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Dundee Bank Broker Arm Closing

Dundee-Bank As we suspected in September, Scotiabank is reportedly shuttering Dundee Bank’s mortgage broker division.

The news comes just six weeks after Scotia bought Dundee Bank for $260 million.

Scotia apparently determined that Dundee Bank’s broker channel was expendable, given Scotia’s two existing mortgage broker divisions, Maple Trust & Scotia Express.

Employees reportedly heard this week that their jobs may be gone in three months.  There’s no word on how many Dundee employees will actually lose their jobs or meld into Scotiabank’s existing operations.

If you currently hold a Dundee Bank mortgage, this is nothing to worry about.  All existing commitments will be honored.  Outstanding Dundee Bank mortgages should be taken over by Scotiabank within the next 6 months.

Dundee broker channel employees were exceptional to work with.  We wish them all the absolute best as they move on to new endeavours.