MCC brand will continue, says DLC’s Mauris

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Dominion Lending Centres’ purchase of The Mortgage Centre (MCC) from CIBC represents “a commitment to the mortgage broker space,” says DLC president Gary Mauris.
“There’s a real opportunity here for us,” says Mauris. “We’ve spent a ton of money buying MCC, and we’re gonna put a lot more money into it. We’re gonna knock this one out of the park.”
Mauris told that MCC will continue to operate as an independent brand, and this purchase will not affect the day-to-day operations of MCC or DLC.
“This gives us just under $20 billion in collective volume,” he said. “DLC already has a strong presence throughout Canada, and now with MCC, it gives us an even stronger market share.”
MCC is an iconic Canadian brand consisting of 90 franchises operating out of 160 locations across the country with 1,133 mortgage professionals. In 2012, MCC successfully funded more than $6.9 billion in mortgage volume. 
Everyone currently working at MCC will be offered their position, Mauris says, and he's eager to implement his vision for a new white-label product, CRM program and website.
“We have already met with the MCC team this morning and are working to keep the MCC head office team intact going forward,” says Mauris. “The ongoing support of (MCC) agents isn’t owed to us; we’re going to earn that respect.” 
DLC’s negotiations for the purchase of MCC began in early March, after CIBC signalled it was focusing on in-house reps and potentially a more profitable mortgage business. The big bank had closed up shop on its broker lending arm FirstLine last year.
When rumours began swirling around the potential sale of MCC a few weeks ago, Radius Financial (Pacific Mortgage Group) had been cited as the company looking to purchase, along with DLC.
For Mauris, the purchase of MCC was worth every penny – even if the pricetag was more than he had expected.
“We probably overpaid for it,” says Mauris, “but that represents what the MCC brand means to us. MCC runs a really, really good group of quality owners, and we are very happy to have them on board.”
  • Ron Price/DLC on 2013-06-13 1:38:17 PM

    What to go Gary!

  • Cory on 2013-06-14 10:04:22 AM

    Anyone else notice a marked change is Mauris' public moments? In the past he would have been on here ramming the thought down everyone's throat that DLC was the only company that could have done this, or that they were the biggest, best, etc. Leopards can't change spots, but they can hire publicists. I think the acquisition of MCC is great on many levels, but what is greater is the refreshing approach he has taken to this point.

  • MortgageMan on 2013-06-14 10:13:40 AM

    I don't know about giving it the "iconic brand in Canada" label...

  • Frank - Ontario on 2013-06-14 11:34:34 AM

    I find it interesting that they have "$20 Billion" in volume... Makes it sound like they are worth that much..
    Unless they have lent out $20 billion of their own money, they have nothing... The volume belongs to the lenders...

  • Steve on 2013-06-19 10:50:40 AM

    Gary and DLC People can spin this in anyway they like but here are the Facts:

    DLC is 95-5% plus Monthly Advertising & 7 year commitment
    MCC is 98-2% No Advertising and only 5 year commitment.

    SO will Gary Run 2 separate brands for next 2-3 years? I highly doubt that! Because if I am a DLC franchise owner will request to move to MCC and get 98% Split and don't pay any advertising!

    If I am a MCC franchise why would I go down on my pay and get 95-5 plus pay monthly advertising payments?

    The Word on the Street was that DLC offering all MCC franchises signing bonuses to join his company. So if you were a $200 Million Franchise, you would get a $200,000 Signing bonus but you need to sign a 7 year deal, now those MCC franchises are free agents! they didn't get anything and CIBC got that money. If I am a MCC franchise why wouldn't I go to Verico, Mortgage Architects or Alliance and get a signing bonus anyway?

    I fully expect that there will be many changes coming to MCC and their business model but for now Gary and DLC is doing a good job calming these people up!

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