The principals involved include veteran MA producers Marg Green, Donna Ramsay and Steve Heimbecker.
This team is moving to MI as an “affiliate” and forming a new boutique mortgage brokerage called Concierge Mortgage Group.
The group reports combined annual volume of roughly $300 million, making it one of the bigger broker teams in the country, and a big win for Invis/MI. Here’s MI’s press release.
“I feel the time is right to launch a regional brokerage while still having a respected national brand behind us,” says Heimbecker.
The goal for Concierge Mortgage Group is to set up offices throughout Ontario.
The biggest reason we find this news interesting, however, is that Invis/MI’s value proposition has seemingly improved significantly.
For big volume producers, we hear it’s now offering as low as a 95/5 split including payroll and compliance, marketing development, no advertising fees, an ultra-deep discount private label mortgage, and no long-term contracts (which are a huge turnoff to some brokers).
On paper, that’s one of the best deals brokers will find from any national brokerage network.
Our question is, is the model sustainable from a profit/loss standpoint? It’s a fair thing to ask, especially since Invis/MI reportedly has millions in overhead and has lost significant broker volume in the past year or so.
(As a side note, brokers on the move would be well advised to review a prospective firm’s financials before signing on their dotted line. This can be done under an NDA for confidentiality. If the firm balks at the request, be wary.)
In any event, it’s good to see Invis/MI taking steps to reinvigorate itself and bolster its ranks. Its new ”Bold” broker model is the crux of this transformation. That model is obviously alluring if it can snag a team like Concierge.
Sidebar: Industry marketing pro Kelly Neuber was largely behind the new “Bold” marketing campaign. Neuber recently moved from MA to join long-time friend and colleague Bob Ord. Ord was MA’s founder. He moved to Invis/MI earlier this year after a little spat with the leadership who acquired Mortgage Architects. Ord’s presence was probably one of various reasons why Concierge joined Invis/MI.
Rob McLister, CMT
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