Core Insights - The article highlights the best mortgage refinance lenders in the U.S. as of October 2025, with a focus on their offerings and customer satisfaction ratings [1][2][10]. Group 1: Best Refinance Lenders - Truist Bank is recognized as the best overall refinance lender due to its wide selection of loans and low median debt-to-income (DTI) ratio requirement of 30, compared to other finalists whose DTI ratios ranged from 36 to 45 [2][8]. - TD Bank is noted as the runner-up, praised for its excellent refinancing options but limited by its regional service area, operating in only 15 states and Washington, D.C. [5][9]. - Bank of America specializes in conventional loan refinancing and is highly rated for customer satisfaction, although it does not cater to FHA or VA loans [6][15]. Group 2: Specialized Lenders - Pennymac is highlighted as the best for FHA and VA refinancing, known for its low interest rates and specialization in government-backed loans [10][16]. - Rate, formerly Guaranteed Rate, stands out for offering higher-value refinance loans, with a median loan amount of $335,000, significantly higher than other finalists [12][17]. - Fifth Third Bank is recognized for having the lowest loan costs among its peers, serving a limited number of states [21][27]. Group 3: Customer Satisfaction and Resources - Customer satisfaction ratings from J.D. Power indicate that Truist and Pennymac have below-average scores, while Bank of America is highly rated [8][12][15]. - U.S. Bank is noted for its extensive online resources, receiving a five-star rating for educational materials and tools available to customers [18][26]. Group 4: Market Trends - Mortgage refinancing applications have increased by 31% year-over-year, with the national average refinance APR for a 30-year mortgage at 6.64% and 5.91% for 15-year loans [29][44]. - The article emphasizes the importance of comparing offers from multiple lenders to secure the best refinancing deal [45][56].

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, The ...

Key Takeaways TD Bank Group shares rose Thursday amid news that CEO Bharat Masrani is planning to retire next spring after a decade in the top role at the Canadian firm. Raymond Chun, who currently leads the bank's Canadian personal banking operations, will become COO later this year and take over for Masrani when he retires in April 2025. Masrani celebrated the decision to elevate Chun, and said the investigation into suspected failures of TD's anti-money laundering practices was his own responsibility. Sh ...

TD Bank Group President and CEO Bharat Masrani will retire April 10, and will be succeeded by Raymond Chun, who is currently group head, Candian personal banking. Masrani has been CEO for more than a decade and has been with the bank for 38 years, TD Bank said in a Thursday (Sept. 19) press release. Following his retirement as CEO, Masrani will serve as an advisor to the bank until Oct. 31, 2025, according to the release. "Bharat helped to build TD over almost four decades, and as CEO led the Bank through a ...

The Toronto-Dominion Bank (TD) has agreed to pay a $28 million penalty in response to the Consumer Financial Protection Bureau (CFPB) order concerning credit reporting issues. The bank has been accused of mishandling customers' credit information and failing to make necessary amendments to its practices. Allegations Against TD TD signed a consent agreement with the CFPB on Wednesday admitting that it provided false information to consumer reporting companies, at times intentionally, and acknowledging its sh ...

The Consumer Financial Protection Bureau (CFPB) ordered TD Bank to pay about $28 million in redress and penalties, saying the bank provided consumer reporting agencies with information about its customers that was inaccurate and negative. A CFPB investigation determined that TD Bank repeatedly gave these agencies inaccurate information, gave them information it knew or suspected was fraudulent, and failed to conduct proper investigations when customers or consumer reporting agencies submitted disputes, the ...

Group 1 - TD Bank is facing ongoing issues with its anti-money laundering (AML) controls, which may lead to a leadership change, specifically a new CEO by 2025 [1][2] - Shareholders and analysts suggest that an outside hire with U.S. banking sector experience is preferred to address the AML troubles [1] - The bank's CEO Bharat Masrani has been in position for 10 years, during which TD expanded significantly in the U.S. [2] Group 2 - Recently, TD Bank reported a $2.6 billion provision related to a potential investigation into its AML program, following a $450 million provision in the previous quarter [3] - U.S. regulators are scrutinizing TD's AML efforts, prompting the bank to undertake a remediation of its program [3] - Earlier this year, TD terminated over a dozen employees and initiated criminal charges and disciplinary actions against some [3] Group 3 - There is increasing scrutiny on AML practices across financial companies, with potential regulatory changes on the horizon [4] - Financial institutions, including banks and FinTechs, face significant consequences if they fail to meet AML standards [4] - Regulators are currently seeking input on the use of advanced technologies to enhance fraud defenses in financial institutions [4]

Shares of Toronto-Dominion Bank (TD) declined 2.2% as the company incurred a loss on a GAAP basis in the third quarter of fiscal 2024 (ended Jul 31). The quarterly loss was primarily due to provisions for the penalties related to investigations concerning its anti-money laundering (AML) practices by the U.S. regulators. Net loss (GAAP basis) was C$181 million ($132.2 million) against net income of $2.88 billion in the prior-year quarter. Huge increases in provisions for credit losses and higher expenses act ...

