CMP’s 2nd annual Brokers on Banks survey is in. Here are the lenders that brokers apparently liked the most, broken down by category.
Keep in mind, this survey rated just the big banks. CMP does a separate survey for non-bank lenders.
Best Approval/Turnaround Times:
1. TD Canada Trust
2. ING
This is such an important category. Low rates are meaningless if a lender can’t close on time. Take last month’s low-rate lender for example (we’re not comfortable naming them but many brokers know who we’re talking about). They’re still working on applications submitted over a month ago!
Without question, there are times when we’d give up some of our commission to know a deal will get approved in 4 hours. With some lenders, like FirstLine, you don’t have to give up anything. They just consistently provide reliable turnarounds. This should be the standard all lenders follow. TD is solid in this department as well.
Best Support from Business Development Managers:
1. Scotiabank
2. TD Canada Trust
BDM’s who reply to emails and phone calls within two business hours should be applauded. We say focus less on site visits (we’re biased being Internet based). Instead, send concise product summaries by email and focus on answering calls and emails quicker. As the Internet takes over mortgage brokering, time is growing as a factor. Fast feedback from BDMs will continue to rise in importance.
Best Broker Support:
1. Bridgewater Bank
2. TD Canada Trust
We love the lenders who explain their niche in short periodic emails. This helps brokers understand what that lender is good at versus the competition, and it’s all the training most people need. Kudos to lenders with broker call centres as well. Call centres are a nice fallback when you can’t reach, or don’t need, a BDM or underwriter.
Best Broker Technology
1. Bridgewater Bank
2. TD Canada Trust
Immediate confirmation of faxed or emailed documents is on our permanent wish list. A centralized electronic document submission feature for Filogix Expert (where you could upload docs to any lender) would be even groovier!
Best Interest Rates
1. TD Canada Trust
2. Scotiabank
Lenders who offer great rates and lousy turnaround times fool no one. You might send them deals once, maybe twice. But few sane brokers will let a lender burn them consistently.
As a side note, TD is good but Scotia has rates just as good, with excellent products to boot (their open STEP for example).
Best Range of Products
1. ING
2. Scotiabank
Our hats are off to banks like Scotia who are wise enough to offer their best products though the broker channel.
Last modified: April 26, 2017
I wholeheartedly agree and love TD. I joined TD only because of the iPod promotions in 2005, but boy, have they not disappointed me ever
now we have too many accounts with them (Bank, TDW, HELOC, mortgages, VISA, etc…) and continue to be impressed. We got P-0.9 from TD in no time when National Bank took forever
I don’t understand why TD is ranked no 1 in Best Interest Rates when broker votes.
Broker can give max P-0.6 from TD; however walk-in customer can easily get P-0.85 or better from branch.
why to get a TD mortgage from a broker?
I agree with BvB that TD doesn’t have the best rates. I totally disagree that TD usually offers better rates through the branch.
Here are the “discount” rates TD offers homeowners through its branches:
http://www.tdcanadatrust.com/mortgages/numbers.jsp
They will usually discount these rates but not as much as if you go through a broker. There are exceptions but this is the rule.
Can walkin customer really easily get a rate like P-.85 in todays current markets???
No chance. You’ll be well off to get prime minus 1/2%. Most banks shaved their discretionary discounts last week.
I just met with an associate from a TD branch, who sends me some of their decline business, and he’s telling me the best they offer their clients at the branch is Prime -.60, and a 5.79 on their 5 year fixed, and he said even that’s a bit of a stretch.
I just had a client tell me his TD branch just offered him Prime minus 0.75% on their closed variable.
What about PC Financial? 5.85 on 10yr fixed mortgage? Pretty darn good to me…..
PCF’s 10 year at 5.85% is pretty good. Keep in mind you get NO pre-payment privileges with that mortgage and heaven help you if you need to pay it out early for any reason.
I can actually pay up to 20% of my original principal each year and increase my payment amount up to 25% a year non-cumulative….that’s all I need, personally. My mortgage was only for $92,000 (got a place before the boom hit here in Saskatoon).
In response to your mention of having a ‘centralized electronic document submission feature’ within Filogix Expert on your wish list – we have exciting news! At the beginning of 2009, Brokers will have the ability to manage and upload documents directly to Lenders from within Expert.
Greg,
That’s absolutely outstanding news. Having automatic tracking when documents are sent up will be cause for celebration (no more “I didn’t get your fax”). A single point of electronic submission will also add to convenience, and hopefully yield some paper savings as well. Hopefully all lenders get on board quickly.
Cheers,
Rob
P.S. The “Recent Applications” feature you guys just added is also a handy time saver. Nice work.
I work at TD as a financial advisor and can definitely help anyone out there with rate issues ,whether its a variable/fixed option.
Sorry Jessie. Had to remove the contact information. If brokers & bank reps post their phone numbers and emails we’d turn into a big classified ads site. You’re welcome to post your website in the URL box, however. We just ask that folks make non-promotional posts. Thanks for your understanding…