If we had to guess which lenders will make the most headway in 2011, ResMor Trust would be near the top of the list.
That’s because a lot will change when it receives final regulatory approval to become Ally Bank Canada in 2011.
For one thing, bank status will give ResMor a stronger balance sheet to lend from (instead of relying on investors to buy its mortgages). That should improve its already competitive rates.
Bruno Valko, Director, National Sales, says, “The Ally brand, when launched for mortgages, will allow mortgage brokers access to selling a very recognized brand to their customers.”
Down the road, Valko also hints at unveiling “balance sheet lending products such as lines of credit and multi-level mortgages.”
In 2011, ResMor is expected to launch:
ResMor also plans a Quebec launch and a notably greater business development manager (BDM) presence.
Moreover, its broker loyalty program continues to have a lower-than-average hurdle ($10 million) for top-tier status.
The company says it intends to “become a dominant mortgage lender across Canada.” The above enhancements and even better rates will give it one heck of a start.
Rob McLister, CMT
I would think the deposit account rates from Ally should then drop….
Wouldn’t it streamline funds coming in (deposits) and funding going out (mortgages) reducing the needs for higher spreads?
Not that I really care about Ally’s GIC rates but I expect them to remain unchanged or to potentially go up as they require less work to place the funds via vertical integration, no?
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