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CMP’s 20th annual broker survey ranks Canada’s top mortgage lenders
Key insights
CMP Brokers on Lenders · 2026
1.15M
Mortgages renewing in 2026
The Canada Mortgage and Housing Corporation projects 1.15 million mortgages will renew in 2026, the largest concentration in recent history.
Past-client referrals Down
Fell from 56.28% in 2025 as realtor referrals climbed to a three-year high of 34.86%.
Year of Brokers on Lenders
First time in its 20-year history that CMP has split lenders into Alternative and Prime categories.
Brokers using 5+ lenders
A stable figure across all three years of the CMP survey, regardless of rate or referral shifts.
Canada’s best mortgage lenders face their most consequential year yet, as the mortgage market enters its biggest renewal year on record, and Canadian Mortgage Professional’s 20th annual Brokers on Lenders survey shows brokers’ referral pipelines shifting under their feet at the same time.
The Canada Mortgage and Housing Corporation (CMHC) projects 1.15 million mortgages will renew in 2026, the largest concentration in recent history, with the Bank of Canada estimating roughly 60 percent of those renewing borrowers will see their monthly payments rise. Five-year fixed-rate holders face average payment increases of 15–20 percent, according to the Bank of Canada, while CMHC’s latest Mortgage Consumer Survey findings on renewal payment strain found renewers are seeing their monthly payments rise by an average of $375.
For the brokers responding to this year’s CMP Brokers on Lenders survey, that helps explain a notable shift in this year’s data. Past-client referrals, the bedrock of repeat business in calmer years, fell to 44.66 percent in 2026 from 56.28 percent in 2025, while realtor referrals climbed to a three-year high of 34.86 percent.
Brokers' strongest referral partner, 2024–2026. Past-client referrals dropped sharply in 2026 as renewal anxiety redirected business toward realtor partnerships.
With renewal anxiety dominating client conversations rather than fresh purchase activity, brokers appear to be leaning back into newer-purchase referral channels to keep pipelines full.
It is a fitting backdrop for the Brokers on Lenders report and for the most significant structural change in the survey’s history. This year, for the first time, CMP has separated lenders into Alternative and Prime categories, recognizing that the two segments now operate under fundamentally different competitive pressures.
Alternative lenders compete on speed and common-sense underwriting for files that do not fit conventional boxes, a split that builds on the difference between alternative and private lenders in Canada. Prime lenders, particularly the bank-affiliated players, face mounting pressure to match broker-channel rates against what their own branch networks offer walk-in clients directly. Two decades of broker intelligence have never landed at a more consequential moment.
The four lenders profiled in this report, including VWR Capital, Manulife Bank of Canada, BMO BrokerEdge, and MCAN, are case studies in what distinguishes a lender when broker bandwidth and client stress are both stretched thin. Each earned their recognition through the votes of Canada’s working brokers in a year when the stakes of lender performance have rarely been higher.
The broker channel itself continues to operate against a backdrop of historic debt growth and renewal pressure. Total Canadian residential mortgage debt reached $2.4 trillion in January 2026, up 4.8 percent year on year, according to CMHC’s Residential Mortgage Industry Report.
Two-thirds of Canadians say they are likely to use a broker for their next mortgage, according to Mortgage Professionals Canada’s 2025 State of the Housing Market Report: Annual Consumer Survey. That demonstrates a level of trust that has held steady even as 2026 has become the most renewal-heavy year in recent memory.
That growth is happening amid structural change in who is doing the brokering. CMP’s own data shows broker tenure churning at both ends of the spectrum this year.
Brokers with 11 or more years of experience fell to 30.94 percent of respondents in 2026, the lowest share across the three-year survey window, down from a high of 40.66 percent in 2025, while the six-to-10-year cohort grew steadily each year to 28.32 percent. New entrants under one year, after dropping sharply in 2025, also edged back up in 2026.
Experience distribution among survey respondents, 2024–2026. Veterans (11+ years) peaked in 2025 and fell sharply in 2026; the mid-career cohort (6–10 years) has grown each year.
What hasn’t changed is brokers’ reliance on a deep lender bench. Across all three years of the survey, roughly 78 percent of brokers have consistently submitted deals to five or more lenders, a remarkably stable figure given how much else has shifted around rates, referral sources, and broker experience levels.
Share of brokers by number of lenders submitted to in the past 12 months. Lender breadth has remained remarkably stable across all three survey years.
That stability matters for how this year’s rankings should be read. Brokers aren’t simply picking a favourite and sticking with it; they’re actively triaging files across a wide bench of lenders based on turnaround time, underwriting flexibility, and BDM responsiveness – the very categories this year’s survey measures.
Those priorities also reflect the differing competitive pressures across the market. Alternative lenders are increasingly competing on speed and common-sense underwriting for files that don’t fit conventional boxes, while Prime lenders, particularly the bank-affiliated players, are under pressure to match broker-channel rates against what their own branch networks can offer directly to walk-in clients, a tension that shows up repeatedly in this year’s broker commentary.
Beyond the numbers, three years of open-ended broker commentary point to a consistent set of pressure points.
Turnaround time and communication breakdowns between business development managers (BDMs) and underwriters remain the most cited frustration across all three survey years, with brokers describing the back-and-forth between what a BDM promises and what an underwriter ultimately approves as a recurring source of lost deals and strained client relationships. Document review delays and tightening loan-to-value ratios round out the most common complaints.
