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
Video trancript below:
Jemima Codrington, Mortgage Broker News
Jemima Codrington: The discussion might never be done as brokers continue to debate Firstline’s untimely demise. Hi, I’m Jemima Codrington and welcome to the Big Story on Mortgage Broker News.
All brokers agree that the demise of Firstline has been a difficult pill for the channel to swallow. But the show must go on and business has.
James Laird, True North
James Laird: Whenever we lose an international lender like Firstline, it’s always troubling to the broker industry for sure. True North Mortgage specifically didn’t rely on Firstline for any of our mortgage business, so it’s not going to impact our business specifically. Now that Firstline’s products and services are not available to the broker community as a whole, they will be looking to other national partners, the two banks that are still dealing with brokers, which are TD and Scotia as well as ING Direct, ICICI, all the other major national lenders.
Jemima Codrington: All brokers mourn the demise of Firstline including CIBC, but for many it’s too early to decide what the repercussions will be.
Enza Venuto, Centum
Enza Venuto: For the loss of the CIBC to the broker community will impact a lot of the brokers, anyone of the brokers that have been very top brokers within the CIBC Firstline product, they were enticed by giving better interest rates to the clients because they had a volume point system. That will impact a lot of these higher end brokers that were using these point systems to retain or to attract clients, right. As far as I am concerned the only thing that I think impact, that will impact us is because they had such a beautiful product and the product that I loved the best from the CIBC model was the product of the matrix system which is the home equity line. That home equity line product was a really good selling feature that will impact us a lot.