MORTGAGEBROKERNEWS.CA ISSUE 14.05 | $12.95
BEST OF THE BEST
An inside look at all the winners from this year’s Canadian Mortgage Awards
A BOLD NEW VOICE FOR EQUALITY
How Magical Unicorn Project founder Kyra Wong is fighting for diversity in the industry
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SITTING ON THE SIDELINES
Why more than half of consumers are putting off purchases until next year
TOO MUCH RED TAPE?
Has City Hall doomed housing affordability in Toronto?
21/05/2019 9:19:59 PM
Tired of waiting for answers? (We lend urgency).
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ISSUE 14.05
CONTENTS
BEST OF THE BEST SPECIAL REPORT
CMP goes behind the scenes at the 13th annual Canadian Mortgage Awards for insight from the night’s big winners
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How plans become square feet.
License # 10172
Romspen Investment Corporation is a non-bank mortgage lender specializing in commercial real estate across Canada and the United States. With over $2.7 billion under administration, we offer customized mortgage solutions for term, bridge and construction financing from $5M to $100M.
Blake Cassidy or Pierre Leonard 800 494 0389 | www.romspen.com
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ISSUE 14.05
CONNECT WITH US Got a story or suggestion, or just want to find out some more information?
CONTENTS
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UPFRONT 04 Editorial
The Canadian Mortgage Awards gala sets a new record
06 Statistics
Why have so many prospective buyers decided to delay their purchase?
08 Head to head UPFRONT
44 52
NEWS ANALYSIS Will the Toronto City Council’s latest moves exacerbate the city’s affordability issues?
How to combine idealism with pragmatism for an effective leadership approach
INDUSTRY ICON
Magical Unicorn Project founder Kyra Wong is taking an unconventional approach to advocating for diversity in the financial industry
18 2
Industry observers have highlighted possible trouble spots in Canada’s financial system Before setting up their own shop, brokers need to know the deal on licensing requirements
14 UPFRONT
PEOPLE
12 Alternative lending update
16 Opinion
FEATURES
WHY OPTIMISTIC REALISTS MAKE THE BEST LEADERS
Analyzing the potential impact of the newly proposed First-Time Home Buyer Incentive
TECHNOLOGY UPDATE
New tech innovations that brokers should consider implementing
PEOPLE 54 Career path
Terry Kilakos became a broker to facilitate his own investments – but it wasn’t long before he was hooked
56 Other life
The beat goes on for mortgage agent and marching band member Kevin Such
50 PEOPLE
BROKER INSIGHT Amanda Pivar’s career took off when she moved beyond the confines of a bank
MORTGAGEBROKERNEWS.CA CHECK IT OUT ONLINE
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UPFRONT
EDITORIAL
A record-setting awards gala
L
ast month, the 13th annual Canadian Mortgage Awards set an attendance record, smashing the previous record set last year. On a warm Friday night, limousines and luxury cars turned up to Toronto’s Liberty Grand, and elegantly dressed attendees poured out, ready to revel in the industry’s most important night of the year. Cheryl Hickey, host of ET Canada, emceed the awards show, bringing the same charisma she’s graced Canadian television screens with for 14 years. GTA-based broker Rakhi Madan took home the award for Alternative Broker Specialist of the Year – New to Canada, while Matrix Mortgage Global’s Shawn Allen added to his CMA hardware by winning Broker of the Year – Private Lending. Clinton Wilkins of Centum Home Lenders showed yet again why he’s one of the industry’s best and brightest, reprising last year’s victory in Broker of the Year (Fewer Than 25 Employees). Halifax-based Wilkins is the busiest
Limousines and luxury cars turned up to Toronto’s Liberty Grand, and elegantly dressed attendees poured out, ready to revel in the industry’s most important night broker in Atlantic Canada, and his business is proof positive of the great things happening in Nova Scotia’s capital. With its victory as Brokerage of the Year (25 Employees or More), CanWise Financial has cemented itself as the country’s leading brokerage. Led by James Laird, CanWise received the lion’s share of nominations, and given the firm’s previous performances at the CMAs, there was nary a surprised face in the audience when it snagged the trophy. Loewen Group Mortgages won Brokerage of the Year (Fewer than 25 Employees), marking its return to the Canadian Mortgage Awards. A good employer should never be taken for granted, and in the mortgage industry, that’s CWB Optimum Mortgage, which was named Mortgage Industry Employer of Choice. Taking home hardware for National Broker Network of the Year was Dominion Lending Centres – the third time in as many years DLC has won the award. The brand-new Woman of Distinction Award, which DLC sponsored, went to industry exec Veronica Love, who recently moved from Merix to TMG The Mortgage Group. It was a night to remember (find CMP’s full coverage of the event starting on page 22), and we’re already looking forward to next year! The team at Canadian Mortgage Professional
www.mortgagebrokernews.ca ISSUE 14.05 EDITORIAL Writers Neil Sharma Joe Rosengarten Libby MacDonald Ephraim Vecina Heather Turner Copy Editor Clare Alexander
CONTRIBUTORS John Bargis Brian de Haaff
ART & PRODUCTION Designer Joenel Salvador Production Manager Alicia Chin Advertising Coordinator Ella Dayandante
SALES & MARKETING Associate Publisher Trevor Biggs Vice President, Sales John Mackenzie Global Head of Communications Lisa Narroway Project Coordinator Jessica Duce
CORPORATE President & CEO Tim Duce Office/Traffic Manager Marni Parker Events and Conference Manager Chris Davis Chief Information Officer Colin Chan Human Resources Manager Julia Bookallil Global CEO Mike Shipley Global COO George Walmsley
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At CENTUM, we think, act and do things a little different which is really starting to get noticed.
This year at the Canadian Mortgage Awards, the CENTUM family took home Broker of the Year (Fewer than 25 Employees), New Brokerage of the Year and Digital Innovator of the Year!
What is our secret? Our people, the relationship we have with them and the freedom for them to be unique. Reach out today to see how we can complement and elevate you and your business!
thecentumnetwork@centum.ca | thecentumnetwork.ca ®/™ Trademarks owned by Centum Financial Group Inc. © 2018 Centum Financial Group Inc. The intent of this communication is for informational purposes only, and is not intended to be a solicitation to anyone under contract with another mortgage brokerage operation.
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UPFRONT
STATISTICS
Maybe next year
PRIMED TO POSTPONE Nationally, more than half of prospective buyers think that waiting until 2020 to purchase a home would be prudent. Particularly in British Columbia and Ontario, the hesitancy appears to be driven more by the belief that prices will continue to fall throughout this year than by general economic uncertainty.
Uncertain about interest rates and optimistic that prices will drop, potential buyers are staying put MORE THAN half of Canadians are hesitant to pull the trigger on buying a home. Ontarians and British Columbians are particularly predisposed to waiting: 61% of potential buyers in Ontario and 67% in BC said they’re hanging back. The proportion of hesitant buyers aligns closely with the percentage who believe prices could drop in the next 12 months – 58% of Ontarians are optimistic about lower
prices, as are 68% of British Columbians. Another potential factor in the delay for first-timers is the pressure to gather a larger down payment. While the trend toward putting down more than 15% has been steadily on the rise for years, it has seen a sharp increase in the past 12 months. Now, almost half of new homeowners are putting down more than 15% of the purchase price.
Given current housing prices and economic conditions, I think it makes more sense to wait until next year to buy a home I believe it makes sense to wait because home prices might come down I believe it makes sense to wait because I’m uncertain about the economy
BC
56%
45%
of prospective buyers nationwide said they’re waiting until 2020 to buy
of Canadians are willing to delay their purchase by two years or more
54%
67% 68% 45%
47%
are inclined to wait because they anticipate a price drop
said they’re hesitant to purchase due to economic uncertainty Source: RBC Home Ownership Poll, 2019
RATE WORRIES
BUYING IN COMPANY
Compared to Canadians overall, prospective buyers are much more concerned about the possibility of a rise in interest rates.
The traditional model of purchasing with a partner is in decline. In 2017, 49% of those planning to buy did so with their partner or spouse; today, only 42% plan to purchase with a partner. Meanwhile, the proportion of buyers turning to family for assistance has increased 6% since 2017.
74%
Prospective firsttime buyers who are concerned about interest rates
Canadians in general who are worried about interest rates
59%
BUYING WITH A PARTNER/SPOUSE
PURCHASING ALONE
PURCHASING WITH FAMILY
50%
50%
50%
40%
40%
40%
30%
30%
30%
20%
20%
20%
10% 0%
Source: RBC Home Ownership Poll, 2019
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49% 2017
42% 2019
10% 0%
29% 2017
32% 2019
10% 0%
22%
28%
2017
2019 Source: RBC Home Ownership Poll, 2019
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ALBERTA
QUEBEC
50% 44% 54%
48% 42% 41%
ONTARIO
61% 58% 52% MANITOBA AND SASKATCHEWAN
ATLANTIC CANADA
40%
55%
Source: RBC Home Ownership Poll, 2019
DOWN PAYMENTS GET BIGGER
IN THE POORHOUSE
Close to half of prospective homebuyers are working to gather a down payments of 15% or more of the purchase price – a considerable rise from the 37% who were targeting such a large down payment last year.
A quarter of homeowners say they’re currently ‘house poor’ (spending more than 30% of their total income on homeownership), while another 14% say they’ve been in that position before – and 10% would do it again for the chance to purchase their dream home.
Size of down payment
More than 15%
11% to 15%
6% to 10%
5%
50%
60%
40% 40% 30% 20%
20% 10% 0%
0% 2015
2016
2017
2018
2019 Source: RBC Home Ownership Poll, 2019
39%
10%
51%
Have been or currently are house poor
Willing to be house poor again to purchase their dream home
Would not put themselves in the position of being house poor Source: RBC Home Ownership Poll, 2019
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UPFRONT
HEAD TO HEAD
What effect will the First-Time Home Buyer Incentive have? Brokers aren’t sold on the government’s recently announced plan to give CMHC an equity stake in first-timers’ mortgages
Ron Butler Mortgage broker Butler Mortgage “The First-Time Home Buyer Incentive will either have little effect on housing in Canada or maybe zero effect. There is a federal election in October, and the program won’t appear until September. If a new government takes power, who is to know if the First-Time Home Buyer Incentive would survive the change of regime? Based on the program’s limitations, it can only work in specific markets at specific prices, and at this time, seven weeks after the announcement was made, we still don’t know enough about it to say if Canadians will even want it.”
Len Lane Owner/broker Brokers For Life
Jason Georgopoulos Mortgage broker Dominion Lending Centres Estate Mortgages
“This is a hard question to answer at this time, as there still seem to be so many unanswered questions about the program. While a $120,000-a-year household income is pretty standard for many Canadian families, it still has to pass the stress test at today’s 5.34% benchmark. There are so many questions about the long-term effects of having the insurers as your ‘partner’ in your home. Will they share in gains or losses on your home sale? Seeing the final rules will help determine if it’s right for first-time buyers or just another poorly thought-out government program on housing.”
“I’m skeptical that this policy – announced in an election year – will come into effect. Should the Conservatives win office, they may have their own first-time homebuyer stimulus plans. In any case, effects would be limited; many of my clients have already decided it isn’t for them. Purchasers would have to be OK with the government owning a piece of their property; should property values increase significantly, buyers may owe the government more than the interest saved by the additional down payment. Adding complexity to an already stressful process for a relatively small benefit will have many buyers choosing to pass.”
