Effective end of business day July 31st, 2012 Firstline Mortgages is closing down operations. Firstline has been signaling an exit from the mortgage broker channel for some time starting with the elimination of Stated Income Programs for the Self Employed. FirstLine which is a division of CIBC, was put up for sale earlier this year but failed to obtain a buyer.
What does this mean for existing FirstLine clients?
Existing FirstLine Mortgages held by clients are not affected by this announcement. The terms of their existing mortgages such as payment amount, interest rate, etc. will remain unchanged until renewal. Firstline has made it clear that clients will receive further information about their mortgage in advance of renewal, and will have renewal options available to them.