MORTGAGEBROKERNEWS.CA ISSUE 15.02 | $12.95
2020
23 successful brokerages on why it pays to go your own way
KEEPING IT PROFESSIONAL
CMBA-BC’s president on how to ensure all brokers operate with integrity
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CANADIAN MORTGAGE AWARD FINALISTS
Find out who’s in the running for the most coveted prizes in the industry
MORE RATE CUTS ON THE WAY?
Will the rest of the Big Six follow TD’s lead on the five-year fixed rate?
25/02/2020 3:32:47 AM
Want a partner who picks up the phone? (We lend responsiveness).
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ISSUE 15.02
CONTENTS 2020
SPECIAL REPORT
CMP talks to 23 brokerages that have struck out on their own to get their take on the benefits of building a brand from the ground up
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Blake Cassidy or Pierre Leonard 800 494 0389 | www.romspen.com
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ISSUE 15.02
CONNECT WITH US Got a story or suggestion, or just want to find out some more information?
CONTENTS
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38
UPFRONT 04 Editorial
Celebrating brokers’ resilience
06 Statistics
Millennials are seeing the dream of homeownership slip away
08 Head to head FEATURES
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ALL FOR ONE AND ONE FOR ALL Five years after its founding, the Coalition of Independent Mortgage Brokers of Canada is growing faster than ever
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FEATURES
CANADIAN MORTGAGE AWARD FINALISTS
INDUSTRY ICON
CMBA-BC president Camilo Rodriguez discusses how to raise the standards of professionalism in the broker channel
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TD has dropped its five-year fixed rate – will the other major banks follow suit?
12 Alternative lending update
How alternative lenders are addressing the challenge of gig economy incomes
14 Technology update
The OSFI looks to tighten up the rules around using artificial intelligence How to future-proof your business
PEOPLE
LEANING INTO TECHNOLOGY
How Loewen Group Mortgages has positioned itself as a techforward brokerage
50
FEATURES 52 Why can’t we focus anymore? Distraction is rampant in the modern world – here’s how to fight back
PEOPLE 55 Career path
Rakhi Madan has made a name for herself by consistently smashing her targets
56 Other life
Life’s a song for broker and singer Del Hunter
FEATURES
HOW TO BE PROACTIVE, NOT REACTIVE Break free from the downward spiral of chasing the competition
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10 News analysis
16 Opinion
See who made the short list in all 20 categories for this year’s Canadian Mortgage Awards
PEOPLE
What’s more important to first-time buyers: rate or price?
MORTGAGEBROKERNEWS.CA CHECK IT OUT ONLINE
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UPFRONT
EDITORIAL
Nevertheless, they persisted
A
s much as the mortgage community believes there’s a lot to do in 2020 and beyond in terms of elevating the profession and determining ways to better serve clients, it’s easy to forget how much brokers have overcome to even get to this point. Brokers are often too deep in their work to see it, but when pressed, most will admit that a lot of positive things have emerged from a fairly turbulent time in the industry. One positive is the way the industry has dealt with the upheavals that resulted from the implementation of the now-infamous stress test. Broker business has actually increased, partly because borrowers were more confused and partly because it separated the wheat from the chaff, as it were. Clients were in dire need of a knowledgeable mortgage professional, and truly great brokers separated themselves from the mediocre. Many became more confident in their ability to manoeuvre through new complexities, and the general public picked up on that, too.
The mortgage community might grumble and complain about change, but in the end, brokers are experts at the art of adaptation The mortgage industry continues to evolve. New solutions are emerging at an ever-increasing pace, and those solutions offer brokers great potential for reaching new clients and staying closer to existing ones. The mortgage community might grumble and complain about change, but in the end, brokers are experts at the art of adaptation. Change is hard, but sometimes these changes, painful as they are, are actually good for brokers and the industry at large. As one mortgage executive put it to CMP: “Brokers have actually been more resilient than they give themselves credit for.” We couldn’t think of a better mindset for mortgage professionals to be in at the start of the heavy spring season. Respect your resiliency and know that it’s a large part of who you are and what you do, whatever comes your way. The team at Canadian Mortgage Professional
www.mortgagebrokernews.ca ISSUE 15.02 EDITORIAL Managing Editor Kimberly Greene Banks Writers Libby MacDonald Ephraim Vecina Kasi Johnston Copy Editor Clare Alexander
CONTRIBUTORS Lisa Pellerin Darrell Hardidge Aytekin Tank
ART & PRODUCTION Designer Joenel Salvador Production Manager Alicia Chin Production Coordinator Kim Kandravy Advertising Coordinator Ella Dayandante
SALES & MARKETING Vice-President, Sales John Mackenzie National Account Manager Corey Bahadur Sales Executive Alan Stewart Global Head of Communications Adrijana Monevska 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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Canadian Mortgage Professional is part of an international family of B2B publications, websites and events for the real estate and mortgage industries MORTGAGE PROFESSIONAL AUSTRALIA rebecca.pike@keymedia.com T +61 2 8437 4787
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Copyright is reserved throughout. No part of this publication can be reproduced in whole or part without the express permission of the editor. Contributions are invited, but copies of work should be kept, as the magazine can accept no responsibility for loss
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UPFRONT
STATISTICS
The lost generation
AN UNREACHABLE GOAL
Millennials are beginning to see homeownership as a dream that’s beyond their grasp YOUNG PEOPLE very much want to buy a home – nearly three-quarters of millennials recently surveyed by KPMG said they hope to become homeowners one day. But only about half expect that hope to become a reality. Of those who have managed to get onto the property ladder, 46% needed a financial leg up from their parents to do so.
92%
of Canadians see at least one barrier to homeownership
51%
of Canadians are concerned about qualifying for a mortgage
While the majority of Canadians under the age of 35 say they want to own a home, they’re increasingly being squeezed by the dual burdens of rising property prices and increasing household debt. As a result, only about half of millennials feel that homeownership is a realistic expectation.
The advent of B-20 and similar measures has not made the picture any rosier. While 56% of Canadians see qualifying for a mortgage to be the primary barrier to homeownership, that figure rises to 69% for those under age 35, suggesting that millennials who aren’t ready to give up on the dream will need significant assistance from brokers to get there.
69%
of those aged 18–34 are worried about qualifying for a mortgage
72%
38%
OF MILLENNIALS SAY THEIR GOAL IS TO OWN A HOME
of millennial homeowners believe their house won’t be worth as much in the future
Source: Ipsos/Zillow poll, 2020; Housing: The Millennial Dilemma, KPMG
THE STRUGGLE TO SAVE
BIGGEST OBSTACLES TO HOMEOWNERSHIP
Millennials saving for their first purchase in today’s market will need an estimated 13 years to amass a 20% down payment. In 1976, it took less than half that time to put away 20% toward the price of the average home.
Almost all Canadians believe they’ll face at least one barrier to achieving their goal of homeownership. While coming up with a down payment was the chief concern, more than half of consumers were also worried about whether they could qualify for a mortgage. WHAT’S THE TOP BARRIER TO OWNING A HOME? 80% 60%
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5
Years needed to save a 20% down payment today
Years needed to save a 20% down payment in 1976
66% 56%
56%
47%
40%
15%
20% 0%
Coming up Qualifying for with a down a mortgage payment
Debt
Lack of job security
Property taxes
13%
Not being Insufficient ready to settle supply of down homes
8% No barriers to owning a home Source: Ipsos/Zillow poll, 2020
Source: Housing: The Millennial Dilemma, KPMG
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46%
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54%
46% OF MILLENNIAL HOMEOWNERS NEEDED A FINANCIAL BOOST FROM THEIR PARENTS TO BUY A HOME
OF MILLENNIALS EXPECT THEY WILL EVER TO BE ABLE TO AFFORD A HOME
46%
65%
OF MILLENNIALS SAY OWNING A HOME IS A PIPE DREAM
OF MILLENNIALS WORRY THAT IF THEY BUY A HOME, THEY WON’T BE ABLE TO SAVE ENOUGH FOR RETIREMENT Source: Housing: The Millennial Dilemma, KPMG
NO DISPOSABLE INCOME
SADDLED WITH DEBT
Many Canadians have precious little disposable income to put away for a down payment – by mid-2019, the debt-to-income ratio in Canada was 175%, more than double the figure from 1990.
The debt problem is especially pronounced for millennials, whose debt-to-income ratio is far higher than it was for Gen Xers or baby boomers at the same age. For every dollar they earn, millennials owe $2.16 in debt.
180% 160% 140%
DEBT-TO-INCOME RATIO AT AGE 25–34
DEBT-TO-INCOME RATIO IN CANADA
Baby boomers
120%
80%
100% 80%
Gen X
125%
Millennials
216%
60% 40% 20% 0%
87%
175%
1990
2019 Source: Housing: The Millennial Dilemma, KPMG; Statistics Canada
0%
20% 40% 60% 80% 100% 120% 140% 160% 180% 200% 220% Source: Housing: The Millennial Dilemma, KPMG
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UPFRONT
HEAD TO HEAD
Is rate more important than price for first-time buyers? To connect with first-time borrowers, what aspect of the home-buying process should brokers focus on?
Clinton Wilkins Senior mortgage advisor Centum Home Lenders
Rob Jennings Owner and mortgage advisor East Coast Mortgage Brokers
Vittorio Oliverio Mortgage broker Centum Professional Mortgage Group
“First-time buyers face unique challenges, depending on where they live in Canada. In cities such as Halifax and Toronto, with rental vacancy around 1%, young Canadians are facing higher rental costs, making homeownership more attractive. Many first-time buyers are early on in their careers, have some savings and will qualify for decent rates. Rates are important, but affordability is probably the number-one issue for first-time homebuyers, especially in high-growth markets. In these areas, where average market prices are higher, would-be homeowners can struggle to find homes they will qualify for without having a larger down payment or co-signer.”
“We all deal with rate questions every day – it’s no doubt an important part of the homeownership puzzle, but only one piece. First-time homebuyers ask about rates because it’s really the only thing they know about a mortgage, but what they’re really asking for is more info. My rate conversations quickly turn from rates to affordability, penalty calculations, pre-payment privileges, portability, etc. We can all calculate the difference in 0.1% or what plus/minus $10,000 is on the home price, but when a client is well-informed in all aspects of their first mortgage, it makes this huge life event much more comfortable.”
“The increase in house prices means that rate is the main determinant of what a buyer can afford. When I purchased my first home, the interest rate was 8.5%. The house was $94,000; however, the payment was the same as if I purchased a $280,000 property today. A higher rate would put more people out of the housing market. The interest rate is the most important part for the housing market. It controls who buys and how much. We as a society and, more important, the government have to realize that prices of houses are not going to go down any time soon.”
FIXATED ON RATES? Three out of every four Canadians shopping for a mortgage said getting the best possible rate is their top consideration when selecting a lender, according to a recent study by Rates.ca, and 47% said this aspect of the transaction is their “number-one mortgage goal.” Lower rates are enough of a draw for Canadians looking around for a mortgage to lure buyers to non-traditional mortgage channels, according to the survey; 45% said they would consider securing a mortgage exclusively online if doing so would grant them a lower rate.
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2020-02-20 9:19 AM 25/02/2020 3:04:27 AM
UPFRONT
NEWS ANALYSIS
Race to the bottom? TD Bank was the first of the Big Six to drop the rate for its five-year fixed mortgage, but will it be the only one to do so?
IN EARLY FEBRUARY, TD Bank, Canada’s second largest mortgage lender, dropped its five-year posted rate for fixed-rate mortgages from 5.34% to 4.99% and its special rate on the five-year fixed product from 3.2% to 3.09% (or 3.11% with annual carrying fees). Contrary to popular consumer belief, the move had nothing to do with any actions taken by the Bank of Canada, whose latest decision was to maintain the overnight rate at 1.75% in January. As tends to be the case with fiveyear rates, the drop was more closely related to the five-year government bond yield, which fell from 1.70% to 1.34% between midDecember and early February, a development that was linked, at least in part, to the threat of the coronavirus.
The widely decried stress test could also have had something to do with the decision, as regulators seem to have recognized that it’s preventing many Canadians from purchasing homes, even though they can afford them. It’s become clear that interest rates are unlikely to rise, and although the stress test has had the intended effect of cooling down housing markets in Toronto and Vancouver, the precaution that was put into place two years ago remains largely unnecessary in much of the rest of the country. “By keeping posted rates too high, the Big Six banks have inflated the qualifying rate, making it more difficult than necessary to pass the stress test to get a mortgage,” Dr. Sherry Cooper, DLC’s chief economist, wrote in an
“Lower funding costs have led to a growing variance in customer rates versus posted rates” Ana Aujla, TD Bank “Based on current market conditions, lower funding costs have led to a growing variance in customer rates versus posted rates,” TD Bank spokeswoman Ana Aujla told the Canadian Press. “This rate decrease aligns TD’s five-year fixed posted rate more closely with current customer rates.”
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analysis following TD’s announcement. The bank’s rate drop could have an interesting impact on the spring selling season. The dip in the bond yield has given banks more flexibility with their mortgage pricing, which, in theory, should lead to more competition. The question then becomes whether other
banks will drop their five-year fixed mortgage rates, too – and if so, when. There has been some movement: RBC, the country’s largest mortgage lender, lowered its special five-year fixed rate to 3.09%, although it didn’t change its posted rate for the same mortgage, which was 5.19% at the time of publication. Even so, the cost to fund is decreasing, and it’s unlikely that the big banks will allow significant discrepancies between rates to persist for long. Cooper hailed TD’s rate drop as a positive step and encouraged other large banks to consider following suit. If they do, that would push the qualifying rate below 5%, she explained, increasing prospective borrowers’ purchasing power by 2%. “This doesn’t sound like much, but it can have a meaningful psychological impact on already improving housing markets,” Cooper wrote.
