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Broker Lender Share – Q2 2014


There’s a new sheriff in town. First National has taken over the coveted #1 lender position in the mortgage broker channel, at least according to D+H data.

It’s an honour that Scotiabank has held for three years (since Q2 2011).

We don’t know how much volume each lender did on MorWeb last quarter, so this title isn’t definitive. But D+H is the dominant origination platform so First National’s position is nonetheless noteworthy.

Here’s a rundown of other lenders’ broker market share performance, as of Q2 2014:

Rank Lender Market Share*

12 Mo

1 First National 18.1%

+80 bps

2 Scotiabank 17.5%

-70 bps

3 Home Trust 9.7%

+300 bps

4 Street Capital 8.8%

-360 bps

5 TD Canada Trust 8.3%

-90 bps

6 MCAP 6.7%

-170 bps

7 RMG Mortgages 6.1%

+370 bps

8 National Bank 4.4%

-70 bps

9 Merix Financial 3.4%

-70 bps

10 Equitable Bank 2.6%

+50 bps


Quick takes:

  • Notable share gainers were:

    • First National (up 80 bps …) – It’s had an impressive run since it was “only” 12.3% of the market at the end of 2012, coming close to #1 but never closing the distance, until now.
    • Home Trust (up 300 bps …) – Home Trust better send the banking regulator a Christmas card this year. OSFI’s B-20 guidelines stoked Home’s alternative business while the regulator’s favourable ruling on interest-only strips made securitization more cost effective, revamping Home’s “A” mortgage business.
    • RMG Mortgages (up 370 bps …) – RMG posted one of the biggest quarterly share gains we’ve seen, thanks in large part to its genius Low Rate Basic product. That mortgage should be a case study. RMG is now threatening to overtake its parent (MCAP) in market share. But MCAP’s new and exceptionally priced Value-Flex mortgage may beat back those advances. 
  • Notable droppers included:
    • Street Capital (down 360 bps …) – Street is still a broker favourite at #4 but it’s been sadly out of the market on rates.
    • MCAP (down 170 bps …) – More than ever, being uncompetitive with pricing will kill a quarter. But MCAP is turning things around and (as noted above) its new Value-Flex mortgage couldn’t come at a better time in this hyper-rate sensitive market.

* 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).

Rob McLister, CMT (email)