BMO Update On Mortgages Via Insurance Agents

BMOWe heard a few weeks ago that BMO is considering selling mortgages through insurance brokers.

From the looks of it, it seems that approved insurance agents will basically be referring potential mortgage customers to BMO, without doing much else.

A BMO spokesperson told us, “To maintain our commitment to our brand promise of clarity, any plans will ensure that BMO remains in control of product underwriting and pricing.”

BMO says there is no “specific launch date” for the start of mortgage distribution through insurance brokers, and it will make an announcement at a later time.

When asked if BMO would ever consider re-entering the mortgage broker channel, its spokesperson said: “BMO exited the mortgage brokerage channel a few years ago and remains committed to using our BMO mortgage specialists to offer the best advice and solutions.”

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