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CHANGES TO THE STRESS TEST QUALIFYING RATE 6%
5%
4%
3%
2%
1%
4.99%
5.14%
January 3, January 17, 0% 2018 2018
5.34%
5.19%
May 9, 2018
July 17, 2019 Source: Bank of Canada
That’s important because despite an uncertain global economy, higher home prices in most housing markets, and growing competition due to limited housing supply and increased immigration levels, the labour
“The national resale housing market outlook continues to be supported by population and employment growth, while consumer confidence is benefiting from low unemployment rates outside oil-producing provinces,” the Canadian
“By keeping posted rates too high, the Big Six banks have inflated the qualifying rate” Dr. Sherry Cooper, DLC market is good, and Canadians still want to buy homes. Canada’s consumer confidence levels are also stable, hovering close to historical averages; the Bloomberg Nanos Canadian Confidence Index was at 56.4 at the end of January, nearly unchanged from the level seen at the end of December.
Real Estate Association noted in a recent report. “Additionally, the Bank of Canada is widely expected to not raise interest rates in 2020.” In announcing the Bank of Canada’s decision to hold interest rates steady, Governor Stephen S. Poloz noted that while Canadian consumers might have turned more cautious
and boosted their savings rates, confidence is trending upward and “housing remains solid in most regions of the country, even if it is growing less quickly than it did earlier in 2019.” In addition, the percentage of Canadians who are expecting the economy to weaken over the next six months declined to 27.9%, down from 34.2% at the end of 2019. Meanwhile, the number of those who are looking forward to a stronger economy increased to 15.6%, up from December’s 13.4%. The five-year bond yield dropped last year due to several factors, including rate cuts by the US Federal Reserve, which pushed mortgage rates lower and helped boost real estate sales in the latter half of 2019. The mortgage qualifying rate, on the other hand, only dropped from 5.34% to 5.19%, close to where it had been at the beginning of 2018. For now, by bringing its rate down, TD could have a leg up on its competition.
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UPFRONT
ALTERNATIVE LENDING UPDATE NEWS BRIEFS Government announces changes to stress test
Finance Minister Bill Morneau has announced a change to the benchmark rate used to determine the minimum qualifying rate for the stress test on insured mortgages. Instead of the Bank of Canada five-year benchmark posted rate, the new qualifying rate will be the weekly median five-year fixed insured mortgage rate from mortgage insurance applications, plus 2%. The weekly benchmark rate will be published on a Wednesday and come into effect the following Monday. The change will be effective on April 6, 2020.
Canadian mortgage credit exhibits sustained rise
According to the latest data from the Bank of Canada, the nation’s mortgage debt balance hit a new record peak in December, reaching $1.628 trillion at the end of 2019. That represents a 4.9% increase on an annual basis and a 0.74% rise above the previous month’s level. The trends point to sustained growth in Canadian mortgage credit. In its analysis of the data, real estate information portal Better Dwelling noted that the three-month annualized rate of growth rose to 6.7% in December. That’s more than twice the rate of growth witnessed in December 2018 and the highest since October 2016.
Insolvency growth in Canada hits 10-year high
According to the Office of the Superintendent of Bankruptcy, 2019 had the second highest number of consumer insolvencies ever in Canada, with a total of 137,178 filings. This represented a 9.5% year-over-year increase and the
greatest annual growth since 2009. The trend is forcing more and more consumers to take out additional loans to cover their expenses. Ontario saw the greatest regional growth in consumer insolvency filings at 15.4%, followed by Newfoundland and Labrador at 15% and Alberta at 14.6%. British Columbia saw a 10.34% annual increase, while Quebec had a more moderate 2.7% uptick.
Seniors borrowing to make ends meet in retirement
Weaker-than-expected purchasing power is driving the nation’s elderly to borrow. Nearly three-quarters (72%) of Canadian seniors polled by Sun Life admitted that their purchasing power in retirement wasn’t as strong as they anticipated. That likely contributed to Canada’s reverse mortgage debt balance reaching yet another recordbreaking high of $3.98 billion in November, according to the Office of the Superintendent of Financial Institutions, representing a 14.09% annual increase.
Proportion of mortgages to already indebted Canadians grows
The share of mortgages going to highly indebted Canadians has reached the highest level since the start of 2018, according to data from the Office of the Superintendent of Financial Institutions. In the fourth quarter of 2019, as many as 17.5% of mortgages went to Canadians who are borrowing more than 450% of their incomes, up from 16.4% during the third quarter and 14.1% during Q4 2018. “The increase has been rising over the past two years and now represents the largest segment in the market since prior to B-20 guidelines and the stress test,” Better Dwelling said in its analysis of the data.
Mortgages and the gig economy The trend of cobbling together a living from disparate sources continues to confound traditional mortgage lenders
A recent study by the Angus Reid Institute found that more than 40% of Canadian millennials have participated in the gig economy over the past five years. However, major lending institutions are still struggling to adapt to the reality of non-standard income streams. “Non-traditional workers in Canada are facing a harsh reality when it comes to applying for a home mortgage: rejection,” says Taylor Little, CEO of alternative lender Neighbourhood Holdings. That’s largely due to a regulatory regime that was built upon standards established decades ago, when the vast majority of the Canadian working class was made up of fulltime professionals with regular salaries. “Conventional mortgage lenders haven’t been able to effectively adapt to the changing labour market, therefore increasing the demand for alternative financing options for this next generation of workers,” Little says. “Unfortunately for gig workers, the issue of not having a steady income stream presents itself as a significant obstacle to becoming a homeowner. In the eyes of the conventional mortgage lender, having a good credit score or an annual income from multiple sources that’s comparable to a salaried worker in aggregate is often still not enough to close the deal on a mortgage.” And while efforts are being made to change this state of affairs, “for now, the gold standard for bank lending is to have a T4 showing steady
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income or six months’ worth of bank statements so you can show regular deposits,” Little says. “If you don’t conform to that, the banks have a really hard time wrapping their heads around making you a big loan.” He adds that self-employed professionals make up as much as 40% of Neighbourhood
“If you don’t conform, the banks have a really hard time wrapping their heads around making you a big loan” Holdings’ borrowers. Neighbourhood helps by allowing self-employed consumers to buy time: They get short-term mortgages, pay off their interest-only loans and get the breathing room they need to work with their brokers and ensure that their applications will qualify at the banks’ standards. Little notes that these borrowers are a far cry from the oft-derided defaulters. “It’s not criminals and deadbeats … these are some of the scrappiest people that you probably want to lend to,” he says. “They have three different income sources or four, and these are people that, if one contract goes away, they’re good at finding another.”
Q&A
Steven (Skip) Walters Senior vice-president FIRST SOURCE MORTGAGE CORP.
Years in the industry 25 Fast fact Outside of First Source, Walters sits on the board of directors for CMBA-Ontario
Looking back at a banner year Overall, how was 2019 for First Source? First Source just completed a banner year. Our fund size has nearly doubled and is set to pay out over 8% to investors this year with zero loan losses since inception. Our number of loans successfully funded has increased by 30%, and I’m pleased to report our stellar performance level.
What milestones were you most proud of? I believe we are most proud of how we are perceived in the marketplace. Brokers are aware of our brand and understand our broker-centric commercial focus. They know that they are always protected, and they tell us often that they learn something when dealing with us, as we take the time to explain our decisions, positive or negative. We respect the broker channel, and we think those who do business with us respect that. It’s a two-way street.
How do you address your clients’ biggest challenges? First Source has always believed in understanding the exit of every loan before commitment and funding. We only lend in a first mortgage position, and our detailed review of developer and builder budgets requires a reasonable contingency for rising costs. We also utilize third-party cost consultants to review project costs and future profitability.
What industry trends do brokers need to keep an eye on? The market has been exceedingly hot for a long time. Everincreasing development charges and growing labour costs are driving up prices, in addition to the lack of available residential product. Supply has not kept up with demand, and combining this with the shrinking available development land in desirable locations leads to fewer resellers because they can’t find adequate affordable replacements, so they stay put. Rising costs in the GTA marketplace will at some point become unaffordable, and there will be a correction. We are unsure specifically when that ceiling will be met, but we know it’s coming.
What are you most excited for in 2020? On a macro level, the US has an election. The coronavirus is potentially a world health epidemic – very scary. Also, the China trade deal, last year’s incredible run in the stock market and a Trudeau minority government. Politics and the economy all influence spending, in turn affecting real estate activity. This should be an interesting year, as there are so many influencing factors. We at First Source expect to grow at least another 30%, and we are launching a small commercial program, offering up to 75% LTV on smaller commercial properties, including stores and apartments; owner-occupied industrial and commercial condominiums, including offices; and freestanding industrial product from $500,000 to $3 million.
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UPFRONT
TECHNOLOGY UPDATE
OSFI mulling stricter rules for AI The regulator foresees risks arising from the way in which artificial intelligence makes decisions
to manage ‘model risk,’ which could occur if an AI platform is given biased data that leads to unfair credit decisions, putting a financial institution’s reputation and stability in jeopardy. Author and futurist Bernard Marr warned of such a possibility in a column for Forbes last year, noting that the algorithms meant to streamline finance-related tasks are still vulnerable to erroneous conclusions stemming from faulty premises.
“AI presents challenges of transparency and explainability ...”
The Office of the Superintendent of Financial Institutions recently indicated that it’s considering implementing tighter rules around the use of artificial intelligence by the financial sector. Over the past few years, AI-powered solutions have been steadily deployed by banks and other financial institutions in an effort to cut costs and boost efficiency. However, OSFI assistant superintendent Jamey Hubbs said this widespread adoption could expose lenders and the general public to risk, especially when it becomes more difficult to explain how the tech-
NEWS BRIEFS
nology arrives at its decisions. “AI presents challenges of transparency and explainability, auditability, bias, data quality, representativeness and ongoing data governance,” Hubbs told The Financial Post in February. “The credibility of analytical outcomes may erode as transparency and justification become more difficult to demonstrate and explain. There may also be risks that are not fully understood, and limited time would be available to respond if those risks materialize.” Specifically, Hubbs said the OSFI is looking
Lendesk introduces new mobile app for brokers
Canadian fintech company Lendesk has launched the Lendesk Spotlight mobile app, designed to provide brokers with on-the-go access to rate and policy information. Lendesk Spotlight leverages the firm’s core desktop functionalities, including a product pricing engine and a point-of-sale feature. “Where we’re going with this is, as you’re taking an application for your client, you’ll be able to see what products they qualify for automatically just as you take the application,” said Lendesk founder and CEO Alex Conconi.
“Biased AI systems are likely to become an increasingly widespread problem as artificial intelligence moves out of the data science labs and into the real world,” Marr wrote, stressing that AI still needs intensive refinement before being rolled out for large-scale use in mortgage and other critical financial sectors. The implications for the mortgage space are particularly serious, as AI might not consider the human circumstances that led to problems such as delinquency or misleading documentation, only the results of such problems. “The ‘democratization of AI’ undoubtedly has the potential to do a lot of good,” Marr wrote. “But there’s also a very real danger that without proper training on data evaluation and spotting the potential for bias in data, vulnerable groups in society could be hurt or have their rights impinged by biased AI.”
goPeer launches peer-to-peer lending platform
Financial wellness company goPeer has launched as the nation’s first regulated peer-to-peer lending platform for consumer loans. goPeer offers instalment loans of up to $25,000; prospective borrowers can fill out an application online, and the goPeer system will pull credit reports and other transactional data to assess the risk and ultimately assign a risk rating and an interest rate to the borrower. Once the borrower accepts the terms, the loan will be posted on the goPeer platform for investors to browse and invest.
