Click here to join our mailing list to receive the latest news and updates as they happen. Unsubscribe any time.

Laurentian Closes Mobile Rep Operation

Navy Suit & Notebook 3Some banks, like CIBC, have been on a hiring spree when it comes to mortgage reps. Not Laurentian Bank. It’s going the other way.

“We have announced [Wednesday] that Laurentian Bank had decided to no longer offer residential mortgage loans through an internal team of mobile advisors,” said a spokesperson. Those advisors operated out of Quebec.

She added:

“We will remain very involved in the mortgage field through our branches, as well as the channels of real estate promoters and of mortgage brokers.”

“This decision is absolutely not a disengagement towards the mortgage activities. On the contrary, we really want to continue to interact with brokers and promoters as well as distributing mortgages directly in our branches.”

The move has no effect on B2B Bank, which provides mortgages through brokers and advisors.

“This is a business decision to concentrate our development on the other distribution channels.”

Clearly not all banks think that mobile sales force production is more profitable than broker-originated mortgages.

Rob McLister, CMT