What brokers consistently single out as exceptional service has little to do with rate alone. It is lenders willing to apply common-sense underwriting and grant exceptions for files that do not fit standard policy that earn repeat business and broker loyalty, a theme that surfaces in broker feedback from 2024 through 2026, regardless of market conditions.
The speed question has become particularly acute. “In 2026, anything beyond 24 hours for a live purchase file should be the exception, not the norm,” says Micky Khaneka, a mortgage broker with MKG Mortgages in Toronto and a 2026 CMP Top 75 Broker.
Chris Allard, mortgage broker at Smart Debt Mortgages in Ottawa and also a 2026 CMP Top 75 Broker, puts it even more sharply: “The fastest lenders in the A-lending landscape are approving files within a matter of hours, driven by systems that prompt underwriters on where each application needs their attention.”
Technology is accelerating decisions, but both brokers are clear that speed alone is not the full picture. “No technology replaces an experienced underwriter who understands context or a BDM who picks up the phone when a deal is on the line,” Khaneka says. Mortgages are still about people making decisions for people.
Closing the rate gap between broker-channel pricing and what banks offer directly to branch clients remains brokers’ most consistent ask for improvement across all three years of the survey.
The renewal wave that defines 2026 is a relationship test. “Renewals are relationship opportunities, not simply maturity dates,” says Khaneka. That pressure is not going away soon, since CMHC’s own research shows the renewal wave has peaked, but pressure on borrowers is far from over, and it’s exactly why the best lenders are supporting brokers with proactive retention strategies, competitive pricing, and the flexibility to engage clients well before renewal.
Average change in monthly mortgage payment at renewal in 2026, by mortgage type. Five-year fixed holders face the steepest increases — the same borrowers whose pandemic-era rates are expiring this year.
Where the industry can still improve, he says, is by offering its most competitive pricing upfront rather than waiting until a client has already shopped the market and returned with competing offers. The best offer should not come only after they have shopped the competition.
Allard points to a structural friction in the transfer and switch market that is limiting brokers’ ability to win renewal business even when the economics make sense. “Many lenders have struggled to offer a smooth transfer process,” he says, citing friction with transfer partners and delays in payout document release as compounding problems that slow closings and frustrate clients at precisely the moment their trust is most fragile.
On pricing, the picture in 2026 is uneven. “Many lenders struggled to remain competitive on price in Q1 and Q2 of 2026,” Allard adds, partly because a small number of banks chose to be extremely aggressive on rate compared to others. It’s a pattern he attributes to lenders cycling in and out of competitiveness based on targets, capacity, and investor relations rather than any sustained commitment to the broker channel.
For the winners of this year’s Brokers on Lenders list, these pressures represent both the context and the validation for their recognition. “The lenders standing out are those that pair competitive rates with common-sense underwriting, responsive service, and reliable execution,” says Khaneka.
“A sharp rate gets the conversation started, but certainty earns the client’s trust. The next 12–18 months will reward partnership over transactions, and brokers will remember who stood beside them when deals became difficult,” Khaneka adds.
That is the standard this year’s gold, silver, and bronze medallists have met. Across Alternative and Prime categories, the lenders recognized in CMP’s 2026 Brokers on Lenders report have demonstrated that consistency, communication, and common-sense decision-making remain the clearest path to broker loyalty in a renewal year when those qualities matter more than ever.
CMP Brokers on Lenders · 2026
VWR Capital
British Columbia
$800M
In mortgages managed by a 25-person team
48–72h24h
Guaranteed commitment turnaround
12,000
Brokers in VWR’s active database
VWR Capital earned gold for interest rates and bronze for satisfaction with credit policy in the Alternative category of this year’s Brokers on Lenders report.
The Alternative-category gold medallist has expanded from its British Columbia roots into Ontario while keeping a one-page policy, low fees, and top-of-market rates that brokers can recite from memory.
“I know it sounds boring, but having a one-page policy, a product that doesn’t change, and low fees is easy to remember,” says Steven Lang of VWR Capital. “If we’re constantly in front of brokers and provide that value proposition along with our response time, it’s pretty straightforward, and we get a lot of word of mouth due to that.”
That consistency extends to compliance. Lang says VWR positions itself ahead of incoming regulatory requirements, effectively coaching brokers on changes before they take effect.
Capital availability is the other pillar of VWR’s pitch, particularly in a private lending market Lang says is crowded with lenders advertising rates they cannot sustain. With 2026 shaping up as a record year for mortgage renewals, he positioned the lender as a deliberately short-term bridge for borrowers, particularly the self-employed, who are being declined by consolidating banks and credit unions.
Asked how broker feedback has shaped the business, Lang pointed to a year-and-a-half-long push to fix turnaround times, historically VWR’s weakest area, along with automating the commitment letter process and introducing automatic status-change notifications. The firm’s growth has been driven by a small but expanding sales operation, with a 25-person team managing $800 million in mortgages and an inside sales function that recently grew from three people to five to keep its database of 12,000 brokers engaged.
Predictable, unchanging policy: VWR’s one-page policy, low fees, and stable rates remain consistent over time, making the lender easy for brokers to remember and recommend.
Guaranteed capital availability: Unlike competitors who advertise unsustainable rates and risk running out of funds, VWR maintains consistent lending capital and renews mortgages as standard practice.
Renewal-friendly fee structure: A $200 renewal fee reflects a deliberate choice to support borrowers rather than penalize them during Canada’s renewal-heavy market.