A red number for an important line item sank the company's shares. No investor likes a surprise net loss, and an unexpected quarterly deficit put Toronto-Dominion Bank's (TD -2.19%) stock in the doghouse on Thursday. The company's share price sagged by more than 2% in late-session trading, a steeper decline than the 0.8% slide of the S&P 500 index at the same time. High provisions sank the bottom line Toronto-Dominion's results for the fiscal third quarter of 2024 came out Thursday morning before market ope ...

Management's Discussion and Analysis (MD&A) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) TD Bank Group reported a Q3 2024 net loss of $181 million due to a $3.57 billion AML provision, while adjusted net income remained stable Q3 2024 vs. Q3 2023 Financial Highlights | Metric | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Reported Diluted EPS | $(0.14) | $1.53 | | Adjusted Diluted EPS | $2.05 | $1.95 | | Reported Net Income (Loss) | $(181) million | $2,881 million | | Adjusted Net Income | $3,646 million | $3,649 million | Year-to-Date (9 Months) 2024 vs. 2023 Financial Highlights | Metric | YTD 2024 | YTD 2023 | | :--- | :--- | :--- | | Reported Diluted EPS | $2.76 | $4.04 | | Adjusted Diluted EPS | $6.09 | $6.09 | | Reported Net Income | $5,207 million | $7,768 million | | Adjusted Net Income | $11,072 million | $11,510 million | - The third quarter reported earnings included a **significant provision** of **$3,566 million** (**$2.04 per share**) for investigations related to the Bank's AML program[2](index=2&type=chunk) [Significant and Subsequent Events](index=6&type=section&id=Significant%20and%20Subsequent%20Events) The Bank is addressing U.S. AML investigations, concluded a $110 million restructuring program, and sold 40.5 million Schwab shares for $3.4 billion post-quarter - The Bank is undertaking a **multi-year remediation** of its U.S. AML Program, involving investments in leadership, procedures, data, and technology[12](index=12&type=chunk) - Restructuring charges of **$110 million** were incurred in Q3 2024, primarily for employee severance and real estate optimization, and the program has now concluded[13](index=13&type=chunk) - Subsequent to the quarter's end, on August 21, 2024, the Bank sold **40.5 million** shares of Schwab common stock for approximately **$3.4 billion**, reducing its ownership from **12.3%** to **10.1%**[13](index=13&type=chunk) [How We Performed](index=6&type=section&id=How%20We%20Performed) The Bank uses non-GAAP 'adjusted' results to show underlying performance, detailing its Schwab investment and presenting ROE and ROTCE, with adjusted figures showing stability - The Bank utilizes **non-GAAP financial measures**, referred to as "**adjusted**" results, to assess performance by removing "**items of note**" that management believes are not indicative of underlying business performance[16](index=16&type=chunk) Q3 2024 Performance Ratios (Reported vs. Adjusted) | Ratio | Reported | Adjusted | | :--- | :--- | :--- | | Return on Common Equity (ROE) | (1.0)% | 14.1% | | Return on Tangible Common Equity (ROTCE) | (1.0)% | 18.8% | - The Bank accounts for its investment in The Charles Schwab Corporation using the **equity method**, with earnings reported on a **one-month lag**[18](index=18&type=chunk) [Financial Results Overview](index=10&type=section&id=Financial%20Results%20Overview) The reported net loss was driven by the AML provision, while adjusted net income was flat YoY, with revenue growth offset by higher PCL, insurance expenses, and non-interest expenses [Net Income](index=10&type=section&id=Net%20Income) Q3 2024 reported net loss was $181 million due to the AML provision, a sharp decline from Q3 2023, while adjusted net income remained stable at $3,646 million - Q3 2024 reported net loss was **$181 million**, compared with net income of **$2,881 million** in Q3 2023, and adjusted net income was relatively flat at **$3,646 million**[29](index=29&type=chunk) - The decrease in reported net income was primarily driven by the U.S. Retail segment, which saw a decline of **$3,580 million**[29](index=29&type=chunk) [Net Interest Income](index=11&type=section&id=Net%20Interest%20Income) Net