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Q&A
Bill Argeropoulos Principal and practice leader, research (Canada) AVISON YOUNG
Years in the industry 32 Fast fact Avison Young’s 2020 forecast highlighted several ways technology is transforming commercial real estate in Canada, from driving demand for flexible office space to transforming traditional brick-and-mortar retail
The impact of AI and cybersecurity How valid are the concerns that artificial intelligence will remove the need for brokers? I think that’s the prevailing fear in many fields these days: that these technological advancements will wipe out jobs. But the results are not always predictable. For example, some of my colleagues had the opportunity to go into an Amazon warehouse earlier this year – specifically, one of the large distribution centres in Brampton. It was amazing to see this massive facility with robots completing the various processes, and yet the place was still populated with a large number of workers fulfilling supervisor and support roles alike. Meanwhile, banks are investing heavily in AI, and it is true that computers are increasingly in charge of some routine processes. At the same time, this has led to the hiring of a significant amount of tech talent, as they are crucial to the generation and improvement of these tools. The need for the human element will never fade in certain occupations. In commercial real estate, the transaction process may be aided by technology, but there will always be the need for an advisor, and brokers can actually leverage that technology to better serve their clients. In the realm of property development, what are the implications of these advances? AI can help deliver product quicker and simplify a lot of the processes involved, such as checking plans for design flaws. The rise of other technologies such as 3D printing – and the more ambitious 4D printing – is definitely improving prefab components,
FCT joins leading digital identity network
Title insurance provider FCT has joined digital identity and authentication network Verified.Me in a bid to help lending professionals quickly and securely complete identity validation for borrowers. FCT plans to integrate the Verified.Me service into its Verify+ platform. “We are dedicated to improving front-end processes for lending and real estate professionals, and digital identity has always been an important part of this,” said FCT CEO Michael LeBlanc. “It is our mission to accelerate digital transformation throughout the real estate life cycle.”
in turn helping us build structures faster and taller. These technologies can assist the housing sector in accommodating the correspondingly increasing demand from an explosively growing population, with more and more Canadians moving to urban areas. With sensors collecting an incredible amount of data on all aspects of buildings, as well as the growth of the Internet of Things, there are big possibilities for AI to analyze that information to improve the way buildings are designed, built and operated in the future. At the end of the day, a better environment for building occupants will be the result. How should the industry brace for the impact of data security issues? The valid concerns surrounding the general public’s personal information actually present an opportunity for Canada to become a world leader in data security. Google’s proposal with Sidewalk Labs in Toronto is a perfect example, and if successful, it could very well be the prototype for other smart cities across the world. People are right to be concerned about the gathering, maintenance, distribution and use of their data, considering the vulnerabilities evident in widely reported cyberattacks. The industry, as well as governments at all levels, should explore this new frontier together, but on the individual level, it always helps to remain skeptical of any supposed security. In the end, it is still up to each organization to protect whatever information they might hold, especially when that information can be used as leverage to meet clients’ demands.
Edison Financial finds new life with seed funding
Windsor, Ontario-based digital mortgage brokerage Edison Financial plans to relaunch later this year after receiving seed funding from Rock Holdings. Former Lendesk Technologies CFO Hash Aboulhosn announced that he has departed the Lendesk to restart Edison, which has already applied for a mortgage brokerage licence in Ontario. Aboulhosn founded Edison Financial in 2017, then put the company on hold the following year when he joined Lendesk, which was acquired by Rock Holdings in 2019.
VersaBank tests new high-volume mortgage app
VersaBank has begun beta testing a newly developed mortgage app. Known as Direct-Connect, the app will instantly pre-approve homebuyers for mortgages when they’re shopping for homes and condos. Direct-Connect is designed to facilitate the process and significantly reduce the length of time it can take for buyers to get a mortgage pre-approval, particularly when visiting pre-construction sales offices. It’s being tested by the Cortel Group, one of Canada’s largest home builders.
www.mortgagebrokernews.ca
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UPFRONT
OPINION
GOT AN OPINION THAT COUNTS? Email mortgagebrokernews@kmimedia.ca
Adapt or be left behind Like it or not, the future is digital – and now is the time to figure out how to set yourself apart, writes Lisa Pellerin IT’S INCREDIBLE to think how far we’ve come over the last 30 years. Technology has evolved quickly and has been embraced by users at a rapid clip. Considering how ubiquitous smartphones are in our daily lives, it’s surprising to realize that the iPhone made its debut as recently as 2007. Today, information is literally at our fingertips; just about any question can be answered on our phones within seconds. Now think about your mortgage business and our industry in general. Have you considered what effect this rate of change will have on the business we know and what it will look like in five or 10 years? Our industry will be greatly impacted by ongoing technological advancements and may look nothing like it does today. I’m confident that in a few years, the majority of our clients will have different demands and expectations when it comes to their mortgage needs. Baby boomers have already retired or will do so soon, and they may just be the last generation that prefers a more traditional approach to service. Over the next five to 10 years, we will start working with Generation Z – those born after 1995. This generation was raised with the internet always in the background, in a world of iPhones and social media. They are used to instant gratification, have little patience and expect there to be an app for everything. They will have distinct goals and will reshape how we do things. They are accustomed to embracing new technology with ease and trust, and we must be ready for this new set of expectations.
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The good news is that we’re anticipating this change. Banks have invested significantly in their online mortgage technology and have augmented their call centre staff. The broker channel was ahead of this, offering similar online application convenience and, I believe, has proven to be nimble in the face of changing markets and consumer demands. However, the Big Six have picked up speed and have very deep pockets.
profession. It isn’t enough to lean on the fact that you’ve been in the industry for 20 years – that won’t fly. You must be all-in, full-time, committed to ongoing personal and professional development; thankfully, there’s a plethora of support and resources available within our industry and brokerages. You’re going to be tested and questioned by clients more than ever, and you need to articulate the value you bring. It’s so important to watch and understand the market and consumer trends. This is probably going to involve changing your paradigms; it may be time for new habits and a new way of thinking and doing. If you resist, you risk losing clients (and your business). You will be competing with the convenience of reliable online technology offering 24/7 phone and/or chat service. What does your customer service model look like? Do you have an effective process and system in place? Do you service clients in person, online or both? Can you adapt and change? This needs your serious attention and a plan.
“It isn’t enough to lean on the fact that you’ve been in the industry for 20 years – that won’t fly” Flexibility and convenience are key – we have it, like it and now expect it. Holiday shopping can be done in an hour, delivered sometimes the same day. This has led to a massive consumer shift and behavioural change. The same is true for mortgage shopping. How many times are we being compared to online rate sites? Today, when you want to learn something new, it’s a simple as Googling it and finding related websites, TED talks, e-books and YouTube videos all right there. With information so easily available and more sophisticated mortgage tools coming, the question is, how are you going to set yourself apart? First, make sure you’re an expert in your industry. Everything is available at your fingertips to continue learning, so keep your skills sharp and invest in yourself and your
Many people still value personal connection, so if you can offer what your clients are demanding with the same level of expertise and convenience, you will prevail. Be a specialist – focus on a niche market such as investment properties, alternative lending or catering to those new to Canada. Many of these clients will want consultative service and advice and will find value in working with someone who’s an expert. Keep studying, keep learning and keep adapting – but most of all, figure out how to set yourself apart. Lisa Pellerin is a mortgage broker and the founder of Claystone Mortgage Team at Mortgage Architects. She has more than 20 years of experience and is an Accredited Mortgage Professional.
www.mortgagebrokernews.ca
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PEOPLE
INDUSTRY ICON
RAISING THE BAR FOR BROKERS By focusing on professionalism and education, MortgagesLab CEO and CMBA-BC president Camilo Rodriguez hopes to elevate the standards – and the reputation – of the broker channel
WHAT DOES engineering have in common with mortgage brokering? At their core, both professions exist to solve problems creatively and efficiently. Engineers and mortgage brokers must both be exceptional communicators, requiring input from any number of people in order to achieve their goals. Before Camilo Rodriguez became the CEO and broker-owner of Vancouver-based MortgagesLab, he was an electrical engineer – albeit an unhappy one. He knew he needed a career change, and as fate would have it, he knew someone who knew someone who gave him an ‘in’ to the mortgage industry. “Whenever I don’t feel happy, I know that I need to change – that’s my compass in life,” Rodriguez says. “If I’m happy, I know I’m going in the right direction.” Although the decision to become a mortgage broker was an easy one, the transition itself was “super difficult,” Rodriguez says. In addition to building a book of business, he had to make a fundamental switch in mindset from being an employee to being self-employed. Along the way, he discovered two things that helped him build his business from the ground up, which he believes are the only tools any broker will ever need. The first, he says, is understanding a variety
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of marketing and sales strategies to add value to all parties involved in a transaction. The second thing brokers need is a love of learning and the willingness to become a “super student,” because knowing the intricacies of lending policies as they change is a major part of a broker’s value to clients. Rodriguez found that those tools, when combined, created an invaluable cycle: The
change, he says, brokers will never get better. That’s why he loves hiring people who have a lot of ideas and encouraging them to experiment with those ideas, all while allowing them to learn from the wisdom he gleaned on his own path to success. He encourages brokers to follow the formula that worked for him: trying new things, tracking the changes and adjusting accordingly.
“Eighty per cent of mortgage brokering has to do with trust and relationships. The more you have high ethics and values and people see you in that regard because you’re doing what’s best for the client ... the more people will be attracted to you” more he learned, the more solutions he could provide. The more value he offered to his clients, the more clients he got. Even though he identified key areas of success, Rodriguez didn’t stop there. After all, without looking for new ways to improve and
Upping the ante for integrity Rodriguez is all about doing the right thing, as most mortgage brokers are. However, he believes it’s a good idea to require mortgage brokers to have a larger financial and educational investment in the profession. There are
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PROFILE Name: Camilo Rodriguez Title: CEO and broker-owner Company: MortgagesLab Based in: Vancouver Years in the industry: 15 Fast fact: In addition to serving as president of CMBA-BC, Rodriguez is also a soccer coach and avid fan of Real Madrid CF and Vancouver Whitecaps FC
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PEOPLE
INDUSTRY ICON
plenty of places in the loan process where a broker can do what’s best for themselves instead of the client, he explains, and he believes brokers with more skin in the game are more likely to think twice before behaving unethically. Not only that, but requiring a higher level of education would elevate brokers’ reputation among the general public. “Eighty per cent of mortgage brokering has to do with trust and relationships,” Rodriguez says. “So the more you have high ethics and values and people see you in that regard because you’re doing what’s best for the client, you start developing trust – which is a very hard thing to do over the long term – and the more people will be attracted to you.” Eager to share his enthusiasm for learning
one unit,” he says. “Only if all the parties inside the association and the key parties outside of the association work in sync can the association move forward in one direction.” Unity isn’t as measurable a metric as memberships or revenue, but Rodriguez says that CMBA-BC has succeeded in achieving a singular vision. In fact, he says, the record number of board member applications the organization received is a clear indication that brokers feel more included and are inspired to get involved. This year, Rodriguez says his main goal is to ensure that the work he’s doing as CMBA-BC president will be carried on by the next group of board members so the organization can continue to move forward.
“Only if all the parties inside an association and the key parties outside of the association work in sync can the association move forward in one direction” and professionalism, Rodriguez reached out to one of the directors at the Canadian Mortgage Brokers Association of BC five years ago. He began getting involved with the organization through volunteer opportunities and eventually landed a seat on the board of directors. Without any previous board experience, “it took me a few years to understand the roles and responsibilities and how to provide value to the organization,” Rodriguez says. Within those few years, he became secretary of the board, then vice-president, and two years ago, he was named president of CMBA-BC. In addition to being “a great honour,” his role as president has given Rodriguez an opportunity to unite the BC broker community. “Last year, I tried to make it simple and have one main focus: to bring together the association, both internally and externally, as
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Doing the right thing At its core, Rodriguez’s business philosophy is virtually unchanged from when he began in the industry 15 years ago. Whether he’s speaking to a potential client, referral partner, colleague or friend, his focus is always trying to help the person on the other side of the conversation – regardless of whether there’s anything in it for him. Sometimes that requires sacrificing something in the present for an unknown payoff in the future, but doing so is at the core of maintaining a healthy long-term relationship. “It’s like a marriage: When you’re with somebody else for the long term, you sacrifice in the present for a better future,” Rodriguez explains. “You don’t take, take, take today because if you do that today, you will not have a future together.”
CMBA-BC’S MISSION AT A GLANCE
SERVICE Puts a high value on service and members giving back to other members within the province
GOVERNMENT RELATIONS Offers the provincial government assistance and input on issues affecting BC brokers
PROFESSIONALISM Works to make the industry more secure for the consumer and to raise educational standards for BC brokers
COMMUNITY Brings brokers together through events to ensure that they don’t feel isolated in their work and can learn from one another
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SPECIAL REPORT
TOP INDEPENDENT BROKERAGES
2020
Meet 23 independent brokerages that are thriving on their own and making their mark on the national scene FLEXIBILITY. FREEDOM. Creativity. More control. These are just a few of the advantages this year’s Top Independent Brokerages have discovered from being untethered to a major network. While there are pros and cons to striking out on one’s own in a competitive, unpredictable market, for these successful brokerages, the benefits outweigh the difficulties. From one-person shops to companies employing several hundred brokers, the accomplishments these brokerages have achieved are all the more impressive when considering the competition they face. Each of the 23 brokerages featured on the following pages has its own unique reasons for choosing independence, but there are a few common threads: building a one-of-a-kind brand without limitations, having no one else to report to, crafting services that attract the specific clients they desire and having control of their future while staying nimble. “The biggest advantage to being an independent is the freedom to be able to conduct my business in the direction that is in line
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with our mission statement and vision,” says Ameera Ameerullah, CEO, broker and lender at Canada Mortgage & Financial Group, who added that other perks include “being able to create products and programs that bridge the gap in the alternative sector, monitoring ethical conduct and having set policies and procedures in place, [having] control of income and revenue, [controlling] the branding of the firm, and supporting causes I believe in.” While breaking from the networks might appear to be more of a liability than an asset in today’s ever-changing mortgage world, these brokerages have found that the risk involved makes the reward that much sweeter. Some have tapped into resources while maintaining their freedom by joining the Coalition of Independent Mortgage Brokers of Canada (CIMBC), which offers support, training and education to independent brokerages around the nation. All had a lot to say about their path to independence and how they’ve built a strong foundation for their business and their clients.
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FAST FACTS: TOP INDEPENDENT BROKERAGES How many years have you been an independent brokerage? 1–5 years
44% 17%
6–10 years
13%
11–15 years
26%
15+ years
Have you always been independent?
13% NO
BLUE PEARL MORTGAGE GROUP Headquarters: Surrey, BC
87% YES
Leadership: Nitesh Prakash, president
Would you consider joining a broker network?