Feedback-driven service improvements: Turnaround time on commitments dropped from 48–72 hours to a guaranteed 24 hours, with commitment letters now automated, directly in response to sustained broker feedback.
Proactive broker outreach: An expanding inside sales team keeps VWR’s 12,000-broker database engaged, with one salesperson alone reaching 500 brokers a month.
Q: Nearly eight in 10 brokers submit deals to five or more lenders. In a market where brokers have so many options, what makes them choose you?
A: What makes brokers choose us, now and over time, is that we’ve consistently been in the market in a unique niche way that hasn’t really changed. I know it sounds boring, and we are a cookie-cutter lender, but having a one-page policy, a product that doesn’t change, and low, top-of-market rates is easy to remember.
If we’re constantly in front of brokers and providing that value proposition along with our response time, it’s pretty straightforward, and we get a lot of word of mouth because of that. Right now, with compliance and regulations all over the place, we’ve stayed ahead of that.
When we accept applications, we’ve almost been training brokers for what’s coming, positioning it as, “Hey, this is going to hit you in the future; let’s get used to it now.” And they appreciate that little bit of training, too.
Q: What’s one thing your organization does for brokers that competitors may underestimate or overlook?
A: As one of the pioneers in the industry in BC, now expanded all the way to Ontario, we’re here with funds all the time. I know that sounds simple, but in the private market right now, there are a lot of lenders going out with really attractive rates that don’t bode well for investors on the other end, and then they run out of funds to lend.
Having your borrower’s mortgage called so the lender can free up capital to lend out more money is not something we’re into. We renew all mortgages unless you stop paying.
Q: Can you share a recent example of broker feedback that led to a meaningful change in your products, policies, technology, or service model?
A: We always want feedback, and we always ask for it, but sometimes what we receive is from borrowers rather than brokers, and brokers are the users we most want to hear from. Recently, we’ve received a lot of feedback about turnaround times on commitments, and we’ve listened.
Over the last year and a half, we were a bit slower, running at 48–72 hours, and now we’re guaranteeing a 24-hour turnaround. We know speed is important to brokers. We also automated our commitment letter process, which was a direct request from brokers. What’s interesting is that brokers are now expecting automation as standard.
They don’t want to hear from anybody; they want to know when the status has changed, and when it does, they get an automatic email. Our call volume drops because of that. Something as simple as that has helped us tremendously, and it is 100 percent due to broker feedback.
Q: If a broker were explaining to a colleague why they continue sending business to you year after year, what do you think they would say?
A: Right now, brokers will say our fee structure is leading the industry, and in this market, keeping costs low for borrowers matters, so that tends to come first. Our response times and the accessibility of our underwriters are another big part of that.
Our sales staff in the field are there when brokers need them. We’re supportive of training events, we show up at broker events, and we sponsor what we can in the community, so we’re known for that. Our longevity and experience have really shone through in everyone in our company.
CMP Brokers on Lenders · 2026
Manulife Bank
Toronto
100+
Broker irritants resolved in 2025
50%65%
Equity Advantage loan-to-value, fully re-advanceable
2
Core products: Select Mortgage & Manulife One
Manulife Bank of Canada earned silver for product range in the Prime category of this year’s Brokers on Lenders report.
The recognition reflects what Jenn Ruso, vice president and head of residential lending and distribution at Manulife Bank of Canada, describes as a deliberate strategy to meet brokers where they are and grow with them over time.
“Manulife is focused on providing solutions and supporting clients with their broader financial needs,” says Ruso. “We work with brokers to have a win-win-win relationship.”
That relationship begins with education. Manulife does not allow every broker to sell its products. Brokers must complete certification and onboarding before accessing the full product suite, a requirement Ruso says elevates the quality of advice clients receive.
“That provides an elevated advice conversation with a broker that’s probably more knowledgeable than most, because they’re actually taking the time to learn about what our product offering has,” she says.
The product range that earned Manulife its silver medal spans two core offerings. The first is the Select Mortgage, a traditional amortizing product available in fixed and variable terms.
The second is the Manulife One, a mortgage solution and strategy, providing custom mortgage solutions to meet your needs and goals, which includes an all-in-one product that functions like a home equity line of credit with an integrated checking account. Clients can use it to pay bills, deposit income, and reduce interest costs while creating sub-accounts with fixed payments and tracking accounts earmarked for specific financial goals.
“It gives you the flexibility like no other product,” Ruso says.
Brokers access that product knowledge through dedicated BDMs, an internal BDM team operating virtually, a broker portal, and a live chat function staffed by real people rather than bots or AI.
“Every customer, even if they might look the same on an application, has something unique about them,” says Ruso. “How you actually tailor those conversations is where we support our brokers.”
The most tangible expression of Manulife’s broker-first approach is its customer feedback process, which collects feedback from customers and prioritizes it for resolution.
Last year, the committee helped address more than 100 customer pain points, with two changes standing out. Manulife introduced an automated valuation model that delivers faster appraisals and gives brokers an upfront property value at the start of the process.
It also expanded its Equity Advantage program, increasing the loan-to-value ratio from 50 percent to 65 percent, fully re-advanceable, a direct response to sustained broker feedback.
“It took us a little bit of time to change the policy and get everybody aligned internally, but we were incredibly excited to say that we were able to meet their requirements,” Ruso says.
