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Mortgage Broker News | 13 Aug 2013, 12:00 AM Agree 0
With several brokers holding shares in the new parent company of MonCana, many are calling it Canada’s first broker-owned bank – something exciting brokers from one end of the country to the next.
  • Ken Reinhardt, Port Perry, ON | 13 Aug 2013, 10:52 AM Agree 0
    Congratulations to All Involved !
  • Gale Tracey AMP, Mortgage Architects | 13 Aug 2013, 10:53 AM Agree 0
    Congratulations Peter you are and continue to be an inspiration to us all in the industry for your ground breaking continuous innovation to take your business to the next level!! Mortgage Architects is lucky to have you on our team!
  • Wane Davis | 13 Aug 2013, 11:37 AM Agree 0
    No surprise that Peter is involved in a game changer...his own business model thrives on maximizing opportunities generated from a steady stream of client referrals from both his MA and CFFC sides of the office. He and Andre have mastered the use of social media...are innovators and strategic thinkers. Cheers Peter and Andre!
  • Peter J White - National President & CEO FBAA | 13 Aug 2013, 01:21 PM Agree 0
    Hi Canada, I run the peak national finance broker body in Australia (www.fbaa.com.au) with our national office based in Brisbane, Queensland Australia. I'd like to add a couple of comments on this. Firstly I loudly applaud the undertakings of this initiative and it merits, and can be very financially rewarding. But here it hasn't been all clear sailing with Bank of Queensland / BoQ (it's correct name) and there were many issues which resulted in a class-action by the branch franchisees against the bank and many collapsed. A lot of branch franchises were not bought by brokers which in my view didn't help. But that said it's a great idea, please learn from the hard lessons learnt here on this as BoQ certainly is not a broker owned bank - but personally I wish it was.
    My contact if you want to reach me for more details on this or other matters here in Australia is president@fbaa.com.au
    Go hard Canada and make this a great broker-owned bank !
  • John Bargis, Mortgage Edge | 13 Aug 2013, 02:18 PM Agree 0
    Am I missing something here?....How does ownership have any relevance?....The bottom line is that if the concept is good, and it improves and strengthens the broker industry at large, then it has a greater chance of success since the market is likely to embrace it.....Just because a few brokers have invested their own funds in CFF, doesn't mean the model will necessarily work if the stars don't align.
  • BC Broker | 13 Aug 2013, 02:48 PM Agree 0
    I think that this is a great concept and one that certainly has potential. I do agree however that it is premature to be calling it a broker owned bank.

    I have stocks in four of the big five banks, as well as several other companies, including a few of the monoline lenders - so technically I too am an owner of those companies.

    To own shares in a company gives you input, but unless you are a significant majority holder you have limited input into the operation of the company.

    No matter what any person may think, this company - like all companies - will look to the bottom line first. It is all about profitability and the return to shareholders, the model will change according to thos two factors.

    It's great to see this happening in the industry - but let's not get ahead of ourselves.
  • Walid Hammami | 13 Aug 2013, 10:15 PM Agree 0
    Guys, this is the future of our industry, we need to own lenders, we need to have some that are not competing against us with their own sales force or their calling center. I also applaud First national for their new program: when they get a call from a prospect they refer him to a mortgage broker they deal with.
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