Brokers comment on acquisition

Brokers comment on acquisition

Brokers comment on acquisition It was another feather added to the cap of the country’s largest network, one that industry professions are saying points to the strength of the industry.

Dominion Lending Centres acquisition of Mortgage Architects “is good for us; it gives us a bigger presence in the industry and more clout with lenders,” Walter Faria, a mortgage agent with Mortgage Architects, told MortgageBrokerNews.ca. “It’s nice that we now have the backing of DLC.”

The broker network announced the acquisition of Mortgage Architects early Monday morning. The deal was finalized on New Year’s Eve 2015.

DLC claims it now boasts close to 40% market share, with a combined $32 billion in annual mortgage volume. It also claims it is now the largest mortgage originator in the country, ahead of all other networks and major banks.

That chunk of market share is made up of Dominion Lending Centres brokers, Mortgage Centre brokers, and Mortgage Architects brokers.

And it isn’t just MA players who hare applauding the biggest acquisition the industry has seen in years.

“Congrats to Gary (Mauris) and (DLC founder) Chris (Kayat); these two gentlemen know the best way to prove you really are committed to an industry is to write a big cheque,” Ron Butler, a Verico broker, wrote in response to the original news story. “They have purchased a great company with a fantastic group of agents and brokers.

“Betting big on the future of the mortgage brokerage business is a huge complement to all of us who help clients with their home financings every day.”
8 Comments
  • Blair Goodman 2016-01-05 9:58:30 AM
    With this acquisition DLC will be positioned to add further value to the consumer and the mortgage brokers within it's organization. This could truly be a paradigm shift for the entire industry given the shear volume of transactions. How will the big 5 react now?
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  • Bob 2016-01-05 10:13:44 AM
    I left DLC a few years back, as I didn't agree with their vision or business practices. I now find my new year starting looking for a new company. Sometimes less is more.
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  • James 2016-01-05 11:51:23 AM
    I get your point Bob. There is a right way to do things. A point DLC sometimes misses. It isn't always about size and money. Sometimes its about having a conscious and being able to look in the mirror.
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