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…
| Rank | Lender | Market Share* | 12 Mo Change |
| 1 | Scotiabank | 20.0% | +220 bps |
| 2 | First National | 12.4% | -300 bps |
| 3 | Street Capital | 9.6% | +180 bps |
| 4 | TD Canada Trust | 8.7% | -90 bps |
| 5 | Merix Financial | 7.3% | +70 bps |
| 6 | Home Trust | 7.1% | -60 bps |
| 7 | MCAP | 6.9% | +20 bps |
| 8 | RMG Mortgages | 5.4% | +70 bps |
| 9 | Equitable Bank | 4.9% | +140 bps |
| 10 | National Bank | 2.5% | -70 bps |
Quick takes:
- 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 count MorWeb volumes (D+H’s smaller competitor) and leave out a few lenders who D+H doesn’t report, like CMLS Financial.
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Last modified: December 27, 2016
