National Bank is restricting access to its mortgages outside its home province in a move which will mean fewer originations through brokers.
The lender is limiting the loan types available through its Paradigm Quest brokerage outside Quebec which means new immigrants and those wanting HELOCs will have to go elsewhere.
The Globe and Mail reports that the move is in part to protect the bank’s overall credit profile which will also mean a focus on insured mortgages.
“Every time you include a third party you are increasing your risk because you’re not in front of the client,” Diane Giard, executive vice-president of personal commercial banking and marketing told the Globe and Mail. “What I want is the clients to go to the direct channel and not the indirect channel.”
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: