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.