Mortgage Alliance is now widening the revenue stream of its brokers and agents, winning them GIC referral opportunities with a major lender.
“We believe the opportunity to offer registered and non-registered GICs allow our brokers to support their clients’ interest beyond traditional mortgaging,” Michael Beckette, president and CEO of Mortgage Alliance, said Monday. “Our plan continues to be one that supports our mortgage professionals in a holistic selling approach with the customer.”
Last Thursday, MAC struck an agreement with one of the country’s major alternative lenders extending the network’s more than 2,000 mortgage professionals the opportunity to refer clients for GICs. In the process, they win themselves the kind of alternative revenue stream most industry veterans are now focused on.
“The deposit business provides our brokers with a great new customer touch-point and another revenue opportunity,” reads a statement from MAC, issued Monday. MAC isn’t yet disclosing the lender’s name.
Still, the network is calling the agreement precedent-setting and a win-win situation for broker and client.
“With Canadians seeking a secure way to grow their savings and investments after recent market volatility, Canadian Deposit Insurance covered GIC’s are a popular choice,” writes MAC. “This move will see the 2,000 members of the Mortgage Alliance benefit from some of the $900 billion invested every year by Canadians in the Guaranteed Investment Certificate market.”