Dominion Lending Centres
wants to make one thing perfectly clear: MCC employees will not be subject to the same fees as their DLC
counterparts – including the ad fund.
“The Mortgage Centre will continue to pay any admin fees they paid in their original agreements with CIBC,” says Cindy Freiman, the director of public relations and communications with DLC
. “They will not be subject to the same fees as DLC
since, as (DLC
president) Gary (Mauris) said, they are being run as two separate companies.”
Ever since the purchase by DLC
of MCC was announced, brokers have been buzzing about what the future holds for employees of both companies.
One East Coast broker – although calling DLC
’s purchase a good move – fears the marriage could hit the rocks if DLC
moved at some future date to standardize fees across networks. Still, says Kent Farnsworth, owner of Meridian Simply Mortgages in Saint John, NB, DLC
will have to work hard to ensure MCC agents are seen to be paying their fair share in terms of fee.
At the time of the announcement
, Mauris told MortgageBrokerNews.ca that MCC would continue to operate as an independent brand, vowing that the purchase would not affect the day-to-day operations of MCC or DLC
– pointing out that with the addition of MCC, “it gives us an even stronger market share.”