Certified broker model: Manulife requires brokers to complete education and onboarding before selling its products, producing a more knowledgeable broker network and more tailored client conversations.
A mortgage solution and strategy: The Manulife One product provides custom mortgage solutions to help meet clients’ needs and goals, including simplifying daily banking into one account, reducing debt, unlocking greater financial flexibility, and enabling advanced tax and investment strategies, giving brokers a distinctive solution for clients managing complex financial needs across multiple life stages.
Broker feedback in action: A structured customer irritant advisory committee turns field feedback into prioritized product and policy changes, with more than 100 irritants resolved in 2025 alone.
Dedicated multi-channel support: Brokers have access to field BDMs, virtual BDMs, a broker portal, and a live-staffed chat function to support deal structuring and client conversations.
Trust as a competitive strategy: Manulife positions its broker relationships as long-term partnerships, investing in education and support on the basis that residential lending is a relationship business.
Q: Nearly eight in 10 brokers submit deals to five or more lenders. In a market where brokers have so many options, what makes them choose Manulife?
A: Manulife is focused on providing solutions and supporting clients with their broader financial needs. When you think about the solution we have with Manulife One, it is really around utilizing the home equity in your home and allowing a client to manage through the different ups and downs in their life, bringing borrowing and everyday banking together in the same place.
That is differentiated for us, and it certainly resonates with brokers. We are also a trusted brand, and we work with brokers to have a win-win-win relationship. We are looking to support them in providing the advice Canadians need on how to set up their financial freedom and how to think about their everyday spending needs.
We spend a lot of time giving brokers added education and highlighting what our product offerings are. We truly partner with our brokers, and we know that the client is theirs to serve. We are the lender behind the scenes, helping with the solutions and the tools.
Q: What is one thing Manulife does for brokers that competitors may underestimate or overlook?
A: Manulife offers traditional mortgages, and brokers will often start there because it is a way to introduce clients to the Manulife brand when there are no retail branches. But over time, because we educate brokers on how to move with the customer along their life cycle, the Manulife One product becomes a need.
Where Manulife differentiates itself is in education and training. We do not allow everybody to sell our product. Brokers have to be educated, certified, and onboarded with us. That provides an elevated advice conversation with a broker who is probably more knowledgeable than most because they are taking the time to learn about what our product offering has.
We also have dedicated BDMs and internal BDMs who operate virtually, so brokers can have customized, bespoke conversations with their assigned BDM or hands-on coaching, or they can do that virtually. They also have tools through our broker portal and through an internal app chat function, which is a live person, not a bot, not AI. A live person to have the right conversations, get questions answered, and understand what is unique about each customer. Every customer, even if they might look the same on an application, has something unique about them.
Q: Can you share a recent example of broker feedback that led to a meaningful change in your products, policies, technology, or service model?
A: This is one that gets me excited. As we talk with brokers, we capture their feedback through our customer feedback process. This feedback helps shape our priorities, ensuring we’re continuously improving and making better decisions for customers. It’s a valuable way for us to listen, respond, and make meaningful changes that better support their business and their clients.
Last year, I am so proud to highlight that we addressed more than 100 customer experience pain points. The idea is that if each year we are tackling those top feedback themes and actually doing something about it, it makes for a better model and a better relationship with our brokers, because they are being heard. I have two specific examples.
The first is that we introduced an automated valuation model for faster appraisals. This has helped us ensure we can get through the process faster and that a broker knows how much the property is valued right up front.
The second is that we changed our Equity Advantage program so brokers could have a loan-to-value of 65 percent, fully re-advanceable. That increased from 50 percent, and it was based on feedback brokers had provided us in previous cycles.
It took us a little bit of time to change the policy and get everybody aligned internally, but we were incredibly excited to say that we were able to meet their requirements. This allows brokers to have more offerings for their clients.
Q: If a broker were explaining to a colleague why they continue sending business to Manulife year after year, what do you think they would say?
A: I think it would be all about trust. We have built trust over time. We have a trusted brand; we are a recognized brand, but we also have this relationship with brokers that is one-on-one. It is absolutely a partnership. It is about fueling their businesses as much as it is about fueling our own, and I think that is a differentiator in the market.
We take the time to listen; we invest a lot of time to listen. Our sales teams are there for dedicated support, and we certainly want to make sure our brand is known for that trust in the market. It is part of our value system.
As long as you are always staying true to your values, it is part of the DNA of Manulife and part of that culture. And so we are very cognizant of making sure that we are trusted.
CMP Brokers on Lenders · 2026
BMO BrokerEdge
Canada-wide
Key differentiator
Welcome Advisor
Dedicated support from submission through funding
Key differentiator
First-in rule
Protects the broker’s claim to the client relationship
Process change
Fewer forms
Shortened onboarding after direct broker feedback
BMO BrokerEdge earned gold for both BDM support and interest rates in the Prime category of this year’s Brokers on Lenders report.
The double gold is notable for a bank-owned lender in a year when broker commentary consistently flagged rate parity between branch and broker channels as one of the industry’s most pressing frustrations. For BMO BrokerEdge, winning on rates in the broker channel is not a contradiction; it is the point.
“Brokers have plenty of choice, so we know we must earn their business on every file,” says Jamie Doolittle, head of BMO BrokerEdge. “With BMO, brokers can count on competitive products, programs, and pricing, a best-in-class sales team that supports brokers from coast to coast, and consistent support for their clients from our Welcome Advisor team.”
