Robert McLister·Mortgage Broker NewsNew Mortgage Products·December 21, 20102011 Should Be a Good Year For ResMor 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: A refinance program with free legal fees A new low-ratio mortgage program (with ResMor paying the insurance premiums, regardless of amortization) A new broker website so brokers can follow the “approval process, from ingestion to closing” A “Low-Rate Basic” 5-year fixed mortgage It’ll come with a 15 bps discount off standard rates, 10% prepayments, and a 10% payment increase option The tradeoff: It’s a fully-closed term (barring sale) and there’s no portability 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 Like news like this?Join our CMT Updates list and get the latest news as it happens. Unsubscribe anytime. SUBSCRIBE! Thank you for subscribing. One more step: Please confirm your subscription via the email sent to you.