3 minute read
Compensating brokers
MERIX LENDWISE
MERIX: Offering true compensation choice
MERIX FINANCIAL credits its partnerships with brokers as being crucial to its success, and in turn wants success for its brokers. In an uncertain financial climate, MERIX Financial wants to help brokers diversify and grow their income.
MERIX Financial is a company that is known for being proactive in seeking to fill a gap within the industry. Lendwise is a product of MERIX Financial that builds on the company’s already-exceptional reputation and relationship-focused approach, and MERIX’s third product is NPX, a highly competitive and niche solution for alternative lending.
MERIX and Lendwise both have competitive compensation models; however, in 2022 the Lendwise tier-based compensation has been improved to allow all brokers to earn a competitive industry-standard compensation without a restriction on volume, or product requirements. Jill Paish, executive vice president of national sales, has been at MERIX Financial for 17 years, and one of her key roles is to align sales objectives with firm business strategy.
Explaining the compensation improvements, Paish says: “The new compensation model allows brokers to earn more on each of their Lendwise deals up front, with enhanced compensation on each tier as volume targets are achieved, also featuring retroactive pay and efficiency bonuses at the end of the year. As a result of these changes, we’ve seen a net increase of 25.2% in our Lendwise-funded volumes on a year-over-year basis.”
Lendwise offers value to brokers by maximising their upfront compensation, and MERIX creates long-term residual income through trailer fees. In combining the enhanced Lendwise compensation model with the long-term value of the MERIX compensation model, brokers can choose which compensation works best for them on a deal-by-deal basis, while also retaining the relationship and benefits they have already built with the company. MERIX Financial is the only Canadian mortgage lender offering this true compensation choice, and this is what sets it apart from its competitors, Paish says.
“Regardless of your financial business strategies, MERIX provides you with the availability of choice. If you like working with us, we have a product that you need, and rates
that work; you decide what’s best for you, not getting locked into a compensation that someone else decided is right for you.”
As well as giving brokers the luxury of choice as to how they are paid, MERIX provides many other business-enhancing opportunities. These include a Personal Account Manager program that offers full-service underwriters a personalized business approach; and a basisPOINTS system allowing brokers to earn lucrative discretionary pricing credits on every deal, which can then be used to buy down future deals.
Paish explains the further benefits. “We have distinctive product offerings like our new MERIX Cashback, which is uniquely available on both fixed and ARM terms with flexible cashback amounts up to 5%,” she says. “We’re certain that we can satisfy a large array of business wants and needs and are always evolving and adapting to market conditions to give brokers confidence in doing business with us.”
Other company changes in 2022 have focused on making it easier than ever to work with MERIX Financial. Enhancements that have been introduced include a 120-day rate hold; more favourable treatment of rental income; more consistency in pricing; and the launch of AVM and new AMCs for appraisals.
“The number of enhancements is truly
remarkable and too many to list; we strongly recommend reaching out to your MERIX representative to make sure you’ve captured them all,” Paish says. “Additionally, for whatever reason, if you haven’t done business with MERIX in a while, now is a really great time to ensure we’re back on your radar as we are offering more solutions than ever.
“Our mission is simple: to stay on top of the evolving mortgage industry by continually listening to the needs of our originators and their customers.”
This is more than just a statement; it’s through evolution that MERIX Financial remains an industry leader.
