Exclusive: Independents join in coalition
Six Canadian independent mortgage brokerages announced today their inaugural membership in the Coalition of Independent Mortgage Brokers of Canada (CIMBC).
Membership includes CLN Mortgages, MonsterMortgage.ca, Mortgages Edge, Oriana Financial Group, Taurus Mortgage Capital and Intellichoice Mortgage.
"We realized that to initiate meaningful new ideas regarding improved best practices which would serve to strengthen partnerships, we could not rely on the efforts of each of our companies alone,” Raj Babber, member broker of CLN Mortgages said. "Rather our coordinated efforts to best leverage our origination power for positive change, and support from other successful like-minded independent mortgage brokerages in our industry, would help create the scale necessary to elevate our industry to a higher level of standard."
According to the official release:
CIMBC is a coalition of independent mortgage brokerages that strives to bring important change to the mortgage brokerage industry, and to strengthen the representation for independents. CIMBC intends to introduce new initiatives that will shape the industry with improved efficiencies in various areas of the mortgage origination process, from the initial solicitation and application, right through to funding. It plans to employ new metrics and practises that will enhance the broker/lender relationship, and improve the business of mortgage professionals.
By working together to form a new and higher standard for the industry, the coalition’s objective is to provide the broker community enhanced consistency, improved efficiencies, and most importantly, increased profitability to the lending community, which the coalition feels will ensure sustainability for the long term.