SHARING EQUITY WITH THE FEDS Announced as part of the 2019 federal budget, the Canadian government has set aside $1.25 billion over three years for the First-Time Home Buyer Incentive, which would see CMHC pony up a portion of the down payment for new buyers with household incomes of up to $120,000 on properties under $500,000. However, critics have pointed out the inadequacies of these cut-off levels in the context of the nation’s two hottest markets. As one broker told CBC at the time of the announcement, “It’s a little bit off the mark for what we were pushing for as an industry. When you take the larger markets, we’ll say in Toronto or Vancouver, where the average price is $750,000, that doesn’t even scratch the surface.”
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UPFRONT
NEWS ANALYSIS
Mired in red tape Toronto’s city government continues to add hurdles to the construction process, even as the city struggles with housing supply issues
FOR A CITY gripped by a housing shortage, Toronto’s municipal politicians seem more keen to introduce red tape rather than cut through it. Last month, the Toronto City Council voted 21-4 in favour of repealing a noise bylaw exemption that permitted continuous concrete pouring, which the construction industry – and, by extension, the city – has benefited from for the last 12 years. The motion, which was amended at the eleventh hour to include permit applications for continuous pouring, may have averted crippling the construction industry, but it begs the question: Will additional red tape worsen housing affordability in Canada’s second most expensive city? “When a builder has to apply for a permit, there’s no doubt that risk is reflected in the
An extended construction period would be yet another cost passed on to consumers, Lyall adds. “As soon as you delay one project, you delay the start of other projects – and remember, there’s only so much equipment we can access. That creates another element of risk for new projects. A lot of new projects in the pipeline are all contingent on certain estimated timelines, and then you throw a big risk element in there.” A major reason for slow housing delivery in Toronto is an approvals process that takes a few years, rather than a few months. In a city struggling with affordable housing, the rescindment of the noise exemption could further hamper delivery and cause prices to climb even higher. “The condo market thinks it’s the affordable
“Any time there’s more regulation, it has an impact on affordability. The costs are passed through to the purchasers” Scott McLellan, Plaza Corp. contract,” says Richard Lyall, president and CEO of the Residential Construction Council of Ontario. “A contractor will say there’s uncertainty here and they can’t do things within certain periods of time, so a contingency fee is put into the contract in case they get jammed up by something beyond their control.”
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option, and quite frankly, we are,” says Scott McLellan, senior vice-president of Plaza Corp. “When you load stuff like this on, at the end of the day, it’s reflected in an increase to the construction costs. It will exacerbate affordability struggles.” The GTA has seen spate of cancelled condo
projects recently, and McLellan wonders if yet more unnecessary red tape could result in additional cancellations. “We’re worried about cancelling projects, and the more delay you put in at the outset – whether caused by a market slowdown or red tape and bureaucracy – it can result in cancelled projects if builders aren’t meeting their targets and their schedules,” he says. “Any time there’s more regulation, it has an impact on affordability. The costs are passed through to the purchasers, and is that what we’re trying to do? We don’t want to do it, and the consumer doesn’t want it.” A common complaint among the real estate and development communities is ‘not in my back yard’ [NIMBY] opposition. However marginal, NIMBYs do play a role in scaling down – or altogether quashing – new residential projects throughout Toronto, and their influence on municipal politicians cannot be understated.
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RESIDENTS STIFLE DEVELOPMENT According to polls conducted by Ipsos on behalf of the Toronto Real Estate Board and the Building Industry and Land Development Association, of GTA residents within half a kilometre of new development:
“The challenge with City Hall and its politicians is that every time you start a conversation about development in a neighbourhood, you get pushback with people saying, ‘Yes, but not in my backyard,’” says Von Palmer, the Toronto Real Estate Board’s chief communi-
“Most people support missing middle housing, but when you frame the question as to where it should go, you get the ‘not in my backyard’ response,” Palmer says. “Almost 59% oppose high-rise condos within a kilometre of where they live, and even with detached homes, you
“The challenge … is that every time you start a conversation about development in a neighbourhood, you get pushback” Von Palmer, Toronto Real Estate Board cations and government affairs officer and chief privacy officer. “Politicians are leery about getting involved, knowing that the pushback is coming, but it needs to happen. We can’t talk out of both sides of our mouth.” Through Ipsos polling, TREB has been able to get a snapshot of NIMBYs’ pervasiveness.
still get 30% opposed.” Tim Hudak, CEO of the Ontario Real Estate Association, adds: “Far too often, local politicians, whether in Toronto or other cities, are more concerned with existing residents than they are about new residents who want to move in, and as a result, NIMBY-ism can grind
37%
oppose new townhouses
44%
oppose stacked townhouses
49%
oppose small condos
52%
oppose mid-rise condos
59%
oppose high-rise condos
Source: Ipsos; commissioned by BILD and TREB
everything to a halt.” When the noise bylaw exemption for continuous concrete pouring was originally introduced in 2007, it was designed to facilitate Toronto’s building boom. But if housing delivery becomes further constricted, one has to wonder what will become of a city whose residents are forced to leave due to a lack of available housing.
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UPFRONT
ALTERNATIVE LENDING UPDATE NEWS BRIEFS Borrowers still struggling to understand B-20 changes
A significant proportion of Canadian consumers is still unable to grasp the full implications of B-20, despite the rules having been in effect for more than a year now, according to a new TD survey. The bank found that 43% of Canadians are not confident in their knowledge of the mandated mortgage stress test. In addition, 59% said that they don’t understand the impact of the stress test on their first or future home purchases, while 81% admitted that they don’t understand how a potential mortgage rate hike will impact their finances.
Bank of Canada launches HELOC data-gathering initiative
The Bank of Canada has announced that it will begin collecting more detailed data on home equity lines of credit in an effort to bolster its analysis of financial system threats. Consumers have increasingly been leaning on HELOCs since the B-20 regulatory changes went into effect last year; by the end of January 2019, Canada’s Big Six banks had around $223 billion in outstanding HELOCs. “Given the flexibility HELOCs can provide, borrowers can use them even in a downturn or if they lost their jobs to sustain household spending and continue to service their other debt,” Robert Colangelo of DBRS told Bloomberg. “It makes it difficult for lenders to identify emerging credit problems.”
Broker group pushes for changes to German report
The recent bombshell report from former RCMP deputy commissioner Peter German on money laundering in Canada’s real estate sector had some misconceptions that the CMBA-BC will be pushing to change, according to the
association’s CEO, Samantha Gale. “The Peter German report makes the point that private lenders are not licensed, and they referred to them as ‘unregulated lenders,’ so one thing we’re going to be doing is advising Peter German of the licensing requirements of private lenders,” Gale said. “Here in BC, private mortgage lenders are required to be licensed, and so too are their employees. We’ll talk to them about some misconceptions.”
Self-employed professionals boosting alternative market
Private lenders have been on the upswing over the last few years, and among their most valuable customers are selfemployed borrowers – specifically those who have written down their income to minimize their tax burden, says Matrix Mortgage Global COO Laura Martin. “The B-20 stress test has made it such that Schedule A banks and trust companies have had to turn away 20% more borrowers because they don’t fit the guidelines,” she said. “[Private lenders] are much more willing to view borrowers’ eligibility from a big-picture perspective … and do not have set cut-off guidelines for income and credit.”
Reverse mortgages in Canada reach historic high
Spurred by greater awareness among senior Canadians, the balance of reverse mortgage debt nationwide reached a record high of $3.54 billion in February, according to data from the Office of the Superintendent of Financial Institutions. That figure was 0.84% higher than the month before; the annual increase of total reverse mortgage debt was 28.6%. While the annual pace of growth in the segment has slowed since 2017, it’s still on track to double every three years, according to Better Dwelling’s analysis of the OSFI numbers.
Trouble on the horizon? Industry observers have raised a red flag about worsening credit conditions across the Canadian financial system
Canada’s banks and alternative lending sector alike are veering ever closer to major loan losses, according to multiple observers. Steve Eisman, who warned about the 2008 US housing market crisis in his famed book The Big Short, recently told the Financial Times that Canada’s finance sector CEOs are “ill-prepared” for any potential credit losses that might arise as a result of an economic downturn in this country. Among the at-risk lenders highlighted by Eisman were RBC, CIBC and Laurentian Bank, along with alternative lender Home Capital Group and insurer Genworth MI. However, Eisman stopped short of predicting an actual meltdown, saying that Canada still has some elbow room. “This is not The Big Short: Canada – I’m not calling for a housing collapse,” he said, emphasizing that he’s just “calling for a simple normalization of credit that hasn’t happened in 20 years.” A CIBC Capital Markets report released in mid-April echoed Eisman’s worries, cautioning that amid worsening credit conditions, losses are looming just beyond the horizon. “Given the age of the current cycle and soft Q1/F19 reporting in which most banks saw notably weaker loan loss provisions, it does feel like the minute hand on our Credit Doomsday Clock moved a little closer to midnight – not to signal that the end of humanity approaches, but that the end of
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Q&A
trough loan losses is coming,” wrote CIBC Capital Markets analysts Robert Sedran, Christopher Bailey and Marco Giurleo. Moreover, Canadian financial institutions also seem to be headed towards their weakest credit cycle since the oil price crash in 2016.
“It does feel like the minute hand on our Credit Doomsday Clock moved a little closer to midnight” “While Canada has not seen a meaningful economic downturn in quite some time,” the CIBC analysts wrote, “[financial firms] remain cyclical businesses that are built to absorb the pain when it comes, not avoid it.” CIBC’s warning followed an analysis from Veritas Investment Research, which urged clients to “lighten up” on stock associated with the country’s largest banks, as their loan loss provisions will likely go up. Veritas analyst Nigel D’Souza identified the Big Six banks as major spots of vulnerability, citing their “underwhelming earnings” for fiscal Q1 2019. “While some market participants may see [the first quarter] as a non-recurring misstep,” D’Souza wrote, “we caution that the sector is likely facing an inflection point in the credit cycle and that investors should reduce exposure to Canadian banks ahead of an acceleration of credit losses.”
Dan Pauls Regional sales manager, Southwestern Ontario MAGENTA CAPITAL CORPORATION
A stepping stone for struggling borrowers How has Magenta been doing recently?
Years in the industry 18+ Fast fact Pauls’ career has been marked by high-powered roles in both the A and B lending spaces
As a strictly residential lender with an array of great alternative solutions, business has been strong. Our focus has been on lending on good-quality properties in our niche lending areas and to borrowers who are outside the parameters of traditional qualifications. The majority of our borrowers today have good credit, but non-traditional income sources. What we offer is a stepping stone that helps them move upmarket to B lenders, and then eventually to A lenders. In most of these cases, people need a short-term solution. Indeed, many of them have good credit and might have even been with traditional lenders in the past. It’s just that their income situation has changed. Maybe they’re newly self-employed, or maybe they’ve just started a new job, or maybe they have multiple part-time jobs. We’re happy to step in and help out in the short term.
Are there any niches you focus on in particular? We pay particular attention to the B segment: those with credit challenges, those going through life-altering events such as divorce, those who have recently gone through consumer proposals. We also have strong programs for foreign buyers and for those new to Canada. In addition, we are heavily involved in student properties, and it has actually become a strong niche of ours. Not a lot of lenders are dealing with this asset type, and we’re always happy to assist with transactions involving these properties. It helps that many of our lending areas are in markets hosting Ontario’s major universities. Also, we’re not just assisting post-graduate students. We see student properties in two different ways: Sometimes, it’s one of the parents who are buying the property for their child, but more often, it’s an investor who wants to buy a property for rental purposes in an area that happens to be heavily populated by students.
What major issues do buyers and investors in student properties encounter? I would say the largest challenge is the fact that there are simply not enough lenders that operate in this sector. Our strategy of helping borrowers move upmarket is very hard to work into this space. The market needs more lenders who are willing to work on student properties.
