Scotia is just 70 basis points of market share behind first-place FirstLine, which is down from 210 basis points in Q4.
Vaulting into the seventh position (all the way from 10th) is National Bank. Its remarkable 59.8% Y/Y volume increase was the biggest in the top 10.
That’s due in part to a highly competitive status program that features leading rates, cash back and free appraisals. Another contributor to National Bank’s volume gains is its popular All-in-One mortgage, which remains the industry standard for a readvanceable mortgage.
MCAP had the 2nd biggest volume jump Y/Y, leaping 47.9% and securing its 5th place broker share ranking. Ron Swift, President of MCAP Service Corporation, attributes that to highly competitive pricing, a new compensation structure, elimination of MCAP’s “sale-only” breakage clause, and revamped products.
“In today’s competitive marketplace, service and compensation programs have to be there,” says Swift, “but we’ve also been trying to take advantage of pricing when windows of opportunity allow.”
On the rate side, MCAP has led the market on several occasions. The best part is that MCAP (like Merix and a few others) makes great rates available to all brokers—not just “status” brokers. With so many lenders imposing volume minimums, that is absolutely a service to the broker community.
¹ Davis+Henderson is the key source of market share data in the broker industry.