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Mortgage Broker News | 06 Dec 2012, 12:00 AM Agree 0
CIBC’s annual report is now pegging a dollar figure to the closure of FirstLine, the move appearing to cost the bank $20 million in revenue for fiscal 2012.
  • Arthur G | 07 Dec 2012, 11:40 PM Agree 0
    Once again a very unbalanced article. Who cares what their revenue was? Without knowing costs it's irrelevant ! They stated th left the market due to an unprofitable channel. Knowing their net contribution would have been an interesting fact. But without that, this is it inflamatory reporting, again.
  • Gaetano M | 08 Dec 2012, 06:23 AM Agree 0
    In the last 2 years I had been consciously choosing other lenders for my clients, however in the previous years Firstline had enjoyed a large percentage of my business. Since the announcement that CIBC was going to divest itself of the Firstline unit, and ultimately their decision to wind up the Firstline operations I have been diverting all renewals to other lenders. In all cases it has been in the client's best interests due to rate and other considerations,and of course I get paid! I believe that going forward CIBC will understand that we the brokers are not going to go quietly into that good night and let them have OUR clients for free!
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