What market opportunities do you see for Southwestern Ontario for the rest of the year? There are a lot of single-family homes and student houses, especially in the Waterloo area, that are being torn down and converted to multi-unit student buildings. I would say that there are great opportunities in the purpose-built student condo market.
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UPFRONT
TECHNOLOGY UPDATE
How brokerages can leverage innovations Trailblazers are encouraging other industry players to integrate powerful tech tools into their processes
disparate systems. “We have a one-click appraisal ordering button that we put on the CRM, and the appraisal gets ordered instead of having to re-enter information,” he says. “It saves a ton of time, and the customer gets updates throughout.” Online marketplace My Broker Bee is another industry player that has made massive strides in leveraging emerging technology. The platform matches brokers with up to 20 private
“[Consumers] want things done faster, cheaper, and they want more information”
While Canada has established itself as one of the global leaders in fintech and AI, many mortgage companies still appear to be indifferent about the innovations in these fields. According to John van Oosterhout, director of partnerships at Value Connect, systems integration needs to be a priority in financial firms – though he acknowledged that effective adoption can be difficult. “Canadians overall are quick adopters for
NEWS BRIEFS
technology, but that hasn’t kept pace in the business space because, for a long time, what we’ve had has worked and there’s no motivation to change, but consumers are expecting more,” van Oosterhout says. “They want things done faster, cheaper, and they want more information. There are things to enhance client experience, broker and agent experience, and lender experience.” His company, for instance, uses an application programming interface [API] to bridge
Canada poised to become fintech and proptech leader
Given its status as a consistent early adopter of fintech solutions, Canada is well placed to become a global leader in fintech and proptech innovations. In a recent analysis, Toronto-based financial services lawyer Stephen Redican noted that Canadian banks, lenders and brokerages have swiftly integrated new technologies into their processes, but he cautioned that continued leadership in this space will require ensuring that “regulations that were designed for an earlier time are appropriate for an increasingly digital economy.”
lenders based on information included in the borrower’s application. “It all goes through a proprietary decision tree that auto-finds the lending options based on the application submitted and conditionally commits the application instantly,” explains My Broker Bee president and COO Dennis Marek. “When we onboard a private lender, we take on their lending matrix and their lending requirements to a very specific level – whether it’s credit requirements, postal codes, borrowers’ financial worthiness requirements or property type – because not all lenders facilitate a mortgage on the same criteria. “We get very, very granular,” Marek adds, “and what that does is give the agent or broker the ability to find lending options that are specific only to that application.”
Mogo merges with specialty investment firm
Vancouver-based Mogo Finance Technology has merged with Toronto specialty investment firm Difference Capital Financial. The unified entity, which will be known as Mogo Inc., aims to become the leading fintech platform in Canada, offering a range of banking and financial products, including a digital mortgage experience. “This transaction enables Mogo to continue to invest in new products and innovation, building on our leadership position in the Canadian fintech space,” said Mogo founder and CEO David Feller.
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Q&A
Samantha Brookes Principal broker MORTGAGES OF CANADA
Years in the industry 16+ Fast fact Before becoming a mortgage broker, Brookes studied medicine and healthcare administration
Tech that benefits brokers and clients alike How has your brokerage has been performing so far this year? It was a little slow to start off with, mainly because of the slowdown from the stress tests. Fortunately, things began to pick up near the end of April. The last few weeks especially have been quite busy. What roles do online platforms play in your business? Online platforms are crucial in the industry right now, especially because technology is advancing so rapidly, and everyone’s trying to find ways to make things more lucrative and efficient for brokerages to service the clients at a higher level. We’re going to be switching over to another provider soon, but the technology that we’re using right now offers online application capabilities that move client applications directly to our inbox. We know right away whenever an application has been completed by a consumer, and this helps us out a lot because the streamlined process helps us operate more efficiently and serve the client as soon as possible. What are some challenges brokers should be aware of when implementing online platforms? The only caveat with technology is that when it works well, it’s great. But if it doesn’t, there are gaps and frustrations that the brokerage should smooth over ASAP. Last year, there were cases where people had been submitting applications and receiving confirmations on their end, but nothing was showing up on our end. That’s something we’re going to rectify
Tech startup looks to disrupt the broker model
Montreal-based tech startup Nesto is aiming to disrupt the mortgage business by allowing consumers to find, compare and select mortgage products online. While Nesto will operate like a traditional broker and take commissions from lenders, it will pass some of the commissions back to the clients in the form of lower rates. Nesto has already made inroads in Quebec, Ontario and BC and is looking to expand its services throughout Canada. It currently has 20 lenders on board, including Scotiabank and Desjardins.
with our switch to a new company that will manage our online application technology. What impact do you anticipate from your switch to a new platform? The most important thing for us is ensuring the efficiency of the process, as well as usability. Technology should be not just for the broker, but also for the consumer. This is something that a lot of companies are missing. It’s important that consumers have a platform where they can track their files and communicate with their brokers right away. It’s important that consumers have a rewarding experience when dealing with brokers. Plus, the brokerage benefits in a big way, as we can access all the relevant files in a single system. Despite the hiccups, how does technology give your business a leg up? The industry is steadily moving towards being more technical and more efficient. Just having a platform to work on helps a broker tap into more data – and when you have data, when you have quick and organized access to all the files and applications needed, you know exactly what’s going on with your business and with your consumer. You can pull the numbers, and you can immediately have an idea of what the business should do next. Whatever industry you’re in, a business would always want to be able to track these things and to know the pulse of the consumers – and technologies like online platforms are the exact tools for that job.
Altus Group rolls out new edition of investment platform
Altus Group has announced the latest edition of its ARGUS Cloud commercial real estate investment tool, a centralized storage platform that helps with decision-making processes by facilitating collaboration and improving the efficiency of workflows. The new edition includes “cloud-only deployment” of Altus Group’s industry-standard ARGUS Enterprise, enabling users to migrate multiple server instances to a single cloud database. Other crucial additions include benchmarking and reporting capabilities.
US lender snaps up Canadian mortgage tech firm
Rock Holdings, the parent company of major US lender Quicken Loans, has made its second investment in Canada in as many years, acquiring mortgage broker tech provider Lendesk, which will continue to operate independently from its Vancouver headquarters. “Our partnership with Rock Holdings will allow us to gain wisdom and insight ... as we continue to improve the entire experience, from the time of application through closing,” said Lendesk founder and CEO Alex Conconi.
www.mortgagebrokernews.ca
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UPFRONT
OPINION
GOT AN OPINION THAT COUNTS? Email mortgagebrokernews@kmimedia.ca
Setting the record straight A widespread misconception about licensing requirements is plaguing the industry – and it’s putting brokers in jeopardy, writes John Bargis I’VE WATCHED the mortgage industry grow over many years, and I’ve always been an advocate and supporter of those who possess a true entrepreneurial spirit and who have tried to make it on their own under their own brand – legitimately, that is. That said, there are many in our industry who have been grossly misinformed as to what’s legitimate and within the confines of the law versus what they’ve been told by those more focused on serving their own interests. I’m here to set the record straight for those who care to listen and abide by the law that serves to protect the consumer, the insurers, the regulator, our lender partners – and yes, even the proprietor who likely believes they’re operating above board. There are far too many groups in our industry today that advertise their own brand without having a registered brokerage licence number, and often it’s because they’ve been led to believe that it’s OK to do so as long as they place the actual brokerage licence number or network they’re technically affiliated with on their web page. This is simply not the case, and if you fall into this category, you’re not only breaking the law, but you’re also exposed to serious liability that most brokers don’t see coming. To offer up just one example, let’s suppose your ‘unlicensed’ entity has an issue with a lender loss based on either fraud, a misrepresentation, an error or just plain
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ignorance. If you’re not a properly licenced brokerage with the regulator in your jurisdiction, and you’ve put yourself out there to the public as a registered brokerage, you are now exposed to the exclusion clause overriding the coverage you might have thought you had under an E&O policy that, frankly, doesn’t recognize your brand.
entity through the regulator, and a number of its agents chose to create an unlicensed entity called the Best Rate Mortgage Group, this entity would technically be operating in contravention of the law, regardless of whether it displays the brokerage number of the licensed entity on its marketing material. The Mortgage Brokers Lender and Administrators Act [MBLAA] covers this very issue and more under the ‘Public Relations’ heading, stating that “a brokerage licence is issued either in the legal name of the corporation, partnership or sole proprietorship, or in the legal name and one other name that is registered to the corporation, partnership or sole proprietorship under the Business Names Act.” The MBLAA goes on to say that “a brokerage shall not carry on business in a name other than its authorized name,” including “use of name, etc., in public relations materials.” As a member of the advisory group of the newly formed Ontario regulatory body FSRA, I can tell you that one of the items on the agenda in an effort to better protect the public is how to address the mass misconception in the industry that agents can use and
“If your goal is to operate under your own brand, the right way to do it is to officially register your own firm with the regulator and start your own brokerage” In a case like this, some would argue that they were misled when told that carrying their own brand without being properly licensed was perfectly legal and that they were operating within the confines of their jurisdictional act. Unfortunately, they would lose this argument in a court of law should a resulting liability lead to a claim, because in most cases, the broker would have either been misinformed or not bothered to take the time to carefully review their contract with their affiliate brokerage or network, which would make them solely responsible to follow any and all regulatory requirements. For instance, if Prime Rate Mortgage Broker was the legally licenced brokerage
advertise sub-company names not registered as the brokerage of record. Should you fall in this category, do yourself a favour: Do your research, read your contracts carefully, and better yet, know the law in your jurisdiction. If your goal is to operate under your own brand, the right way to do it is to officially register your own firm with the regulator and start your own brokerage.
John Bargis is executive vice-president of Mortgage Edge and a founding member of the Coalition of Independent Mortgage Brokers of Canada [CIMBC].
www.mortgagebrokernews.ca
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2019-05-09 21/05/2019 9:26:085:16 PM PM
PEOPLE
INDUSTRY ICON
UNICORN IN A FIELD OF HORSES The mortgage industry might not be an old boys’ club any more, but it can do more to foster diversity and inclusion. Magical Unicorn Project founder Kyra Wong is ensuring it does
THE FINANCIAL services industry has a penchant for conservatism, but Kyra Wong is turning it on its head in her crusade for equality, diversity and inclusion. Wong, a Vancouverbased district vice-president at Manulife, began her career in the mortgage industry 25 years ago as a broker, but only recently has she found her true purpose. As founder of the Magical Unicorn Project, Wong endeavours to help women and minorities plow through barriers and realize their untapped potential. Always socially conscious, Wong decided to take action to reverse what she describes as “systemic impediments to the advancement of women and minorities” – a problem, she adds, that’s especially acute in the financial world. “Given that I’m in a highly male-dominated industry, I created the project with an original focus on women to tackle three specific glass ceilings I felt contributed to keeping women down: corporate, social and emotional,” she says. “Most people are familiar with the corporate glass ceiling – inequality, which sees fewer women than men in positions of power in the workplace. Social glass ceilings refer to acceptable behaviours and our ability to call others out when they make poor decisions, such as sexual harassment. Emotional glass ceilings transpire when we create limitations in our own minds.” To Wong, the unicorn (whose name is derived
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from the Latin word for ‘one’) symbolizes unified humanity and social mores that celebrate, rather than disparage, differences. Founded in 2017, the Magical Unicorn Project began as a way to increase female representation in financial services but will begin advocating this year on behalf of a more diverse minority population, including LGBTQ2+ and ethnic communities. “I have deliberately, intentionally and
ance, what other reaction could I expect? Unorthodoxy is how to disrupt the status quo and influence the world. You have to be a unicorn in a field of horses.”
