Word on the street is that Bank of Montreal is closing it’s mortgage broker division. It’s a curious move since mortgages are a $2 billion business for BMO. BMO seems to believe it can cut rates and do better selling mortgages in house. We’ll see.
One thing’s for sure, business is booming for Canadian mortgage brokers as people are finally realizing their value. BMO will now be totally shut out of this growth.
Side note: This news won’t be meaningful to 99% of our mortgage clients. BMO was rarely competitive with rates or terms versus other lenders we have access to.
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