The channel lender announced its sale to the Montreal-based M3 Mortgage Group Thursday.
“We believe that the time is right in the industry for positive consolidations that result in the necessary scale to provide VERICO Members with access to superior financial products, technology, and customer acquisition & retention advantages,” Colin Dreyer
, CEO of VERICO, said. “The network is unique in that each member firm is an independently owned and operated mortgage brokerage business operating under their own brand.
“Consequently, this acquisition will have no direct impact on the network or any of the member firms. In addition, the VERICO brand, management team, systems, and network agreements remain in place.”
No sale price was revealed.
M3 has become a major player in the Canadian residential mortgage industry; this latest acquisition follows prior purchases of Invis and Mortgage Intelligence
, Multi-Prêts, and Mortgage Alliance
“Today’s announcement is a game changer for us, our brokers and the families we seek to serve, because it gives us the scale and scope to truly transform the home financing space in Canada,” Luc Bernard, President & CEO, The M3 Mortgage Group, said. “Expanding our role as the biggest servicer and mortgage originator in Canada is significant on its own, but having the strategic vision to sustain our growth is key. To have a great organization like VERICO decide to join forces with us, affirms that our appetite for innovation and approach to risk is a winning strategy that will thrive in the attractive home financing space for decades to come.”
VERICO originated more than $16 billion in mortgages last year.