Leading by example To dismiss the concerns raised by the Magical Unicorn Project as political hysteria would be to ignore the experiences of women throughout
“I knew I’d get judged, criticized and even made fun of for [going out into the world with a unicorn alter ego], but I also knew that it would start conversations, provoke curiosity and give me the opportunity to address the bigger picture” purposely set out to challenge everyone in the financial space by going out into the world with a unicorn alter ego,” Wong says. “I knew I’d get judged, criticized and even made fun of for doing this, but I also knew that it would start conversations, provoke curiosity and give me the opportunity to address the bigger picture. In a world that preaches conformity and suspicion of vari-
the industry, especially within the banking world. The Magical Unicorn Project seeks to highlight the issues that cause so many women to leave the financial space. “Many women I’ve spoken with and interviewed for my project come from banking backgrounds but left because of their experiences with corporate glass ceilings or sexual harass-
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PROFILE Name: Kyra Wong Title: District vice-president Company: Manulife Based in: Vancouver Years in the industry: 25 Career highlight: “Being promoted to district vicepresident of Manulife in 2017.” Career lowlight: “Losing dayto-day access to my mentor, John Lorriman, in 2013, when our independently owned and operated insurance company was acquired by Manulife and he retired.”
www.mortgagebrokernews.ca
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PEOPLE
INDUSTRY ICON
ment,” Wong says. “As mortgage brokers, women are largely free from those barriers, and they see opportunities to create better environments for themselves and to have additional success. When you see women going out there and successfully becoming independent, it encourages other women to try and do the same because they see what’s possible. Women bring different attributes to the table than men do, and blending the two creates better balance and outcomes.” When Wong began brokering at the age of 23, she confronted an industry that was undeniably a boys’ club. In the ensuing years, though, the mortgage industry has advanced, and it now brims with women like Wong who have worked relentlessly to have it all. She says it’s important to acknowledge the supporting men who push
A pillar of support While the Magical Unicorn Project is Wong’s passion, she’s also carved out an impressive career at Manulife, where she oversees the company’s insurance business for the DLC Group. Part of her responsibility is ensuring that her mortgage broker partners are up to date on Manulife’s insurance products. “Given that life insurance is an ancillary product offering and secondary to their mortgage business, brokers require considerable support and training,” Wong says. “We have a full-service team that provides all of that, and we’ve been leaders in our insurance space for as long as I can remember. My brokers trust me, and I’ve been able to build tight relationships with people because what I do is born of out of a desire to
“When you see women going out there and successfully becoming independent [brokers], it encourages other women to try and do the same”
KYRA WONG’S CAREER HIGHLIGHTS
2011 Is promoted to national sales director of Dominion Lending Centres
2017 Becomes district vicepresident of Manulife, responsible for growing the insurer’s largest client in the creditor mortgage space
2017 Founds the Magical Unicorn Project to promote greater diversity in the financial services industry
2018 for progress and equality, but she maintains that the industry can still do better. “I hope to show the next generation what’s possible for them,” Wong says. “You can be a VP, and you can be a unicorn, too. Don’t let anyone’s narrow mind limit you. You can have a serious, powerful job, and you can still be playful and fun. You can put yourself out there in unique and interesting ways, and at the same time be a formidable force who commands respect and is taken seriously. “I’m happily married to a most wonderful man, and I’m the mother of two beautiful boys,” she adds. “You don’t have to sacrifice a family for a career, nor do you have to sacrifice a career for a family. You can be and have whatever you want. Everything is possible and available to you, and for you, if you’re bold enough to go for it.”
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be of service. No broker wants to see their client lose their home because of an unpredictable, unfortunate life event that they weren’t prepared for. If I can build awareness and help brokers better protect their clients and their financial futures, I’m happy.” No detail is too small for Wong’s attention, and that kind of meticulousness defines her reputation in the broker community. Taking the time to understand brokers’ business – everything from how they behave to their daily operations – makes Wong, much like Magical Unicorn Project, a pillar of support. “I approach mortgage brokers and agents as people who are doing their very best, whatever that may look like,” she says, “and I try to support, encourage and help them in their business however I can so that they succeed.”
Contributes a chapter entitled “The Magical Life” to the book WOW Woman of Worth: Empower with the Power of Collaboration
www.mortgagebrokernews.ca
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13 ANNUAL CANADIAN MORTGAGE AWARDS TH
A record number of mortgage industry luminaries attended this year’s Canadian Mortgage Awards. On the following pages, CMP reveals all the winners across 22 categories
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BROUGHT TO YOU BY
CHAMPIONING THE individuals and organizations that set the standard for excellence and innovation, the Canadian Mortgage Awards brought the glitz and glamour to Toronto’s Liberty Grand ballroom to celebrate the industry’s best on a night that won’t soon be forgotten. ET Canada’s Cheryl Hickey guided the evening as the gala’s host, and multi-genre string quartet Dévah provided first-class entertainment to hundreds of mortgage professionals from around the country, who made up the event’s largest audience since its start 13 years ago. Today’s challenging market didn’t stand in the way of the night’s honourees, including Mortgage Alliance Commercial’s Michel Durand, who took home his second CMA, winning the Avison Young Award for Commercial Mortgage Broker of the Year. “This is the best people in the industry,” he said. “Just to be hanging with the best and top people in the industry, it doesn’t get better than that.” While the event saw a few repeat winners – such as powerhouse Dominion Lending Centres, which claimed the title of National Broker Network of the Year award for the third year in a row – there were plenty of first-time awardees as well, such as CMLS Financial’s Ut Yue, who was surprised to hear her name called for the CIMBC Award for Lender BDM of the Year. “I’ve been nominated twice before, so this is my third nomination and my first win,” she said. “I was so surprised; I wasn’t expecting to win.” This year also saw the debut of new awards: Young Gun of the Year and the Dominion Lending Centres Award for Woman of Distinction. The latter went to TMG The Mortgage Group executive Veronica Love-Alexander. “There are incredible women in the category,” she said, “and it felt amazing to be included with those nominees.” Who else took home a CMA this year? Read on to discover the rest of the night’s big winners …
www.mortgagebrokernews.ca www.mortgagebrokernews.ca 23 www.australasianlawyer.com.au
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THE HAVENTREE BANK AWARD FOR
DIGITAL INNOVATOR OF THE YEAR WINNER
COMPANIES MUST adapt to increasing digital needs or risk being
left in the dust. Centum Financial Group has harnessed the power of technology to provide agents with the tools and knowledge they need to push their personal brands and increase conversion. In 2018, Centum completed the launch of new websites and CRM systems, created a homebuyer’s guide for customers, and invested in technology to make the lives of its agents and customers easier.
Centum Financial Group
FINALISTS Approved Financial Services
“We love technology, but we still love people, so people drive our initiatives that we do with technology”
Blue Pearl Mortgage Group CanWise Financial Capital Lending Centre intelliMortgage
JOE MUIR
Mortgage Architects – Mortgage InGenuity
Centum Financial Group
Centum has no plans to slow its momentum: “If we’re not moving forward, then we’re really not growing, so we’re constantly going to be pushing for more and more,” says the network’s director of marketing, Joe Muir. John Bourassa, VP of sales and marketing at award sponsor Haventree Bank, agrees that the mortgage industry must continue to adopt innovative technology to better serve customers. “We’re in the age of digitization, and the mortgage industry is certainly not immune from that,” he says. “The customer experience is only enhanced with the work that the Centum Group is doing to bring digitization to the mortgage experience.”
Nesto The Mortgage Centre – MOS Mortgageone Solutions
PROUDLY SPONSORED BY
At Haventree Bank, we’re for the grinders – the clients who get knocked down but get back up again. Because they’re the ones with potential. We have an experienced team that will get to know your client thoroughly and work alongside you to accomplish what needs to be done. We specialize in offering residential mortgage financing for borrowers who do not satisfy the underwriting criteria of other mortgage lenders. If your clients are in business for themselves, have bruised credit or have thin credit, we can help.
Joe Muir Centum Financial Group
Chris Turcotte Centum Financial Group
For more information, visit haventreebank.com
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BROUGHT TO YOU BY
THE CANADA MORTGAGE & FINANCIAL GROUP AWARD FOR
LENDER UNDERWRITER OF THE YEAR WINNER
TO SAY Traci Merkel has her brokers’ backs is an understatement
Traci Merkel
– not only did she have her best year yet in 2018 as a senior underwriter at MCAP, but she also increased funding ratios for brokers with faster turnaround times and fewer declines and cancellations. “I spent time, especially in 2018, talking with brokers and refreshing them with MCAP’s policies and niches,” she says. “If I can help them learn how to package deals with good notes and
MCAP
FINALISTS Chiu Yeh XMC Mortgage Corporation
Dave Tett
Street Capital Bank of Canada
“I try to make the deal work – I want to see everybody succeed”
Franca Tosti
TRACI MERKEL
Home Trust Company
Elliot Gardiner
MCAP
Canadian Mortgages Inc.
Kara Kinakin
upfront documents, I know they will want to work with me and send the business to me.” “[Underwriters] either make or break the deal, and they work so hard in everything that they do, so Ameera Ameerullah, who is the CEO of Canada Mortgage & Financial Group, really wanted to show thanks and appreciation for all the dedication they show,” says Linda Gibson, operations manager at award sponsor CMFG.
Bridgewater Bank
Leah Wilson VWR Capital
Nune Mirabyan RMG Mortgages
Rob Orban Scotiabank
PROUDLY SPONSORED BY
Stefano Tarantino First National Financial
Thanna Leah Marques Bespoke Mortgage Group
Thomas Squires CWB Optimum Mortgage
Canada Mortgage and Financial Group [CMFG] is an independent mortgage brokerage and lending firm specialized in institutional (bank) and alternative finance under the leadership of CEO and founder Ameera Ameerullah, a multiple-award-winning broker and woman of influence. She has been in the mortgage industry since 2001, working tirelessly with a drive to succeed, and has worked her way up, setting unique benchmarks in a male-dominated industry. Ameerullah has demonstrated compassion and care through her volunteer work and contribution to the industry, and as such, has developed a team with the same attributes, which transcend in their work environment. The team’s expertise in the alternative sector has given the firm an iconic mark in the Canadian mortgage industry.
Traci Merkel MCAP
For more information, visit cmfg.ca Terry Walman Walman, Catre, Wise & Stone
Linda Gibson Canada Mortgage & Financial Group www.mortgagebrokernews.ca www.australasianlawyer.com.au
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BROUGHT TO YOU BY
THE AVISON YOUNG AWARD FOR
BROKER OF THE YEAR – COMMERCIAL WINNER Michel Durand
Mortgage Alliance Commercial
FINALISTS Brennan Wood Foundry Mortgage Capital Corp.
Inam Qureshi Syndicate Lending Corporation
Jeremy Leung CT Green Financial
Nick Karamitsos SGE Capital
Omid Jalili OMJ Mortgage Capital
Ramin Nazaradeh Gold Capital Corp.
MASTERING THE art of commercial mortgages requires carefully
executing every aspect of the deal with high attention to detail. Michel Durand, broker of record at Mortgage Alliance Commercial, has accomplished just that. His simple approach has allowed him to work smarter, not harder, closing 89% of his transactions in 2018 while focusing on the needs of his clients. “I think it’s just common sense that seems to be lacking sometimes in what people do,” Durand says. “It’s not about making money; it’s about doing the right thing. When you do the right thing, money will be there. So focus on the right thing.”
“I recognize that I’m only here because I’ve got an amazing group of people around me who make this possible” MICHEL DURAND Mortgage Alliance Commercial
Rena Malkah CYR Funding
Sokha Kim Sherwood Mortgage Group
Tina Mu Mortgage Alliance – Acer Mortgage Lending Corp.
