Forum

Broker news forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Notify me of new replies via email
Mortgage Broker News | 11 May 2011, 09:45 AM Agree 0
A rapidly-expanding Dominion Lending Centres is fending off criticism that too much of its growth is the result of brokerages migrating from competing networks.
  • stephen codsi | 11 May 2011, 02:47 AM Agree 0
    We at DLC encourage other top brand mortgage brokerages to increase awareness of the mortgage broker and agent to the general public,
  • Geoff Willis | 11 May 2011, 03:25 AM Agree 0
    Super brokers are angered yet they don't go on record for your article? The only quotes are from DLC. This ends up being good PR for DLC rather than actual news.
  • Sean McDowell | 11 May 2011, 03:51 AM Agree 0
    Great marketing for DLC. All the "super brokerages" do recruiting of some sort, so I can't see any of them being "angered" by it. Jealous? Yes.
  • Mike Averbach | 11 May 2011, 07:18 AM Agree 0
    Love Gary Mauris! That man can sell! Nobody better in this business and I take my hat off to him. We all should. Love him or hate him, he's promoting our industry with every once of energy he has (and he has a lot!) and we should all be thankful. One of our greatest advocates.
  • Julia Krause | 12 May 2011, 03:33 AM Agree 0
    Right from the beginning Gary M. said his mission was to make DLC the 'household name' in the mortgage broker industry. DLC is well on its way there, so he's doing what he said he would do, which is great. But just as with ALL the national brokerage companies in Canada, new brokers aren't getting the help/coaching they need. I've been in the business since 1992, I've trained new brokers across the country. New brokers need more help & training. Without it, they damage the reputation of ALL mortgage brokers. And when it comes to new brokers learning ethical behaviour, learning 'old tricks' from the 'old dogs' is part of the problem! So come on national companies! Step up and provide a full-time paid consultant for your newer brokers to call on for help with their deals. Is that REALLY such a ridiculous, radical, unrealistic idea??
  • Gunther Kaschuba | 12 May 2011, 03:42 AM Agree 0
    Rather than be angered by defections to DLC brokerage houses should take a good look at the DLC business model. They saw this coming but ignored it. If you want to keep good people you have to provide good tools! Too many brokers/agents working for super-brokers are left to their own devises for marketing, business development and education. Along comes DLC and wows the industry with more support than you can imagine to fill those voids. Why would someone not seriously consider making the move? Love him or hate him, Gary Mauris is an strong advocate for the brokerage community. He, through DLC have created a national public awareness that no other mortgage brokerage has ever done. So rather than be angered, lets see which Super Broker will step up to truly compete.
  • Dawn Shantz | 12 May 2011, 03:51 AM Agree 0
    I guess the old saying "If you can't beat um..:)"
    There are very few companies that actually deliver on their promises. DLC are exciting and refreshing and commited to the mortgage broker industry. Keep up the great work!
  • Tammy | 12 May 2011, 03:56 AM Agree 0
    Which Superbrokers are angered? The title of this article would suggest that you would have quotes from these particular superbrokers not just DLC.
  • John Ribalkin- | 12 May 2011, 04:12 AM Agree 0
    Further to Geoff Willis's comments this promotes MBN , in my opinion, as a "gossip rag magazine" than a "source of news".
  • Bonnie Hudson | 12 May 2011, 05:11 AM Agree 0
    DLC is a great franchise to work for. Our franchise was with another super broker prior to DLC and they did not give us half the support that DLC gives us. A lot of tools are given to us so we don't have to invent the wheel.
  • Gord | 12 May 2011, 05:32 AM Agree 0
    This "article" is not news, it's advertising and has no business here.
  • Anonymous | 12 May 2011, 05:54 AM Agree 0
    Rather than complain about their Brokers moving to other companies, why don't they step up to the plate and provide reasons for their brokers to stay? I moved from one "super broker" to DLC and it's made an amazing difference to my business. I have far more resources and benefits available to me through DLC than ever before. Loyalty is not granted, it must be earned and maintained!
  • shannon laszczuk | 12 May 2011, 06:02 AM Agree 0
    strange they were agressively trying to recruit me, and another agent with negative comments about our principal broker I think that the denial of agressively trying to recruit people does not sit well with me.
  • Vittorio | 12 May 2011, 06:07 AM Agree 0
    everybody does things differently, I get the DLC brochure about 4 times a year and their emails at least once a month and they were nice enough to send me present during Christmas. To me that is good tatics when it comes to marketing other groups. I recently received advertising- well all my associate received that advertising stating what DLC offers- good for them because what they were offering as new and unique to the DLC brokers, my group has beening doing it for and improving for over 2 years and it is successful. That allowed my self to let my group know that DLC is learning but we are still well ahead so at this time. I do not need DLC,

