MortgageBrokerNews.ca has learned that Pacific Mortgage Group will fold MortgageBrokers.com into the Mortgage Architects brand, the parent company pledging to complete that merger by next spring.
In a letter sent last week to broker-partners via email, MortgageBrokers.com President Dan Putnam outlined the plan that will see MortgageBrokers.com brokerages, brokers and agents rebrand and then operate under "Mortgage Architects."
That transition should be completed by the start of the spring 2012 market, with MortgageBrokers.com pledging to assume re-branding costs for brokers and agents around changing business cards and signage.
It has become increasingly difficult to promote and manage two mortgage brokerage brands, said Putnam in the email to brokers, also suggesting Mortgage Architects was chosen as the new standard bearer because of its larger funded volume and broader name recognition.
The company is expected to make a formal announcement to the industry Tuesday, having already directed its brokers to share the announcement with their respective teams.
At least one MortgageBrokers.com agent told MortgageBrokerNews.ca that he welcomes the rebranding, suggesting it will ultimately strengthen the operation.
Putnam is, in fact, pledging a well-organized transition.
The decision follows a changing of the guard at Pacific’s head office this fall.
“The Board of Directors of Pacific Mortgage Group Inc. is delighted to announce the appointment of Ron Swift as CEO of overall group operations,” read the press statement. “Mr. Swift, a Canadian mortgage hall of famer and one of the Canadian mortgage industry’ s most recognized and respected leaders, will take over the helm at Pacific in the coming weeks.”
That move saw the MCAP head effectively take responsibility for what was then myNext, MortgageBrokers.com and Mortgage Architects, with their respective heads reporting to him.
Swift has already presided over the rebranding of myNext to Radius Financial.
Pacific is hoping the new name will better position the lender as a competitor to MCAP and other broker lenders. This past spring, Pacific announced that its lender would, in fact, open itself to deals arranged outside the Mortgage Architects/MortgageBrokers.com family.