ING Direct, fresh off its purchase by Bank of Nova Scotia in November, informed mortgage brokers Wednesday it will no longer do business with them — a move that is rankling some people in the industry, who fear the consumer is losing a major advocate.
In a memo obtained by the Financial Post, ING Direct indicates to brokers that it had studied the two financial institutions’ products and found “considerable overlap.”
Regulators have accused mortgage lender Home Capital Group Inc. of misleading disclosure after the company uncovered falsified income information on some loan applications and cut ties with dozens of brokers in 2014.
The allegations, filed by the Ontario Securities Commission on Wednesday, come less than a month after the surprise departure of Home Capital’s chief executive Martin K. Reid, who had replaced veteran CEO Gerald Soloway last year.
National Bank of Canada is set to announce it will no longer deal directly with mortgage brokers and instead will increase its funding of third party lenders who deal with brokers.
The move, another blow to the mortgage broker industry which says new federal loan regulations are creating an advantage for banks who can lend off their balance sheets, will leave just Scotiabank and Toronto-Dominion as the only two of the major six banks dealing directly with brokers.
KOLKATA|NEW DELHI: Tata Teleservices has decided to drop the brand DoCoMo from its telecom brand Tata Docomo months before its agreement with Japanese mobile phone operator NTT DoCoMo to use the brand ends. "The telecom venture of the Tata Group has decided against building the DoCoMo brand since the two will eventually part ways in near future. It is likely to undergo a brand makeover," a person aware of the development said.
Canadian Imperial Bank of Commerce’s proposed acquisition of PrivateBancorp Inc. will be voted on by the Chicago-based bank’s shareholders “on or about May 4,” it was announced Monday.
An earlier meeting to vote on the deal scheduled for Dec. 8 was postponed as banks’ shares soared south of the border after the Donald Trump, who has promised to cut banking regulations and the corporate tax rate, was elected president.
TORONTO – Victor Dodig says the strategy at Canadian Imperial Bank of Commerce won’t change when he takes over from departing chief executive Gerry McCaughey on Sept. 15.
And he has some facts to back up that assertion.
While there are often questions about whether an incoming bank CEO will put his or her stamp on the financial services firm based on experience, Mr. Dodig is quick to point out that three-quarters of the bank’s operations are already in wealth management and retail banking — where his experience lies.
Gerry McCaughey, the man who led Canadian Imperial Imperial Bank of Commerce through the financial crisis, is stepping down, effective April 30, 2016.
Mr. McCaughey, who took on his role as chief executive in 2005, delivered the announcement at CIBC’s annual meeting in Montreal on Thursday.
“As I close in on a decade as CEO, I wanted to announce my retirement well in advance of my departure, thus giving CIBC’s board sufficient time to complete its normal succession process, which is now well underway,” said McCaughey.
TORONTO — CIBC says it had $852 million of net income in the fourth quarter, an increase of nearly $100 million from the same time last year.
The Toronto-based bank says the profit amounted to $2.02 per share of earnings, before adjustments.
On an adjusted basis, CIBC’s fourth-quarter profit amounted to $2.04 per share.
Investor's Business Daily - A mortgage broker who secretly recorded 2 friends charged with trying to cover up an insider trading case pleaded guilty to involvement in the $32 mil scheme. Kenneth Robinson admitted to being a middleman funneling information about pending mergers between trader Garrett Bauer and lawyer Matthew Kluger, who allegedly stole the details from law firms where he worked. Kluger and Bauer have not yet entered pleas.