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Thursday, May 25, 2023

Competitors Bureau launches investigation into Dominion Lending Centres

The Competitors Bureau confirms that it has launched an investigation into alleged anti-competitive conduct by dealer community Dominion Lending Centres Inc. (DLC).

No particulars have been supplied as to the specifics of the allegations, and the Bureau famous that there’s at present “no conclusion of wrongdoing right now.”

“The Bureau requires extra info to find out if the alleged conduct is harming competitors in Canada’s mortgage brokerage business,” the Bureau stated in a press launch. “This consists of analyzing sure practices that restrict mortgage brokers’ capability to make use of the know-how options of their selection.”

DLC Group is likely one of the nation’s main community of mortgage professionals with over 8,000 brokers in additional than 540 places. The corporate operates by Dominion Lending Centres in addition to its three predominant subsidiaries, MCC Mortgage Centre Canada Inc., MA Mortgage Architects Inc. and Newton Connectivity Techniques Inc., which operates the corporate’s proprietary connectivity platform Velocity.

Roughly three quarters of DLC brokers submit their offers by Velocity, in accordance info beforehand supplied to CMT by DLC President and CEO Gary Mauris.

As of final 12 months, DLC’s community of mortgage brokers originated $70.6 billion in residential mortgages.

In 2021, Newton introduced the addition of Desjardins Financial institution for submission from Velocity. It additionally stated on the time that DLC and Newton had been working with HSBC Canada on a mortgage program unique to DLC Group mortgage professionals and accessible solely by Newton’s Velocity connectivity platform.

CMT reached out to DLC for remark however was referred to its assertion launched earlier within the day.

“We are going to co-operate with the Bureau and can totally adjust to the order,” Gary Mauris, Chairman and CEO of DLC stated within the assertion.

He famous that DLC competes with “many different” franchisors and suppliers of know-how options and assist companies to mortgage brokers in Canada.

“DLC doesn’t consider it’s dominant in any market and doesn’t consider it has engaged in any anti-competitive conduct,” Mauris added.

The Competitors Bureau is an impartial regulation enforcement company in control of regulating competitors in Canada, and is chargeable for making certain that markets function in a aggressive method.

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