In Canada, many people are only familiar with the Big 5 Banks and perhaps a few local credit unions. While we as brokers deal with many of these familiar faces we also have access to many other large lenders that offer better rates and terms than the banks that you are used to dealing with. While most Canadians have heard of ING Direct, an online bank, many have not heard of the many other lenders out there that are involved in the mortgage business. In this infoletter we outline a few of the mortgage lender options out there them to give you an idea of the size and types of lenders that are out there for your next mortgage.

Aldergrove Credit Union, based in the town that bears its name, was the first credit union in BC. It boasts over 20,000 members and assets around $550 Million. Originally started in Otter, BC on October 28, 1940, the Aldergrove Credit Union is a lender that has morphed over the years. Originally, the Otter Farmer’s Institute, it grew to include the amalgamation of Ridgedale Credit Union, Matsqui Credit Union and in 1978 was renamed Aldergrove Credit Union.

B2B Bank is a Schedule I Canadian bank that serves a network of some 27,000 financial professionals across key business verticals including: financial advisors and their dealerships; deposit and mortgage brokers and their firms; mutual fund and insurance manufacturers and MFDA/IIROC members. B2B Bank is a wholly-owned subsidiary of Laurentian Bank of Canada. In 1996, Laurentian Bank acquired North American Trust’s personal and commercial portfolios forming a division known as Agency Banking. Four years later, Laurentian purchased Sun Life Trust Company and merged the business with the Agency Banking division. On July 1, 2000, the resulting organization was re-named B2B Trust. On November 16, 2011, with the purchase of MRS Group of Companies, B2B Trust became the leading independent provider of Investment Accounts and Services to financial advisors in Canada. On July 7, 2012, the company became a Schedule I bank and was renamed B2B Bank. Today, B2B Bank’s head office is located in the heart of Toronto’s financial district and has regional representation from coast to coast.

Bridgewater Bank is a Canadian Schedule I chartered bank based in Calgary, Alberta, Canada. Wholly owned by the Alberta Motor Association (AMA), the bank offers mortgages, guaranteed investment certificates (GICs) and is a MasterCard provider to members of the Canadian Automobile Association (CAA) clubs across Canada. Originally founded in 1997, its headquarters are in Calgary, Alberta. Operating in all Canadian provinces except Quebec, Bridgewater Bank manages a portfolio of over $4 billion, representing over 93,000 accounts. In business since 1997, Bridgewater Bank received its bank license in January 2006. Bridgewater Bank is regulated by the Office of the Superintendent of Financial Institutions (OSFI) and is a member of the Canada Deposit Insurance Corporation (CDIC) and the Canadian Payments Association (CPA).

Coast Capital Savings is a credit union based in Surrey, British Columbia. It is the second largest credit union in Canada outside Quebec, with assets of $12.6 billion and 504,000 members. Coast Capital Savings operates two subsidiaries, Coast Capital Insurance Services Ltd. and Coast Capital Equipment Finance Ltd. Coast Capital Savings was created out of a merger on December 31, 2000 between Pacific Coast Savings Credit Union and Richmond Savings Credit Union. Pacific Coast Savings was founded in 1940 and came from an earlier merger of First Pacific Credit Union and West Coast Savings. Richmond Savings was formed seven years later in 1947. In June 2002, Coast Capital Savings acquired Surrey Metro Savings, a credit union formed in 1947.

Community Savings Credit Union. In 1944, a small group of people, with limited resources but unlimited faith, pooled their savings to form a credit union that would assist hardworking people with their financial dreams. Today, Community Savings Credit Union continues to rely on its founding principles of “people helping people”. In recent years, Community Savings has been experiencing robust growth. As a co-operative financial institution, it is now BC’s 16th largest credit union with assets totaling over $454 million. In addition to the head office, the credit union has 6 branches located in Metro Vancouver and Victoria. There are now over 80 employees dedicated to serving our members.