For Matthew McWaters, principal and senior vice-president at Avison Young, sponsoring this award was an excellent opportunity to celebrate the brokers his firm works with. “We do get a lot of deals [from top brokers], and we think this is a good investment for the company to get to know them more and be a bigger part it.” PROUDLY SPONSORED BY
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Avison Young is a collaborative global firm owned and operated by its principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises approximately 5,000 real estate professionals in 120 offices in 20 countries. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors. Matthew McWaters Avison Young
For more information, visit avisonyoung.ca.
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HOME
It’s not about credit scores. It’s about life scores. Life happens. When a change in marriage or a relationship occurs, it can affect your clients’ credit and confidence in their future. Let’s partner to look beyond their credit score. Together, we can ask the right questions to understand the whole story so they can focus on the scores that matter most in life. Visit hometrust.ca/lifehappens. Home Happens Here.
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THE AWARD FOR
BROKERAGE OF THE YEAR – DIVERSIFICATION WINNER Millennial’s Choice Mortgages
FINALISTS Blue Pearl Mortgage Group DLC Expert Financial
TO COMPETE in the current mortgage environment, broker-
ages have to think outside the box. Millennial’s Choice Mortgages did just that – and then some. “From the inception of Millennial’s Choice Mortgages, we believed that in order to remain competitive, relevant and provide top-level customer service, we had to be able to diversify our services,” explains broker of record Matthew Ablakan.
North East Mortgages
“First time [at the CMAs] and less than two years in the business … I am excited”
Northwood Mortgage
MATTHEW ABLAKAN
DLC Mortgage Mentors – The Collin Bruce Mortgage Team Mortgages of Canada
Safebridge Financial
Millennial’s Choice Mortgages
By offering multiple services under one roof, Millennial’s Choice helps clients of all generations achieve their goals, whether it’s finding a new home, financing a mortgage or planning for the unknown. “We are not only a mortgage brokerage – we are a real estate brokerage and a life insurance agency,” Ablakan says. “Clients come to us, and we help them out with real estate, mortgages and insurance, so we are a one-stop shop. Clients love it because it saves them time and money.” In addition, the firm’s MC University works with local high schools to deliver engaging topics related to real estate, mortgage investments and entrepreneurship, with the mission of empowering young Canadians to make the best financial decisions.
Matthew Ablakan Millennial’s Choice Mortgages
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BROUGHT TO YOU BY
THE AWARD FOR
BROKERAGE OF THE YEAR (FEWER THAN 25 EMPLOYEES) WINNER
LOEWEN GROUP MORTGAGES is no stranger to winning a
Loewen Group Mortgages
CMA. Guided by a “constant, consistent and conservative” approach to growth, the brokerage earned its fourth award this year by sticking to its guns and working as a team to provide the best possible service to clients.
FINALISTS Canada Mortgage & Financial Group Centum InTouch Mortgage Solutions DLC HT Mortgage Group DLC Supreme IMI Financial Group Jayman Financial
“We try to think about the client and the user experience. If you treat people how you want to be treated, the circle just continues” JAMES LOEWEN
Mortgage Savvy
Loewen Group Mortgages
Mortgage Wise Financial
Based on Loewen Group’s targeted approach to continual improvement, this likely won’t be its last award. “We always get together and review what we’re doing,” says owner James Loewen. “As soon as you think you are doing the best you can do, you have to sharpen your blade a little bit more. We always want to be innovating and changing and just try to stay ahead of the pack.” Shining the spotlight on smaller brokerages is key to moving the industry forward, says John Bargis, vice-president of Mortgage Edge and a founding member of event sponsor CIMBC. “Everybody has to start somewhere. [My advice to smaller brokerages] is it’s really about focusing on managing your business versus letting your business manage you.”
MortgagePal Smart Debt
Tara Williams Loewen Group Mortgages
James Loewen Loewen Group Mortgages
John Bargis Mortgage Edge
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THE CENTUM AWARD FOR
INDUSTRY SERVICE PROVIDER OF THE YEAR WINNER Teranet
FINALISTS Bendigi Technologies DocAssist Filogix GoMax Solutions Lendesk MCAP Mortgage Automator MyBrokerBee.com Newton Connectivity Systems Paradigm Quest
THANKS TO organizations such as Teranet, mortgage businesses
can rest easy, knowing they have an excellent partner to address various processes and procedures. The exclusive provider of online property search and registration in Ontario, Teranet’s commercial solutions connect industry professionals and communities with reliable data, actionable insights and practice management applications, enabling them to make better decisions and improve efficiency. In addition, Teranet provides residential property data and market insights to help financial services professionals and institutions reduce mortgage risk and drive portfolio results.
“This is always a great event, and we get to meet a lot of the clients that we deal with by phone or get to see occasionally at training sessions” PHILIP SHARE
PROUDLY SPONSORED BY
Federally incorporated in 2002, the CENTUM family is home to over 200 franchised mortgage offices with more than 2,500 mortgage professionals across Canada. As a division of the Charlwood Pacific Group, our network benefits from over 40 years of global franchising expertise of recognized brands, which include financial services, real estate, travel service, property management and hotel accommodations. CENTUM provides its franchises with the systems, technology, training, support and financial products necessary to have a competitive advantage and succeed in the mortgage broker industry today. CENTUM is also a proud member of the Canadian Franchise Association. We provide the security of knowing that we are always looking out for your best interest. For more information, visit centum.ca
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Teranet
“There’s a reason we go out of our way to make sure that we have this award every year,” says Chris Turcotte, president and CEO of award sponsor Centum Financial Group. “I think in an everchanging market, we don’t need to talk about the regulations; everybody knows about them. I think technology innovation is crucial, because when banks have an arguably unfair advantage, it’s crucial that innovation in our industry doesn’t stop, and we want to make sure we’re behind that.”
Paul McGowan Teranet
Philip Share Teranet
Chris Turcotte Centum Financial Group
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BROUGHT TO YOU BY
THE HOME TRUST AWARD FOR
BROKER OF THE YEAR – ALTERNATIVE LENDING WINNER
WITHOUT THE alternative channel, many Canadians would be
Darlene Vilas
The Mortgage Centre – MOS MortgageOne Solutions
FINALISTS Alec Bowes Champion Mortgage
Alexander Yusuf
left with no options to realize their dreams of homeownership, which is why Darlene Vilas is dedicated to servicing the unique needs of this client base. “It’s such an important category to me,” she says, “and I’ve been thrilled to sort of make this a cornerstone of my business and help so many people. The alternative channel is so important nowadays, and it’s really valuable to families and people looking for solutions outside of the traditional channels they might not qualify for lately.”
Mortgage Architects – Moneybroker Canada
“I have a passion and persistence that allows me to keep on top of helping people and try to find lenders that will help make a difference for consumers”
David Clarke
DARLENE VILAS
TMG Clarke Mortgage Group
The Mortgage Centre – MOS MortgageOne Solutions
LM Financial Services
Ameera Ameerullah Canada Mortgage & Financial Group
Asim Ali DLC Producers West Financial
Christine Xu
Graeme Moss Verico Fair Mortgage Solutions
Reza Ghazi GreenFlow Financial Corp.
Robert Jennings Verico East Coast Mortgage Brokers
“We feel it’s important to recognize brokers who are providing such an important service to Canadians,” says Ed Karthaus, EVP of sales and marketing at award sponsor Home Trust. “They need solutions, and we are pleased to be one of the lenders that does that in Canada, and we want to recognize the brokers who make dreams come true.” PROUDLY SPONSORED BY
Ed Karthaus Home Trust Home Trust Company is the principal subsidiary of Home Capital Group, a public company traded on the Toronto Stock Exchange under the ticker symbol HCG. Home Trust is a federally regulated trust company offering residential and non-residential mortgage lending, securitization of insured residential mortgage products, consumer lending, and credit card services. For more information, visit hometrust.ca
Darlene Vilas MOS MortgageOne Solutions www.mortgagebrokernews.ca www.australasianlawyer.com.au
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THE AWARD FOR
NEW BROKERAGE OF THE YEAR WINNER Centum The Pocket Mortgage
FINALISTS Approved Financial Services Capital Lending Centre
AFTER ONLY a year in the business, the Pocket Mortgage picked
up its first Canadian Mortgage Award – a surprising turn of events that owner and broker Konstantin Polyakov described as “excellent” and “unexpected.” The Mississauga-based brokerage found its competitive edge in the marketplace by offering a digital experience and simplifying
Mortgage Scout
“We only opened about 10 months ago, and it’s very surprising to be recognized for the effort we have put into the industry”
OGI Capital
KONSTANTIN POLYAKOV
The Mortgage Centre – Divine Mortgage Group
Centum The Pocket Mortgage
Millennial's Choice Mortgages Mission35 Mortgages Mortgage Architects City Mortgage Group
The Mortgage Centre – Shirl Funk Mortgages
the mortgage financing process to eliminate the pain points many borrowers experience. As a result, the Pocket Mortgage has experienced a 200% increase in lead conversion and can close a deal in as little as 24 to 48 hours. “We are very mobile,” Polyakov says. “The whole concept of Pocket Mortgage was about the consumer being able to submit and apply for mortgages from their phones, and I think we did a great job of delivering that.”
Konstantin Polyakov Centum The Pocket Mortgage
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BROUGHT TO YOU BY
THE AWARD FOR
BROKER OF THE YEAR – PRIVATE LENDING WINNER Shawn Allen
Matrix Mortgage Global
FINALISTS Adam Coultish DLC Canadian Mortgage Experts – CL Capital Group
Brad Vokins Neighbourhood Dominion Lending Centres
Bryce Coates TriLend
Christine Xu Mortgage Architects – Moneybroker Canada
David Clarke TMG Clarke Mortgage Group
James Li DLC Elite Lending Corp.
Leanne Myles Centum Home Lenders
SHAWN ALLEN has once again proved that he has cultivated an
all-encompassing niche in private lending. In 2018, his brokerage, Matrix Mortgage Global, funded more than 350 mortgages, more than 75% of which came from the private sector. Recently, Allen opened the Canadian Administration of Private Lending as his own private fund, offering competitive pricing and
“It’s good to represent the mortgage broker community with this award” SHAWN ALLEN Matrix Mortgage Global
common-sense lending practices to his clients and referral partners. In addition, he created the Private Lending Hub Network to unify and educate consumers, brokers and investors. Allen’s hard work and dedication have formed the foundation for his success. “You have to zero in on a niche,” he says. “I’ve been doing this since 2011, and you have to stay consistent. You have to put all your energy and channel all your focus on being the best you can be for whatever category or niche you want to cover.”
Malcolm Driver OGI Capital
Shawn Allen Matrix Mortgage Global
Bob Sinclair CIMBC Susan Wishart Street Capital Bank of Canada
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21/05/2019 9:34:51 PM
THE AWARD FOR
EXCELLENCE IN PHILANTHROPY & COMMUNITY SERVICE WINNER
WITHOUT SABEENA BUBBER of Verico Xeva Mortgage, the
Sabeena Bubber
vision and impact of 100 Brokers Who Care – a group of more than 100 Canadian mortgage brokers working together to make a financial difference in the lives of people who are most in need – would never have come to light. Bubber founded 100 Brokers Who Care in 2015 after she started a GoFundMe page to help a friend who suddenly lost her young daughter in a tragic accident. She soon realized that brokers have the power to affect people in need of help in their own communities. Since its inception, the organization has supported eight charities and families by contributing more than $60,000.
