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What’s New With Lenders & Suppliers

2016 ConferenceMortgage Professionals Canada’s National Conference has wrapped up in Vancouver. It’s the nation’s largest gathering of mortgage brokers and lenders.

One of the best MPC events is perennially the Expo. It’s kind of like Christmas for mortgage brokers because you always discover new products and services to improve your revenue. On that note, here’s some of the news we heard on the show floor:

  • B2B Bank: Is now the only national lender left who still offers a 35-year amortization.
  • Bridgewater Bank: Is reportedly considering re-entering the prime lending market.
  • Eclipse: Is one of the only B-lenders with its own MIC; it’s doing 85% LTV bundles again.
  • Home Trust: Will be announcing a new near-prime product for borrowers adversely affected by the new mortgage rules.
  • Kanetix: Launched a warm lead phone service for $150 a lead.
  • Lendesk: Launched a new broker loan origination system with integrated e-signatures, automated document reminders, APIs for data transfer, customized commitment letters and a borrower portal with a mobile-friendly application.
  • Manulife: Will reportedly be announcing a conventional product to 80% LTV, a BFS product to 65% LTV and an “equity” product to 50% LTV.
  • Mortgage Alliance: Now offers customers free credit scores and personalized property valuation updates (from Brookfield) in its mobile app.
  • MPP: Is working on a solution to help B.C. brokers meet FICOM’s updated guidelines on selling creditor life insurance; is considering launching job-loss insurance in 2017.
  • Scotiabank: Reaffirmed its commitment to the broker space. Is going national with its new cross-selling program, which promotes other Scotia products to broker-originated Scotiabank customers.
  • Street Capital: Is still awaiting its bank licence. Upon receipt, it reportedly plans on launching a new non-prime mortgage product.
  • TMG: Offers a new mobile app that can pump applications directly into D+H Expert.
  • VERICO: Has rolled out its new lender hub, powered by DealAssist, at a promotional rate of $99 per deal submitted.
  • Xceed: At long last has an online portal for mortgage customers.