That welcome advisor model is one of two structural features Doolittle points to as differentiators competitors may underestimate. The second is a “first-in” rule that formally protects broker partnership interests with BMO, ensuring brokers who bring a client to the channel retain that relationship.
“Strong partnerships are built on more than products and rates,” says Doolittle. “They are built on consistency, transparency, and follow-through.”
The gold for BDM support reflects a sales infrastructure built to serve brokers from coast to coast with what Doolittle describes as responsive communication and practical solutions from submission through funding and beyond. It also reflects a deliberate choice to compete on more than price.
BMO BrokerEdge’s value proposition to brokers is built around the whole client experience, not just the mortgage, positioning the bank as a resource for clients’ broader financial needs rather than a transactional lender.
Broker feedback has shaped the operational side of that experience in tangible ways. Doolittle says brokers flagged parts of the onboarding and submission process as more cumbersome than necessary.
In response, BMO BrokerEdge shortened onboarding forms, consolidated related fields, streamlined email templates, and simplified portions of the pricing exception process.
“These small changes make a meaningful difference in reducing friction and helping brokers spend more time with clients and less time on administration,” says Doolittle.
Asked what brokers would tell a colleague about why they keep sending business to BMO BrokerEdge, Doolittle returns to a recurring theme.
“Brokers say we are a trusted partner that consistently supports both them and their clients,” she says. “In a business built on relationships and trust, we work hard every day to earn their loyalty and help them grow their business.”
Competitive broker-channel pricing: BMO BrokerEdge earned gold for interest rates in the Prime category, reflecting a deliberate commitment to offering competitive pricing through the broker channel rather than reserving best rates for branch clients.
First-in protection rule: A formal policy protects the broker partnership interest with BMO, ensuring that brokers who introduce a client to the channel retain that relationship over time.
Welcome Advisor model: A dedicated team supports clients from submission through funding and beyond, giving brokers confidence that their clients are being looked after consistently at every stage of the mortgage process.
Reduced administrative friction: Broker feedback directly shaped recent operational changes, including shorter onboarding forms, consolidated submission fields, and a simplified pricing exception process.
Coast-to-coast BDM support: A best-in-class field sales team earned BMO BrokerEdge its gold medal for BDM support, recognized for responsive communication and practical deal-structuring help across the country.
Q: Nearly eight in 10 brokers submit deals to five or more lenders. In a market where brokers have so many options, what makes them choose you?
A: With BMO, brokers can count on competitive products, programs, and pricing, a best-in-class sales team that supports brokers from coast to coast, and consistent support for their clients from our Welcome Advisor team.
From submission through funding and beyond, the BMO BrokerEdge team provides responsive communication, practical solutions, and consistent support to help brokers serve their clients with confidence.
Q: What is one thing BMO BrokerEdge does for brokers that competitors may underestimate or overlook?
A: In addition to the mortgage, we focus on the overall experience for the brokers and the clients. From our Welcome Advisor model to our first-in rule that protects broker partnership interests with BMO, we have intentionally built processes that respect the time, effort, and trust brokers invest in every client. Strong partnerships are built on more than products and rates. They are built on consistency, transparency, and follow-through.
Q: Can you share a recent example of broker feedback that led to a meaningful change in your products, policies, technology, or service model?
A: Listening to broker feedback has been a priority from day 1. Recently, brokers told us parts of our onboarding and submission process could be simpler. In response, we shortened onboarding forms, consolidated related fields, streamlined email templates, and simplified portions of the pricing exception process.
These small changes make a meaningful difference in reducing friction and helping brokers spend more time with clients and less time on administration. We continue to find ways to enhance our processes and policies to make it even easier for brokers.
Q: If a broker were explaining to a colleague why they continue sending business to BMO BrokerEdge year after year, what do you think they would say?
A: Brokers say we are a trusted partner that consistently supports both them and their clients. BMO BrokerEdge has made meaningful commitments to the broker channel and the mortgage industry, and we listen closely to broker feedback as we continue to evolve.
By communicating clearly, setting the right expectations and remaining focused on delivering a strong client experience, BMO helps brokers feel confident throughout the mortgage process. In a business built on relationships and trust, we work hard every day to earn their loyalty and help them grow their business.
CMP Brokers on Lenders · 2026
MCAN Financial Group
Canada-wide
Key differentiator
ICON program
Rewards, education and community benefits for broker partners
Key differentiator
Org-wide alignment
Every team invested in broker success, not just sales
Broker input model
Explorer sessions
Partners workshop products and programs directly with MCAN leadership
Rated 4.48 out of 5 by brokers across all 10 survey categories, MCAN earned gold for transparency of commission structure, silver for interest rates, and bronze for both BDM support and broker support in the Prime category of this year’s Brokers on Lenders report.
The gold for transparency of commission structure is a particularly meaningful distinction in a year when broker commentary across the survey consistently named unclear or inconsistent compensation as one of the industry’s most persistent frustrations.
MCAN’s recognition reflects more than 30 years of building what Kim Mercer, director of corporate brand and marketing at MCAN, describes as a culture of partnership that extends well beyond the sales team.
That commitment to transparency extends to initiatives such as the ICON program, where brokers have clear visibility into the performance milestones, rewards, and compensation-related benefits available to them, helping ensure value is understood, accessible, and aligned with growth.
