Who’s afraid of the Parti Quebecois? Certainly not Dominion Lending Centres. In fact, while speculation abounds that the PQ triumph could be bad for business, the broker network is projecting growth for its relatively new operation in the province.
“I don’t see the PQ having any impact on DLC,” said Robert Perrier, provincial sales manager for Quebec. “In fact, we’re well on track for our targeted $1 billion in volume by the end of December and are gunning for $2 billion in 2013.”
The new government of Premier Pauline Marois does not worry him as much as the chilling effect caused by the mortgage rule changes made in July, Perrier told MortgageBrokerNews.ca.
“Quebec does not drive the mortgage industry Ottawa does,” he said. “We are not worried of Mme. Marois as we are of decisions that brought the mortgage rule changes like the new LTV ratios that nearly killed business.”
Veterans of Quebec brokering have also argued professionals outside the province have had a tough go of it, competing with established players who have established broker-lender relationships.
While DLC’s Quebec operations launched only last year, according to its sales manager the firm is already thriving in the province.
The broker network started in Quebec with a single franchise, six mortgage professionals and $90 million in funded volume, Perrier said.
Today, DLC has six franchise offices and 50 brokers contributing $700 million in volume.
“More brokers want in,” said Perrier “I currently have 15 broker reps from various local banks who want to join our organization.”