Broker Financial Group (BFG) and Real Mortgage Associates (RMA) announced the agreement Monday. Both will take an ownership positions in the another.
“[The deal] allows a young organization like BFG to leverage the expertise and strong management structure of RMA,” Joe Rosati, CEO of BFG, said. “It also allows us to grow our trajectory in Ontario with an established and respected organization that has a large presence in Southwestern Ontario.”
Broker Financial Group is the industry’s newest network. It has seen impressive growth since its inception a little over a year ago.
“RMA has a solid group of mortgage brokers with a reputation for delivering high quality, mortgage volumes. Their business model attracts some of the best of the best in the broker industry and we are extremely happy to be partnering up with them,” Jason Singh, president of BFG, said.
"Both BFG and RMA strongly believe that their success going forward will be in their ability to provide their brokers with technology solutions and additional revenue generating opportunities,” Singh continued. “The tools that every broker needs to attract new business and manage existing sources will be available through this union.”
Both companies will continue to operate independently.
For its part, RMA noted access BFG’s proprietary technology as one of the advantages its brokers will gain through the deal.
“The new breed of brokers from the millennial generation need technology with comprehensive capabilities to build their business,” David Yuzpe, President of RMA, said. “A partnership with BFG gives RMA access to their proprietary technology (Scarlett) that is vital to the future growth of our organizations.”
The mortgage broker industry has undergone drastic changes in the past 12 months.
Along with the aforementioned founding of Broker Financial Group and, indeed this partnership, one of its major competitors, Dominion Lending Centres
purchased the Mortgage Architects