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June 11, 2012

We have received a couple of calls of late from clients who currently have their mortgage with FirstLine.

FirstLine is the broker channel marketing arm of CIBC. In their 2nd Quarter News Release CIBC announced:

“We continue to explore strategic options, including a potential sale, of our broker mortgage brand called FirstLine. This strategic direction is consistent with Retail and Business Banking’s client-centric strategy, which has now put greater emphasis on branch mortgage originations.”

The bank announced that it plans to get out of selling mortgages through brokers in hopes of increasing mortgage volume through their branch network. This is an attempt on CIBC’s part to increase their profit. Their belief is, by reducing consumers options and making them use the CIBC branch network, CIBC will not only be able to sell consumers higher posted rate mortgages but also additional products such as credit cards, RRSPs, etc. which makes banks like CIBC more money.

Ultimately, CIBC has fallen into the same trap that BMO did before them, the belief that the only way to increase a bank’s bottom line is NOT to focus on increasing your (the consumer’s) bottom line but their own. When bank’s fail to profit by entering other markets, they always return to the domestic market to leverage squeezing more profit out of Canadians. We pay for their mistakes!

Here is the bottom line regarding the changes at FirstLine:

• If you currently have your mortgage with FirstLine, the only change you might see in your mortgage is the piece of paper your monthly statement is written on, NOTHING ELSE.

• You may eventually receive a call from CIBC looking to cross sell you additional services or in advance of your mortgage renewal.

NOT TO WORRY – MONSTERMORTGAGE.CA HAS YOUR BACK! will continue to work to keep you informed about your mortgage options so that you can continue to become mortgage free faster! will continue to work to keep you informed about your mortgage options so that you can continue to become mortgage free faster!

If your mortgage is coming up for renewal, continues to have access to over 25 different lenders in the market place all willing and able to provide you with the best mortgage rate, terms and conditions possible.

Your Mortgage Agent is available to answer your questions about your renewal, you refinancing options or your new home purchase.

As President of I would be remiss not to mention that this announcement provides all of us with an opportunity to remember that when it comes to contributing to your bottom line: