Brokers react to Coalition launch

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Brokers across the channel are welcoming the development of a coalition of independent brokers as a way of further deepening the marketplace.

“I want to congratulate all of those involved in The Coalition,” says broker Ron Butler, with Verico Butler Mortgage. “This group of brokerage owners represent some of the finest people and most successful brokerage owners in this business; they have vision, ability and vast experience and I think this is going to be a big success.”

The reaction represents the majority of comments being posted to an MortgageBrokerNews.ca article breaking news of the partnership last week.

The Coalition of Independent Mortgage Brokers of Canada (CIMBC) includes CLN Mortgages, MonsterMortgage.ca, Mortgage Edge, Oriana Financial Group, Taurus Mortgage Capital and Intellichoice Mortgage.

"We realized that to initiate meaningful new ideas regarding improved best practices which would serve to strengthen partnerships, we could not rely on the efforts of each of our companies alone,” Raj Babber, member broker of CLN Mortgages said. "Rather our coordinated efforts to best leverage our origination power for positive change, and support from other successful like-minded independent mortgage brokerages in our industry, would help create the scale necessary to elevate our industry to a higher level of standard."

The coalition will not serve as a brand, but rather each independent will carry on business and operate status quo under its own name and business model. Member brokers will, however, be required to go through a formal application process, which will be reviewed before membership is approved.

Each must follow the coalition’s constitution and bylaws, and agree to its governance, which will be enforced by an appointed Advisory Board.
CIMBC will work with its lender partners to reduce their origination costs by introducing innovative technology and software that will enhance the lender, broker/agent, and client experience. The technology will assist members to achieve minimum funding ratio benchmarks more effectively, which would lead to enhanced revenues, by improving profitability for its lender partners.

“It’s always great to see people come together for ‘meaningful new ideas regarding improved best practices,’” said another broker Bruce Davison, commenting on the MortgageBrokerNews.ca article.
 

 
  • Dave on 2014-11-24 3:01:28 PM

    Maybe this coalition can do what CAAMP has failed to do since day one, promote brokers properly , level the playing field with the bank branches who are avoiding B20 rules and get our market share up. Wishing CIMBC all the best !

  • Bill on 2014-11-24 5:59:45 PM

    True, bunch of incompetent freeloaders. Some brokerages made the affiliation conditional on membership. I wish them all the best too, but without me.

  • Sue on 2014-11-24 9:02:48 PM

    Well this all sounds really positive. Let's see if we see any changes?

  • @kiltedbroker on 2014-11-25 12:38:10 PM

    I am very excited to see where this goes. All the best guys!

  • Keith on 2014-11-27 11:31:49 AM

    After just being at CAAMP this should be an interesting thing to watch. I wonder if they will get publicly attacked the way a certain blue brand likes to do it... I was told on more than one occasion that the brand I was with was crap and I should just join them... I was also told that eventually they would be the only brokerage in Canada. The arrogance of DLC never ceases to amaze me.

  • Liz on 2014-11-27 11:37:19 AM

    I wish our industry could focus on improvement and raising public awareness rather than constantly competing with other networks and putting each other down. This type of behavior makes us all look bad. I, too, have been approached to make moves based on threats, arrogance, false promises etc. One thing that I do like about this announcement is the fact that there are so many secret deals out there that so many do not know about it. You don't think that DLC at the corporate level isn't lining their pockets every which way they can?

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