National Bank Exits Broker Chanel

[Mortgage Made Easy]

National Bank announced Dec 1 it will be closing their internal broker channel effective December 9th.

Announcement (http://business.financialpost.com/news/fp-street/national-bank-exiting-direct-broker-channel-leaving-only-td-and-scotiabank)

National Bank has outsourced their origination to MERIX Financial (http://www.merixfinancial.com/) to leverage their solid industry reputation in the mortgage broker channel as well as all underwriting and servicing.

MERIX Financial is one of the top 10 Mortgage Lending Institutions in Canada.

More info to follow... it is too early too tell whether or not some of their products will be offered through MERIX or not. It will take the next 6-12 months to see how these changes and the mortgage rule changes play out.

[MillerTime GFG]

More info to follow... it is too early too tell whether or not some of their products will be offered through MERIX or not. It will take the next 6-12 months to see how these changes and the mortgage rule changes play out.

Really curious as to whether they're still going to offer the All in One account through Merix. I'm hoping so.

[Mortgage Made Easy]

Really curious as to whether they're still going to offer the All in One account through Merix. I'm hoping so.

Great question... for NOW it is not. Merix used to have the HELOC and I have heard that they have been working on it but has not been a priority to date... the next 6 + months will tell how lenders adapt to the changes.

[MillerTime GFG]

Nonetheless, great timing by Manulife to re-enter the broker channel. Should see a boost in their M1s if National Bank does indeed discontinue the AIO through Merix.

[Mortgage Made Easy]

Nonetheless, great timing by Manulife to re-enter the broker channel. Should see a boost in their M1s if National Bank does indeed discontinue the AIO through Merix.

Agreed... its great that you and I have access to Manulife... not many do. Cheers.