Monoline Lenders are lending institutions that do not have store fronts such as the 5 bank banks (RBC, TD, Scotia bank)
Such Monoline lenders include:
-First National
-MCAP 
-Street Capital 
Not only can Brokers work with 3 of the 5 major banks, we also have access to monoline lenders. Here are some reasons that make monoline lenders favorable to some.
- Banks have many different products to sell other than mortgages. Monolines focus solely on mortgages. Monolines offer products that local branches might not have such as self-employed, rental, non-income qualifying products.
- Monolines do not have to pay for storefronts therefore they are able to cut costs and offer reduced rates.
- Monolines offer 120-day rate holds.
- Monolines are Canadian lenders that are supported by investors, major banks being one of them.
- Monolines use a centralized approval process. This allows them to turn around deals quicker (usually anywhere from 4 hours to 2 days).
- Monolines tend to be more flexible when it comes to lending. Also for what type of properties the mortgage is for.
I am not saying the major banks mortgage products are inferior to monoline products I am just explaining why monoline lenders can be beneficial to some.
For more information about what lender is right for you contact me at [email protected] or visit my website at www.patchingmortgageservices.ca