Envision Financial, a division of First West Credit Union, is a member-owned financial institution based in British Columbia, Canada. Founded in 1946, Envision Financial was established in 2001 through a merger between Lower Mainland-based Delta Credit Union and Fraser Valley-based First Heritage Savings Credit Union. Through First West, credit union members have access to 39 branches and 28 insurance offices throughout B.C. The credit union has $7.7 billion in assets under administration, nearly 1,300 employees, and 177,000 members. First West is the third-largest credit union in B.C. and the fifth-largest in Canada.

First National is Canada’s largest non-bank lender, offering both commercial and residential mortgage solutions. With more than $75 billion in mortgages under administration, First National is Canada’s largest non-bank originator and underwriter of mortgages. They offer a full range of mortgage products for both residential and commercial markets and are among the top three in market share in the growing mortgage broker distribution channel. First National is publicly traded on the TSX as FN.

Home Trust is a federally regulated trust company carrying on business across Canada. Originally founded in Ontario in 1977 as Home Savings and Loan Corporation, the Company was continued under the Trust and Loan Companies Act (Canada) on March 9, 2000. They are a wholly owned subsidiary of Home Capital Group Inc., a publicly held company that trades on the TSX under the symbol HCG. Home Trust is also a member of the Canada Deposit Insurance Corporation and Visa Canada. Home Trust operates offices across the country from Halifax to Vancouver, and its head office is in downtown Toronto. It has over 7.71 Billion in total assets (as of Dec 2010) and employs over 644 people.

ICICI Bank is an Indian multinational banking and financial services company headquartered in Mumbai. It is the second largest bank in India by assets and by market capitalization as of 2014. It offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialized subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management. The Bank has a network of 3,539 branches and 11,162 ATMs in India, and has a presence in 19 countries. ICICI has over 81,254 employees worldwide and over $98.99 Billion in assets worldwide.

Founded in 1892, Industrial Alliance Insurance and Financial Services Inc. is a life and health insurance company that offers a wide range of life and health insurance products, savings and retirement plans, RRSPs, mutual and segregated funds, securities, auto and home insurance, mortgage loans, car loans and other financial products and services. Industrial Alliance is among the largest public companies in Canada. As of December 31,2013, Industrial Alliance ranked as the fourth largest life and health insurance company in Canada. It has more than $98.7 Billion in assets with a solvency ratio of 217%. Currently Industrial Alliance employs over 4,500 people and has a network of more than 25,000 agents serving its over four million Canadian clients.

VERICO Lifecycle is a subsidiary of Verico Financial Group Inc. VERICO began with a single idea – to unite top mortgage originators in Canada and create additional opportunities and value for this group of highly driven professionals and together, make a mark on the Canadian mortgage industry. In 2005, the journey began with a single member in Vancouver, BC. Then, slowly but surely, word of their network and ideals spread and its membership grew along with its reputation. Two years later, the VERICO network went national with members in every province from coast to coast. In 2010, the VERICO network reached $10 billion in collective loan volume, a number that rivalled the mortgage business of big 5 banks. Today, over 200 mortgage business franchise owners share these ideals and choose to be a part of the VERICO Network.

MCAP is a Canadian mortgage company based in Toronto, Ontario. It has offices across Canada and administers over $35 billion in mortgages. It originates loans primarily through a network of independent mortgage brokers. MCAP deals in commercial, construction and residential loans. They have over 36 Billion in assets under administration and over 10 Billion combined annual asset production. MCAP has nine offices across Canada and over 150,000 borrowers nation- wide. MCAP is a lender who has chosen to specialize in providing service only through accredited brokers nation-wide.

The National Bank of Canada (French: Banque Nationale du Canada) is the sixth largest commercial bank in Canada. It is headquartered in Montreal, and has branches in most Canadian provinces and 2.4 million personal clients. National Bank is the largest bank in Quebec. Based on 2012 information, National Bank had a network of 448 branches and 893 Automated Teller Machines in Canada. It also had a number of representative offices, subsidiaries and partnerships in other countries, through which it could serve clients in the United States, Europe and other parts of the world. In 2011, Bloomberg Markets ranked National Bank as the strongest bank in North America. National Bank also placed third in Bloomberg’s list of the “The World’s Strongest Banks”.