“Brokers aren’t supported by one individual,” she says. “They’re backed by an entire organization that’s invested in helping them grow, solve problems, and deliver for their clients.”
That organizational alignment is central to how MCAN positions its broker relationships. Mercer says the lender’s value proposition rests on confidence, not product alone.
“While product, rates, terms, and compensation will always matter, we’re finding that many brokers are intentionally narrowing their lending partners to a small group they know they can trust,” she says. “It comes down to confidence that we’ll treat their clients well, help protect their reputation, and be there when they need us.”
The lender’s approach to gathering broker feedback is equally distinctive. Rather than collecting responses through surveys or portals, MCAN hosted a working session with broker partners during its Explorer Experience in Spain, asking them to workshop ideas around products, programs, and the overall broker experience directly.
“The feedback was candid, thoughtful, and incredibly valuable,” Mercer says. “It generated several ideas that are now being explored internally, from enhancements to existing programs to new ways we can better support broker growth and client outcomes.”
The process itself, she says, was as important as any individual suggestion, a reflection of a broader philosophy that the best ideas come from the people working with clients every day.
Organization-wide broker alignment: At MCAN, every team from underwriting and operations to finance, IT, marketing, and leadership understands that broker success drives business success, giving partners a consistent experience regardless of who they are dealing with.
Transparency of commission structure as a trust signal: MCAN’s gold medal for transparency of commission structure reflects a deliberate commitment to clear, predictable compensation at a time when broker frustration with opaque or inconsistent commission structures is running high across the industry.
The ICON program: A broker support program offering free client mortgage payments, charitable giving, education, and networking opportunities that strengthen the broker-client relationship beyond the transaction itself.
Listening as a competitive advantage: MCAN invites broker partners into structured working sessions to shape products and programs directly, treating field feedback as a strategic input rather than a customer service function.
Three decades of relationship capital: More than 30 years of broker partnerships have produced a culture Mercer describes as one where brokers know what to expect: responsiveness, accountability, and genuine investment in their success.
Q: Nearly eight in 10 brokers submit deals to five or more lenders. In a market where brokers have so many options, what makes them choose you?
A: Experienced brokers have access to a lot of lenders, and that’s exactly what makes their choice meaningful. While product, rates, terms, and compensation will always matter, we're finding that many brokers are intentionally narrowing their lending partners to a small group they know they can trust. It comes down to confidence. Confidence that we’ll treat their clients well, help protect their reputation, and be there when they need us.
Over time, those relationships create a level of trust that’s hard to replicate. Beyond the mortgage itself, brokers also see value in programs like ICON, whether that’s free client mortgage payments, charitable giving initiatives, education, networking, or collaboration opportunities. Those things matter because they help brokers strengthen their own client relationships. At the end of the day, it’s our people and the experience they create that keep partners coming back.
Q: What is one thing MCAN does for brokers that competitors may underestimate or overlook?
A: We don’t believe broker relationships belong solely to the sales team. At MCAN, everyone from underwriting and operations to finance, IT, marketing, and leadership understands that brokers are a critical part of our business. When our partners succeed, we succeed. That creates a different experience.
Brokers aren’t supported by one individual; they’re backed by an entire organization that’s invested in helping them grow, solve problems, and deliver for their clients. Products and rates can be matched over time. An entire company aligned around broker success is much harder to replicate.
Q: Can you share a recent example of broker feedback that led to a meaningful change in your products, policies, technology, or service model?
A: One recent example came from a working session we hosted with broker partners during our Explorer Experience in Spain. Rather than presenting to them, we asked them to help shape the conversation by workshopping ideas around products, programs, and the overall broker experience.
The feedback was candid, thoughtful, and incredibly valuable. It generated several ideas that are now being explored internally, from enhancements to existing programs to new ways we can better support broker growth and client outcomes. What was most important wasn’t any one suggestion. It was the process itself. We believe the best ideas often come directly from the people working with clients every day.
The market is changing quickly, and Canadians’ needs continue to evolve. That means we have to listen, test assumptions, gather feedback, and make informed adjustments when it makes sense. Broker input is a critical part of that process.
Q: If a broker were explaining to a colleague why they continue sending business to MCAN year after year, what do you think they would say?
A: I think they’d probably start with the people. Our frontline teams are exceptional, and the experience brokers have with MCAN is shaped by every person in the organization. Whether they're working with a BDM, underwriter, operations team member, or someone from leadership, there’s a shared commitment to being responsive, accountable, and easy to work with.
That’s the result of more than 30 years of experience, strong relationships, and a culture that puts partnership first. I’d like to think brokers continue choosing us because they know what to expect. They know we’ll work hard, communicate openly, and genuinely care about helping them succeed. That’s the kind of trust that gets built over years, not transactions.
To provide broader industry context for this year’s Brokers on Lenders report, CMP spoke with two of Canada’s top mortgage brokers about the state of the broker-lender relationship in 2026, from what separates true lending partners from the rest to how lenders are supporting brokers through the largest mortgage renewal wave in recent Canadian history.
Micky Khaneka of MKG Mortgages is a CMP Top 75 Broker for 2026, a Toronto-area broker with more than 12 years of experience in home financing, including prior experience with one of Canada’s largest financial institutions. Operating through DLC Clear Trust Mortgages in the Greater Toronto Area, he specializes in complex residential mortgage solutions for a wide range of borrowers, including first-time buyers, self-employed clients, and investors. He is a regular commentator on the Canadian mortgage market for CMP.
