Canada’s mortgage behemoths have long been the likes of RBC, TD and Scotiabank. But as of today, they have stiffer competition: Dominion Lending Centres (DLC).
After months of negotiation, DLC has won the bidding for Mortgage Architects (MA), one of Canada’s top national superbrokers with 1,287 mortgage agents and brokers.
That now gives DLC’s three brands (Dominion Lending Centres, Mortgage Centre and Mortgage Architects)
- 4,800 combined mortgage agents
- Control of ~40% market share in the broker channel
- A whopping $32 billion in annual mortgage volume
According to its press release, this transaction makes the DLC group the largest mortgage originator in the country. (We didn’t have data to confirm that as origination numbers for the major banks are tough to get.)
Either way, $32 billion is sheer enormity, and a remarkable feat for a company just 10 years young. That scale, and the economies it provides, may well prove pivotal if the mortgage business becomes increasingly commoditized in the eyes of net-savvy consumers.
The move could also make lenders and funders take DLC’s influence on the market much more seriously. More on that in days to come.
Original article from CanadianMortgageTrends.com