    As per their advertising? I like their commercial, I like Don Cherry and it is good for the industry. I just wish that Caamp did something to improve the visiablity of the broker division. They are the ones that should be spending money on tv
  • Bill Wabb, AMP | 12 May 2011, 06:25 AM Agree 0
    If Canadian Brokers/Agents want to be put out of business in the same fashion as American Brokers, then by all means, keep whining and complaining about the loss of 'status quo' while DLC is taking the only approach that will grow our industry; namely, relentless industry promotion.
  • WTF | 12 May 2011, 06:34 AM Agree 0
    I thought CMP was against so called rumours as per some conversations that went on a couple of weeks ago. I do not see this so called news article helping build our industry......just my 2 cents !
  • Calum Ross | 12 May 2011, 06:50 AM Agree 0
    I think it is ridiculous that DLC is having to defend its position on this matter. Every other brokerage firm in Canada is directly or indirectly using the exact same acquisition strategy. The only reason people are getting upset is that generally speaking DLC is executing on this strategy more effectively than others.

    Competition breeds excellence – it is always has and it always will… there would be no competitive threat to the other brokerages if their value proposition were strong enough to withstand outside recruitment. Instead of complaining these other firms should spend the same time and energy on improving – negative sentiments on this just sound like jealousy from where I am sitting.

  • Faye Drope | 12 May 2011, 08:24 AM Agree 0
    I love this industy. Lots of sheep. I considered my choices when I left MI. I wanted to grow my business and work smarter not harder. Example 1) working smarter. My total commission for the month of Apr was approx $26k so with DLC my split would have been approx $3775.00 (90/10 and $125.00 per deal) with verico my split is approx $560.00 that means I can use that $3215.00 for advertising locally for ME not DLC. I already did the building of one national company MI. The second part of my business requirement is 2) grow my business - this is key - MY business Verico lets you do that. If you need an explaination for that then you need to stay where you are.
  • Bob | 12 May 2011, 08:59 AM Agree 0
    Still Laughing!!!!

    I read this aloud to our office! What a riot!

    DLC has tried very aggressively to recruit our entire office from under our principal broker over a period of 8 months.