Q: What makes a lender stand out as a partner in today’s market, and what is a dealbreaker?
A: The best lenders are not transactional. They are problem-solvers. Strong communication, consistency, accessibility, and competitive pricing are what separate true lending partners from the rest. The biggest dealbreaker is inconsistency. If brokers cannot predict how a file will be handled, trust erodes quickly. In this business, certainty is often just as valuable as the rate. The strongest lenders are true partners who can look at the same deal from different perspectives, consider the full context, and make sound lending decisions.
Q: One of CMP’s survey metrics is turnaround time. What is the industry-leading turnaround time for lenders in 2026, and how are the best lenders using technology to improve and deliver on this?
A: In 2026, anything beyond 24 hours for a live purchase file should be the exception, not the norm. The strongest lenders are leveraging AI to automate document review, income validation, and workflow management, allowing underwriters to focus on credit decisions rather than administration. Technology is accelerating decisions and improving turnaround times, but the human element remains critical. Borrowers remember how quickly someone answered the phone and solved a problem, not just how fast the algorithm worked.
Q: According to CMHC, 1.15 million mortgages are set to renew in 2026. How are lenders supporting brokers to win and retain that business, and where are they falling short?
A: Renewals are relationship opportunities, not simply maturity dates. The best lenders are supporting brokers with proactive retention strategies, competitive pricing, and the flexibility to engage clients well before renewal. Where the industry can improve is by offering their most competitive pricing upfront rather than waiting until a client shops the market and returns with competing offers. Retaining an existing client should be a top priority. The best offer should not come only after they have shopped the competition.
Q: How are lenders responding to fixed-rate pricing pressure, and which ones are actually delivering for brokers and their clients?
A: Pricing will always matter, but in today’s market it is only one part of the equation. The lenders standing out are those that pair competitive fixed rates with common-sense underwriting, responsive service, and reliable execution. A sharp rate gets the conversation started, but certainty earns the client’s trust. We need partners who consistently deliver on both price and promise.
Q: How are lenders using technology to improve the broker experience, and where is the human element still non-negotiable?
A: Technology has made submissions faster, documents smarter, and communication more transparent. That is a huge step forward. But no technology replaces an experienced underwriter who understands context, or a BDM who picks up the phone when a deal is on the line. Mortgages are still about people making decisions for people, and that is unlikely to change. We operate in a world of exceptions. Having experienced humans on both sides ensures the full context is considered before a decision is made.
Q: What does the broker-lender relationship need to look like over the next 12–18 months, and how are the top lenders preparing for it?
A: The next 12–18 months will reward partnership over transactions. The strongest lenders will be those that communicate openly, empower their credit teams to make practical decisions, and invest in partner relationships. Brokers remember who stood beside them when deals became difficult. Relationships go a long way and are what our businesses are built on.
Chris Allard of Smart Debt Mortgages in Ottawa is recognized as one of Canada’s Top 75 Mortgage Brokers and a Canadian Mortgage Awards finalist, as well as a member of the DLC Hall of Fame. In 2024 and 2023, he won the Consumer Choice and Top Choice awards for best mortgage broker in Ottawa. His team is known for creative solutions, a high level of communication, and fast turnaround times across residential, commercial, private, and construction mortgage files.
Q: What makes a lender stand out as a partner in today’s market, and what is a dealbreaker?
A: Our top lending partners are the ones who are fast to provide an approval or decline on a file. These lenders must be priced competitively and able to understand the rationale behind why a file should work. Dealbreakers are lenders with a slow turnaround time on approval or a difficult time signing off on conditions in a timely manner.
Q: One of CMP’s survey metrics is turnaround time. What is the industry-leading turnaround time for lenders in 2026, and how are the best lenders using technology to improve and deliver on this?
A: If a borrower is waiting more than two days for an approval, they are likely getting anxious. The fastest lenders in the A-lending landscape are approving files within a matter of hours. From what I understand, some of the fastest lenders have a system prompting underwriters on where the application needs their attention.
Q: According to CMHC, 1.15 million mortgages are set to renew in 2026. How are lenders supporting brokers to win and retain that business, and where are they falling short?
A: Brokers have been struggling to win transfer business as many lenders have offered competitive pricing to existing customers. On the files that do make sense to transfer or switch, we have seen many lenders struggle to offer a smooth transfer process. This is partly due to friction with transfer partners such as FCT and FNF and also in part to some existing lenders not releasing payout documents in a reasonable timeframe.
Q: How are lenders responding to fixed-rate pricing pressure, and which ones are actually delivering for brokers and their clients?
A: Many lenders have struggled to remain competitive on price in Q1 and Q2 of 2026. This is partly due to a few of the banks choosing to be extremely competitive compared to others. As in any year, lenders come in and out of being competitive on price based on targets, capacity, and investor relations.
Q: How are lenders using technology to improve the broker experience, and where is the human element still non-negotiable?
A: While technology has improved application intake and document review, the human element is still absolutely integral. Technology is not currently able to relate to the borrower or help explain risk mitigation.
Q: What does the broker-lender relationship need to look like over the next 12–18 months, and how are the top lenders preparing for it?
A: Brokers require fast turnaround times on both underwriting and document review. I encourage lenders to empower their underwriters, business relationship managers, and document fulfillment staff by allowing them to sign off on things.
