LANGLEY, B.C. — Less than four months after becoming a federally regulated credit union and just 77 days after expanding its Mortgage Broker Centre into Ontario through a partnership with MCAP, Tru Cooperative Bank has approved more than $101 million in mortgage volume.
Since launching in Ontario in early May, 75 mortgages have already funded, totaling $38 million, demonstrating strong early momentum among mortgage brokers and homebuyers seeking a new lending option backed by a trusted Canadian financial institution.
While Tru Cooperative Bank (formerly First West Credit Union) is a new entrant to Ontario's broker channel, the organization brings more than 80 years of banking experience and a mortgage broker business that has served brokers in British Columbia for 23 years. The Ontario expansion marks the first step in the organization's broader national growth strategy following its transition to a federally regulated cooperative bank on April 1.
"These early results reflect the strength of our broker value proposition and demonstrate that there is room in the market for a lender that combines financial strength, mortgage expertise and cooperative values," says Launi Skinner, CEO, Tru Cooperative Bank. "We're building on a successful broker model we've operated in British Columbia for decades and we're excited to bring that experience to new markets across Canada."
The strong early response underscores the demand among Ontario brokers for additional lending options backed by a proven mortgage lender with a long history of serving Canadian homebuyers.
"We are incredibly grateful to our broker partners and mortgage borrowers for the trust they have placed in us," says Sundar Ramanathan, Head of Mortgages, Tru Cooperative Bank. "Reaching this milestone so quickly reflects the strength of those relationships and reinforces our commitment to helping more Canadians achieve their homeownership goals."
The Ontario launch supports Tru Cooperative Bank's long-term vision of responsibly expanding beyond British Columbia while maintaining the cooperative values and community focus that have guided the organization for more than eight decades. Future growth plans include extending the Mortgage Broker Centre into additional western Canadian markets later this year.