30% YES 70% NO
How many brokers currently work for your brokerage? 22%
1
39%
2–10 11–20
13%
21–100
13%
100+
13%
CMP: What’s the biggest advantage of being an independent brokerage? Donna-Belen Dabb, corporate development/investor relations director: Since our inception, Blue Pearl’s driving belief has always been to create an environment that embraces change, encourages innovation and fosters communication. We knew we wanted to build a unique team with a high-performance culture and a deep commitment to our clients and community, and we wanted to keep our independence so we could continue to build our community and a brand that stands.
CMP: What do you do to cultivate your brand and make it memorable for clients or differentiate yourself from other brokerages? DD: We provide a community of a full team and full support that is always accessible to our clients by any means, whether it’s an online chat, phone call, email, social media or in-person meeting – we are always accessible, any time.
We also make it a priority to follow up and initiate conversations to confirm that our clients have the best experience possible. We go above and beyond to make our clients feel like they are our only client and that the service they receive is tailored specifically to their needs. Our responsibility as mortgage professionals is to determine what a customer’s financial goals are, not just to quote them a rate. We purposely market to non-traditional markets and demographic groups that aren’t normally the focus of most brokerages and aren’t normally approved by most traditional lenders or banks: self-employed, line of credit, private, investment, construction and the “hardto-do” deals we offer.
CMP: What are you most proud of from 2019? DD: We are most proud of expanding our business to Ontario, Alberta and Saskatchewan, and moving into a new office space 10 times the size of our previous one. We now have the room to keep expanding our mortgage business, mortgage investment corporation and insurance business.
CMP: What are you looking forward to in 2020? DD: We are looking forward to our new associates growing into the next generation of mortgage brokers.
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SPECIAL REPORT
TOP INDEPENDENT BROKERAGES be accountable to any network above. Also, being able to create products or programs as I see fit without any limitations or restrictions from a third party.
CMP: What do you do to cultivate your brand and make it memorable for clients or differentiate yourself from other brokerages? AA: CMFG cultivates the brand by
CANADA MORTGAGE & FINANCIAL GROUP Headquarters: Mississauga, ON Leadership: Ameera Ameerullah, CEO, broker, lender
CMP: What’s the biggest advantage of being an independent brokerage? Ameera Ameerullah, CEO: Being paid on time and having total control of my business and branding without having to
accessing all marketing opportunities that are in line with our core vision. We believe in being transparent and educating our clients on the best option that’s in their best interest, even if that’s to advise them against proceeding on a transaction. Everyone is treated with respect, and no one is just a number or transaction. We have the opportunity to network and be in collaboration with many professionals, but we only undertake those that are in line with our philosophy.
CMP: What are you most proud of from 2019? AA: I haven’t given up and am still standing tall, even though it has been an uphill battle. I am proud of my team, who uphold the ethical practices and standards of the industry. I am also proud of the recognition
CMP: What’s the biggest advantage of being an independent brokerage? Elan Weintraub, co-founder and broker: Being independent means we are nimble and have full control over our destiny, our client experience, our brand, our lender relationships and more.
MORTGAGE OUTLET Headquarters: Toronto, ON Leadership: Elan Weintraub, co-founder and mortgage broker (left); Shawn Stillman, cofounder and principal broker (right)
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CMP: What do you do to cultivate your brand and make it memorable for clients or differentiate yourself from other brokerages? EW: Our brand promise is to deliver a great client experience by being expert underwriters, and we deliver this promise by being closely involved with our agents and their development and training. This includes frequent lender meetings and
we’ve received from the public for the work that we have done. This is not only from a professional position, but from a humanitarian standpoint as well. It isn’t always about financial gain; at the end of the day, the money doesn’t go with you, so it’s important to think about the footprint you want to leave on the world.
CMP: What are you looking forward to in 2020? AA: This may sound surprising, but I have never taken a vacation! I’m so looking forward to officially taking my first vacation after almost two decades of hard work in this industry. Apart from that, I’m looking forward to building our investment portfolio and launching our new office as of April 2020, along with new products and opportunities. We recently launched another mortgage fund to service the broker community and public. The risk is diversified, so it’s a great opportunity for investors with flexible options. On a personal note, I will be volunteering my time to work with youth and adults in the education sector with the Ontario College for Development. I’m also looking into developing affordable housing.
business coaching, but most importantly one-on-one discussions for each and every file for newer agents. The more experienced agents rely on us to support their fulfilment and to manage and support their business in any way we can. For example, while they’re on vacation, we take care of fulfilling documents, CRM management or pushing for exceptions. We even manage the entire sales cycle for some of our agents.
CMP: What are you most proud of from 2019? EW: We are proud of the culture we have at Mortgage Outlet – we all know each other, and we all support each other. We all want each other to succeed.
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CAPITAL LENDING CENTRE Headquarters: Toronto, ON Leadership: Shubha Dasgupta, managing partner and CEO; Kendall Marin, managing partner, COO and principal broker
CMP: What do you do to differentiate yourself from other brokerages? Taylor Lewis, business development manager: At Capital Lending Centre, we differentiate ourselves in the industry by focusing on providing value and service to our agents through three main pillars: support, training and culture. Through our three pillars, we have the ability to develop agents and propel their careers,
regardless of their tenure in the industry or their background.
CMP: What are you most proud of from 2019? TL: We are most proud of how we hit our milestones. We reached milestones by not only focusing on top producers, but also giving impartial attention and departmentalized guidance and support to all of our agents. With that, we have seen exponential growth in our agents’ volumes.
CMP: What are you looking forward to in 2020? TL: Continuing to drive positive change in the industry. Since inception, we have been
focused on creating positive progression in our industry as a whole. We look forward to continuing this commitment into 2020 and making the mortgage industry a large part of the success stories of Canadian homeowners.
Email lender notes, application, and credit bureaus to:
deals@vwrcapital.com D IMITRI K OSTUROS
Chief Operating Officer dimitri@vwrcapital.com
P AULA H UTTON
BDM - Prairies paula@vwrcapital.com
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SPECIAL REPORT
TOP INDEPENDENT BROKERAGES CMP: What’s the biggest advantage of being an independent brokerage? Crystal Foti, president: Being independent gives me the latitude to exercise my creativity and judgment to structure mortgages unhampered by rigid corporate guidelines. I’m able to implement changes or new ideas quickly, and the success or failure rests solely on my shoulders.
CMP: What do you do to cultivate your brand and make it memorable for clients or differentiate yourself from other brokerages? CF: Owning an independent mortgage
CANADIAN NORTHWEST MORTGAGE CORP. Headquarters: Abbotsford, BC Leadership: Crystal Foti, president
CHAMPION MORTGAGE Headquarters: Guelph, ON Leadership: Doug Adlam, partner; Alec Bowes, partner; Dylan Fulong, partner
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brokerage company is serious business, and I realized early on that I had a knack for making people feel comfortable and at ease. I was able to take some of that seriousness around personal finances and add a slice of fun when I created my business moniker, The Mortgage Chick. I’ve been able to create marketing campaigns that build my personal brand,
as opposed to a network brand. The avatar character I created for The Mortgage Chick drives my brand recognition; using this cartoon-like image helps me stand apart from my competitors. My clients love it, and it creates a more relaxed style, making my ads much more memorable.
CMP: What are you most proud of from 2019? CF: I have always believed in giving back to my community, and in 2019, I was able to raise over $10,000 from my clients for charity by holding various events throughout the year, culminating with me being a contestant in a provincial beauty pageant, Miss BC, which raised tens of thousands of dollars for Cops for Cancer.
CMP: What are you looking forward to in 2020? CF: I’m looking forward to all the new technologies and how they will propel our industry forward in this new decade.
CMP: What’s the biggest advantage of being an independent brokerage? Doug Adlam, partner:
communications strategy ensures all our prospects and clients experience a techforward, professional and trustworthy brand experience.
Having the freedom to choose the tools, lenders and technology that are the best fit for our business.
CMP: What are you most proud of from 2019? DA: In 2019, we solidified a long-term
CMP: What do you do to cultivate your brand and make it memorable for clients or differentiate yourself from other brokerages? DA: As a tightly knit team of professionals, our brand experience is consistently delivered across all aspects of our business: marketing, community engagement, partnerships, process and service. Implementing an integrated marketing
partnership with the University of Guelph Gryphons to work together to help keep youth and student athletes in sports. Sports have played a major role in who we are, so we are helping build the champions of tomorrow through empowering youth sports today.
CMP: What are you looking forward to in 2020? DA: With the increased focus on technology-assisted process efficiencies and delivering superior advice and education through some groundbreaking tools, we are truly excited to help even more families in 2020 than we did in 2019.
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a unique product offering and a large array of lenders. The reality is that most brokers are either too busy with their own book, don’t have the access or just don’t know how to be there for their agents.
CYR FUNDING Headquarters: Thornhill, ON Leadership: Rena Malkah, founder and broker of record
CMP: What’s the biggest advantage of being an independent brokerage? Rena Malkah, founder and broker of record: I have no other people to report to except the government, nor do I have to pay any royalties. We are a full-service mortgage brokerage company that does all types of properties, including residential, commercial, industrial, land, construction and special-purpose properties from $50,000 to $500 million.
CMP: What do you do to cultivate your brand and make it memorable for clients or differentiate yourself from other brokerages? RM: We market by email, phone calls and in person, as we still believe in the old-fashioned way of speaking to prospects and meeting with them to develop rapport, trust, and demonstrate our knowledge and experience. We feel this makes a difference. Plus, we are active on social media.
CMP: What do you feel is the biggest issue facing the broker channel? RM: Lack of sufficient education for new mortgage agents. I have been actively training the next generation – mainly females – to be brokers and agents. It is my pleasure to impart my 45 years of knowledge, experience and work ethic to them.
MORTGAGE EDGE Headquarters: Richmond Hill, ON Leadership: Tina Bargis, president; John Bargis, executive vice-president
CMP: What’s the biggest advantage of being an independent brokerage? John Bargis, executive vicepresident: Independence has always been about allowing for the autonomy to run a business without interference, control or restrictions from a franchise or network. In addition to the everimportant privilege of being autonomous, a brokerage has the ability to truly build its own brand and maintain the privacy of its client data and agents and the confidentiality of its business as a whole. As a member of the Coalition of Independent Mortgage Brokers (CIMBC), all independents operate with not only full autonomy, but also the strong support of the collective under a cooperativetype structure with access to all lender partners with top compensation. The biggest advantage we have is the way in which we run our shop, by actually identifying a very real value-add to our agents. When asked what a broker’s value-add is by those seeking to join a firm, the standard response is, ‘We’re there to support our agents.’ This, for the most part, doesn’t translate to a whole lot. The real value comes down to whether or not a broker actually executes on how to help agents develop strong relationships and build their business with direct access to
CMP: What do you do to cultivate your brand and differentiate yourself from other brokerages? JB: Mortgage Edge is more of a brand within a brand. With the size of our experienced agent base, we believe in concentrating on promoting the identity of our agents, who we feel are the actual brand representing the borrower directly. That’s not to say that we don’t adhere to the regulatory requirements of properly displaying Mortgage Edge where required, but it does mean that our emphasis is on the critical part of our success: our agents. This has proven to be a highly effective way of promoting both the Mortgage Edge brand, as well as those who make the difference – the feet on the street who slug it out, day in and day out.
CMP: What are you most proud of from 2019? JB: The Mortgage Edge team as a whole and our solid lender partnerships. We are truly blessed with a great group of people who understand that our corporate agenda is one that serves the best interest of their clients, our lender partnerships and the agents themselves. They are truly a fantastic group that understands the need to work under a united front effectively and efficiently with our lender partners.
CMP: What are you looking forward to in 2020? JB: The growth of our model and how we’re using technology to take our business to a whole other level. Our lender relationships will also very much differentiate us going forward as a result of our affiliation with CIMBC.
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SPECIAL REPORT
TOP INDEPENDENT BROKERAGES THE GENESIS GROUP Headquarters: Ajax, ON Leadership: Kirk Bryan, principal broker; Cshandrika Bryan, controller; Roberto Sanabria, director of sales; Paulette Bryan, director of operations and compliance; Germaine Bryan, advisor and vice-president of insurance operations
CMP: What do you think is the biggest advantage of being an independent brokerage? Kirk Bryan, principal broker: The freedom.
WESTERN MORTGAGE SERVICES Headquarters: High River, AB Leadership: Yousra Jomha, founder and mortgage broker
CMP: What do you think is the biggest advantage of being an independent brokerage? Yousra Jomha, founder and mortgage broker: One of the biggest advantages of being independent is being built one tear at a time; it’s self-explanatory. In an industry that is competitive, being independent allows me to focus on the specific needs of each client. In a day and age where consumers find themselves lost in a queue of 1-800 numbers, when my customers call in with questions, I help them through everything, ensuring a personalized, professional approach that streamlines the process for them. Consumers are not at the mercy of bureaucratic processes they are unfamiliar with; they are in my hands from start to finish.
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CMP: What are you looking forward to in 2020? YJ: What I want to see in 2020 may be controversial, but it’s the truth: I want to see lenders and BDOs start concentrating on relationship-building back with the brokers, including the small independents. The most important element in any service-based industry is the quality of relationships and the services we are able to create and provide consumers with. In our industry, there are lenders who deny access to their products and services based on the amount of transactions or volumes, or lack thereof. This issue undeniably limits small brokerages, but also the collective capacity of independent brokerages all across Canada to provide consumers with loan options and products that may be most advantageous to them and that, consequently, are in their very best interest. As an industry, we need to nurture business relationships that reflect our commitment and responsibility [to the customer]. This type of treatment to small brokerages is unfair and detrimental. Let’s make 2020 fair for all industry members and concentrate on quality more than quantity.
