It seems that more power is being concentrated in the hands of fewer lenders.
The mortgage broker channel’s top 10 lenders accounted for 85.6% of its volumes last quarter, according to data from D+H. That’s the highest level since CanadianMortgageTrends.com started tracking D+H market share reports in 2010.
It’s against that backdrop that we see a micro trend taking place with credit unions. While still a tiny slice of the market, CUs posted an 88.5% jump in broker volume over the last year.
Credit union growth is a trend with legs. For one thing, CUs have a regulatory edge versus federally governed banks. No one is sure how long that will last and there are exceptions by province, but it enables them to offer several perks.