The less a file needs to go to management and risk, the better it will be for the borrower, broker, and lender experience. Brokers, in turn, need to continue striving toward submitting complete applications with supporting documents and adequate submission notes. Some of the top lenders are investing in technology to help their underwriting staff process more files within a day.
Twenty years of broker votes have produced a lot of winners. What they share is more instructive than any individual medal.
This year’s recognized lenders, across both Alternative and Prime categories, were not chosen for a single outstanding quality. They were chosen because Canada’s working brokers, triaging files across an average bench of five or more lenders, came back to them repeatedly. In a market defined by the largest renewal wave in recent memory, tightening loan-to-value ratios, and a widening gap between broker-channel and branch-channel pricing, that loyalty is not given lightly.
The common thread running through this year’s gold, silver, and bronze medallists is a commitment to the broker relationship that goes beyond the transaction. VWR Capital built consistency into its DNA with a one-page policy, guaranteed 24-hour turnarounds, and a fee structure designed to keep borrowers rather than extract from them. Manulife Bank of Canada invested in education and a formal irritant advisory committee that turned broker complaints into product changes. BMO BrokerEdge earned gold on both rate and BDM support by treating every file as a competition it had to win. MCAN staked its claim on transparency, winning gold in the category brokers most consistently cite as a trust signal.
The 2026 Brokers on Lenders report also marks a turning point in how CMP measures lender performance. The introduction of the Alternative and Prime split reflects a market that has matured past a single ranking into two distinct competitive arenas, each governed by different client needs, different risk appetites, and different definitions of exceptional service.
What has not changed, across 20 years of broker votes, is what earns a lender a place on this list. Brokers remember who picked up the phone when a deal was on the line. They remember who gave them a straight answer, honoured a commitment, and got the file funded on time. In 2026, when the stakes of lender performance have rarely been higher, those qualities remain the clearest measure of a lending partner worth sending business to.
What is Canadian Mortgage Professional’s Brokers on Lenders?
CMP Brokers on Lenders is the annual ranking of Canada’s top mortgage lenders as rated by working brokers. Now in its 20th year, the report asks brokers across the country to rate the lenders they submit deals to across 10 key performance categories, including turnaround time, interest rates, BDM support, product range, and overall service levels.
The lenders that earn the highest average scores in each category receive gold, silver, or bronze medals. The combined average score across all categories determines the overall medallists.
What is new about the 2026 report?
For the first time in the survey’s 20-year history, CMP has separated lenders into two distinct categories, Alternative and Prime, to better reflect the different competitive pressures each segment faces. Alternative lenders compete primarily on speed, flexibility, and common-sense underwriting for files that do not fit conventional guidelines.
Prime lenders, including bank-affiliated participants, compete on rate, product range, and broker-channel support. Each category has its own set of gold, silver, and bronze medallists across all 10 rated criteria.
Why do brokers rate lenders across so many categories?
A single overall score would not capture the full picture of lender performance. Brokers make decisions at the file level, choosing different lenders for different client needs – one lender for speed on a time-sensitive purchase, another for product range on a complex income situation, and another for rate competitiveness on a straightforward refinance. Rating lenders across 10 specific categories gives brokers the granularity to reflect those real-world decisions and gives lenders a detailed picture of where they lead and where they can improve.
What does the 2026 renewal wave mean for the broker-lender relationship?
According to CMHC’s 2026 Mortgage Consumer Survey, Canadians who renewed their mortgages in 2026 saw their monthly payments rise by an average of $375, with five-year fixed-rate holders facing average increases of up to 20 percent according to the Bank of Canada. With 1.15 million mortgages set to renew in 2026, the largest concentration in recent history, lender performance on speed, communication, and competitive pricing matters more to brokers’ businesses than at almost any point in the survey’s history. Renewals are relationship opportunities, not simply maturity dates, and the lenders that understand this distinction are the ones earning broker loyalty.
What do brokers most want lenders to improve?
Three years of open-ended broker commentary in the CMP survey point consistently to the same priorities. Brokers want turnaround times of 24 hours or less for live purchase files, direct access to knowledgeable underwriters who can discuss files rather than only communicate by portal, rate parity between broker-channel and branch-channel pricing, and common-sense underwriting that considers the full context of a file rather than applying rigid policy. The best offer should not come only after a client has already shopped the competition.
How often is Brokers on Lenders published?
CMP Brokers on Lenders is published annually. The 2026 edition is the 20th annual report and reflects broker ratings collected in 2026 for lenders active in the Canadian mortgage market. Results are announced each September alongside the full special report, available at mpamag.com/ca.
To uncover the best lenders in the eyes of Canada’s broker community, Canadian Mortgage Professional reached out to brokers across the country, asking them to rate the lenders they work with across 10 key areas, including turnaround time, interest rates, product range, broker support, overall service levels, and more.
To provide a more nuanced view of lender performance across specific market segments, CMP categorized lenders into two distinct groups this year: Alternative and Prime.
As in previous years, CMP also asked brokers to weigh in on important aspects of the broker-lender relationship, such as how commissions and bonuses might change and why they choose to send deals to banks rather than monoline lenders.
For each category, lenders were ranked in order of merit according to an average score calculated from the ratings they received from brokers. The top three lenders in each category received a gold, silver, or bronze medal. Lenders’ combined average score from all categories determined the overall gold, silver, and bronze medallists.
CMP’s Brokers on Lenders is proudly supported by the Canadian Alternative Mortgage Lenders Association.