CMP: What do you do to cultivate your brand and make it memorable for clients or differentiate yourself from other brokerages? KB: Our company is grounded by faith and driven by family, and our focus is the customer experience. Our philosophy is that our clients are our family.
“Our focus is the customer experience. Our philosophy is that our clients are our family” CMP: What are you most proud of from 2019? KB: It was a great year. We purchased our new location, we added insurance to our list of offerings, and we sponsored a hockey team.
CMP: What are you looking forward to in 2020? KB: Our growth as a company and our commitment to helping our community by teaching financial literacy and the importance of generational wealth.
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RATESHOP MORTGAGES Headquarters: Mississauga, ON Leadership: Michael Squeo, broker and business development manager
CMP: What do you think is the biggest advantage of being an independent brokerage? Michael Squeo, broker and business development manager: Our focus is our agents and equipping them with more than just the basic technology, training and tools. This is all possible by having our own infrastructure. The independence lets us invest back into full-time underwriting support and staff to deliver efficiency and results, which grows our teams’ knowledge and keeps us focused on customer experience, avoiding red tape if we were a franchise. It makes for a bigger bottom line for all.
CMP: What do you do to cultivate
“We saw a 53% jump in agent transfers [to our brokerage in 2019], which validated that we were doing something different, and we were doing it right” your brand and make it memorable for clients or differentiate yourself from other brokerages? MS: RateShop is all about turnaround times; what takes other brokerage systems days, takes us hours. Our effort in maintaining a strong online presence and delivering better and faster approvals is what sets us apart. We strive to offer transparency and education to our clients, so our agents heavily rely on a robust and efficient online platform that exceeds client expectations from application all the way to funding.
CMP: What are you most proud of from 2019? MS: Last year was a turning point for us. We realigned our goals, as unpredictable
housing market adjustments meant greater flexibility, a more diverse product offering and a more knowledge-driven approach to sales. Huge investments in technology paid off, training programs were redesigned with value and competition in mind, and our in-house lending programs saw a surge. We saw a 53% jump in agent transfers [to our brokerage], which validated that we were doing something different, and we were doing it right.
CMP: What are you looking forward to in 2020? MS: This year will be about expanding into multiple new offices across Ontario, staying one step ahead of the competition and delivering more success to our agents.
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SPECIAL REPORT
TOP INDEPENDENT BROKERAGES CMP: What’s the biggest advantage of being an independent brokerage? Matthew Ablakan, founder and owner: The biggest advantage to being an independent brokerage is that you get to market your brand and culture. There are no restrictions, and you don’t have to have someone else’s name on it. By creating a brand, you are able to grow your business based on your reputation and experience.
MILLENNIAL’S CHOICE MORTGAGES Headquarters: Vaughan, ON Leadership: Matthew Ablakan, founder and owner
GREENFLOW FINANCIAL CORP. Headquarters: Toronto, ON Leadership: Reza Ghazi, CEO
CMP: What’s the biggest advantage of being an independent brokerage? Reza Ghazi, CEO: In my view, the biggest advantage of being an independent is being able to build your niche in any way that you see fit. For example, we primarily target self-employed individuals through our marketing efforts; therefore, we can better build our company brand around that niche.
CMP: What do you do to cultivate your brand and make it memorable for clients or differentiate yourself from other brokerages? RG: Our goal has always been to provide the best possible customer experience, both pre- and post-funding, for business owners and self-employed individuals in need of non-bank and private mortgages, and we are known for providing unsurpassed levels of service.
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CMP: What do you do to cultivate your brand and make it memorable for clients or differentiate yourself from other brokerages? MA: We do many things to cultivate our brand in order to stand out and make it memorable for our clients. We host four educational events each year; we host
a client appreciation barbecue and a Christmas gala each year; and we have a wide array of services available to help clients, including but not limited to real estate, mortgages, life insurance, home and auto insurance, loans, and investments.
CMP: What are you most proud of from 2019? MA: I am most proud of winning Brokerage of the Year – Diversification at the Canadian Mortgage Awards.
CMP: What are you looking forward to in 2020? MA: I’m looking forward to having our best year ever; 2020 is our first full year as a group of companies, and that’s exciting for me.
We cultivate this by offering total solutions so that our clients can count on us to address a multitude of business needs, from our core competency of mortgage services to other complementary non-bank financial services. We have established ourselves as customers’ financial concierge, who can either help them directly or connect them with the services they need.
CMP: What are you most proud of from 2019? RG: We were positioned well to deal with the downturn that the real estate and mortgage market experienced due to imposed policies.
CMP: What are the biggest issues facing the broker channel today? RG: There are several. Slowdown in the market versus last year, the stress test is forcing some people to turn to non-bank lenders, lender mobile sales forces are on the rise, and there’s still a need to do more to increase awareness and understanding of the broker channel. Additionally, the industry requires a holistic technology solution that covers all aspects of the business rather than the many different solutions currently on the
market. There are currently not enough innovative mortgage products available to the broker industry. The industry is well overdue for mortgage product innovation.
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CMP: What do you do to cultivate your brand and make it memorable for clients or differentiate yourself from other brokerages? JT: Over the years, we have developed a methodology of taking clients from the mortgage application phase through to funding. The process is very hands-on and, when executed well, is a great customer experience. The client demands a positive experience, and we do our best to deliver.
CMP: What are you most proud of from 2019? JT: In 2019, we invested in technology. We focused our digital marketing with Instagram, YouTube and Facebook campaigns. We also started to develop a proprietary software system that automates our methodology and will help differentiate our brand from any other independent mortgage brokerage in the marketplace.
THE MORTGAGE TRAIL Headquarters: Toronto, ON Leadership: Jerome Trail, broker of record (left)
CMP: What’s the biggest advantage of being an independent brokerage? Jerome Trail, broker of record: Without any ‘paid’ affiliations, we are able to provide 100% independent advice. Our advice to clients is unbiased and unencumbered.
CMP: What are you looking forward to in 2020? JT: In 2020, we will be rolling out our automated methodology. Our clients will be able to track their file on a digital version of The Mortgage Trail. The year has already started off strong, and we are planning on strong double-digit growth.
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SPECIAL REPORT
TOP INDEPENDENT BROKERAGES getting to know their families so we can truly understand their ‘why.’ We earn their trust so they feel confident making the biggest financial decisions of their lives. It’s a responsibility I take very seriously, which is why we have such a strong focus on education. But we’re not just there as a financial concierge – our clients become an extension of our family, and we’re able to execute deals that other lenders can’t because we’re so tapped into their lives.
CMP: What are you most proud of from 2019? RD: I never expected Mortgage Savvy to
MORTGAGE PARTNERS CORPORATION Headquarters: Bradford, ON Leadership: Kash Toor, founder and CEO
MORTGAGE SAVVY CMP: What’s the biggest advantage of being an independent brokerage? Kash Toor, CEO: Our advantage encompasses various things – branding our products to the consumer, outside-ofthe-box thinking – and our products and pricing are the key to our success as an independent brokerage. Our individual investors have also been a huge part of our success, and our broker partners as well.
CMP: What are you most proud of from 2019? KT: Building this brand to greater recognition all over Ontario and growing to almost 11 team members from all over the Greater Toronto Area.
CMP: What are you looking forward to in 2020? KT: We are looking to double our numbers in 2020 and continue providing outstanding service to our clientele, as we have established trusted relationships with investors, Realtor partners, mortgage brokers and agents.
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Headquarters: North York, ON Leadership: Rakhee Dhingra, CEO, broker
CMP: What do you think is the biggest advantage of being an independent brokerage? Rakhee Dhingra, CEO: As an independent brokerage, we have the freedom to deliver more value to our clients than the banks ever could. Our goal is to build lifelong relationships with our clients, paving the way for their long-term financial success. We do this by providing continued support, advice and preparation for their next move or investment, and in turn, this creates a pipeline for repeat business and referrals.
CMP: What do you do to cultivate your brand and make it memorable for clients or differentiate yourself from other brokerages? RD: We lead with our hearts and get to know our clients on a personal level. We spend time with them in their homes,
become what it has. We grew so quickly; I didn’t have the chance to slow down and appreciate the lessons learned along the way. I dedicated 2019 to honing those discoveries, and in doing so, we achieved record growth and volume with a significantly smaller team. The business is now communicating what I’ve always wanted. We are getting leads based on our knowledge and our trustworthiness by staying humble and true to our vision. Trust me when I say, the kind of transformation you face during your toughest moments will open the door to incredible growth.
CMP: What are you looking forward to in 2020? RD: I believe that when you’re focused on relationships, numbers become irrelevant. Our success is a byproduct of doing what we love to do, and I look forward to building even more incredible connections moving forward. We’re already transacting with new Realtor partners and seeing incredible growth. On a personal level, I’m more committed than ever to inspiring my daughter to chase her dreams, and what better way than developing workshops and masterminds in collaboration with other female entrepreneurs? I feel like our hard work is paying off, and the big hopes and dreams we’ve had for this business are coming to fruition this year. I can’t wait to see where it takes us next.
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aspire to create win-win scenarios for our lenders and borrowers. This is motivated by a sincere effort to understand our applicants and lenders alike, and to provide mutually beneficial opportunities to all involved.
CMP: What are you most proud of from 2019? RS: Our ability to grow and mature as
OBSIDIAN MORTGAGE CORPORATION
broker: We relish the opportunity to focus our efforts on assisting our clients. As an independent brokerage, we are able to offer flexibility at a grassroots level that some of the superbrokers just aren’t able to.
Headquarters: Toronto, ON Leadership: Richard Samuels, CEO and principal broker; Ann Samuels, director of client services
CMP: What do you think is the biggest advantage of being an independent brokerage? Richard Samuels, CEO and principal
CMP: What do you do to cultivate your brand and make it memorable for clients or differentiate yourself from other brokerages? RS: We strive to differentiate ourselves by understanding our clients and seeking to serve them for a life cycle, as opposed to just serving them a mortgage. We truly
a team of caring professionals and the impact we have provided, as described to us by our clients.
CMP: What are the biggest issues facing the broker channel today? RS: Keeping up with, and perhaps staying ahead of, the current regulatory oversight. Further, as more and more lenders begin to enter the Canadian mortgage landscape, the challenge for mortgage professionals will be to take the time to understand lender products, policies and practices so you can ensure you are choosing the best options for your clients.
SYNDICATE MORTGAGES Headquarters: Toronto, ON Leadership: Marcus Arkan, CEO and mortgage broker (left); Max Afzalimehr, principal broker (right)
CMP: What do you think is the biggest advantage of being an independent brokerage? Max Afzalimehr, principal broker: As an independent mortgage brokerage, we have set ourselves up to be innovators in our market. We have been able to adopt a scalable business model that maximizes efficiency to focus more on building new and existing relationships with our clients and referral partners.
CMP: What do you do to cultivate your brand and make it memorable for clients or differentiate yourself from other brokerages? MA: We approach every prospect with
their best interests in mind. When you legitimately care about your clients’ needs and well-being, you naturally create memorable experiences for clients. We also stay in touch with each client after funding.
US market, expanding our operations into four new states.
CMP: What are you most proud of from 2019? MA: We have been able to achieve
the broker industry, as the market has rebounded since the 2017 market downturn. We look forward to a greater broker market share for the industry as a whole.
remarkable growth in our business in the
CMP: What are you looking forward to in 2020? MA: This year will be an exciting year for
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SPECIAL REPORT
TOP INDEPENDENT BROKERAGES
SYNDICATE LENDING CORPORATION Headquarters: Vancouver, BC Leadership: Inam Qureshi, founder
CMP: What’s the biggest advantage of being an independent brokerage? Inam Qureshi, founder: As a brokerage, we specialize in commercial lending, and our independence has led us to pursue excellence in what we do. When we opened our Kingsway office in 2016, I sensed a need for commercial lending, as most mainstream brokerages were focusing on residential. Fast-forward to 2020: Our hard work has paid off, and we are en route to opening a second office in the summer of 2020.
CMP: What do you do to cultivate your brand and make it memorable for clients or differentiate yourself from other brokerages? IQ: As a customer-centric brand, we focus on providing legendary client experience. We make sure that we go out
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of our way to assist our clients. Our office has been set up to live up to this promise. We believe that our brand is an extension of customer service, and if we continue to deliver on that front and do things differently to make a significant difference in the lives of our clients, it will always leave a lasting memory. This has been our vision and will continue to be the same.
CMP: What are you most proud of from 2019? IQ: Last year was our most successful year so far. We doubled our funding volumes and grew to a 10-broker team. This definitely meant a lot to us and has given us the confidence to continue to excel.
CMP: What are you looking forward to in 2020? IQ: As we ring in the next decade, our focus is to expand our footprint with the opening of our new outpost in White Rock, BC, where we plan to service our clients from the Fraser Valley and Surrey region. Our vision is to double our funding volumes and grow our team exponentially – not to mention, we intend to be leaders in the commercial lending arena.
