Brokerage firm Mortgage Intelligence (MI) has just attracted some big hitters from Mortgage Architects (MA).
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
good work guys
You know, Re/Max doesn’t bill themselves as being the cheapest either. Price is what you pay but value is what you get.
Personally,I like the value of the Invis brand. If you want to drive a Cadillac, you have to pay a little more. If you don’t, then don’t.
Wayne Campbell, AMP
Invis – Prince George
The word is that Mortgage Intelligence has a $10.0 Million plus overhead. have they lost over $1.5 Billion to DLC,Verico, and other brokerages in the last 12 months?
Even if they were a $8.0 Billion team,at 95-5%, would make them have a $4,000,000 bottom line numbers. So how are they going to pay $6.0 Million deficit they have?
Congratulations Marg and Donna, I wish you all the best with your new endeavor.
It really does not matter what name is on your door as you are both true professionals in this industry and you both give back to the industry by helping new Brokers learn what true ethics are and how to give value to the consumer. That makes it a ‘win’ for everyone. Good Luck!
maybe the math doesn’t add up because you can’t do math? I can assure you that their $8B in volume is not all at a 95/5 split.