BROKERS ON LENDERS
BROKERS ON LENDERS 2019
Which Canadian lenders are excelling, and which ones need to step up their game? CMP polled brokers to find out what they really think about their lender partners
THE 13TH EDITION of CMP’s annual Brokers on Lenders survey unearthed a number of unexpected revelations. While some brokers highlighted the efforts lenders have made to improve in certain areas, others painted a less than positive picture. CMP asked brokers to rate up to six of their lender partners a scale of 1 (very poor) to 5 (very good) in 10 key categories, including turnaround time, interest rates, product range, underwriter support and more.
Overall, lenders experienced a decline in seven of the 10 categories; the most dramatic drops came in the areas of turnaround time and IT/technology. Lenders did improve modestly in the interest rate and commission structure categories. After last year’s stellar results, in which lenders secured higher scores in all but one category, some evening out of scores is to be expected this year. As housing markets across the country face continued uncertainty and
volatility, it’s clear that brokers feel they need more support from their lender partners. CMP readers have spoken, and in many cases, they’re asking lenders to improve their processes. There were some success stories, though, and certain lenders performed well despite brokers’ tough scoring. What exactly did brokers have to say about lender performance, and which lenders received top marks from brokers this year? Read on to find out.
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10/09/2019 4:11:26 AM