BESPOKE MORTGAGE GROUP Headquarters: Toronto, ON Leadership: Simon Lyn (left) and Ryan Dennahower (right), co-founders
CMP: What are you most proud of from 2019? Ryan Dennahower, co-founder: It was an incredible year for Bespoke in terms of growth and lender efficiencies, which are extremely important to us. We added a few key members to our growing family and couldn’t be happier with the results. Being recognized and featured in CMP’s Global 100 list was a huge compliment and achievement.
CMP: What are you looking forward to in 2020? RD: We have a lot planned for 2020 and are excited to continue to take Bespoke to new leaps and bounds through the development and coaching of our new and existing agents. We are also extremely excited about what’s in store for our affiliation with CIMBC, whose principal deliverable has been to strengthen our lender partnerships, which had an enormous impact on our business in 2019.
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UNIMOR CAPITAL CORPORATION Headquarters: Windsor, ON Leadership: John Battaglia, principal broker and owner; Gary Katz, mortgage broker and founder
CMP: What do you do to cultivate your brand and make it memorable for clients or differentiate yourself from other brokerages? Andrea Ryan, general manager: We have been in business for over 45 years, and we pride ourselves on our extensive industry knowledge, as well as our personalized customer service. We
have access to a variety of lenders with very competitive rates and Windsor’s largest source of private mortgage funding. Unimor has a large private portfolio, which we administer, and we offer fair rates and fees. Our principal broker has worked in the industry for more than 25 years, [and] our staff has been working for Unimor for 15 to 45 years and are well trained in serving our clients.
CMP: What are the biggest issues currently facing the broker channel? AR: The syndicated mortgage rules for private mortgages, fees versus commissions, and the morals and ethics within the industry.
TAURUS MORTGAGE CAPITAL Headquarters: Markham, ON Leadership: George Hugh, president and CEO
CMP: What are you most proud of from 2019? AR: We now have several mortgage agents in Tilbury, London and the GTA.
CMP: What are you looking forward to in 2020? AR: We look forward to adding more agents across Ontario to our brokerage.
all my clients go through my presentation; it is through this presentation that we are able to build a relationship and trust with each other. It also ensures that their needs are fully understood.
CMP: What’s the biggest advantage of being an independent brokerage? George Hugh, founder and CEO: Being
CMP: What do you do to cultivate your brand and make it memorable for clients or differentiate yourself from other brokerages? GH: It is our education process that gives
an independent has allowed me to develop a wealth-building approach in providing solutions to my clients. It is mandatory that
me confidence that my clients will give me a five-star rating. We are 100% a service-first organization; we let service drive our sales.
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SPECIAL REPORT
TOP INDEPENDENT BROKERAGES
TMG THE MORTGAGE GROUP Headquarters: Vancouver, BC Leadership: Grant and Debbie Thomas, cofounders; Mark Kerzner, president; Dan Pultr, regional vice-president, BC; Darren Quilley and Khider Elkadri, regional vice-presidents, Alberta; Bud Jorgenson, regional vicepresident, Prairies; Gerald Krahn and Steve Clarke, regional vice-presidents, Ontario; Claude Girard, regional vice-president, Quebec; Steve Whitehead and Andrew Matheson, regional vice-presidents, Atlantic Canada; Veronica Love, vice-president, corporate development
CMP: What’s the biggest advantage of being an independent brokerage? Gina Monaco, director of marketing and communications: TMG was founded on the ideals of creating the best possible experience for our agents, brokers and staff. Our brokers have the freedom and flexibility to operate their own personal business, while we take care of the time-consuming tasks of all support functions. This allows our agents to do what they do best: helping clients with the most important financial decisions of their lives. Compliance and payroll are centralized using a state-of-the-art reporting and payroll system. TMG agents and brokers have the tools and support to position themselves and
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deliver as knowledgeable and effective partners for their clients.
CMP: What do you do to cultivate your brand and make it memorable for clients or differentiate yourself from other brokerages? GM: Our systems and tools include BrokerNET, a robust intranet that includes training modules, videos, marketing tools, content and more, and is a one-stop shop for everything our brokers need to increase their success; a fully-integrated CRM; a fully integrated document and process management system that’s cloudbased and mobile-friendly; personalized websites; a fully integrated mobile app that includes Realtor.ca listings; and an in-house marketing and design team. Our corporate culture is inclusive and completely aligned with our brokers’ success. They get strong support from regional management, who actively manage their territories and will work with brokers to help meet their needs. By making it easier for our brokers and agents to become successful, they can offer a high-level client experience and seamless mortgage financing.
CMP: What are you most proud of from 2019? GM: First and foremost, we are proud that our agents have helped tens of thousands of clients across the country finance their
homes and/or helped them meet their financial goals. As the industry becomes increasingly more complex, it’s important for clients to get the up-to-date information they need to make informed decisions. We are proud that TMG agents and the regional team leads have taken leadership roles in the industry to better educate the public and to help promote the value of a mortgage broker. We are also a company that cares and gives back to the community. We work closely with Breakfast Club of Canada and are proud of raising $400,000 to date to help feed children in schools – that equals 400,000 meals.
CMP: What are you looking forward to in 2020? GM: This is our 30th year in the mortgage industry. Co-founders Grant and Debbie Thomas started the company with the idea of creating an environment that embraced family values. It is this focus on brokers and their success that has helped TMG maintain its status in the industry as the largest independently owned brokerage in Canada. We look forward to the continued alignment of our business model with our brokers’ success by introducing new technology and state-of-the-art systems to give them a competitive edge and to align ourselves with the 21st-century way of doing business.
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SPECIAL PROMOTIONAL FEATURE
INDEPENDENT BROKERAGES
All for one and one for all Whispers about the “best-kept industry secret” are growing louder. CMP spoke to John Bargis, founding member of the Coalition of Independent Mortgage Brokers of Canada, about the organization’s rapid growth over the past year
THE COALITION of Independent Mortgage Brokers of Canada (CIMBC) created quite the stir among the networks when it first made its debut in 2014. Now, after more than five years in the game, CIMBC continues to bring about meaningful change in the industry through not only exponential growth, but also its model of empowerment through unity. The coalition’s unique cooperative structure was created with the goal of benefiting the brokerage from the bottom up, as opposed to from the network down. “One of the commitments we made to our member brokers from the outset was to be very engaging with both CIMBC member brokers and lending partners,” says John Bargis, founding member of CIMBC and owner of Mortgage Edge. “Our successes in this area speak volumes, as we have actually delivered on this front by helping our partners not only significantly grow their businesses, but also strengthen lender relationships with an approach that’s changing the industry for the better.” With a handful of years now under its
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belt, CIMBC has a set of strategies down pat and the data to prove its accomplishments, including significant improvements in application quality and members’ look-tobook and approval-to-fund ratios, as well as productivity and volume. “The high performance levels of these metrics, along with the reduction of the number of touchpoints on each mortgage file, has a significant impact on productivity for all involved in a transaction, which ultimately drives better profitability to not only our lender partners, but our member brokers, their agents and referral partners,” Bargis says. With a proven track record, Bargis says CIMBC has been able to collectively demonstrate to industry partners that everyone can benefit from its approach. But there is more work to be done. Bargis believes his extensive experience as a broker and his leadership role at Mortgage Edge have given him the ability to guide others using his proven principles. “The biggest problem in any industry is a lack of awareness,” he says. “Once you are made aware, the next step is to take the time
FAST FACTS: CIMBC President: Robert Sinclair Members: 62 Founded: November 2014 Objective: Improve profitability for brokers, agents and lender associates to ensure sustainable partnerships for generations to come
and dig deep, slow down and open your eyes to the opportunity. Then the magic follows in the execution.” In the last 18 months, CIMBC has more than doubled its membership to 62 firms. It’s a high-speed train that isn’t stopping anytime soon, Bargis says, as the organization’s growth is catching the attention of other industry players. “We receive at least two new inquiries every week from nationwide brokers that are meaningful in size and quality – not that size is the be all and end all,” he says. As the year unfolds, CIMBC is looking forward to continued development and growth, with significant announcements to come. While Bargis is coy about upcoming plans – in line with CIMBC’s tagline of being the “best-kept industry secret” – he did shed some light on the successful introduction of a new non-invasive technology, Empower Connect, which CIMBC is implementing with a measured approach. “Unlike some of the other industry systems that are having trouble with adoption, we are the complete opposite,” Bargis says. “The feedback has been great so far, and we’re receiving calls from our brokers asking, ‘When can we start?’” While many mortgage professionals have expressed fear about technology leading to the demise of brokers, Bargis believes that won’t be the case; he says embracing the
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change that technology brings is the smart thing to do. He suggests brokers and agents take the time to consider all their options when looking for the right technology and choose a system they trust and that will protect their data. “We chose Empower Connect because it was designed with sensitivity of our data in mind,” he says, advising brokers to “be smart and do your homework when making big decisions that will have long-term effects on your business. Failure to do so will cost you.” Going forward, he says, the standard for brokers will be an emphasis on quality business and strengthening lender partnerships. The regulatory environment will continue to tighten in certain areas, which Bargis believes should be a welcome change. He also believes the low interest rate environment is here to
“[We have helped] our partners not only significantly grow their businesses, but also strengthen lender relationships with an approach that’s changing the industry for the better” John Bargis, CIMBC stay, at least for the foreseeable future. “With the massive consumer and sovereign debt that exists on a global scale, and with the failure of governments’ monetary policies worldwide to generate inflationary pressure, these rates aren’t going anywhere anytime soon,” he says.
Bargis is equally optimistic when looking toward CIMBC’s future. After five years of incredible growth, he can’t imagine what next five will look like. “We are going to be a very different organization by the end of this year,” he says, “let alone where we will be in five.”
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PEOPLE
BROKER INSIGHT
Leaning into technology Loewen Group lead broker James Loewen talks to CMP how he’s taking the lead in digitizing the mortgage process
TECHNOLOGY ISN’T going anywhere. But even though it’s become an increasingly integral part of the mortgage process, many brokers are still resistant, fearing technology will eliminate the personal touch. Not James Loewen – his independent Ontario-based brokerage is on a mission to change the way technology is viewed in the mortgage industry. From the moment you land on Loewen Group’s newly redesigned website or go to book an appointment, it’s easy to see that this is a tech-forward brokerage. “You can either fight change or lead the way,” Loewen says. “I’d rather be an innovator and part of the movement than struggle and fade away.” Loewen opened Loewen Group in 2010 and, over the past decade, has sought to provide excellence in customer service and a user-friendly process for his clients. After a few years of trial and error, the brokerage settled into a team model, in which each individual is responsible for unique tasks and they all work to support each other, as opposed to having independent sub-agents. “My role is to support and train them and ensure their success,” Loewen says. “People often have it backwards and say ‘my team ensures my success,’ but it’s really quite the opposite. One of the most rewarding parts of my job is watching my team develop and celebrating their successes.” The team has spent years working on an interconnected marketing strategy to link
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potential clients from offline to online. The first step was to make a concerted effort toward garnering Google reviews, which has been a major focus over the last three years. The Loewen Group has a five-star rating on Google, something the team worked very hard to achieve. “Great customer service, easy-to-use technology and always asking our clients to leave a review were a big part of that,” Loewen says. The second step was to make sure those reviews took interested searchers to a website that would provide them with valuable and educational information, as well as an easy way to learn more about how Loewen Group does things differently. Bringing this vision to life took another year. Finally, at the start of 2020, the final pieces of the puzzle are coming together, thanks to Loewen Group’s marketing blitz across several buses and more than 50 bus stops across Burlington. “It’s a process,” Loewen says. “If they see us on a bus or shelter, they will Google us. When
they see our high Google reviews and rating, they will visit the website, which will lead them to all our information and resources, and eventually they may want to go to the next step, which is an application. It’s like a house of cards that has to follow the right steps.” Having technology that’s easy for anyone to use, no matter their tech ability, is a major selling point for Loewen. While Loewen Group meets with clients in person if they prefer, the team makes an effort to educate clients on how technology can make the process easier, quicker and more hassle-free. “People think if you meet in person, you’re doing a better job and you’ll get more referrals, but we have to recognize that clients don’t know any different,” Loewen says. “If you’re a first-time homebuyer, you don’t know how the experience has changed since your parents’ mortgage 40 years ago. Technology is not just replacing the traditional mortgage – it’s going to far improve it. This isn’t your grandpa’s mortgage.”
LOEWEN GROUP’S FIVE-STEP MARKETING PLAN 1
Physical marketing campaigns and word of mouth
2
Google search and Google reviews
3
New website with blogs, calculators and informational video content
4
Application
5
Review from the new customer
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“Technology isn’t just replacing the traditional mortgage – it’s going to far improve it. This isn’t your grandpa’s mortgage” James Loewen (center) and the Loewen Group Mortgages team
Loewen is especially proud of the brokerage’s Finmo portal, which puts calculators, client applications, and automated document request generation and submission in one place. Each member of the Loewen Group team strives to be a trusted expert in the mortgage space, and making sure clients are comfortable and know what’s happening every step of the way has always been a priority. “Spending hundreds of thousands of dollars justifiably makes anyone nervous,” Loewen says, “but if you can show someone how a transaction is going to happen step by step, from A to Z, you can build a level of comfort.” Loewen’s key to success has always been surrounding himself with people who believe in the same things and are committed to working toward the same goal. The team
FAST FACTS: LOEWEN GROUP MORTGAGES Lead broker/owner: James Loewen
Mortgage tech: Finmo
Location: Burlington, Ontario
Accolades: Mortgage Broker of the Year (Fewer Than 25 Employees) at the 2015 Canadian Mortgage Awards, Brokerage of the Year (Fewer Than 25 Employees) at the 2016 and 2019 CMAs, and Best Customer Service from an Individual Office at the 2017 CMAs
Areas served: Niagara, Halton, the GTA and beyond Team: Six mortgage professionals and one administrative professional treats clients they way they would want to be treated and educates them on using technology the smart way: to enhance the experience and make it easier for everyone. While Loewen admits it wasn’t easy to cede responsibility to his team at first, doing so has made the business better in the end.
