“I’m really excited about joining with RMA and it’s a great partnership for us because BFG is mostly concentrated in the GTA,” Joe Rosati, chief executive officer of Broker Financial Group, told MortgageBrokerNews.ca. “While RMA is a national organization, they are highly concentrated in Southwestern Ontario, which gives us a good grip in that marketplace to continue to grow nationally.”
For its part, RMA gains access to BFG’s propriety technology system, Scarlett, which the network believes will modernize its processing.
“We’re going to look at the integration of Scarlett into our operating systems. There are several different components to it. That’s a pretty big piece. It will open up opportunities for them to add new revenue streams to their existing business,” Ron De Silva
, CEO of Real Mortgage Associates, told MortgageBrokerNews.ca. “It will streamline their day-to-day operations with all the tools that are available. Really, the marketplace dictates that any organization now have state of the art technology that allows their brokers to better communicate with their clients.”
The two networks announced a joint partnership Tuesday that will give both mutual ownership positions.
Both networks will continue to operate independently and respective leadership within each will remain in place.
“I think what it does for us is it gives us economies of scale as far as administration goes. We can leverage our efficiencies,” Rosati said. “The technology, of course, is primary, in regards to giving all our agents the tools that they require to be efficient, to market, for payroll, for compliance.”
The industry’s most recent partnership poises two leading networks for Canada-wide growth.