Verico and DLC brokers merge

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Verico Clean Trust Mortgages and Dominion Lending Centres A Better Way, two west-coast-based brokers, have merged to create Dominion Lending Centres Clear Trust Mortgage A Better Way.

“Our Team is pleased to be part of the Dominion Lending Centres’ network of mortgage professionals and we look forward to all the benefits that being part of DLC will bring to our office,” Robert Afan, CEO & managing director of Verico Clear Trust Mortgages said in an official release.

Clear Trust Mortgages brings with it $300 million in volume which, according to Dominion Lending Centres, makes Clear Trust Mortgages A Better Way one of the network’s highest funding offices.

“As an enhancement to DLC, this integration compliments our respective strengths and broadens our capabilities to support the Canadian consumers we serve,” Gary Mauris, president of Dominion Lending Centres said in the release. “We are excited to be joining forces and providing our clients with an ever-increasing level of lending expertise.”

The merger will result in one of western Canada’s largest mortgage offices.

“We are excited to welcome Clear Trust mortgage professionals and clients to Dominion Lending Centres,” said Mark Smith, principal of Dominion Lending Centres A Better Way. “Our combined strength and enhanced Mortgage Advisor value proposition will be an advantage for consumers seeking mortgage products and advice in these ever changing times.”
 
  • Jesse D on 2015-05-08 9:56:50 AM

    'A Better Way' should have joined Verico, versus 'Clean Trust' joining DLC. Verico being a superior brokerage.

  • @kiltedbroker on 2015-05-08 11:03:41 AM

    Congrats to everyone involved, sounds like a lot went in to making this happen. All the best in the future!

  • A DLC Broker on 2015-05-08 12:48:19 PM

    @ Jesse D - Would love to know why Verico is a superior brokerage... you shouldn't say sweeping petty statements like that. And, if it made sense for the owners for it to be the other way around then it would have happened that way.

  • Vancouver DLC broker on 2015-05-08 1:49:24 PM

    @ Jesse D... really? that is a pretty bold statement. Clear Trust is doing $300 Million in volume so maybe you should tell them what to do as they may not know what they are doing. There is a reason why more and more people are joining DLC - they are the brand leader period.

  • Mark Lee on 2015-05-08 1:49:46 PM

    @ Jesse D... really? that is a pretty bold statement. Clear Trust is doing $300 Million in volume so maybe you should tell them what to do as they may not know what they are doing. There is a reason why more and more people are joining DLC - they are the brand leader period.

  • broker on 2015-05-10 2:28:09 PM

    Clear Trust at $300m with 60 agents is $5m each agent. How is that successful???

  • agent on 2015-05-10 2:29:41 PM

    The only winner here is DLC head office (60 agents x $200 a month each = $12,000 a month in the coffers of DLC to give to Don cherry)

  • Ron Butler on 2015-05-11 2:34:52 PM

    For pete's sake its just an announcement. Can we not keep this petty crap about who has the best network out of this. Management made a decision and changed companies, that's it, say congratulations or keep quiet. If someone announced a wedding would you guys post that the groom slept with everyone in town? Seriously, there is a time to debate the relative value of each network but not on this thing.

  • mortgageman on 2015-05-12 3:06:18 AM

    Dominion Lending signed a 3 year deal with Don Cherry. It's over now they have a new mascot. Unfortunately you forgot the 80/20, 20/80 rule. Win Lui from cleartrust according to CMP magazine funded $111 million. so the other 59 agents funded $189 million. Win Lui is top 5 / 18000 licensed brokers in Canada. The last 5 years Calum Ross, Gord Pipkey and Jim Tourlokis all from Verico finished number1. Colin Bruce from DLC finished #1 last 2 years in a row. I would say DLC and Verico are pretty close. I would be curious to find out the total dollar volume funded from each company for 2014.

  • CuriousBroker on 2015-05-28 11:23:42 AM

    Its common knowledge that Gary is buying firm. My curiosity would be, if ClearTrust move over to DLC because it is a better network or did DLC (Gary) paid ClearTrust (Robert) to move over? I looked at both DLC and Verico models and as an independent broker, Verico’s model makes a lot more sense than DLC, because the overall cost and benefit clearly outweighs DLC. As #Agent mentioned in previous post, with a firm of 60+ broker doing $300mm it is not a success story, as there are firms out there with less than half the broker size doing over $300mm just in the first 6 month. The overhead of carrying 60+ agents would be fairly high and if majority of them are not producers than it make sense to merge with DLC (Gary) to recover some of that cost. It’s just too bad some of the old loyalist who has been paying into DLC will not benefit from this and are stuck in their contract for many years. Nonetheless, I’m sure both sides made decisions to benefit each other. All the best to them both and may they prosper in their new partnership!!!

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