Canada's Top Mortgage Lenders Revealed: Manulife Bank of Canada Takes Silver

Canada's mortgage brokers have named their top lenders for the year, according to the Canadian Mortgage Professional's (CMP) 20th annual Brokers on Lenders report. The survey, which has been tracking lender performance since 2006, saw a shake-up in the Alternative and Prime categories.

The winners include Manulife Bank of Canada, MCAP, Merix, RMG Mortgages, VWR Capital Corp., and Calvert Home Mortgage Investment Corporation. For the first time, lenders were split into two categories: Alternative, which focuses on speed and non-conventional underwriting, and Prime, which includes bank-affiliated players.

Manulife Bank of Canada took silver for product range in the Prime category with its Select Mortgage and Manulife One products. Jenn Ruso, vice president and head of residential lending and distribution at Manulife Bank of Canada, said: 'It gives you the flexibility like no other product.'

VWR Capital Corp., a British Columbia-based lender, earned gold for interest rates in the Alternative category, while Calvert Home Mortgage Investment Corporation took bronze. Steven Lang of VWR Capital Corp. said: 'I know it sounds boring, but having a one-page policy and low fees is easy to remember.'

The survey also showed that brokers are judging lenders harder than ever before, with speed topping the list of broker frustrations.