Invis/Mortgage Intelligence is now rolling out its “Partner Mortgage” across the country, that step coming at the tail-end of a five-month pilot.
“We were blown away,” network president Stan Falkowski said. “In the first few months and with a limited number of brokers on the pilot, we approved and committed close to $200 million in mortgage volume, which surpassed our commitment target by almost 200 per cent. “Our pilot for Partner Mortgage exceeded every expectation and did so in every measure.”
Falkowski is chalking up that success to the way the product was designed as well as several key differentiators, including an automatic fee at renewal. There is no retention team, and no control issues over ownership of the client, said Falkowski, and all brokers receive platinum rates from their first deal.
“This isn’t a white-label mortgage,” he said. “Partner is not a copy of an existing lender’s mortgage; it was developed for us and with our involvement.”
Part of that formula is rate competitiveness. While brokers found it tough competing against BMO’s 2.99, said Falkowski, “Partner was able to match that rate, and had all the frills.”
Partner Mortgage is only available at Invis and Mortgage Intelligence.
Invis/MI introduced the mortgage, exclusive to its agents and brokers, last November. It hasn’t yet revealed what company CFO Cameron Strong called his “blue-chip” funders.
The national offering comes at a time when super brokers face increasing competition to retain and grow their broker numbers. The product’s penetration should also be helped along by its compensation structure, said Strong.
“Our job is to continuously pursue excellent options and the best range of choice,” said Falkowski. "We also remain deeply committed to supporting our key lender partners and our WealthLine white label mortgage. We value all of those relationships."