Since mid-2013, Scotiabank and First National have been locked in a horse-race for the title of “top broker channel lender.” In our last report, First National had snatched that crown from long-time front-runner Scotiabank . And now, the latest data shows Scotiabank winning back its crown, at least according to D+H numbers.
Here’s a rundown of other lenders’ broker market share performance, as of Q3 2014:
TD Canada Trust
Some of the notable gainers were:
Home Trust (volume up 50.4% y/y) – Home Trust continues to build its alternative lending business thanks mainly to stricter “A-lending” policies.
RMG Mortgages (volume up 84.2% y/y) – RMG continues to put up big share gains, due in part to market-leading rates—especially on its Low Rate Basic product.
Merix Financial (volume up 158.6% y/y) – Some of the brands funded by Paradigm Quest racked up healthy gains last quarter, especially Merix.
Brokers in general (broker channel volume was up 11% y/y).
Notable droppers included:
CFF Bank (down 43.2% y/y) – This insured lender posted notably less volume in Q3 than its predecessor Moncana did a year earlier.
* 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).
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