Brokers are gaining an extra revenue stream with an unsecured credit card program Dominion Lending Centres is ready to drop next month, according to the mortgage broker network.
“Our Visa credit card program is a wonderful incentive for both brokers and their clients,” DLC President Gary Mauris told MortgageBrokerNews.ca. “The cards offer user very competitive rates and our brokers earn residual incomes in perpetuity.”
The program will officially launch in November and allow DLC brokers to offer past and current clients exclusive DLC-branded Visa cards, Mauris said. He’s not prepared to divulge exact details on broker remuneration.
With the slowing housing market, many brokers have been seeking alternative revenues sources. For instance, some broker networks are offering income-generating programs such as GIC referral opportunities, while other brokers have ventured into cross-selling other financial services. Some lenders are also tweaking their compensation programs to attract more brokers.
The DLC program aims to provide brokers with a high-value marketing tool that serves as an additional revenues stream as well, he said.
“This is our way of providing brokers/owners and agents a viable cross selling program and a client retention tool that offers an opportunity to cultivate a deeper relationship with their client,” Mauris said. “Every time that client pulls out this card from the wallet, he or she will see that DLC label.”
The exclusive program inked with Visa is the mortgage industry’s first unsecured credit card program, according to the DLC chief. Classic, Low Rate, No Fee, Student and Travel cards are included in the program.
Eligible brokers will be given full training and support to handle the handle the distribution of the cards and will also earn special agent Visa BONUS Dollars, according to DLC.