ING's broker days numbered, says vet
Brokers clinging to the notion that it will be business as usual with a Scotia-owned ING are facing certain disappointment because the popular discount banking brand is bound to disappear in Canada after 18 month, according to a seasoned mortgage professional.
FirstLine raises First National originations
First National saw originations skyrocket in the second quarter, rising 48 per cent from the year-ago period – something it chalks up to FirstLine`s departure.
Brokers scramble to cash in FirstLine incentives
With just 12 days until Firstline bows out of the industry, brokers are still waiting on an announcement from CIBC on the fate of their POINTS and basisPOINTS accounts, with many now scrambling to cash them in.
Veteran: Most brokers will accept CIBC offer
Mortgage brokers are now voicing relatively favourable critiques of CIBC’s offer to buy their FirstLine BasisPOINTS, with at least one veteran going so far as to call it “a pretty good deal.”
Lenders to divide up FirstLine spoils, says veteran
Lenders have already begun to court brokers with well-established ties to FirstLine, but it’s unlikely any one of them will win most of that business, says a respected veteran, arguing four big players will initially divide the spoils.
Sources: FirstLine to wind down
Two of FirstLine’s top broker partners are now confirming Firstline will, in fact, wind down operations at the end of next month, with news about how exactly CIBC will handle rate buydown and other point programs to come with a final announcement.
Brokers keep ties to FirstLine
Make no mistake, FirstLine has suffered a precipitous drop in broker market share, but it nonetheless remained in the top four lenders by funded volume in the last quarter – that despite news CIBC was preparing to sell and was actively fighting to convert clients.
CAAMP director answers criticism of board makeup
One of only a handful of active brokers on CAAMP’s board of directors is chalking up the limited representation to name recognition challenges and brokers themselves – often reluctance to take time away from their businesses.
Broker worried rent-to-own gains may cost industry
A 400-per-cent increase in business for a rent-to-own lender is raising concerns among brokers, worried the industry is opening itself to future litigation by placing clients in those deals.