Optimum Mortgages. The Canadian Western Bank is a bank that is based in Edmonton, and which operates primarily in Western Canada. In 1994, Canadian Western Bank and North West Trust Company amalgamated as Canadian Western Bank. In 1996, it acquired BC Bancorp (chartered in 1967), and purchased the Aetna Trust Company, which was renamed Canadian Western Trust Company. In 2001, it acquired the Kelowna and Regina branches of the Laurentian Bank of Canada. Currently its revenue exceeds $423 million, with total assets of over $12.7 Billion. Canadian Western employs a full time equivalent of 1,716 people. It trades on the TSX as CWB. Chris Fowler is its CEO.

Radius Financial. Founded by a group of top mortgage industry professionals, Canadian-owned and operated Radius Financial (formerly my Next Mortgage Company) is a next-generation mortgage lender that combines the best of experience and innovation. The company is focused on delivering products that meet the diverse and changing mortgage needs of Canadians, and is dedicated to customer service and satisfaction. Radius Financial is an approved lender with the largest Canadian mortgage insurers – Canada Mortgage and Housing Corporation (CMHC), and Genworth Financial. Their approved lender status allows them to offer products that meet a broad range of mortgage needs.

The Bank of Nova Scotia, commonly known as Scotiabank, is the third largest bank in Canada by deposits and market capitalization. It serves more than 21 million customers in over 55 countries around the world and offers a broad range of products and services. With assets of $743.8 billion, Scotiabank shares trade on the Toronto and New York stock exchanges. The company ranked number 84 on the Forbes Global 2000 listing in 2013.

Street Capital Financial Corporation is one of Canada’s largest non-bank lenders, providing residential mortgages through independent mortgage brokers. Street Capital is the 3rd largest broker lender (Source:Davis & Henderson Market Share Report – 2013Q3YTD Market Share) with $16.7 billion in mortgages under management as of September 30, 2013. Street Capital is owned by Counsel Corporation which is a financial services company that is listed in the Toronto Stock Exchange (TSX: CXS). Street Capital is an approved lender with the Canadian Mortgage and Housing Corporation (CMHC), Canada Guaranty Mortgage Insurance Company and Genworth Canada. Established in 2007, Street Capital’s senior leadership has combined their expertise and experience to create a solid foundation for this innovative mortgage lending company. Street Capital offers a broad range of residential mortgage solutions to help you achieve your home ownership dreams

TD Canada Trust. Headquartered in Toronto, Canada, with offices around the world, TD Bank Group offers a full range of financial products and services. It is the second largest bank in Canada by market capitalization and based on assets, and is the sixth largest bank branch network in North America. The bank was created in 1955 through the merger of the Bank of Toronto and the Dominion Bank, which were founded in 1855 and 1869, respectively. The bank and its subsidiaries have over 79,000 employees and over 22 million clients worldwide. In Canada, the bank operates as TD Canada Trust and serves more than 11 million customers at over 1,150 branches.

Vancouver City Savings Credit Union, commonly referred to as Vancity, is a financial co-operative with 492,101 member-owners and 57 branches in Metro Vancouver, the Fraser Valley, Victoria and Squamish, and holds over $17.2 Billion in assets. Vancity began operations in 1946. The National Trade Association of Canada’s Credit Unions, lists Vancity as Canada’s largest community credit union.

Important Reminder Regarding Your Mortgage Renewal

If your mortgage is up for renewal and you are being contacted by your lender to early renew before the maturity date please call or email us before signing the renewal. We are able to give you a quick recap of rates in the market to make sure you aren’t signing for a rate/term that isn’t beneficial for you. Often times your lender will tell you that you only have a very limited time to sign the renewal to pressure you into taking the rate they want. Get in touch with us for a quick 2nd opinion!

If you require any further information regarding this article or any other mortgage matters please contact our office at 604‐556‐3893. Also, as a reminder to anyone looking for a mortgage, we offer 4 month pre-approvals at no cost to you. This means that you can get a rate hold for up to 4 months to protect yourself in case rates rise.