TORONTO, March 21 /PRNewswire/ - Pacific Mortgage Group Inc. ("Pacific"), a Canadian integrated financial services company consisting of a CMHC approved mortgage lender, myNext Mortgage Company Limited ("myNext") and its exclusive national mortgage brokerage brand, Mortgage Architects Inc. ("Mortgage Architects"), announces the launch of the first compensation model in the Canadian mortgage industry that allows a mortgage broker to obtain an enhanced compensation split on their entire book of business of up to a maximum of 100% commission splits with no back-end fees attached. This industry leading commission model is being fully underwritten by myNext and, based on the amount of business that is directed to myNext, applies to the mortgage broker's entire origination volume placed with any residential lender in Canada.
Under the new program, the mortgage volume directed by affiliated mortgage planners and brokers to myNext is determined each calendar year. If on December 30th of each year, a minimum of 10 per cent of a partner broker's book of business is placed with myNext, additional compensation will be paid on that broker's entire origination for that year, not just on the volume placed with myNext. The additional commission is in addition to the existing base commission's levels of the three business models now offered by Mortgage Architects. The following chart summarizes how Mortgage Architect's base compensation model is enhanced when mortgage planners and brokers direct business to its exclusive lender:
|% of business placed with myNext||Full-Service Commission Split||Franchise Plus Commission Split||Franchise Commission Split|
|<10% (Base Commission)||90%||93%||95%|
"Our vision has always been to create value for our shareholders and our brokers through leveraging the synergy associated with having sister lender and brokerage operations. Our brokers are the only ones in the industry that have their own CMHC approved proprietary lender." Alex Haditaghi, Pacific's CEO, said in a statement, "In today's market place, it's important to give our brokers a competitive edge through finding inventive ways for us to invest back into their businesses."
"For our mortgage planners, this is a big win. In addition to having access to industry leading business and sales management support, team building recruitment support, industry leading CRM and marketing programs, and performance technology solutions that are considered the best in the industry, they can participate in the mortgage industry's best compensation model where they can keep up to 100% of their commissions by supporting their own proprietary lender. Since most of our mortgage brokers are owners of both the brokerage and lender, they gain further as shareholders through the bottom line growth such innovative programs deliver. This gives our franchise partners the ability to earn 100% commission splits and our full-service partners 95% commission splits on their entire book of business," said Meini Ickert, SVP of National Sales with Mortgage Architects, "It's a first in the industry!"
"We believe that our new compensation strategy will provide the fuel to allow us to expand our products, product features and services to our exclusive broker network, furthering their ability to stand out with their customers. It's a win win for the entire organization and consumers" said Lorraine Sato, VP of Underwriting and Operations at MyNext Mortgage.
The "Partners for Life" program and enhanced commission split program are only available to mortgage brokers at Mortgage Architects and MortgageBrokers.com.
Information about this Program can be viewed at www.powerofvalue.ca
For more information:
Alex Haditaghi, CEO
myNext Mortgage Company Limited
Vice President - Underwriting
myNext Mortgage Company Limited
Vice President, National Sales
Mortgage Architects Inc.
SOURCE Pacific Mortgage Group Inc.