Verico Xeva Mortgage
FINALISTS Ameera Ameerullah Canada Mortgage & Financial Group
Angela Calla DLC Angela Calla Mortgage Team
CME Cares DLC Canadian Mortgage Experts
Corina Murphy Verico Premiere Mortgage Centre
Janna Dawdy JCMortgages.ca
Jolene George Mortgage Alliance – 4Front Mortgages
Millennial's Choice Mortgages Shubha Dasgupta Capital Lending Centre
Stacey Doran DLC Origin – Doran Finance Group
Tracy Axford The Mortgage Centre – Durhammortgage.com
“[Sabeena has] done a lot for the broker community and also the families that she’s helped out ... by the end of 2019, she’s planning on raising over $100,00 for this charity” BARBARA COOK Verico Financial Group
“Sabeena is a valued member of the Xeva Mortgage team, and we are proud of her initiative to bring brokers together across Canada in a non-denominational, unified effort to help Canadians in the name of mortgage brokers across Canada,” says Barbara Cook, who accepted the award on Bubber’s behalf. “If you can spare $100 per quarter per year, please go to 100brokers.org today to join the movement!”
Barbara Cook Verico Financial Group, who accepted on behalf of Sabeena Bubber
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BROUGHT TO YOU BY
THE AWARD FOR
ALTERNATIVE BROKER SPECIALIST OF THE YEAR – NEW TO CANADA WINNER
HAVING EXPERIENCED the hardships of immigrating to a new
Rakhi Madan
country, Rakhi Madan has firsthand knowledge of how to guide her clients through the Canadian mortgage process. Her experience when she first arrived in Canada is one that thousands of other immigrants can relate to and has made her a staunch advocate for new-to-Canada borrowers.
Key Mortgage Partners
FINALISTS Ingrid Bjel McGaughey Invis CanadianMortgagePro.Com
Kuljit Singh Mortgage Alliance – AKAL Mortgages
Michael Hapke The Mortgage Centre – Mortgage Brokers Ottawa
Suyan Ge DLC City Wide Mortgage Services
“Being a new immigrant myself, I think that’s what helped me win this award. My success is directly attributed to my ability to relate to and empathize with my clients” RAKHI MADAN Key Mortgage Partners
“With no one to tell me how to live in this whole new world, I had to figure everything out, from the language to currency and culture,” Madan says. “Even not knowing what to buy in the grocery store can be overwhelming. By truly understanding my clients, I guide them through the difficult process of financing their dream of homeownership in Canada. Helping these clients is one of the most important aspects of my career. I am changing people’s lives for the better.”
Rakhi Madan Key Mortgage Partners
www.mortgagebrokernews.ca www.australasianlawyer.com.au
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THE CIMBC AWARD FOR
LENDER BDM OF THE YEAR WINNER Ut Yue CMLS Financial
FINALISTS Brian Mason Street Capital Bank of Canada
EVERY BROKER knows that having a skillful BDM by their side can
be the difference between securing financing for a client or having a deal fall through. CMLS Financial’s Ut Yue had a banner year in 2018, increasing her funded loan volume by 134% while navigating the challenges regulatory changes continue to bring to the marketplace. “What I love about being a BDM is getting to meet many different people from all walks of life,” Yue says. “Being able to assist them with
XMC Mortgage Corporation
“My approach is being honest with my brokers, giving them quick responses, being available to them and knowing the products”
Ed Wells
UT YUE
Community Trust
CMLS Financial
Chris Hoeppner HomeEquity Bank
Chris Woodhouse Street Capital Bank of Canada
Derek Serra
Jessica Fitzpatrick Merix Financial
Livia Pellegrino First National Financial
Mike Ayoub Home Trust Atlantic
Randy Binstock Home Trust Company
Reaza Ali Fisgard Asset Management Corporation
their business is one thing, but the true joy of being a BDM is getting to know each person for who they are beyond work. Everyone has a story, and we can all learn from each other.” “This award and this role in the industry is key to any brokerage,” says Robert Sinclair, president of award sponsor CIMBC. “It’s really the connectivity between the lender and the broker. Our growth in CIMBC over the past year – if we didn’t have this role within the lenders, we wouldn’t have had the growth.” PROUDLY SPONSORED BY
Robert Malcolm Equitable Bank
Suzy Fernandez-Arruda Haventree Bank
Tim Hurlbut Alta West Capital
The Coalition of Independent Mortgage Brokers of Canada [CIMBC] was created to help entrepreneurial brokerages transition to building a genuine independent brand with a solid structure and a stronger bottom line for the independent, not the network. For more information, visit cimbc.ca
Robert Sinclair CIMBC
Ut Yue CMLS Financial
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21/05/2019 9:35:10 PM
BROUGHT TO YOU BY
THE TRANSUNION AWARD FOR
LIFETIME ACHIEVEMENT IN THE MORTGAGE INDUSTRY RECIPIENT Boris Bozic Merix Financial PROUDLY SPONSORED BY
Information is a powerful thing. At TransUnion, we realize that. We are dedicated to finding innovative ways information can be used to help individuals make better and smarter decisions. We help uncover the unique stories, trends and insights behind each data point, using historical information as well as alternative data sources. This allows a variety of markets and businesses to better manage risk and consumers to better manage their credit, personal information and identity. Today, TransUnion reaches consumers and businesses in more than 30 countries around the world on five continents. Based in Burlington, Ontario, TransUnion provides local service and support throughout Canada. Through the power of information, TransUnion is working to build stronger economies and families and safer communities worldwide. We call this “information for good.” For more information, visit transunion.ca
BORIS BOZIC didn’t always have his eyes set on a mortgage career.
Originally planning to become a real estate mogul, Bozic took a job as a mortgage broker as a way to educate himself about the industry – now, more than 30 years later, he leads Merix Financial, which has provided more than 200,000 residential mortgages to Canadians since it was founded in 2005.
“It’s humbling to be acknowledged. There are so many worthy recipients, so I am profoundly grateful for this acknowledgment” BORIS BOZIC Merix Financial
While the road that took him to a Lifetime Achievement Award was unexpected, Bozic recognizes that he wouldn’t be here had he not taken chances in life. “More than anything else, I’ve had the courage to take some chances,” he says. “I took a chance with Merix Financial. It was a piece of paper, and we brought it to life, and here we are 15 years later with 400 employees working for our organization with [Paradigm Quest]. So that is my crowning achievement – that you can leave something after it’s time to exit stage left.” Marvin Daley, VP of business development at TransUnion, which sponsored this year’s Lifetime Achievement Award, describes Bozic as “a mentor and a pioneer in the industry.” “We believe in a long-term sustainment of the brokerage industry,” Daley adds. “We believe that we are an important part of that, and the Lifetime Achievement Award is a symbol of our long-term commitment to the mortgage industry.”
Boris Bozic Merix Financial Marvin Daley TransUnion
www.mortgagebrokernews.ca www.australasianlawyer.com.au
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RED CARPET SPOTLIGHT Sponsored by
For more information on Filogix, visit expert.dh.com For the full photo gallery, visit canadianmortgageawards.com/about/gallery
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BROUGHT TO YOU BY
THE AWARD FOR
MORTGAGE INDUSTRY EMPLOYER OF CHOICE WINNER CWB Optimum Mortgage
FINALISTS Blue Pearl Mortgage Group Canadian Mortgages Inc. Community Trust Equitable Bank First National Financial Haventree Bank Matrix Mortgage Global Merix Financial
FROM EMPLOYEE development and training to benefits, CWB
Optimum Mortgage ensures that its workplace is one employees want to come to every day. Optimum, which started as a two-person operation, now has 100-plus employees across Canada and manages a portfolio worth more than $2 billion. Developing employees has been the company’s number-one priority.
“We are very proud of our accomplishment, and we will continue to be the best employer that we can” HEATHER WYTINCK CWB Optimum Mortgage
Mortgage Edge Outline Financial
“We wholeheartedly support lifelong learning,” says Lester Shore, Optimum’s senior vice-president and regional general manager. “It makes for better career paths and more diverse and experienced teams.” Employee recognition awards, 100% company-funded benefits, social events and a commitment to philanthropy are some of the other ways Optimum helps its employees thrive. “We are so proud to be considered for the Employer of Choice category for the Canadian Mortgage Awards,” Shore says. “We strongly believe we are the place to work in the mortgage industry, and our employees would echo those same sentiments.”
The CWB Optimum Mortgage team
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NATIONAL BROKER NETWORK OF THE YEAR
Thank you to our network for your hard work and dedication
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THE AWARD FOR
BROKERAGE OF THE YEAR (25 EMPLOYEES OR MORE) WINNER
WINNING BROKERAGE of the Year (25 Employees or More) in
CanWise Financial
2018 lit a fire in CanWise Financial to continue to be the best brokerage in the business, and its efforts paid off when it was named Brokerage of the Year for the second year in a row. “Back-to-back winners of this award are rare, but we think we have done enough to deserve it,” says principal broker James Laird.
FINALISTS Canadian Mortgages Inc.
DLC Elite Lending Corp.
“I didn’t expect to win the award back-to-back, but I’m super pleased to have accomplished that”
Matrix Mortgage Global
JAMES LAIRD
Centum Metrocapp Wealth Solutions DLC Canadian Mortgage Experts DLC Clear Trust Mortgages
Sherwood Mortgage Group True North Mortgage Verico Xeva Mortgage
CanWise Financial
After its 2018 win, CanWise hit the ground running, growing its mortgage volume by 50% in 2017 and receiving more than 900 fivestar reviews from satisfied customers. Laird puts CanWise’s secret to success down to its people: “[Our people] are as pumped as I am about this award,” he says, “and I think if you have people who believe in your company as much as you do, then you can’t help but have a great company.”
The CanWise Financial team
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BROUGHT TO YOU BY
THE COMMUNITY TRUST AWARD FOR
ALTERNATIVE BROKER SPECIALIST OF THE YEAR – BUSINESS FOR SELF
WINNER
SINCE HE founded GreenFlow Financial Corp. five years ago, Reza
Reza Ghazi
Ghazi’s goal has been to provide the best possible customer experience for business owners and self-employed borrowers. “We cater to the business-for-self segment,” Ghazi says. “We really understand what’s associated with them, what the hurdles are, and we try to be there for them and serve them. By becoming so specialized, I have been able to present a stronger value proposition, address customers’ needs better and learn the minutiae of the target market in which we interact.”
GreenFlow Financial Corp.
FINALISTS Akash Sharma Mortgage Architects – Able & Remarkable Mortgages
Anthony Spadafora
Oriana Financial
“There are so many other great competitors nominated for this award, so it’s definitely an honour, and we are excited”
Jason Anbara
REZA GHAZI
Mortgage Alliance – Ottawa Mortgages
GreenFlow Financial Corp.
The Mortgage Centre – Mountainview Mortgage
Anthony Venuto Centum InTouch Mortgage Solutions
Darren Robinson
Jason Georgopoulos
Working in the alternative channel is no easy task, and award sponsor Community Trust recognizes that. “We are so inspired by everyone in this particular category and are so excited to be supporting them as they move our industry forward,” says Community Trust VP Lisa Abbatangelo. “This is an incredibly resilient industry, and because of the rule changes, this was not an easy year for anybody who’s dealing with business-for-self clients, and we are happy to support them in any way we can.”
DLC Estate Mortgages
Jason Sohl Verico Fair Mortgage Solutions
Paul Gazzola Guelph Mortgage Architects
Rakhi Madan Key Mortgage Partners
PROUDLY SPONSORED BY
Lisa M. Abbatangelo Community Trust
Reza Ghazi GreenFlow Financial Corp.