interest income (NII) for Q3 2024 increased by 4% year-over-year to $7,579 million, driven by volume growth and higher deposit margins in Canadian P&C Banking and higher loan volumes in U.S. Retail - Reported net interest income for Q3 2024 was **$7,579 million**, an increase of **4%** compared to Q3 2023, mainly due to volume growth and higher deposit margins in Canadian Personal and Commercial Banking[31](index=31&type=chunk) [Non-Interest Income](index=11&type=section&id=Non-Interest%20Income) Reported non-interest income for Q3 2024 saw a significant increase of 17% year-over-year, reaching $6,597 million, fueled by higher trading-related revenue, lending revenue, advisory and underwriting fees in Wholesale Banking, and increased insurance premiums - Reported non-interest income for Q3 2024 increased by **17%** YoY to **$6,597 million**, driven by strong performance in Wholesale Banking and higher insurance premiums[34](index=34&type=chunk) [Provision for Credit Losses (PCL)](index=11&type=section&id=Provision%20for%20Credit%20Losses) The Provision for Credit Losses (PCL) for Q3 2024 was $1,072 million, an increase of $306 million from Q3 2023, reflecting credit migration in consumer and wholesale lending portfolios, with PCL as an annualized percentage of credit volume at 0.46% Provision for Credit Losses (in millions) | Period | PCL - Impaired (Stage 3) | PCL - Performing (Stage 1 & 2) | Total PCL | | :--- | :--- | :--- | :--- | | Q3 2024 | $920 | $152 | $1,072 | | Q3 2023 | $663 | $103 | $766 | [Non-Interest Expenses and Efficiency Ratio](index=12&type=section&id=Non-Interest%20Expenses%20and%20Efficiency%20Ratio) Reported non-interest expenses surged 50% to $11.01 billion due to the AML provision, while adjusted expenses rose 7% to $7.21 billion, impacting efficiency ratios - Reported non-interest expenses increased by **50%** YoY to **$11.0 billion**, mainly due to the AML provision, while adjusted non-interest expenses rose **7%** to **$7.2 billion**[40](index=40&type=chunk) Efficiency Ratio Comparison | Ratio | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Reported Efficiency Ratio | 77.7% | 57.0% | | Adjusted Efficiency Ratio (net of ISE) | 57.3% | 57.2% | [How Our Businesses Performed](index=14&type=section&id=How%20Our%20Businesses%20Performed) This section details segment performance: Canadian P&C achieved record income, U.S. Retail reported a net loss due to AML, Wealth Management saw record revenue offset by claims, and Wholesale Banking grew revenue [Canadian Personal and Commercial Banking](index=14&type=section&id=Canadian%20Personal%20and%20Commercial%20Banking) The Canadian Personal and Commercial Banking segment achieved a record quarter, with net income increasing 13% year-over-year to $1,872 million, driven by a 9% rise in revenue to $5,003 million, fueled by strong volume growth and higher deposit margins, improving the efficiency ratio to 39.3% Canadian P&C Banking - Q3 2024 Financials (vs. Q3 2023) | Metric | Q3 2024 | Q3 2023 | Change | | :--- | :--- | :--- | :--- | | Net Income | $1,872M | $1,655M | +13% | | Total Revenue | $5,003M | $4,570M | +9% | | PCL | $435M | $379M | +15% | | Efficiency Ratio | 39.3% | 41.5% | -2.2 p.p. | [U.S. Retail](index=15&type=section&id=U.S.%20Retail) U.S. Retail reported a net loss of $2.28 billion due to the AML provision, a reversal from prior year, while adjusted net income decreased 6% to $1.29 billion U.S. Retail - Q3 2024 Financials (vs. Q3 2023) | Metric (CAD) | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Reported Net Income (Loss) | $(2,275)M | $1,305M | | Adjusted Net Income | $1,291M | $1,368M | | Share of net income from Schwab | $178M | $191M | - The U.S. Retail Bank (excluding Schwab) reported a net loss of **$2,453 million**, primarily reflecting the impact of the provision for investigations related to the Bank's AML program[51](index=51&type=chunk) [Wealth Management and Insurance](index=18&type=section&id=Wealth%20Management%20and%20Insurance) Wealth Management and Insurance net income was relatively flat year-over-year at $430 million, achieving record revenue of $3,349 million (up 13%), offset by a 20% increase in insurance service