Brokers’ opinions of lenders have undergone some changes over the past year and they are reflected in the results of CMP’s 5th annual Brokers on Lenders Survey.
Brokers’ opinions of lenders have undergone some changes over the past year and they are reflected in the results of CMP’s 5th annual Brokers on Lenders Survey.
This year saw a new overall winner, with MCAP moving up from third to first, while last year’s winner, First National Financial, dropped to third. Merix Financial retained second place. The big movers were ING Direct and Street Capital, which moved up five and three places, respectively in the overall standings. There were also two new lenders in this year’s top 10, with National Bank and TD Broker Services making an appearance.
In terms of the medal count, MCAP and Merix topped the standings with seven each, while First National collected six.
To see all the survey results, click HERE.
Mortgage professionals from across the country took the time to answer questions and provide candid feedback on lenders in 11 categories: approval/ loan turnaround times, underwriter support, BDM support, broker support, transparency of commission structure, IT and electronic/technology, interest rates, product range, overall service level to brokers, satisfaction index on overall credit policy, and overall lender performance.
Grades were given on a scale of one (very poor) to five (very good). The overall response for many lenders was very strong, with the minimum requirement to be included in this year’s final tally set at 50 votes. The number of lenders who received votes was nearly 30 in total, which shows that mortgage professionals certainly have a wide variety they feel comfortable using. After that we took the top 10 from each category. Not only does this make the final list easier to manage and read, but it ensures that the scores given represent a fair sample of mortgage professionals from all different areas in multiple provinces, rather than being based on only a few scores.