Since opening its doors in 1975, Community Trust has been proud to operate as a flexible alternative to larger, more traditional financial institutions. Offering a wide range of financial products and trust services, its resident experts work hard to provide their diverse partners and clients with opportunities for growth and success. Above all else, Community Trust believes in building products and practices that are flexible so their partners and clients don’t have to be. For more information, visit communitytrust.ca
www.mortgagebrokernews.ca www.australasianlawyer.com.au
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THE CANADIAN MORTGAGES INC. AWARD FOR
BROKER OF THE YEAR (25 EMPLOYEES OR MORE) WINNER Collin Bruce
DLC Mortgage Mentors – The Collin Bruce Mortgage Team
FINALISTS Anne Brill Centum Metrocapp Wealth Solutions
Chad Oyhenart DLC Canadian Mortgage Experts
Derek MacLean Verico Capital Mortgages
Kelly Wilson Invis The Wilson Team
Laura Martin Matrix Mortgage Global
Lev Keselman
SINCE 2010, Collin Bruce has been Dominion Lending Centres’
number-one broker in Canada for both volume and units, so it’s no surprise that he was awarded Broker of the Year. “We believe that building lasting relationships with clients through education and transparency will generate continued success,” Bruce says. “It’s a lot of hard work putting yourself in the client’s head and making sure you know what they’re going through because it’s a big deal to them, but that’s really it – making sure you treat people how you want to be treated.”
“I think this is one of the biggest awards here. Anybody who was nominated could have won, so I am really honoured” COLLIN BRUCE DLC Mortgage Mentors – The Collin Bruce Mortgage Team
Verico Paragon Mortgage
Nick L'Ecuyer Verico The Mortgage Wellness Group
Todd Payzant Neighbourhood Dominion Lending Centres
Vu Le
“We know how hard brokers work with the lenders, and we know how hard they work with clients, and it’s a day-to-day task a lot of times to get a job done,” says Daniel Joseph, mortgage agent at award sponsor Canadian Mortgages Inc. “I think [the Canadian Mortgage Awards are] important so everyone can acknowledge everyone’s hard work and dedication.”
DLC Clear Trust Mortgages PROUDLY SPONSORED BY
Daniel Joseph Canadian Mortgages Inc.
Based out of Toronto but with a growing national presence, the CMI Group is made up of industry professionals and agents with decades of mortgage and real estate experience. Founded in early 2016, the CMI Group is composed of a growing Verico consumer mortgage brokerage, a mortgage industry private lender, a mortgage investment corporation and a real estate investment division. CMI works with industry participants across all of the networks to provide private mortgage funds, as well as deal support via its help desk. Amidst a backdrop of increased regulation, CMI’s alternative lending divisions have been continuing to grow at a fast but measured pace. For more information, visit cmiloans.ca
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Collin Bruce DLC Mortgage Mentors – The Collin Bruce Mortgage Team
21/05/2019 9:35:53 PM
BROUGHT TO YOU BY
THE AWARD FOR
YOUNG GUN OF THE YEAR WINNER Cole Hennig
Plan B Mortgage Services
FINALISTS Alex McFadyen, DLC Canadian Mortgage Experts Asim Ali, DLC Producers West Financial Catherine Ellis, Verico Xeva Mortgage Chris Allard, Smart Debt Eden Simari, Quantus Mortgage Solutions Emily Kiparisas, Mortgage Savvy James De Vuyst, Verico Paragon Mortgage Kurt Henry, The Mortgage Centre – Durhammortgage.com
Matthew O'Neil, Mortgage Intelligence Ryan Dennahower, Bespoke Mortgage Group
FOR SOME, the B lending space can have a negative perception – but not for Young Gun of the Year Cole Hennig. “Life happens to people, and sometimes they need a second chance or just a helping hand,” Hennig says. “That’s how I see my role as president of Plan B Mortgage.”
“Winning the award feels pretty good. I am very honoured to accept this award” COLE HENNIG Plan B Mortgage Services
In his first full year as president in 2018, Hennig led Plan B Mortgage Services to increase its year-over-year volume by $5 million and increase its total number of funded deals. He says he’s encouraged by his fellow Young Gun nominees, who are impacting the mortgage industry by helping clients and educating the public about the benefits of working with a broker. “I think the future of our space is bright, and many of these nominees will become legends over time,” he says.
Cole Hennig Plan B Mortgage Services
Email lend Email e lender r notes, applicati notes, o application, n, and credit bureaus and credit t bureaus oto: :
@vwrcapital.c deals@vwrcapital.com om
D IMITRI K OSTUROS HUTTO N
D I M I TPR KOSTUROS AULAIH UTTON
Chief Operating Officer C h i e f O p e r a t i n g O ffi Prairie s BDM - Prairies dimitri@ vwrcapital.co c a p i t adimitri@vwrcapital.com l.com paula@vwrcapital.com
www.mortgagebrokernews.ca www.australasianlawyer.com.au
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THE AWARD FOR
BROKER OF THE YEAR (FEWER THAN 25 EMPLOYEES) WINNER Clinton Wilkins Centum Home Lenders
FINALISTS Dave Butler Butler Mortgage
Dave Griffin
BROKERS FROM larger markets can sometimes outshine those
from smaller cities, but for the past two years, Halifax-based Clinton Wilkins has shone brighter. Claiming his second consecutive win as Broker of the Year (Fewer Than 25 Employees), Wilkins experienced tremendous growth of 75% in both unit and mortgage volume in 2018. In total, he closed nearly $88 million across 402 transactions – an impressive feat for a market where the average transaction size is $200,000.
Jason Friesen
“Being awarded Broker of the Year is a huge accomplishment. Competing at the national level from a centre like Halifax, which is considered a small market, is amazing”
Outline Financial
CLINTON WILKINS
DLC Griffin Financial
Eitan Pinsky DLC Origin – Pinsky Mortgages
Elvis Hui DLC Guaranti Mortgages
Enza Venuto Centum InTouch Mortgage Solutions
Joanna Lang Outline Financial
Luisa Hough Verico Xeva Mortgage
Paul Meredith Verico CityCan Financial
Ramin Nazaradeh Gold Capital Corp.
Scott Travelbea DLC Travelbea & Associates
Shawn Stillman
Centum Home Lenders
“Our approach was to focus on value and improving our communication and visibility about the benefits of mortgage brokers with our community,” Wilkins says. As for what led him to win back-to-back awards, Wilkins credits consistency and thought leadership. “Doing the same thing over and over again is so important,” he says. “I changed to a more information approach. People can transact with me if they want to or not, but I think we’ve given them the information they need to decide if they want to do business with us.”
Mortgage Outlet
Clinton Wilkins Centum Home Lenders
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BROUGHT TO YOU BY
THE DOMINION LENDING CENTRES AWARD FOR
WOMAN OF DISTINCTION WINNER Veronica Love-Alexander TMG The Mortgage Group
FINALISTS Angela Calla DLC Angela Calla Mortgage Team
Barbara Cook Verico Financial Group
Carmen Costa Neighbourhood Dominion Lending Centres – The Costa Group
Darlene Vilas The Mortgage Centre – MOS Mortgageone Solutions
Hali Strandlund-Noble Fisgard Asset Management Corporation
Kyra Wong Manulife Mortgage Protection
Lisa Pellerin Mortgage Architects – Claystone Mortgage Team
Pamela Pikkert Mortgage Alliance – Regional Mortgage Group
MAKING ITS debut this year, the Woman of Distinction Award
recognizes a female mortgage professional who has inspired her peers through her passion and commitment to the industry and her clients. Maintaining her authenticity through every transaction, Veronica Love-Alexander makes sure she never misses a beat.
“There are incredible women in the category, and it felt amazing to be included with those nominees” VERONICA LOVE-ALEXANDER TMG The Mortgage Group
“I’ve always worked for people’s businesses as if I had a piece of the pie, as if it was my own,” she says, “and I’m very passionate to grow any business that I work with.” For award sponsor Dominion Lending Centres, celebrating women is one way of propelling the mortgage industry into the future. “This is the first Woman of Distinction Award that we’ve ever had in our industry ... and it encourages more women to take on more leadership roles, which is very necessary,” said DLC VP Mary Gronkowski. “I’ve been in this business 25 years, and the great thing is that I’ve seen a lot of really good changes, but there’s still a long way to go. So this award was very important for us to sponsor – something we knew would make an impact within our industry.” PROUDLY SPONSORED BY
Rachelle Gregory Merix Financial
Rakhee Dhingra Mortgage Savvy
Mary Gronkowski DLC
Dominion Lending Centres Group of Companies is Canada’s number-one national mortgage company with more than 5,700 mortgage professionals in 700 offices spanning the country. Launched in January 2006, DLC Group of Companies quickly grew to fund more than $38 billion in mortgage volume in 2016 – the largest originator in Canada. DLC continues to be recognized by Profit magazine as one of Canada’s fastest-growing companies. For more information, visit dominionlending.ca Eddy Cocciollo DLC Veronica Love-Alexander TMG The Mortgage Group
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21/05/2019 9:36:07 PM
THE MANULIFE BANK AWARD FOR
OUTSTANDING CUSTOMER SERVICE (INDIVIDUAL OFFICE) WINNER
DELIVERING A consistent and exceptional client experience and
providing customized advice have been the driving forces behind Streetwise Mortgages’ award-winning customer service. Streetwise has also invested in process engineering, technology, talent acquisition, training and investment market research, and has nurtured lender and partner relationships to deliver on its client service and advice promise.
Verico Streetwise Mortgages
FINALISTS CanWise Financial
JCMortgages.ca
“We’re not chasing awards – we just focus on doing what we love and doing the right thing”
Loewen Group Mortgages
DALIA BARSOUM
Centum Mortgage Choice Corp. Centum Professional Mortgage Group DLC GLM Mortgage Group
Streetwise Mortgages
Mortgage Architects – City Mortgage Group Outline Financial Verico Benchmark Mortgages
PROUDLY SPONSORED BY
Bank Established in 1993, Manulife Bank of Canada was the first federally regulated bank opened by an insurance company in Canada. It is a Schedule I federally chartered bank and a wholly owned subsidiary of Manulife Financial, one of Canada’s leading financial institutions. Today, Manulife Bank serves clients across Canada in all provinces and territories. With a high-quality loan portfolio, the majority of which is in residential mortgages, Manulife Bank is a profitable and well-capitalized organization.
“We continue to focus on innovation and client experience,” says Dalia Barsoum, Streetwise Mortgages’ president and principal broker. “We’re committed to coming to market with some cool stuff that will help our clients and continue to raise the bar.” So many mortgage businesses rely on referrals and client retention, and award sponsor Manulife Bank recognizes the hard work brokers put in to make the client experience unforgettable. “I think it’s very important to be great at your craft, which is making sure the customer is happy and well-serviced,” says Fiona Campbell, central region and mortgage broker director at Manulife.
The Verico Streetwise Mortgages team
For more information, visit manulifebank.ca Fiona Campbell Manulife Bank
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21/05/2019 9:36:12 PM
BROUGHT TO YOU BY
THE AWARD FOR
NATIONAL BROKER NETWORK OF THE YEAR WINNER Dominion Lending Centres
FINALISTS Broker ONE Centum Financial Group CIMBC Mortgage Architects Mortgage Centre Canada TMG The Mortgage Group
DOMINION LENDING CENTRES has become a force at the CMAs,
earning its third consecutive award for National Broker Network of the Year. Unscathed by the challenges in today’s marketplace, DLC has preserved a relentless devotion to delivering excellence at all levels, from engaging brokers to delivering the tools and technology needed to take the broker channel to new heights.