expenses to $1,669 million due to increased claims severity and severe weather events Wealth Management & Insurance - Q3 2024 Financials (vs. Q3 2023) | Metric | Q3 2024 | Q3 2023 | Change | | :--- | :--- | :--- | :--- | | Net Income | $430M | $431M | ~0% | | Total Revenue | $3,349M | $2,958M | +13% | | Insurance Service Expenses | $1,669M | $1,386M | +20% | [Wholesale Banking](index=19&type=section&id=Wholesale%20Banking) Wholesale Banking reported a 17% increase in net income to $317 million for the quarter, with revenue growing 14% to $1,795 million due to higher trading-related revenue, lending revenue, and advisory and underwriting fees, partially offset by higher PCL and non-interest expenses, resulting in flat adjusted net income year-over-year at $377 million Wholesale Banking - Q3 2024 Financials (vs. Q3 2023) | Metric | Q3 2024 | Q3 2023 | Change | | :--- | :--- | :--- | :--- | | Reported Net Income | $317M | $272M | +17% | | Adjusted Net Income | $377M | $377M | 0% | | Total Revenue | $1,795M | $1,568M | +14% | [Corporate](index=20&type=section&id=Corporate) The Corporate segment's reported net loss narrowed to $525 million from $782 million in Q3 2023, mainly due to a prior-year payment related to the terminated First Horizon transaction, while the adjusted net loss widened to $324 million from $182 million, reflecting higher investments in risk and control infrastructure Corporate Segment Net Loss (in millions) | Metric | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Reported Net Loss | $(525) | $(782) | | Adjusted Net Loss | $(324) | $(182) | [Balance Sheet Review](index=22&type=section&id=Balance%20Sheet%20Review) Total assets increased to **$1.97 trillion**, driven by higher loans and trading assets, while total liabilities rose to **$1.86 trillion**, mainly due to increased deposits Selected Balance Sheet Items (vs. Oct 31, 2023) | Item | July 31, 2024 | Oct 31, 2023 | | :--- | :--- | :--- | | Total Assets | $1,967.2B | $1,955.1B | | Loans, net of allowance | $938.3B | $895.9B | | Total Deposits | $1,220.6B | $1,198.2B | | Total Equity | $111.6B | $112.1B | [Credit Portfolio Quality](index=23&type=section&id=Credit%20Portfolio%20Quality) Credit quality normalized with gross impaired loans increasing **40%** to **$4.17 billion**, and total ACL rising to **$8.84 billion** to reflect current credit conditions and volume growth - Gross impaired loans increased by **40%** YoY to **$4,170 million** as of July 31, 2024, reflecting formations outpacing resolutions in commercial and consumer lending portfolios[64](index=64&type=chunk) Allowance for Credit Losses (ACL) | Date | Stage 1 & 2 Allowance (Performing) | Stage 3 Allowance (Impaired) | Total ACL | | :--- | :--- | :--- | :--- | | July 31, 2024 | $7,556M | $1,278M | $8,838M | | July 31, 2023 | $7,283M | $989M | $7,774M | [Capital Position](index=26&type=section&id=Capital%20Position) The Bank's capital remains robust with a CET1 ratio of **12.8%**, despite a decrease from **15.2%** due to AML provisions and repurchases of **13.3 million** shares Key Capital Ratios | Ratio | July 31, 2024 | Oct 31, 2023 | July 31, 2023 | | :--- | :--- | :--- | :--- | | CET1 Capital Ratio | 12.8% | 14.4% | 15.2% | | Tier 1 Capital Ratio | 14.6% | 16.2% | 17.2% | | Total Capital Ratio | 16.3% | 18.1% | 19.6% | | Leverage Ratio | 4.1% | 4.4% | 4.6% | - The Bank repurchased **13.3 million** common shares in Q3 2024 for a total of **$1.0 billion** under its NCIB program[76](index=76&type=chunk) [Managing Risk](index=29&type=section&id=Managing%20Risk) The Bank manages various risks, with gross credit risk at **$2.18 trillion**, average one-day VaR at **$32.7 million**, and strong liquidity with LCR of **129%** and NSFR of **115%** [Credit Risk](index=29&type=section&id=Credit%20Risk) Gross credit risk exposure, or Exposure at Default (EAD), stood at $2,178 billion as of July 31, 2024, a slight increase from $2,154 billion at October 31, 2023, with growth primarily in the retail portfolio Gross Credit Risk Exposure (EAD) | Portfolio | July 31, 2024 | Oct 31, 2023 | | :--- | :--- | :--- | | Retail | $818.8B | $792.6B | | Non-retail | $1,359.5B | $1,361.9B | | **Total** | **$2,178.3B** | **$2,154.4B** | [Market