    Not targeting super brokers? What a joke!
  • Paul Mangion | 12 May 2011, 09:04 AM Agree 0
    I would like to hear more from the unhappy brokers and agents. To show only one side and I know there is another side makes this article sound more like an advertisement than news.
  • Gary is brilliant! | 12 May 2011, 01:06 PM Agree 0
    11 billion divied by 2065 brokers = $5,326,876.51 per broker. After splits your average broker is making $47,900 gross. They agents still have to pay their desk fee, cell ph, telephone and of course Don Cherry's cut. I think you can start at Tim Horton's for close to what the average DLC makes. Way to go!!! PS Timmy's provides a free uniform.
  • Fact Based News Please | 12 May 2011, 02:43 PM Agree 0
    This seems like it was a paid advertisement. There is absolutely no factual information in this article. Who's angry? Where are these figures sourced from? Let's get back to reporting factual news that effects our business please.
  • Gary Mauris | 12 May 2011, 11:55 PM Agree 0
    Hey Faye, how are you? You would of joined as a franchise owner therefore your office split would have been 95/5, so you can cut those numbers in half. Hopefully with our Autopilot media,branding, National advertising, equipment leasing, technology and our commitment to help build consumer awareness in your market-place you would have earned significantly more. I don't believe the lowest priced model is always the best choice. Royal LePage and Remax have a combined marketshare of more than 80 percent,and have attracted the highest producers in Canada and are the two most expensive companies to work for. It isn't what you pay its what you get and how those tools generate leads and make business simpler and more stream lined. There are less expensive models and more expensive models out there. We think we provide great value, and with our industry only penetrating 25 percent of Canadians we believe there is enough room for everyone regardless of what model you are with.
  • disappointed | 13 May 2011, 12:27 AM Agree 0
    I think I need to unsubscribe to this newsletter and deactivate my mag subscription. CMP has changed, my opinion is that the value to the individual Mortgage Broker is disappearing. This is just another example.
  • John Dearin | 13 May 2011, 03:00 AM Agree 0
    VERY INTERESTING! I am constantly amazed at the difference of opinions a group of people can have on one article. We are a diverse group.
  • Promote but don't lie | 13 May 2011, 03:57 AM Agree 0
    I have no problem with DLC or any other super broker for that matter, if they are recruiting on a moral platform. The problem with this article is the light that Gary is shed in, stop the sugar coating of his operations. The comment about not recruiting other associates and brokers is a complete lie. I had a DLC Broker (I am not one) in my office a while back (we are very amicable competitors, and becoming friends). Her exact words were how uncomfortable she is when DLC head office (Gary) mandates that they are to grow their number of associates by trying to "recruit" other brokerage members. It is clear that many of you feel this tactic is smart business. I, and many DLC members, feel this is disgusting. Gary continually refers to competing with the 75% the banks own, then why isn't his focus on recruiting bank mortgage specialists like some of the other super brokers are trying to do. You can't say one thing and do the complete opposite for very long, I know there is a day where Karma gets a little laugh as well. The other thing that is not mentioned is the bullying tactic that is also used.........and don't even try to deny it. I am sure the email/voicemail of your bullying a Broker that decided to join someone other than DLC is still floating around cyber-world, and that voice message is proof of your brutal approach. Talk about unprofessional at it's finest level. And ask the DLC owners who have spent a significant amount of time and money growing their brand in their market only to find out that head office is actively recruiting every other mortgage associate in their area what they think. If I am moving to DLC as a newbie I am happier than hell because the other owner has done my marketing for me..........way to protect your members!

    I can not read anymore of this DLC propoganda, how about a story about some of the real mortgage pioneers in our industry, the people that have been through it for real. Thanks.
  • Concerned Broker | 13 May 2011, 04:57 AM Agree 0
    Very interesting comments!! A lot of new insight. The way I see it is--2065 brokers x $150 per month = $309,750 per month x 12 = $3,717,000 per year in revenue. There is no way he's spending all that money on advertising. Nice little cash cow scam going on there!!! You DLC brokers should get your heads out of your butts for a change.
  • Susssssspicious | 14 May 2011, 01:13 AM Agree 0
    There is no such thing as bad publicity except your own obituary.
    Brendan Behan
    Irish author & dramatist (1923 - 1964)

    Well played Gary.
    ------------------------------------

    Remax IA Fund (advertising fund) is administered by an elected group od Remax Realtors who administer the entire fund for the Realtors. It is all accounted for and reported back to the people making the contribution.
  • A question for Gary Mauris | 19 May 2011, 04:27 AM Agree 0
    Gary, I am a DLC agent. I enjoy working here and give ALL the credit to my broker! I do however have a question for you. Where is that $150 marketing fee going to? Besides the Don Cherry Ad to the public I see lots of ads in the mortgage broker magazines using Don to recruit Mortgage Brokers. Is that where my $150/mth marketing fee is going to? Shouldn't it be going to radio ads, bus shelter ads, print ads - ads directed to the general public and not to recuriting other mortgage brokers? $309,000 a month is a lot of cash - is there any accountability for this?
  • Gary Mauris | 20 May 2011, 06:03 AM Agree 0
    You may go through your franchise owner and have complete reporting on all adfund activity. You can also call me directly at anytime (604-939-8777) to get details. Competitors love to cast rumours, innuendo and doubt rather than build a competitive model. Postyour name on this blog and I will call you personally.
  • Raymond | 24 May 2011, 10:41 AM Agree 0
    Interesting to say that a brokerage does not own a broker. The fact that DLC has muti year contracts tells me two things.
    1- DLC does not believe in its value adds and are the only company to bind someone to such a contract or else turnover would be huge. If the company is all its perceived to be then why does Gary not follow the rest of the industry with 30 day contracts? Why? Because DLC is actively looking to be sold and with these contracts, the assets cannot walk. They must stay with the company. Then what happens?
Post a reply