Mortgage giants announce partnership
Digital mortgage lender nesto has entered an exclusive brokerage services relationship with the M3 Group which will see the company distribute mortgages via the broker channel.
The partnership, announced this morning, will give M3 brokers – numbering over 8,500 across five separate brands – access to the lender, a move that nesto’s co-founder and chief executive officer Malik Yacoubi said was aimed at expanding its reach across different mortgage channels and the broker network.
“To further deliver our mission at scale, we want to distribute nesto mortgages via the channels that are most attractive to Canadians,” Yacoubi (pictured below) said in remarks accompanying the news release. “M3 Group is a perfect match, a company that mirrors our values of exceptional customer experience through fast and efficient service, digital transformation, and a strong ambition for growth.”
Brands represented under the M3 banner include Mortgage Alliance, Mortgage Intelligence, Multi-Prêts, Invis Mortgage Solutions, and Verico. The network giant originates over $75 billion in annual loans on a trailing 12-month basis, according to Thursday’s release.
The agreement will be viewed as a significant one for the broker channel, with nesto having emerged as a growing force in the national mortgage market since opening its doors in 2018. In November, the lender was named among Canada’s fastest growing tech companies based on revenue growth by Deloitte, and also recently announced a long-term strategic partnership with Canada Life to primarily service and administrate its residential mortgage portfolio.
M3 chairman and chief executive officer Luc Bernard (pictured below) said the company was “excited” to give its brokers across the country access to the national lender.
“The partnership was a natural fit with our broker-first mentality, coupled with their passion for helping customers seamlessly achieve the dream of homeownership with market-leading rate offerings,” he said.