Six Canadian independent mortgage brokerages announced today their inaugural membership in the Coalition of Independent Mortgage Brokers of Canada (CIMBC).
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.
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Some of the key points of CIMBC are as follows:
- The coalition will not serve as a brand. Each independent will carry on business and operate status quo under its own name and business model.
- Member brokers will required to go through a formal application process, which will be reviewed before membership is approved.
- Each member broker must follow the coalition’s constitution and by-laws, and agree to its governance, which will be enforced by an appointed Advisory Board.
- CIMBC will work with its lender partners to reduce their origination costs by introducing innovative technology and software that will enhance the lender, broker/agent, and client experience. The technology will assist members to achieve minimum funding ratio benchmarks more effectively, which would lead to enhanced revenues, by improving profitability for its lender partners.
- Through the introduction of ancillary products under each member broker’s own brand, opportunities for higher revenue streams will be available. These products will each build real monetary value for each member, creating a solid tangible asset in their business.
- CIMBC will introduce education programs that will focus on how to operate a more efficient business, along with courses for agents focusing on relationship building with both clients and lenders, as well as business development and product knowledge.
- Introduction of a grievance process through CIMBC, targeting a 30 day resolution for all members and lender partners.
"We are excited about CIMBC's ability to generate impactful change by leveraging our combined influence and strength to produce a more sustainable environment for our lending partners,” Mike Hall of Oriana Financial Group of Canada Ltd. said. “The entrepreneurial and efficient focused membership, can create a difference through innovative processes and systems that will create positive change for the industry.”
To learn more about the coalition, they can be reached by email.