Risk](index=30&type=section&id=Market%20Risk) Average one-day VaR for Q3 2024 was **$32.7 million**, down from **$42.0 million**, reflecting changes in interest rate positions; a **100 bps** rate increase would negatively impact EVE by **$2.49 billion** Average Total Value-at-Risk (one-day) | Period | Average VaR | | :--- | :--- | | Q3 2024 | $32.7M | | Q2 2024 | $27.9M | | Q3 2023 | $42.0M | - As of July 31, 2024, an immediate and sustained **100 bps** increase in interest rates would have a negative impact on the Bank's EVE of **$2,485 million** and a positive impact on NII of **$785 million**[86](index=86&type=chunk) [Liquidity Risk](index=32&type=section&id=Liquidity%20Risk) The Bank maintains strong liquidity with **$521.8 billion** in liquid assets, LCR of **129%**, and NSFR of **115%**, with diversified funding primarily from personal and commercial deposits - The Bank held **$521.8 billion** in unencumbered liquid assets as of July 31, 2024[90](index=90&type=chunk)[91](index=91&type=chunk) Key Liquidity Ratios | Ratio | Q3 2024 (Average) | As of July 31, 2024 | | :--- | :--- | :--- | | Liquidity Coverage Ratio (LCR) | 129% | - | | Net Stable Funding Ratio (NSFR) | - | 115% | [Securitization and Off-Balance Sheet Arrangements](index=44&type=section&id=Securitization%20and%20Off-Balance%20Sheet%20Arrangements) The Bank engages in securitization and off-balance sheet arrangements in the normal course of business, with no significant changes during the quarter, and its total potential exposure to loss through liquidity facilities for its Canadian multi-seller conduits was $15.7 billion, with a funded exposure of $13.8 billion as of July 31, 2024 - The Bank's total potential exposure to loss from liquidity facilities for its Canadian multi-seller conduits was **$15.7 billion**, with **$13.8 billion** funded as of quarter-end[110](index=110&type=chunk) [Accounting Policies and Estimates](index=44&type=section&id=Accounting%20Policies%20and%20Estimates) The Bank adopted IFRS 17 for insurance contracts on November 1, 2023, restating comparative periods, and noted the cessation of CDOR on June 28, 2024, with no significant exposure - The Bank adopted **IFRS 17 (Insurance Contracts)** effective **November 1, 2023**, changing the accounting for insurance contract liabilities and revenue recognition[111](index=111&type=chunk)[128](index=128&type=chunk) - As part of the interest rate benchmark reform, the **Canadian Dollar Offered Rate (CDOR)** ceased on **June 28, 2024**, and the Bank's exposure to financial instruments referencing CDOR is no longer significant[115](index=115&type=chunk)[134](index=134&type=chunk) Interim Consolidated Financial Statements [Notes to Interim Consolidated Financial Statements](index=55&type=section&id=Notes%20to%20Interim%20Consolidated%20Financial%20Statements) Notes detail IFRS 17 adoption, Schwab investment, Cowen acquisition, a further **$3.57 billion** AML provision (totaling over **$4.1 billion**), and segment results - The Bank adopted **IFRS 17 (Insurance Contracts)** on **November 1, 2023**, applying the full retrospective approach, which resulted in an after-tax increase to retained earnings of **$112 million** as of the transition date[128](index=128&type=chunk)[130](index=130&type=chunk) - The Bank's investment in Schwab had a carrying value of **$10.0 billion** and a fair value of **$20 billion** as of July 31, 2024[167](index=167&type=chunk) - In Q3, the Bank took a further provision of **$3.57 billion** (US**$2.60 billion**) related to U.S. AML investigations, following an initial provision of **$615 million** in Q2 2024[196](index=196&type=chunk) Shareholder and Investor Information [General Information](index=82&type=section&id=General%20Information) This section provides shareholder contact details, information on the Q3 earnings call, and announces the next Annual Meeting on **April 10, 2025**, in Toronto - Contact information is provided for registered and beneficial shareholders through **TSX Trust Company** and **Computershare**[202](index=202&type=chunk) - The next Annual Meeting is scheduled for **April 10, 2025**, in Toronto, Ontario[202](index=202&type=chunk)