Here is more from HSBC on their decision yesterday to stop taking new broker applications:
“HSBC Bank Canada remains committed to providing Canadians with mortgage financing. In order to make our operation as efficient as possible, earlier this year we took the decision to work with a preferred list of brokers with whom we have a long history of successful dealings. There was some confusion among brokers who are not on our preferred list and we wished to be absolutely clear with them that we would not accept their applications.”
HSBC spokesperson, Sharon Wilks, said, “At this time we are not accepting applications for additions to our preferred broker list, but will consider doing so in future.”
One clarification about yesterday’s story: As reported, HSBC was not at the CAAMP Expo. The story suggested this was unusual. According to HSBC, they have never exhibited at CAAMP so that should not have been construed as any indication of a change in their business.