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The 18th annual CMP Brokers on Lenders report recognizes the best mortgage lenders in 2024 who have collaborated closely with their broker partners to achieve optimal client outcomes and grow their businesses.
As brokers and lenders adapted to the evolving economic challenges of the past year, the leading lenders outperformed their competitors in multiple areas, according to survey respondents:
responsiveness and proactive communication
fast approvals and closing
use of technology and digital tools
flexibility and a common-sense approach to underwriting
exceptional broker support and service
product innovations
To identify the top mainstream and alternative lenders, CMP’s research team surveyed over 450 brokers nationwide, asking them to rate the lenders they work with across 10 time-tested metrics, including turnaround times, interest rates, product range, broker and BDM support, and overall service levels.
Lenders were ranked based on average scores calculated from brokers’ ratings across each category. The top three lenders in each category earned gold, silver, or bronze medals, all exemplifying industry excellence.
The rise in brokers’ overall satisfaction rate to 4.41 out of 5, up 0.21 points from last year, suggests a deepening broker-lender partnership that is strong and dynamic.
Lenders who provided outstanding service and consistently closed deals earned brokers’ unwavering confidence, especially as this year’s top lenders rebounded from the satisfaction dip seen in 2022/23.
CMP’s data suggests heightened competition among lenders, as over 5% more brokers submitted mortgage deals to five or more lenders in the past 12 months (78.3%) compared to 2023 (73%).
In 2024, lenders’ performance increased in every category except for brokers’ persistent concerns around interest rates, which slipped back down to 2022’s rating of 4.11 out of 5, and commissions, which maintained a high rating of 4.62 but dipped slightly over last year.
IT/technology racked up an improvement of 0.30 points compared to 2023, suggesting significant advancements in lenders’ use of digital tools and resources to streamline the lending process.
BDM support also improved noticeably, increasing by 0.25 points over 2023, as brokers placed a higher value on this service in challenging times.
Turnaround times substantially improved, with broker ratings increasing by 0.19 points from last year. Product range and overall service levels also climbed, with ratings up by 0.14 and 0.17, respectively. Notably, underwriter support reached a three-year high of 4.48, underscoring their critical role in brokers’ ability to serve their clients.
Brokers emphasized what they appreciate most and how lenders have earned their business by raising the bar in the past year:
“A quick close saved the client their house.”
“Answered my questions after hours on a Friday night. Great service that went above and beyond expectations.”
“Shown flexibility by beating the interest rate with a competitor.”
All 12 top lenders won a medal in at least one category, with three alternative lenders securing awards in eight or more categories and four mainstream winners earning medals in five or more categories, showcasing their market leadership.
Canada Mortgage and Housing Corporation’s Spring 2024 residential mortgage industry summary highlights the potential for this year’s top lenders to capture a larger market share.
Brokers unequivocally seek optimum client outcomes, and their suggestions for how lenders can refine their offerings and services reflect that.
CMP’s data revealed several common frustrations brokers encountered in the past 12 months with lenders, signalling potential areas for lenders to enhance their competitiveness, responsiveness, and efficiency:
lack of communication and consistency
slow turnaround times
increasing strictness on conditions
Brokers also offered solutions to these and other issues:
Better rates and flexibility
“Brokers struggle to compete with major banks due to their extremely low, discounted rates. The broker channel needs better rates to stay competitive.”
“Flexibility with LTV ratios.”
Communication and support
“Direct communication with underwriters, not document fulfillment specialists.”
“Improve underwriting support; set up call centers or dedicated emails for inquiries.”
Product offerings
“Offer more products to match potential clients’ conditions.”
“I would like all lenders to use one platform for rates and products.
The alternative lender with $180 million in assets under administration emerged as a star performer, winning the gold medal overall and sweeping the award categories, including top nods for turnaround times, underwriter and BDM support, commissions, overall service, and IT/technology.
Ginkgo MIC’s vision to be the most reliable, respectable, and reputable private lender in Canada has cemented broker loyalty by:
providing fast turnaround times, advanced technology, and good underwriting support
gaining the respect of its peers through a diverse range of products, competitive interest rates, and complete transparency on commissions
emphasizing a fair credit policy and robust support for brokers and BDMs
A broker’s experience captures these remarkable achievements: “Ginkgo is the top private option with diverse products, clear policies, and fast response times.”
Brokers also rated the mid-sized private lender’s performance well above this year’s averages across all metrics (4.82 out of 5 vs. 4.41 overall average), highlighting its top priority of putting its mortgage agent partners first.
“We understand what our agents want, so our motto, ‘Fast, Friendly, and Flexible,’ is something we all live by,” says CEO Henry Tse.
Tse founded the company in 2011, blending Eastern and Western business philosophies with a focus on long-term relationships and exceptional customer service.
Ginkgo MIC currently works with over 1,000 mortgage agents, who are treated as business partners and supported by specific programs:
profit-sharing on lending and renewal fees
incentives for mortgage agents to become investors
comprehensive loyalty program offering various rewards, including all-inclusive vacations
Brokers sang the praises of the top lender’s mobile app, Ginkgo Deal Tracker, a testament to the substantial technology investment it has made to be the first private lender to bring the digital tool to the marketplace.
The app allows mortgage agents to:
submit deals and check their status
receive renewal notifications
make referrals
track their loyalty program points
“This tech streamlines processes, enhances communication, and provides a seamless experience for agents and customers,” says Tse. “All our agents love our app. As a result, we are often at the top of their minds for private lenders.”
