With the number of industry changes and challenges MortgageGuys.com takes aim at saving mortgage agents significant costs associated with being an agent.
On March 1st we launched 99Flat.ca, a compensation model that charges a flat fee for a funded file. There is no commission split and the agent will receive 100% of the commission while only having to pay $99 flat fee per funded file. On average an agent who is doing 5 million in volume will put an extra $9 to 10k in their pocket annually according to Chuck Nash. With greater volume comes greater savings.
While the flat fee model has been previously available for mortgage brokers, Nash believes it’s the first of its kind for agents. In addition there are no desk or corporate advertising fees. However, agents are still responsible for their own association and insurance costs. This new model will be first available to only mortgage professionals in Ontario but will soon roll out to other provinces later in the year.
Agents wanting to learn how much they can save can visit 99Flat.ca and use the calculator to see how much more income they could potentially keep as their own.