E74: The Secret That Drives All of Canadian Mortgage Tech

In this episode of Mortgage Tech Talks, we pull back the curtain on a multi-million dollar secret most mortgage brokers never think about: your deal submission platform isn’t really free—and the reason why explains almost everything happening in the mortgage tech world today.

You’ll learn how lenders fund the systems you use, how that affects your brokerage’s software decisions, and what the future might look like in an AI-driven world.

Whether you're a broker, lender, or tech enthusiast—this is the episode that connects all the dots.

⏱️ TIMESTAMPS:

0:00 – Smaller brokerages building their own tech “pipes” 0:48 – Welcome + Why this hidden dynamic explains everything 1:36 – The “free” software myth: Who’s really paying? 2:58 – Let’s talk numbers: $95M–$155M annually 4:07 – Breaking down the $315B broker channel 5:20 – How much Velocity earns from lender fees 6:09 – The per-broker revenue reality 7:52 – What platforms are making off your volume 8:36 – How Filogix built the original network and fee model 10:11 – “The house with pipes” analogy explained 12:09 – How Velocity and Finmo gained traction 13:10 – Did Filogix enable their competition? 14:03 – The honey pot is leaking—market share is shifting 15:02 – Why big networks are launching their own platforms 16:24 – New revenue streams and tighter software control 17:40 – Why platforms are stacking on free tools (CRM, payroll, AML) 19:24 – What happens if lenders stop paying the fees? 20:20 – The rise of AI agents and platform-free futures 21:36 – Why brokers need to own their process 22:26 – The risk of misaligned incentives 23:09 – Wrap-up: why this matters more than ever

 

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