The Meridian Mystery: Unraveling its Recent Rethink in Broker Offerings

Ontario's largest credit union (Canada's 2nd biggest) has pulled most of its products from the broker market.

That includes popular offerings, like:

  • Contract rate qualification mortgages (which aren't stress tested the same as bank mortgages, allowing customers to qualify for bigger loans)
  • Uninsured HELOCs (including Meridian's 70% #LTV# revolving HELOC, which is 5%-points more LTV than banks allow on revolving credit lines)
  • Non-income qualifying mortgages.

But why did Meridian pluck these crowd-pleaser products from the broker market—while leaving them in its retail channel?

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