​Exclusive: Independents join in coalition

by |

Some of the key points of CIMBC are as follows:
  • The coalition will not serve as a brand. Each independent will carry on business and operate status quo under its own name and business model.
  • Member brokers will required to go through a formal application process, which will be reviewed before membership is approved.
  • Each member broker must follow the coalition’s constitution and by-laws, 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.
  • Through the introduction of ancillary products under each member broker’s own brand, opportunities for higher revenue streams will be available. These products will each build real monetary value for each member, creating a solid tangible asset in their business.
  • CIMBC will introduce education programs that will focus on how to operate a more efficient business, along with courses for agents focusing on relationship building with both clients and lenders, as well as business development and product knowledge.
  • Introduction of a grievance process through CIMBC, targeting a 30 day resolution for all members and lender partners.
"We are excited about CIMBC's ability to generate impactful change by leveraging our combined influence and strength to produce a more sustainable environment for our lending partners,” Mike Hall of Oriana Financial Group of Canada Ltd. said. “The entrepreneurial and efficient focused membership, can create a difference through innovative processes and systems that will create positive change for the industry.”

To learn more about the coalition, they can be reached by email.

read more > 1 2

  • M. Robertson on 2014-11-21 3:32:21 PM

    Isn't that in reality what Axiom and other "co-operatives" started out as?

  • Victor Simone on 2014-11-21 4:20:12 PM

    I think there is a place in the independent brokerage community for another voice at the table. Mr. Babber at the table surely makes me feel alot better about the independent channel moving forward. Godspeed.

  • Ron Butler on 2014-11-21 4:55:20 PM

    I want to congratulate all of those involved in The Coalition. 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.

  • John Bargis on 2014-11-21 5:01:53 PM

    Thank you for your congratulatory posting Ron. I'm sure I speak for all of us when I say your comments mean a lot.

  • Jerry Quigley on 2014-11-21 5:31:12 PM

    Nice to see brokers talking in terms of lender partners rather than bitching about their partners. Happy marriages don't just happen.

  • Sam Rizzo on 2014-11-21 6:29:26 PM

    Congratulations! There's a wealth of knowledge and experience forming this Coalition!
    We have all benefited from your individual contributions to the Mortgage Broker Channel.
    I'm sure the new synergy of the Coalition will continue to raise the bar in this great industry that provides Canadians with the service and choices they deserve!

  • John Bargis on 2014-11-21 6:33:04 PM

    Thank you for your support Sam. Much appreciated.

  • bruce davison on 2014-11-21 7:22:17 PM

    always great to see people come together for "meaningful new ideas regarding improved best practices "
    good success

  • Nikki Taddeo on 2014-11-22 6:31:15 AM

    I am thrilled and so very proud of this Coalition. I am honoured to be part of Mortgage Edge and the Broker industry. Mortgage Edge has always been and always will be a group of agents joined together by mutual respect for one another and of the industry it represents. By forming this Coalition, we gain leverage, we improve our negotiating power. We harness resouces and band together to create a far louder voice. Great days ahead!

  • Victor Simone on 2014-11-23 8:15:12 AM

    I hope the CIMBC will allow only independent mortgage brokerages to join this group. Having lenders sitting on the board of this organization or attending meetings would hurt the spirit of the coalition, imo.

  • John Bargis on 2014-11-23 10:59:40 AM

    Hi Victor....

    Thank you for you supportive commentary...Just to clarify, this is not an association meant to replace those already in existence.

    Further, our lenders are very much our partners in this industry, and the coalition's intent is to strengthen the relationship with them, and bring it to a whole new level that will benefit the industry as a whole.

  • D Donaldson on 2014-11-23 5:22:10 PM

    Just a bunch of brokers who could not handle it on their own and need each other to keep themselves going in a competitive market. Good thing? Maybe. Bad? Perhaps.

  • John Bargis on 2014-11-23 6:04:21 PM

    Mr. Donaldson....

    Your comment shows how little you understand about independence, and the successes of the member firms under each of their independent brands.

    If you feel you need network support for your firm, please continue in that space. There's room for everyone.

  • The Real Drew Donaldson on 2014-11-27 4:04:11 PM

    For the record, i did not write that comment below. Mortgage Broker News I give you full permission to track the IP address and I can have my Legal Counsel take it from there. People hiding behind a computer screen with fake names have no place on this forum. As for the Coalition, I have a lot of respect for all of the Brokerages involved and I wish them nothing but the best on this new initiative. Partnerships take a lot of hard work, give/take, trust, along with proper communication. Either way you slice this they are now full Partners with each other moving forward which I am sure they are aware of. Innovation and change in our industry is welcomed by me and for that I applaud their decision and chosen path they have decided to take for themselves. Congrats to all of you and best of luck moving forward!

Broker news forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Name (required)
Comment (required)
By submitting, I agree to the Terms & Conditions