Mortgage Blog
Quality advice, quality service and the best mortgage rates
BMO announces its return to the mortgage broker channel
July 12, 2023 | Posted by: Angela Robinson
BMO has announced its plans to re-enter the mortgage broker channel with BMO BrokerEdgeTM. The bank will begin originating mortgages through brokers in early 2024, starting in Ontario and Atlantic Canada, with a gradual expansion nationwide by late 2025. BMO will work with select brokers by invitation only, aiming to establish long-lasting partnerships and focus on high-quality deals. The bank has partnered with First National for underwriting and funding services based on their experience in broker underwriting. BMO will make its standard product lineup available to brokers at launch, with collateral-charge products becoming available later due to regulatory changes.
The bank aims to eliminate pain points for brokers and clients, offering real-time pricing response and being responsive to broker requests. BMO left the broker channel in 2007 but acknowledges the changes and increased trust within the industry. The bank's re-entry strategy focuses on building deeper relationships with clients beyond mortgages. Welcome Advisors will provide seamless onboarding and ongoing relationship management for broker-originated customers, aiming to support customers in achieving their broader financial goals. BMO aims to bring a competitive offering to the market and provide value for every deal.
Looking at getting into the housing market? Give us a call to get started at 780 701 3888 or email marc@albertamortgagepros.ca
Full article: https://www.canadianmortgagetrends.com/2023/06/breaking-bmo-announces-return-to-the-mortgage-broker-channel/
