Scotia news

  • Scotia to brokers: commission cut is 'growth opportunity'

    Brokers are scratching their heads over comments from a Scotia exec suggesting they view the commission cut as “a growth opportunity."

  • Brokers blame buydowns for Scotia chop

    Buying down rates not only cheapens the value of a broker’s work, but could be directly responsible for any slash to broker compensation, according to one mortgage broker.

  • Brokers prepared to lump it, not leave Scotia

    Most brokers will opt to lump it rather than leave Scotia over its 5-basis point chop, argue some industry veterans, even as others call for a boycott.

  • Breaking news: Scotia cuts compensation

    Brokers feared this day would come, with Scotia introducing a 5 bps cut to compensation on all its five-year fixed and variable product effective Oct. 18 and following on the heels of First National’s move.

  • Switching FirstLine clients given run-around

    Brokers are worried that their FirstLine clients may be getting the run-around when they attempt to switch to any lender other than CIBC.

  • Broker gets 3 years for fraud

    The Fredericton Provincial Court has now sentenced a New Brunswick mortgage broker to three years in prison for mortgage fraud.

  • Is ING Direct here to stay?

    A Scotia-owned ING Direct may maintain its ties with the broker channel longer than many predicted, with the bank announcing it will work to double its customer base -- apparently without an expanded branch network.

  • Lenders divvy up FirstLine’s spoils, suggest report

    The results are in, and as expected, big lenders, with the conspicuous exception of TD, have successfully divvied up FirstLine’s spoils

  • The Big Story: FirstLine who?

    Brokers are still lamenting the loss of industry innovator FirstLine, but the race is increasingly on strengthen connections to other lending partners, say brokers in this episode of the Big Story

  • Vanishing options a big issue for brokers

    Early poll responses to the 2012 CMP Brokers on Lenders survey suggest brokers are concerned about the loss of product options and the cookie-cutter approach of conservative lenders.