BMO says its “growth in branch-originated mortgages more than offset the impact of [its] exit from third-party and broker mortgage channels.”
BMO’s market share versus a year ago is still down 1.43%, however, and it’s down 1/4% from last quarter. Meanwhile, the company is hard at work further training its branch-based mortgage salesforce.
We were approached by 2 local branches of BMO to refer business to them, they offered to provide commissions out of their discretionary pricing spread. Clearly this is not a good deal for our clients but it seems to have been sanctioned at some level in their management structure.
Our contact at BMO offered Aeroplan miles for referring business there.
Vick:
Why is it “not a good deal” for your clients?
Sorry I meant to address that question to Ritchie.