DLC acquires MCC

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Dominion Lending Centres has acquired ownership of The Mortgage Centre, marking CIBC's absolute retreat from the broker channel.

"We are very excited with this purchase as it further demonstrates DLC's long-term commitment to the Canadian mortgage brokering channel," writes Gary Mauris in an email sent to the network's members. "It also solidly positions DLC as the clear leader in origination, the number of mortgage professionals and the number of locations coast to coast."

The release comes after several MortgageBrokerNews.ca sources confirmed that the network had indeed moved to buy its competitor, sending out an email to its network Thursday. DLC is pledging to maintain MCC as a separate entity.

The move, for an undisclosed amount, ends weeks of speculation and ends what MortgageBrokerNews.ca learned earlier this month was a competitive bidding process. It also further strengthens the hand of DLC in its bid to grow market share.

Click HERE for MortgageBrokerNews.ca's one-on-one interview with Gary Mauris on the MCC deal.

 

  • John Dearin on 2013-06-13 11:22:52 AM

    Well, I was expecting a news release on GIC's and other investments, but WOW!!

  • @kiltedbroker on 2013-06-13 11:26:51 AM

    This is a big deal - I wonder how many of the existing MCC offices will be with Dominion at the end of the year! Something to watch anyway!

    Congrats to DLC on continuing to make big moves!

  • David Neville on 2013-06-13 11:31:17 AM

    Congrats to DLC. They have acquired a stellar brand that has great professionals working with them. Job well done!

  • Kent Farnsworth, Meridian Simply Mortgages on 2013-06-13 11:38:06 AM

    Yep, this is big. Good for DLC, and good riddance to CIBC.

  • Cory on 2013-06-13 11:44:41 AM

    Good to see the MCC brand stay within the Broker Industry as opposed to being purchased by someone who can quickly become a competitor. Nice acquisition.

  • Ron Butler on 2013-06-13 12:05:19 PM

    Congrats to Gary who is consistently the guy who is willing to step up, take a risk and write a big cheque to grow his business.

    A shout out to the group of people who are the most responsible for making this sale happen (other than the group of some of very best brokers in this country who make up MCC) : Eddy Cocciollo and his small but superb staff at MCC Head Office.

    Eddy and his crew brought MCC through the Firstline debacle and they retained some incredible mortgage brokers who could have fled when their contracts were up, but wait there's more, they GREW their business and quietly ADDED some of the very best brokerages in Canada in the last 12 months.

    Hats off to Eddy and his team and here's hoping they all are in a good place today because they did a fantastic job.

  • AL on 2013-06-13 1:54:42 PM

    Good news and bad news, good is we no longer have to keep saying no thanks DLC we are not interested in joining you.
    Bad news is we are now DLC(for now)

    kinda surprises me that this went thru when you consider that we have all been approached by DLC over and over again and even when offered money have said no thanks, so now we who wanted nothing to do with DLC are now bought by DLC. Welcome to the family!?!? Good riddance to CIBC, they were useless and did not support mortgage brokers contrary to the BS that we would hear, writing was on the wall when they purposely ran Firstline in to the ground and shuttered them. Whatever the price Gary has paid I am sure that it will be somehow based on MCC retention and in the end I am guessing it will not be that much.
    Bitter much? Yes and that is just my opinion so take it for what its worth.

  • Joe the Broker on 2013-06-13 1:57:10 PM

    Now if the DLC car salesman guy would stop calling me , that would be great!

  • Ron Butler on 2013-06-13 2:04:09 PM

    Al, you make a good point but I have it from a very reliable source that there is ZERO chargeback to CIBC if MCC brokerages and agents leave. My understanding is an all cash deal with no retention claw backs of any kind.

  • AL on 2013-06-13 2:38:09 PM

    Another thought is, has Gary purchased MCC with the 195ish dollar a month DLC advertizing fund? I have heard Some grumbling that there are some who are not happy with Gary because they believe not all of those funds are going to Advertizing and that Gary is using it to grow his side of the business. I have no idea if this is a fact or false but I wonder if some in the DLC franchises will be unhappy with this move and ask Gary where the funds came from. Just a thought.

  • Kent Farnsworth, Meridian Simply Mortgages on 2013-06-13 2:58:41 PM

    I don't know about the bigger, more prosperous provinces but here in NB there is no local radio adds, tv, billboards etc. Personally I think anyone with DLC around here is nuts because people in this area wouldn't know Invis from DLC. I gave DLC some serious thought at one time, but I can't see me paying that money for basically nothing. It leaves me wondering if the Mortgage Centre agents are going to be expected to pay this add fund. It could leave some brokerages like mine with a shot of picking up some of these unhappy Mortgage Centre agents..

  • Happy DLC broker in T O on 2013-06-14 3:48:13 AM

    Congratulations to Gary on another bold move and the vision of growing the broker network's presence and market share with visibility and numbers. And please no more whiners about a paltry monthly marketing fee that provides such great tools( website , auto email system, media exposure and more!), if only the entire broker industry was smart enough to invest in itself in such a manner! Just work a tiny bit harder/smarter and close one extra deal a year and you'll have it covered! Great concept and proof is the growing DLC numbers.
    Now more than ever our industry needs strength and the stronger the leader is, the better for us all. Good luck DLC and keep reaching!

  • darick.ca on 2013-06-14 5:19:44 AM

    Don't kid yourself Joe Broker if you think you are not a car salesman too.
    Our business is about selling, building relationships, listening to our client and providing them with what makes sense. Sounds like sales to me. Car or otherwise. Gary happens to be the best at it.
    As far as the National marketing fund; it is just that, a NATIONAL, not LOCAL marketing fund. Stop whining and spend some of your own money locally. This is the way it was designed to work with national and local complimenting each other. Have you checked out the DLC local sports campaign? DLC will chip in money to help support your local sports team. Get on with it.

    MCC has some of the best agents and brokers in the Country. TH and LF to name two... I am proud to be associated with them and excited about the opportunities this will provide to the industry as a whole.

    No big loss with CIBG. They were never competitive to begin with and probably did not do more than 1% of the MCC.

  • Annie on 2013-06-14 9:15:49 AM

    Most realtors today cannot afford desk fees .
    Economic upheaval; depending on locale.
    But someone has to pay for DLC Website staff.

  • Annie on 2013-06-14 9:15:54 AM

    Most realtors today cannot afford desk fees .
    Economic upheaval; depending on locale.
    But someone has to pay for DLC Website staff.

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