“When you create a company, it’s your baby and you don’t want anyone else to touch it,” he says. “But then you realize that there are others who are better at certain aspects of the job, and when they take over, you’re left with the parts that you enjoy the most. It’s an incredible and freeing experience.”
www.mortgagebrokernews.ca
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CANADIAN MORTGAGE AWARDS 2020 FINALISTS
It was another year of stellar nominations for the Canadian Mortgage Awards, the ultimate recognition of excellence for the nation’s mortgage professionals and organizations. Canadian Mortgage Professional is proud to present the finalists for 20 prestigious categories, representing the teams, leaders and rising stars who stood head and shoulders above the rest with their dedication and hard work over the past year. With competition fiercer than ever, simply making the list of finalists is a massive achievement in itself. The winners will be revealed at the awards gala on April 15 at a new venue, the Westin Harbour Castle in Toronto, where CBC news anchor Suhana Meharchand will host, alongside great live music and entertainment. CMP and event partner the Coalition of Independent Mortgage Brokers of Canada (CIMBC) would like to thank everyone who sent in nominations this year, as well as our sponsors, who have helped make the Canadian Mortgage Awards the leading independent awards event for the mortgage profession.
For table reservations and event details, visit
canadianmortgageawards.com or email us at events@keymedia.com 42
www.canadianmortgageawards.com
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BROUGHT YOU BROUGHT TO YOU BY BROUGHTTO TO YOU BY:BY
THE CIMBC AWARD FOR
LENDER BDM OF THE YEAR
• Ally Higgins B2B Bank • Brian Ingram CMLS Financial • Brian Mason RFA Mortgage Corporation • Cam Dellipizzi XMC Mortgage Corporation • Chris Woodhouse RFA Mortgage Corporation • Daniel Joseph CMI Group of Companies • Jerry Wieliczko Hosper Mortgage • Jessica Fitzpatrick MERIX Lendwise • Leanne Conroy CWB Optimum Mortgage • Lee-Ann McEllister MCAP Service Corporation • Livia Pellegrino First National Financial • Randy Binstock Home Trust Company • Reaza Ali Fisgard Asset Management Corporation • Robert Malcolm Equitable Bank • Suzy Fernandes Arruda Haventree Bank AWARD SPONSOR
THE AVISON YOUNG AWARD FOR
BROKER OF THE YEAR – COMMERCIAL
THE CANADIAN MORTGAGES INC. AWARD FOR
THE COMMUNITY TRUST AWARD FOR
ALTERNATIVE BROKER SPECIALIST OF THE YEAR
BROKER OF THE YEAR – PRIVATE LENDING
• Daniela Peeva Mortgage Alliance Commercial
• David Clarke Clarke Mortgage Group TMG
• Ameera Ameerullah Canada Mortgage & Financial Group
• Inam Qureshi Syndicate Lending Corporation
• Dmitri Ivanov Mortgage Intelligence
• Asim Ali DLC Royalty Financial
• Gogi Luthra AKAL Mortgages
• Christine Xu Moneybroker Canada – Mortgage Architects
• Jason Sohl Verico Fair Mortgage Solutions • Jeremy Leung CT Green Financial • Michel Durand Mortgage Alliance Commercial • Omid Jaliji OMJ Mortgage Capital • Peter Quinn Planiprêt Commercial • Ramin Nazaradeh Gold Capital Corp.
• Jason Nugent Neighbourhood Dominion Lending Centres
• Jason Sohl Verico Fair Mortgage Solutions
• Jon McKay DLC Mortgage House
• Kuljit Singh AKAL Mortgages
• Scott Westlake The Westlake Team – Dominion Lending Centres National
• Lisa Tomlinson Verico InTrend Mortgage
• Shawn Allen Matrix Mortgage Global
• Nikki Carew East Coast Mortgage Brokers • Reza Ghazi GreenFlow Financial
• Ryan Turner Ashdown Capital • Stephanie Kowalew Multi-prêts Commercial • Stephen Thomas Vine Group
AWARD SPONSOR
AWARD SPONSOR
AWARD SPONSOR
www.canadianmortgageawards.com
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CANADIAN MORTGAGE AWARDS 2020 FINALISTS THE TRANSUNION AWARD FOR
LIFETIME ACHIEVEMENT IN THE MORTGAGE INDUSTRY This is the highest honour at the Canadian Mortgage Awards. This award recognizes an individual who has made outstanding contributions to the mortgage profession throughout their career. It acknowledges an industry icon with an established history of distinguished service to the mortgage profession, who has exhibited leadership and provided inspiration to others while keeping the interests of the profession at the top of their priorities, as evidenced by their accomplishments. There are no finalists for this category. The recipient will be revealed during the awards gala.
AWARD SPONSOR
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THE HAVENTREE BANK AWARD FOR
DIGITAL INNOVATOR OF THE YEAR
THE CENTUM AWARD FOR
INDUSTRY SERVICE PROVIDER OF THE YEAR
• Blue Pearl Mortgage Group
• DocAssist
• CanWise Financial
• MCAP Service Corporation
• Capital Lending Centre • Centum Financial Group
• Lendesk
• Mortgage Automator • myBrokerBee
• Champion Mortgage
• Newton Connectivity Systems
• DLC Expert Financial
• Paradigm Quest
• Knnct Markets
• Teranet
• Loewen Group Mortgages
THE HOME TRUST AWARD FOR
WOMAN OF DISTINCTION
• Ameera Ameerullah Canada Mortgage & Financial Group • Angela Calla The Angela Calla Mortgage Team • Barbara Cook Mortgage Centre Canada
• Caroline Rapson Centum Financial Group • Donna Mullen Mortgage Architects • Hali Noble Fisgard Asset Management Corporation • Kelly Evans Magenta Capital Corporation • Kyra Wong Manulife • Lindsay Jurek MERIX Financial/NPX • Teresa Johnston CMI Group of Companies
AWARD SPONSOR
AWARD SPONSOR
AWARD SPONSOR
25/02/2020 1:46:19 PM
BROUGHT YOU BROUGHT TO YOU BY BROUGHTTO TO YOU BY:BY
BROKERAGE OF THE YEAR (25 EMPLOYEES OR MORE)
• AKAL Mortgages
BROKERAGE OF THE YEAR (FEWER THAN 25 EMPLOYEES)
NEW BROKERAGE OF THE YEAR
OUTSTANDING CUSTOMER SERVICE BY AN INDIVIDUAL OFFICE
• Ardent Mortgages
• CanWise Financial
• Bespoke Mortgage Group
• Ashdown Capital
• Bespoke Mortgage Group
• Clear Trust Mortgages
• Blue Pearl Mortgage Group
• Citadel Mortgages
• CanWise Financial
• Canada Mortgage & Financial Group
• Gold Capital Corp.
• DLC Elite Lending
• Homewise Solutions
• Claystone Mortgage Team
• Matrix Mortgage Global • MortgagePal • Neighbourhood Dominion Lending Centres • The Mortgage Advisors
• Champion Mortgage • East Coast Mortgage Brokers • Homewise Solutions • Integrity Mortgage Solutions • Jayman Financial
• Verico Premiere Mortgage Centre
• Outline Financial Corp.
• Verico Xeva Mortgage
• Syndicate Lending Corporation
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• J&G Mortgages • KeyRate Corp. • Sandhu & Sran Mortgages • The Costa Group Mortgages • The Mortgage Coach
• GLM Mortgage Group • Loewen Group Mortgages • Mortgage Outlet • MortgagePal • Mortgages.ca • Streetwise Mortgages • The Angela Calla Mortgage Team
25/02/2020 1:46:28 PM
CANADIAN MORTGAGE AWARDS 2020 FINALISTS BROKER OF THE YEAR (25 EMPLOYEES OR MORE)
BROKER OF THE YEAR (FEWER THAN 25 EMPLOYEES)
• Anne Brill Centum Metrocapp Wealth Solutions
• Christine Xu Moneybroker Canada – Mortgage Architects
• Anthony Contento Sherwood Mortgage Group
• Clinton Wilkins Centum Home Lenders – Clinton Wilkins Team
• Collin Bruce Dominion Lending Centres Mortgage Mentors
• Elvis Hui DLC Guaranti Mortgages
• Dave Butler Butler Mortgage • Lev Keselman Peak Mortgage Company • Luisa Hough Verico Xeva Mortgage • Meaghan Hastings The Mortgage Coach • Zaheed Valli-Hasham DLC City Wide Mortgage Services
• Enza Venuto Centum InTouch Mortgage Solutions • Geoff Lee GLM Mortgage Group • James Harrison Mortgages.ca • Linda Walters Mortgage Architects • Paul Meredith CityCan Financial • Rakhee Dhingra Mortgage Savvy • Shawn Stillman Mortgage Outlet • Tracy Valko The Valko Team
YOUNG GUN OF THE YEAR
• Casey Archibald Verico Xeva Mortgage
• Ada Cheung RMG Mortgages
• Chris Allard Smart Debt Mortgages – powered by Mortgage Intelligence
• Allison Murdoch MCAP Service Corporation
• Chris Bargis Mortgage Edge • Denise Laframboise Element Mortgage Group – Mortgage Architects • Josh Dumencu Neighbourhood Dominion Lending Centres • Leslie Penney East Coast Mortgage Brokers • Matthew Ablakan Millennial’s Choice Mortgages • Nicole Farrugia Mortgage Savvy • Rebecca Casey DLC Origin Mortgages • Steve Dyment Verico Xeva Mortgage • Vincent Tong Clear Trust Mortgages
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LENDER UNDERWRITER OF THE YEAR
• Anthony DePasquale ICICI Bank Canada • Cheryl West HomeEquity Bank • Elliot Gardiner RFA Mortgage Corporation • Ida Guilbault Bridgewater Bank • Inessa Rzisceva Home Trust Company • Josie Milanetti CMI Group of Companies • Kiruban Kana RiverRock Mortgage Investment Corporation • Rick Springer First National Financial • Stanley Grant Scotiabank • Zach Osborne Paradigm Quest, NPX • Zuzi Valente Equitable Bank
25/02/2020 1:46:36 PM
BROUGHT YOU BROUGHT TO YOU BY BROUGHTTO TO YOU BY:BY
BROKERAGE OF THE YEAR – DIVERSIFICATION
NATIONAL BROKER NETWORK OF THE YEAR
EXCELLENCE IN PHILANTHROPY & COMMUNITY SERVICE
EMPLOYER OF CHOICE
• DLC Blue Tree Mortgages West
• Centum Financial Group
• Alison Lopes DLC Premier Mortgages
• Capital Lending Centre
• Millennial’s Choice Mortgages
• Dominion Lending Centres
• Centum Financial Group
• North East Mortgages
• Invis Mortgage Intelligence
• Andrew Young The Modern Mortgage Unlimited Company
• Quantus Mortgage Solutions
• Mortgage Alliance
• Safebridge Financial Group
• Mortgage Centre Canada
• Verico Premiere Mortgage Centre
• TMG The Mortgage Group
• Mortgage Architects
• Verico Financial Group
• Cameron Wilson Dominion Lending Centres – Canuck Mortgage Group • Carey Benvenuti Mortgage Architects Niagara • Chris Karram Safebridge Financial Group • Greg Nowik Universal Mortgage Architects
• Centurion Asset Management • CWB Optimum Mortgage • DLC Elite Lending • Jencor Mortgage Corporation • Magenta Capital Corporation • MCAP Service Corporation • MERIX Financial • True North Mortgage
• Mark Cashin Cashin Mortgages • Paul Bojakli Quantus Mortgage Solutions • Paul Meredith CityCan Financial • Sabeena Bubber 100 Brokers Who Care
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The winners of the 2020 Canadian Mortgage Awards will be selected by our judging panel of independent experts: JOHN ANDREW, PH.D. Director, Queen’s Real Estate Roundtable Continuing adjunct assistant professor, Schools of Urban & Regional Planning, Business & Environmental Studies, Queen’s University MICHAEL BI Managing partner, Peak Mortgage Company DENISE HENDRIX Senior partner, Hendrix Law TOM LEBOUR Former director, Ontario Real Estate Association Real estate broker, Royal LePage RACHEL OLIVER Managing partner, Clover Properties ED STEEL Executive director, Mortgage and Title Insurance Industry Association of Canada JOSEPH WHITE President, Real Estate and Mortgage Institute of Canada President, Association of Mortgage Investment Professionals
Special thanks to our esteemed sponsors, who continue to make this the leading independent awards event for the mortgage profession Brought to BROUGHT TO you YOU BY:by
Sponsors
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Publications
www.canadianmortgageawards.com
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CMP
BROUGHT YOU BROUGHT TO YOU BY BROUGHTTO TO YOU BY:BY
Canadian Mortgage Professional is the leading business magazine for the mortgage industry
• • • • •
Profiles and case studies of successful brokerages Interviews with industry leaders Special reports and surveys In-depth features on specialist lending Business strategy content
Find out more and subscribe at mortgagebrokernews.ca CMP subs ad 2018.indd 1 42-49_CMA20 - Finalist Spread2-SUBBED.indd 49
14/03/2018 25/02/2020 10:55:11 3:58:16 PM AM
FEATURES
CUSTOMER SERVICE
How to be proactive, not reactive Growing your business means evolving beyond merely reacting to what your competition is doing, writes Darrell Hardidge
IF YOU look at high-performing businesses, you’ll notice that they actively plan into the future. They’re always clear on what they want. And their strategic plan is clearly documented. Every successful company is proactive in their thinking, and they don’t leave anything to chance. Most importantly, they don’t assume they know; they seek assurance from their customers to ensure they are on track. They can assess how accurately they are predicting the future, and this is always linked to their current business metrics. However, many businesses fail to develop a strategic plan. They are mostly reactive to what’s happening today, this week, etc., and focus more on their competition. Number-one companies follow the mantra “obsess over your customers, not over your competitors.” They proactively look at how to keep adding value to their customers and how to ensure they give their customers a brilliant service experience. They focus on team training and mentoring to ensure their team always can deliver high standards of customer service. By contrast, most companies in reactive
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mode continually focus on what their competitors are doing an end up in a price war, trying to outdo each other to win customers. The problem with this reactive approach is that it’s challenging to stay focused on your own game because you keep getting trapped in someone else’s. The only thing you can control in a competitive market is what you do internally to ensure you deliver service excellence.
