or features.)