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VERICO: Rumours of my death have ...

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Mortgage Broker News | 29 Feb 2012, 09:58 AM Agree 0
It's the broker equivalent of turning lemons into lemonade, with VERICO using rumours about its sale to a competing network to bring an expanding membership even closer.
  • R. U. Serious? | 01 Mar 2012, 06:15 AM Agree 0
    Talk about the pot calling the kettle black. If I had a dime for the number of times I've had a VERICO rep call me saying that other "nationals" were up for sale, I wouldn't have to do mortgages anymore. Does Colin need a soother? It's amazing that he only complains when the "brokerage" rumoured to be up for sale is his.

    The fact that he felt the need to send a letter to his entire network to quash it simply adds fuel to the rumour that they are for sale. Why else would you feel the need to deny it if it weren't close to the truth? Sounds like he's trying to preserve what he has to keep the sale price as high as he can...

    Let's face it, Verico doesn't provide any value other than aggregation for volume bounus, and we all know where THAT's headed in our industry...if he doesn't sell now, he'll have nothing to show for his efforts. Better to stay independent or join a national that adds value to your business other than just volume bonus.
  • AMP Broker | 01 Mar 2012, 08:02 AM Agree 0
    Lets face it, everything is for sale at the right price. All the big nationals are essentially aggregators and the model is in trouble because of the lack of value added they bring.
    They need to learn to make it on the VB they get from lenders for being aggregators, not on the 5% they take off the brokers. Way Way too expensive.
  • Re: r u serious | 01 Mar 2012, 03:48 PM Agree 0
    Wow. Themselves string words from an anonymous guy. Can't agree with all of it. Or any of it really. Last I heard Verico was growing faster than anyone else and the biggest in Canada. Must be some reason why a lot of good brokers are joining them and none leave. I've been with my broker for ten years and I'm not switching teams unless he does. But if we did. Colin would be our first phone call too. Reputation still counts in this industry anonymous. Protecting yours I see ;)
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