One key reason is that they don’t have any quality data to know what’s going on. At best, they have a vague opinion. As W. Edwards Deming said, “Without data, you’re just another person with an opinion,” and we all know what that’s worth.
Knowledge is power Being strategically proactive ensures that you have a game plan and measurement to
The only thing you can control in a competitive market is what you do internally to ensure you deliver service excellence Trying to control and outwit your competitors is a risky and expensive game.
Lead your market If you focus on doing everything you can to be proactive in the way you deliver service excellence, you will automatically be ahead of your competition. Most are too busy focusing on what everyone else is doing, rather than being strategic on what they’re doing themselves.
know if you’re on track. With the correct KPIs, you can measure how well you’re fulfilling your prediction. There’s a metric that we call the ‘one number theory.’ It’s at the centre of measuring everything that’s going on in your business. A very accurate customer experience measurement provides a clear reflection from an independent market perspective – that is, the true voice of your customer.
www.mortgagebrokernews.ca
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When you can measure critical areas such as the sales process, the implementation and onboarding process, account management, delivery processes, operations (including things like accounts receivable), companywide communication, and knowledge from the independent perspective of your market, you’ll have a very accurate assessment of how well you’re performing. When you have this information and you keep driving it towards the optimal 10/10 result, you can keep designing in a proactive manner that ensures you’re staying ahead of the game and fulfilling and exceeding customer expectations. If you don’t, then you’ll keep chasing everybody else. It’s like driving with the rearview mirror. You can only see where you’ve
been, and you don’t know where you’re going. It’s extraordinary to think that most companies operate this way. Business growth is directly linked to the customer experience.
Proactivity pays off The proactivity of customer experience ensures there is a plan and a commitment to growing revenue, based on increasing the value you offer to your customers. The more value you provide, the more they’ll spend, and the higher margin you’ll receive because they’re happy to pay for quality – but most importantly, they’ll refer their friends and colleagues. If you obsess over your customers and not your competitors and put in place very accu
rate KPIs to understand what your customers value about doing business with you, you’ll be in a powerful position. If you don’t do this, and instead you just wait and see what happens in the challenging economy ahead, it’s potentially a recipe for disaster.
Darrell Hardidge is a customer experience strategy expert and the CEO of customer research company Saguity, which specializes in driving revenue growth from customer appreciation. He is also the author of The Client Revolution and The 10 Commandments of Client Appreciation. To find out more, visit saguity.com.
www.mortgagebrokernews.ca
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FEATURES
PRODUCTIVITY
Why can’t we focus anymore? Aytekin Tank explores the truth behind our modern culture of distraction and what we can do to combat it
WE DON’T always have what it takes to shut off the noise in the background. It’s easy to think that being distracted is just the inability to focus, when in fact it’s more complicated than that. As Seth Godin, the content god himself, said in one of his essays: “If you’re not paying, you and your attention are the products.” We let ourselves get sucked into an endless cycle of distraction while the gatekeepers are busy selling our attention to advertisers. One of the problems with distraction is that we are being handed what we believe is available out there. We never second-guess if there’s anything out there that we need to know as we’re being fed information we think we need. Tristan Harris, a former Google design ethicist, has learned firsthand about what technology does to our vulnerable minds. Harris put it best when he compared how technology works with how a magician operates: by giving us the illusion of choice. “The more choices technology gives us in nearly every domain of our lives – information, events, places to go, friends, dating, jobs,” Harris said, “the more we assume that our phone is always the most empowering and useful menu to pick from.”
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We fail to see what other options are out there because we simply think what we have in our hand is the only set of options we can choose from. A close look at how we get through an hour in a day can tell us so much about how we choose to direct our attention. As the founder and CEO of Basecamp, a project management hub that champions efficiency,
Jason Fried might be the voice we want to listen to: “Time is the most precious thing there is, yet we split it up and give it away like there’s an endless supply. And whatever time you do have, you have even less attention.” Where do we lose all the time we have? Waves of interruption of chat, notifications, presence and always-on expectations. The effect, as you might guess, is the more
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fragmented hours we clock in to finish what could’ve been done in an hour or two if we consciously chose to silence all the unnecessary noise. Detaching ourselves from the over whelming noise around us requires some determination, though. Detaching means taking active steps to create a space where absolutely nothing can get in the way of our full attention. That means putting away the smartphone or even not having internet access for a day – or a week, if you dare.
What multi-tasking does to our brains Not switching between tasks is the realistic thing to add in the effort to refocus. Singletasking, as Manoush Zomorodi, the author of Bored & Brilliant, calls it, is a way out that we’ve come to believe is less efficient than its sophisticated, overrated cousin: multi-tasking. “Humans’ neural resources are not infinite, and switching between tasks, especially for those who work online, can happen upward of 400 times a day,” Zomorodi says. No wonder we’re all zombies with missed deadlines. This reinforces another issue introduced by Daniel Levitin, professor of behavioural neuroscience at McGill University, which is that the mind should be allowed to wander between finishing one task at a time. Only then is attention for singletasking not fragmented – and, as a result, we become more productive and successful in completing challenging tasks. The idea that spacing out is necessary might be contradictory to what we’re wired to believe, which is to never let one’s mind wander aimlessly. Being bored is so heavily associated with negative connotation that we
don’t even bother to consider that only out of boredom comes the stimulation-seeking part of our mind, explains Sandi Mann, a psychologist and the author of The Upside of Downtime: Why Boredom Is Good. Neuroscientist Marcus Raichle also pointed out that when our minds wander, it activates the default mode network in our brain, allowing us to think back and forth. It allows us to access our subconscious minds and not focus on goal-oriented tasks.
down on the desk in front of us, undercuts our ability to perform basic cognitive tasks. There’s no way of getting rid of technology once it’s adopted, Brown notes. Instead, Boundless Mind is trying to use these persuasive technologies to promote a healthy and democratic society. Essentially, the organization is trying to change the way our minds are controlled by campaigning for upfront transparency for the companies it’s representing. It’s helping people’s engineered
“The more choices technology gives us in nearly every domain of our lives, the more we assume that our phone is always the most empowering and useful menu to pick from” Different connections in our brain circuits then fall into place, creativity takes over, and self-awareness increases our chance to refocus ourselves.
How to reclaim the attention Tristan Harris, the former design ethicist at Google, has created the Time Well Spent movement, which aims to educate people on how not to be abused by online products that profit from our endless attention. Neuroscientists Ramsay Brown and T. Dalton Combs co-founded Boundless Mind with a mission to disrupt America’s addiction to technology. The American Psychological Association revealed in 2018 that 65% of us believe that periodically unplugging would improve our mental health. Another study conducted by the University of Texas in 2017 found that the mere presence of our smartphones, face-
minds be what they want to be and not just robots with more eyeball time. The conversation needs to start – the ability to control our own minds must belong to us. Despite all of these companies advocating for us, we can always start with ourselves. As Derek Powazek, the author of Design for Community: The Art of Connecting Real People in Virtual Places, puts it: “We are not the product if we educate ourselves enough.” Aytekin Tank is the founder and CEO of JotForm, an online form creation software with four million users worldwide and more than 100 employees. A developer by trade but writer by heart, Tank shares stories about how he exponentially grew his company without receiving any outside funding. For more information, visit jotform.com.
www.mortgagebrokernews.ca
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MAGAZINE The only independent magazine dedicated to mortgage industry news, opinion and analysis
WEBSITE Breaking news, in-depth profiles, features, online forum and Mortgage Broker TV
ENEWSLETTER Daily news service delivered straight to your inbox every morning
Find out more and subscribe at mortgagebrokernews.ca 54-55_Career 54 CMP subs ad2Path-SUBBED.indd 2018.indd 1
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PEOPLE
CAREER PATH
GOAL GETTER Rakhi Madan has an impressive track record when it comes to turning dreams into reality After finishing a master’s degree in computer science, Madan moved from India to Canada with her husband and their 3-year-old. “I had no idea what I was in for: One day, I had to change nine buses to go to three interviews because I didn’t have a licence and got frostbite on my feet because I didn’t have snow boots. At one point, I worked at KFC for a couple of months, but we fell in love with Canada.”
2004
ARRIVES IN CANADA
2011
BECOMES A BROKER Knowing she was looking for something new, Madan’s husband made a fateful suggestion: “What about becoming a mortgage broker?”
“I interviewed at 20 different brokerages – at some, the company was making less than I would alone. When I met Don Stoddart, I put my T4 in front of him and said, ‘I’m not here to fool around – either I’m your next rock star or I’m out of the business in a year’” 2015
PASSES $35 MILLION Reaching $35 million in volume – and earning a Platinum Award from DLC – was a key milestone for Madan. “I thought, ‘I got this – I can scale to whatever I want.’ I thought it was really cool. Every year, I take some time in December and plan the year ahead, and that includes planning the number I want to hit – and there hasn’t been a year that I didn’t hit the number I set as my target.”
2019
COMES FULL CIRCLE The award that’s meant the most to Madan is the Canadian Mortgage Award for Alternative Broker Specialist of the Year – New to Canada, which she won last year. “That was really special to me – I know what it takes for a immigrant to buy a house and the emotional aspect they go through. I also made the Top 75 Brokers list that year; I decided I’d know I’d made it in this industry when I was in the Top 75.”
2005
FINDS A STEPPING STONE Madan eventually landed her first IT job, making just $14 an hour – but it soon led to greater things. Two years later, she moved into management; by 2011, she was running operations. “I worked hard, didn’t take no for an answer and found I could sell – I became a star by handling key accounts end-to-end and making my clients raving fans.”
2012
SURPASSES HER OWN GOALS Madan set a target of achieving $5 million in mortgage volume during her first year and planned to leave the business if she didn’t hit that number. She ended up funding $7.5 million and was named Rookie of the Year. “I’d managed people and clients in my previous role, and that skill was what I was really doing with customers, lenders and Realtors. That was key, as was persistence: not giving up, doing your best and leaving the rest.”
2017
WINS RECOGNITION Madan kicked off year of industry awards when she was selected by CMP as a Woman of Influence, followed by a DLC Masters Award and a Readers’ Choice Award from the Brampton Guardian. “I was in the top 50 agents in the country most months. It was good for my morale, led to more sales and was nice for me to be able to not just say I made it, but to get recognition for it, too.”
www.mortgagebrokernews.ca
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PEOPLE
OTHER LIFE
TELL US ABOUT YOUR OTHER LIFE Email mortgagebrokernews@kmimedia.ca
“What I love is the joy we bring to others,” Hu nter says of performing. “I get energized from watching the audience.”
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People in the “dance-crazed” audience Hunter sang for on New Year’s Eve
1,200
Largest audience Hunter has sung for (at a bowling league convention)
200+
Estimated number of songs Hunter has in her repertoire
IN THE SPOTLIGHT Ever since she was a teenager, broker Del Hunter has thrived on the stage HANGING OUT at her then-boyfriend’s band rehearsal at age 16 proved to be pivotal for Del Hunter. “They needed an extra harmony and asked me to sing a part,” the Kelowna, BC-based broker recalls. “After that, I was in the band!”
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That chance opportunity led to a passion for music that continues to this day in the form of Steppin’ Out, the duo formed by Hunter and her husband, Keith, almost 30 years ago. The couple’s schedule can have them onstage performing weekly.
“Keith plays guitar and flute on stage, but he records drum, synth, horns and bass tracks in the studio, which becomes our ‘back tracks’ during live performances,” Hunter says. “Keith does all the hard work; I just put the harmony in!”
www.mortgagebrokernews.ca
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It’s not about credit scores. It’s about life scores. Life happens. When an unexpected challenge like job loss occurs, it can affect your clients’ credit and confidence in their future. Let’s partner to look beyond their credit score and ask the right questions to understand the whole story. Together, we can find the right financial solution to help deserving clients focus on the scores that matter most in life. Visit hometrust.ca/lifehappens to learn more. Home Happens Here.
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