Upfront payment and trailer fees are some of the benefits provided by Dominion Lending Centres' Dominion Mortgage white-label product line which the broker network recently launched in Quebec.
“This is a great way for brokers to diversify their income stream,” said Gary Mauris, DLC president. “It’s the only commission structure that pays a finder’s fee and a trailer fee for the remainder of the amortization.”
“The product line offers a very competitive interest rate at 3.14 per cent on 1 – 5 year mortgages and is very flexible payment,” said Robert Perrier, provincial sales manager for DLC. “We also support our brokers with renewal fees of up to 20 bps and trailer fees up to 15 bps.”
DLC has been providing exclusively to DLC agents in other provinces a suite of white label products backed by Paradigm Quest since 2008. The Dominion Mortgage white label product line was launched in Quebec last week as part of a series of measures the broker network is conducting following its entry into the province last October.
While DLC is partnering with Paradigm, the company “is not affiliated or compensated by DLC,” said Cynthia Kramer, corporate account manager for DLC.
“Paradigm’s role is to provide an independent assessment of credit quality and to facilitate the mortgage process,” she said. “The company does not directly fund Dominion Mortgage but does so through a number of capital market institutional investors who participate in the mortgage-backed securities program managed by CMHC.”