Mortgage volumes in the broker channel surged in the third quarter, up 9.6% year-over-year. That’s according to data from D+H.
This data precedes the government’s transformative mortgage rule changes which kicked in on October 17 and November 30.
The top 10 broker channel lenders accounted for 84.8% of broker volume, the most in seven quarters. That’s a trend that could strengthen in 2017 as the Department of Finance’s new rules injure small lenders.
Here’s a look at the reported market share for all top-10 lenders in the broker business, as of last quarter…
TD Canada Trust
Scotiabank posted the best year-over-year gain at +220 bps. That was its highest quarterly market share in four years.
First National far and away saw the biggest decline at -300 bps.
National Bank was back in the top 10 for the first time since last year but it will be short-lived given the bank’s just-announced exit from the channel.
Among the provinces, Ontario posted the largest year-over-year gain in submission volume, up 2.9%. And once again Alberta posted the biggest drop, down 2.4%.
Data 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 do not countMorWebvolumes (D+H’s smaller competitor) and leave out a few lenders who D+H doesn’t report, like CMLS Financial.
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