Hosper Mortgage, 2023’s gold medallist, narrowly missed the top spot by 0.02 points, passing the crown to Ginkgo MIC in a close battle. Despite this, Hosper continued its multi-year standout performance with medals across all 10 categories, including a gold tie with Ginkgo MIC for service levels. Calvert Home Mortgage earned the bronze overall, achieving eight medals, including gold for product range.
This top lender’s dominant performance is attributed to the strength of its employees and their exemplary work, highlighting a collaborative, community-minded approach to their broker partnerships.
RMG won the bronze medal overall, with two gold medals for overall service levels and BDM support, a silver medal for underwriting, and two bronze medals for turnaround times and broker support.
As part of the MCAP family, several factors contribute to RMG’s competitive edge:
strong BDM team that works closely with mortgage brokers
knowledgeable and responsive underwriting team
high service standards with a focus on transparent communication
technology that streamlines the mortgage process
educational seminars
“Our BDMs are talking about strategies within the market, how to use RMG’s products within that strategy, and how to help that broker not only do more business with RMG, obviously, but also help that broker grow their business,” says Bruno Valko, vice president of sales.
A respondent noted that the weekly email market updates help inform and educate brokers: “RMG’s market analysis by Bruno Valko has been invaluable in the face of unpredictable bond markets.”
In dealings with brokers, RMG balances technology and human interaction, which Valko asserts is critically important.
“We need BDMs to build relationships through meetings and presentations, and underwriters to actively help structure deals. There’s a clear need for stronger connections,” he says.
CMLS was awarded the gold medal overall, bumping RMG from the top spot in 2023. The firm also took medals in eight categories, including gold for products, credit policy, and broker support. The silver went to First National, including hardware in five categories, with gold for IT/technology.
A familiar mainstream lender on the awards circuit, Canada’s largest mortgage financing company scored a silver win for product range and a bronze for IT/technology.
The driver of its enduring recognition – having captured the bronze medal overall in 2023 – can be found in its culture of communication, clarity, consistency, and predictability, which sets clear expectations for brokers.
“That relieves a lot of anxiety,” says Megan McDonald, senior vice president of sales. “It allows us to develop deeper relationships and connect with the brokers we like to work with on a business and personal level. Then we incorporate them into our culture, so they feel like they’re part of the team.”
This philosophy has enabled MCAP to build strong partnerships with brokers and remain at the leading edge by:
reinvesting profits into enhancing its offerings
focusing on technological advancements, such as their underwriting platform
adapting to market shifts
prioritizing a customer-centric approach
By listening to customer feedback and adapting their systems and products, the top lender ensures it evolves with the changing market, such as shifting focus from a five-year term to a three-year term when the product gained prominence with customers.
The 20-year-old top lender has been in the MCAP family for three years. It differentiates itself with an entrepreneurial spirit, prioritizing broker partnerships throughout the life of the mortgage.
MERIX’s impressive haul included three golds for commissions, turnaround times, and underwriter support, bronze for BDM support, and silver for broker support.
“We’re always guiding brokers and keeping them in the loop, and although it sounds simple, that’s truly what brokers want,” says Rachelle Gregory, senior vice president of sales.
Several factors have fueled the lender’s strong showing:
leveraging technology to implement a new underwriting system, positively impacting underwriters, BDMs, and brokers
fostering meaningful relationships between BDMs and brokers
offering the longest-standing trail fee of any lender in Canada
“We spend time understanding what keeps brokers up at night and what makes them tick, so we can customize the experience to help them better,” Gregory says. “When you have happy underwriters, you have happy brokers.”
This year’s Brokers on Lenders survey highlights that top lenders excel at fast, effective communication and support. They build strong broker relationships by understanding their needs and offering key services and products to navigate the changing market.
Looking to the future, Ginkgo MIC’s Tse believes mortgage investment corporations will continue to grow, with private lending capturing more market share in the lending industry. He remarks that AI will undoubtedly be a game-changer for the mortgage and lending industries, although the anticipated evolution is at its earliest stage.
“AI will speed up applications, improve communication, and enhance underwriting,” says Tse. “It offers faster, cheaper, and more accurate services for everyone.”
MCAP’s McDonald emphasizes embracing AI, potential connections to CRA, and other emerging technologies to understand customers better and streamline processes.
“I’m excited about advancements in technology and the potential of open banking coming to Canada in the next three years. These changes will enhance transparency and lead to better deals,” McDonald says.
For MERIX’s Gregory, there is excitement about how technology can help lenders better understand and communicate with homeowners post-funding, such as in voice recognition advancements that enable tailored communication preferences.
“We involve mortgage brokers in transactions like renewals,” says Gregory. “Our focus is on enhancing the broker experience and ensuring clients understand that mortgage finance is our sole expertise, and we excel at it.”
RMG is embracing emerging technologies like AI, but Valko believes that as mortgage deals become more complex with stress tests and diverse income sources, personal underwriting relationships remain crucial.
“Human interaction is going to be critical to the success of not only mortgage lenders and RMG but mortgage brokers and their relationships with referral sources and clients,” Valko says.
To uncover the best lenders in the eyes of Canada’s broker community, CMP reached out to brokers across the country, asking them to rate the lenders they work with across 10 key areas, including turnaround time, interest rates, product range, broker support, overall service levels, and more.
As in previous years, CMP also asked brokers to weigh in on important aspects of the broker-lender relationship, such as how commissions and bonuses might change and why they choose to send deals to banks rather than monoline lenders.
For each category, lenders were ranked in order of merit according to an average score calculated from the ratings they received from brokers. The top three lenders and alternative lenders in each category received a gold, silver, or bronze medal. Lenders’ combined average score from all categories determined the overall gold, silver, and bronze medallists.
