Mortgage broker volumes inched 1.9% higher in the first quarter, according to data from D+H. That data also showed that non-deposit-taking lenders have taken the lead back from banks in broker volume.
The ones racking up market share gains weren’t deposit takers, however. Non-prime and credit union lenders took that distinction, posting 17.4% and 12.6% broker volume growth respectively, year-over-year.
Here’s a rundown of the other Q1 market share data:
These are the current market share leaders in the broker space, as of Q1 2014…
TD Canada Trust
Notable share gainers were:
RMG Mortgages (up 190 bps thanks to excellent rates, a popular Low-Rate Basic product and its semi-exclusive 35-year amortizations)
Home Trust (up 180 bps due partly to market-wide growth in alternative mortgages and, to a lesser extent, its re-emergence in insured lending)
Notable droppers included:
MCAP (down 320 bps of share — It has been far out of the rate market)
Street Capital (down 260 bps, which we can’t explain)
Outside of the top 10, conspicuous movers included Canadiana Financial (which got back in the game, up 70 bps) and Bridgewater (which has sunk to an almost irrelevant 0.2% share).
In the last year, the ratio of fixed-rate mortgages has slid considerably. As of Q1, 71-72% of brokered mortgages had fixed rates. That compares to the peak of roughly 93% in June 2013.
* Broker Market Source: D+H puts out a terrific non-public report called Lender Insights, which compiles lender market share data in the mortgage broker industry. We receive data from that report via third-party sources and have quoted it here. The data above is not confirmed, but is believed reliable. Note: These market share figures are not perfect because they don’t count MorWeb volumes (D+H’s smaller competitor).