National Bank shutting out independent brokers

Independent brokers will no longer have access to mortgages from National Bank of Canada from next Friday according to a media report.

The Globe and Mail reports that the bank says it is “changing the operating model” by offering its products through deals with third-parties such as Paradigm Quest Inc.

That means that brokers working under the MERIX Financial brand should still have access to National Bank’s mortgages but independents will not.

The move is intended to make the bank’s mortgage business “more efficient” spokesman Claude Breton told the Globe and Mail.

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