“The people – that’s what builds an organization; that’s what keeps an organization; that’s what makes an organization a winner” EDDY COCCIOLLO Dominion Lending Centres
“Good is not good enough in 2019,” says Dave Teixeira, VP of operations at DLC. “It’s about getting to that next level. Earning this award three years in a row is exciting, but when we earn it 33 years in a row, then we know we’ve really hit it.” DLC president Eddy Cocciollo adds: “We’ll just keep innovating; we’ll keep being different. The main goal here is to differentiate ourselves from our competition, and I think we can do that. If we continue to do that, we’ll keep winning.”
Eddy Cocciollo Dominion Lending Centres
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PEOPLE
BROKER INSIGHT
Independence day Mortgage agent Amanda Pivar tells CMP why she has no regrets about leaving a big bank environment and how she’s been able to find success amid industry-wide challenges
CMP: How and why did you get into the mortgage industry? Amanda Pivar: I first got into the industry
CMP: How have things been since you joined DLC? AP: I joined DLC Estate three and a half
actually got me into a real estate office, which ultimately really helped me succeed.
after graduating university with a business degree in 2012. I didn’t know what I wanted to do, and there weren’t a ton of jobs available, but I knew somebody who worked at First National Financial. A friend of my father’s is a broker at the bank, and when I was looking for a job, he said, ‘Why doesn’t Amanda apply to First National?’ He made the introduction to one of the senior managers there, and that’s how I was able to get in.
years ago, and it’s been a great experience. It’s a really good brand, and I wouldn’t go back to a bank. The team is also great, and we all help each other. I enjoy most the interaction with people. I’m a huge people person, and in this industry, you are constantly meeting new people and socializing, and I really enjoy that aspect of it. I also enjoy the flexibility. It’s not like when I was at First Nat when I was in the office all day – I’m now bouncing between offices to meetings and always on the go. It’s always different.
CMP: Last year was a struggle for many people in the industry. How was it for you? AP: I actually did slightly better than I did
CMP: You’ve enjoyed early success in the industry. What do you put that down to? AP: Hard work. When I first got into the
CMP: What advice would you give to other young brokers? AP: Work hard, go to as many training
CMP: How did you make the transition into the broker channel? AP: I was at First Nat for about two and a half years on the underwriting side. It was a great experience, but the whole 9-to-5, Monday-to-Friday thing wasn’t really for me. I wanted a little more freedom and flexibility with my schedule. So from there, I went to Scotiabank as one of their home financing advisors. I was there for about a year and a half. The bank was great because I learned a couple of sales tricks, but I didn’t like working on the bank side. It was very strict – it was their way or the highway, and I found that difficult. At the bank, I wasn’t allowed to use any social media to help with branding or recognition. Being in my 20s, that was a big factor for me.
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industry, I was working seven days a week, making new connections, meeting as many real estate agents as I possibly could. That
in 2017, but I definitely had to work a little harder. There was no way around that. Agents who forgot the basics of our business, which are people and making connections, are probably the ones who struggled. I kept in touch with real estate agents and past clients, and overall it was a good year. I have been able to achieve growth every year since I’ve been at DLC.
courses as you can, and talk to as many senior mortgage brokers as you can. It’s not going to come easy, but it is worth it when you get through the first year, which can be a bit of a
PIVAR ON DEALING WITH REGULATORY UPHEAVAL “Change is always going to happen, so the quicker you accept it, the better. I remember when the government put in the new stress test; a lot of people acted like the sky was falling. The thing is, like anything else, at first it definitely slowed down, but it eventually becomes the new normal. If you handle it like any other new challenge, you will be OK.”
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FAST FACTS: AMANDA PIVAR
COMPANY Dominion Lending Centres Estate Mortgages
POSITION Mortgage agent
LOCATION Toronto
“Agents who forgot the basics of our business, which are people and making connections, are probably the ones who struggled [last year]” slog. Have small goals and then grow your goals as you hit each one. Have a savings plan before you go full throttle as a mortgage broker. A lot of people don’t plan ahead, and that’s a big mistake. It does take six months to a year to get going, so those people without a fallback are financially stressed, and when that happens, focusing on the business is difficult to do.
YEARS IN THE INDUSTRY 3.5
PREVIOUS EXPERIENCE Mortgage specialist at National Bank Financial and home financing advisor at Scotiabank
CMP: What do you get up to in you spare time? AP: I travel a lot, which was another huge draw to this industry. If you talk to any real estate agent, they have probably done a mortgage with me when I’m sitting on the beach or somewhere in Europe. This career is great for that because I never have to put my out-ofoffice message on.
ACCOLADES Won DLC’s Executive Award and was named to CMP ’s 2017 Young Guns list
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FEATURES
LEADERSHIP
Why optimistic realists make the best leaders Brian de Haaff explains why effective leadership is all about finding a balance between idealism and practicality
I ONCE worked for a guy who always had a smile on this face. He was a friend to everyone and always thought it was a beautiful day. But he wasn’t fully respected by his peers because he never prioritized work that had the best chance of being successful. Instead, he wasted a lot of time and money by blindly assuming everything would work out. A lot of times he was wrong. He only looked ahead at sunshine. I also once worked for a woman who was so mired in the dysfunction of the organizational reality that she never pressed for what was ambitious and right. What was new and exciting could never be pursued because it had never been done before. The weight of the organization and its plodding pace crushed her. She had no hope. So she only looked behind at clouds. Both leaders had meaningful skills and were well intentioned, but both were limited in their success by their single-focus worldview. The most successful leaders function
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with a healthy dose of forward-thinking optimism and down-to-earth realism. They look forward and behind. In fact, one study found that people with an optimistic realist personality type are often happier and more successful. That’s because these pragmatic minds know how to combine the positive outlook of an optimist with the sharp-eyed
and finding a way forward. In fact, I believe being an optimistic realist will do more than help you move forward – it will make you a great leader. Here are four reasons why.
You know the power of a plan Leaders are the ones setting the course and adjusting the sails.
Optimistic realists know that you can be transparent about the issues at hand while also being the encouraging force that gets your team back on track view of a realist. Although the two leaders I worked with were uniquely single-minded, most of us are capable of seeing both sides of a situation
When your team hits rough waters, you don’t expect that they’ll magically turn things around. And you don’t waste time grumbling about what they did wrong. Instead, you
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identify clear action steps to tackle the problem and move forward together.
You’re transparent with your team One of the biggest mistakes you can make is to shelter your team from looming problems. Optimistic realists know that you can be transparent about the issues at hand while also being the encouraging force that gets your team back on track. That’s because transparency leads to trust. Your honesty builds a better work environment.
You understand your limitations Optimistic realists know that they
can’t do it all, but they also know that the team around them can help them accomplish so much more. Your greatest resources as a leader are the people you work with every day. Be honest with them that you need help and remain positive that they will help you come up with the solution.
You sense when it’s time to reset Times of crisis are opportunities to reflect on the big picture. But as a leader, it’s on you to make the final call when it’s time to push the ‘reset’ button. Always go back to your goals and ask yourself the tough questions: Are we still on track? Have we lost sight of our vision?
Great teams build great organizations. So the next time a crisis hits, reflect on your own strengths and weaknesses – then rally and pull from the people around you. When your team sees you as an optimistic realist, they will likely adopt the attitude for themselves. You will encourage a workplace of critical thinkers who know there’s a solution to every problem and who will work tirelessly until they find it. Brian de Haaff is the co-founder and CEO of Aha! and the author of Lovability. His two previous companies were acquired by well-known public corporations. De Haaff writes and speaks about product and company growth and the adventure of living a meaningful life. For more information, visit aha.io.
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PEOPLE
CAREER PATH
CONSTANT HUSTLE
Hard work and persistence have been the foundation for Terry Kilakos’ success in the mortgage industry
The son of immigrant parents, Kilakos developed the habit of developing and pursuing his own sideline jobs at a young age. “I DJed at parties; I tutored kids on computers; I’d resell things from DEVELOPS AN the thrift store – anything that would make money and was legal. At ENTREPRENEURIAL one point, I sold individual cigarettes at school – even teachers bought STREAK from me. I was always thinking about what I could pursue next.”
1984
2001
TRIES OUT TECH Having always had an affinity for computers, Kilakos earned his certification as a network administrator prior to leaving Investors Group. He subsequently attained a telecom degree and later became a project manager, designing networks for hotels in locations around the world.
“I spent money like crazy – then the bubble burst and I lost my job. I vowed then that I’d never work for someone else again. I wanted to set my own course” 2007
BECOMES A BROKER While Kilakos’ initial reason for taking the broker course (managing his own renewals) was selfserving, he soon had a change of heart. “When we had to introduce ourselves to the class, I said, ‘I just want to know what you guys know so when I buy property, you don’t screw me.’ That same day, my teacher told me, ‘You’re so good at this, and it would be a shame not to pursue it.’”
2011
OPENS NORTH EAST
Kilakos realized his dream when he went out on his own to found North East Mortgages, later expanding the company to make the process of buying property easier. “I wanted to create an environment where we surround the client in a cocoon and make it very easy for them. That was my master plan when we launched, and it worked – it’s what we’re known for.”
1999
BECOMES AN INVESTMENT ADVISOR Impressed by his acumen, Kilakos’ financial advisor recruited him to Investors Group – but he soon faced a crisis of conscience that ultimately forced him to quit after a couple of years. “I bought my first investment property in 2000 and started feeling hypocritical – my clients were buying other stuff while I bought real estate, and my place shot up in value. I couldn’t tell them my real opinion; I had to direct them towards other products.”
2003
ENDURES ‘THE LOST YEARS’ During the period he calls “the lost years,” Kilakos started a data collection company and then joined the armed forces before his concerned wife signed him up for the Chartered Real Estate Mortgage Broker course. “[With the data collection company], I worked two weekends a month and the rest of the time sat at home. I felt like a caged animal – I joined the forces to do something with my time.”
2007
ANSWERS A FATEFUL COLD CALL In his first six months as a broker, Kilakos’ one client was himself – until a cold call from Astral Media changed everything. “I bought ad time on the condition that they’d call me if anyone dropped out of an interview; later I got that call – it was a defining moment. We realized that nobody was giving the audience the information I was – people loved it. I became a regular and later got my own show.”
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Empower your clients to work with you whenever and wherever they want. With the new MCC Home Centre app, you’re just a click away!
Contact us today!
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PEOPLE
OTHER LIFE
TELL US ABOUT YOUR OTHER LIFE Email mortgagebrokernews@kmimedia.ca
Such’s favourite event of the year is playing music to those waiting for the F light in Search of Sa nta, which gives terminally ill children the cha nce to meet St. Nick on a pla ne
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Types of saxophone Such plays (alto, tenor and baritone)
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Parades Such plays each year with the Top Hat Marching Orchestra
2.5
Hours each week Such dedicates to orchestra rehearsal
STRIKE UP THE BAND When he’s not closing deals, mortgage agent Kevin Such takes to the streets as part of the Top Hat Marching Orchestra AFTER FUNDING his education by playing in bands, GTA-based mortgage agent Kevin Such put his saxophone in a closet and forgot about it – until 10 years ago, when a friend who played in the Top Hat Marching Orchestra told Such he should join. “I’d seen them playing the Santa Claus
parade,” Such recalls. “It looked like so much fun.” Such characterizes the Top Hat Marching Orchestra as a “sauntering band. We don’t really march; we stroll, run and dance, and in between songs, we high-five the crowds. We have a good reputation of being great entertainers; we
get asked to play all over North America.” But perhaps the best part for Such is getting to play alongside his autistic son, who himself has benefited from the camaraderie of the musicians. “He has amazing rhythm, and he’s very social,” Such says. “The band has just embraced him.”
56 www.mortgagebrokernews.ca
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