- Top 10 brokerage by volume
Based in Surrey, British Columbia, Verico Xeva Mortgage logged 1,775 transactions last year, and each of its 60 brokers funded an average of $10 million. The brokerage sets itself apart in the industry by having a dedicated underwriting centre, which allows its agents more time to grow their own businesses.
“We’ve developed our company on professionals that have been in the industry for a period of time but have had difficulty trying to bring their business to another level,” says CEO Trevor Hanson. “So people who have continued to come to us are people that have been sort of stuck in that $10, $20, $30 million range and have never been able to get up into that $40, $50, $75, even $100 million range. Our underwriting centre has given them the ability to do that – to go out and get that business and bring it in, and we can sort of take care of it from there.”
Initially, Hanson thought Xeva would make its mark elsewhere in the industry. “When we launched our company, we really thought we were changing the marketplace with our flat-fee model,” he says. “Most companies do a commission split of some sort, and coming into that marketplace, we really thought it was the best game-changer out there. What really was the biggest surprise for us was the underwriting centre. That has been the biggest selling feature for brokers.”
Hanson advises newer brokerages to find their own unique selling proposition. “Try to expand and not do the same old thing that we’ve seen over the last 15 or 20 years,” he says, “but really try to come out and be something different and keep trying to grow the industry in the right way.”