cmp 7.5
DESCRIPTION
The magazine for Canadian mortgage professionalsTRANSCRIPT
May 2012 / issue 7.5 / $6.95
INSIGHTBDMs sharetheir secrets
PROFILEDYves BouDreau proves location isn’t everYthing
MARKETINGto partner or not to partner
buSINESSbEST IN THE
2012 Broker of the Year FinalistsPAGE 24
EvENT GuIDE INSIDE
Grant BennettBritish Columbia
• 1-866-978-9919
Nicole BernierQuebec
• 1-866-264-8571
Dodi KozakAlberta
• 1-866-443-9427
Angelo FroudakisGTA & Ontario East
• 1-866-702-4994
Mark BullerOntario South & West
• 1-866-236-5765
Geoffrey WoodfordAtlantic Canada
• 1-866-217-5159
3877337 Canada Inc. is a subsidiary of CIBC Mortgages Inc. and carries on business as HLC Home Loans Canada (“HLC”) except in Quebec, where it carries on business as HLC Hypothèques Logis Concept and is licensed as a mortgage agency. HLC is licensed/registered in Ontario as a mortgage brokerage under Licence #10423, in British Columbia and Nova Scotia as a mortgage broker, in Alberta as a mortgage brokerage and in New Brunswick as a credit broker.TM HLC Design is a trademark of CIBC.
Take the first step towards a giant leap in your career.
With innovative programs, sales incentives, and value added benefits, HLC helps empower you to achieve more. If you’re ready to discuss your career options with HLC, call the Regional Sales Director in your area.
TMTM
contents / issue 7.5
cover story issue
7.5
FEATuRES44 | The ties that bindOne of the keys to putting together a successful mortgage deal rests with the ability to build strong relationships with lenders. CMP spoke to this year’s group of finalists for the Canadian Mortgage Awards’ Best Lender BDM to gain some insight into this crucial partnership
MARKeTING49 | Realtor Marketing secrets: Doren Aldana explains how to close the deal and get that Realtor to partner with you who will be an asset and not a liability
24 | Best in the businessThis year’s crop of finalists for the broker of the year awards at the 2012 Canadian Mortgage Awards reflect the breadth and depth of the industry from coast to coast
NEWS & vIEWS8 | Round-upThe latest market news from the world of property, economics and mortgages
14 | Product NewsA round-up of the latest industry product launches to keep you up to date
16 | ViewpointWhat MortgageBrokerNews.ca
visitors are saying about whether trailer fees should follow a broker out the door
18 | AnalysisUncertainty over the housing market has pushed many Canadians to the sidelines in what they believe is now becoming a seller’s market
20 | Big story A compilation of the top quotes from our weekly multimedia broadcasts
22 | This Time Last YearTaking a new look at what made headlines this time last year
588
22
SPELL CHECK
B E N S I M O N PA R T N E R S 4 4 6 S PA D I N A R O A D , S U I T E 2 0 7, T O R O N T O , O N TA R I O , M 5 P 3 M 2 , C A N A DA T E L . 4 1 6 5 9 7 9 7 0 0 FA X . 4 1 6 5 9 7 9 7 0 7
DATE:
AD NUMBER:
AD / JOB TITLE:
PUBLICATION / RUN DATE:
LIVE:
COLOUR:
CLIENT:
CREATIVE TEAM:
TRIM: BLEED:MAY 1, 2012_4:45 PM
ROM CMP 12 05
SLAM DUNKS
CDN. MORTGAGE PRO. / MAY 2012
8.25” x 3.625”
CMYK
ROMPSEN
BENSIMON/PARKER
7.5” x 2.875” 8.75” x 4.125”
✓
License # 10172
ANYONECAN DO THESLAM DUNKS.Romspen Investment Corporation is a non-bank mortgage lender specializing in commercial real estate across Canada. With $1 billion under administration, we offer customized mortgage solutions for term, bridge and construction � nancing from $2M to $75M.
$11,000,000
Condominium Development SiteTORONTO, ON
$7,500,000
19 ServicedIndustrial LotsEDMONTON, AB
$35,000,000
Condominium Construction FacilityVICTORIA, BC
$17,000,000
House Construction Loan FacilityBARRIE, ON
$8,500,000
CommercialOf� ce BuildingCALGARY, AB
$18,000,000
290 Suite -Retirement Home PortfolioCALGARY, AB
Blake Cassidy800 494 0389 | romspen.com
contents / issue 7.5
2 | MORTgAgeBROkeRNeWs.CA
Twitter.com/CMPmagazine
Like us on Facebook
Canadian Mortgage
Professional
52 | statsThis month’s roundup looks at the most recent data on residential resale activity and new listings
cOLuMNS62 | GuestLeading up to the federal budget, many expected another round of mortgage rule changes. Broker Marcus Arkan lays out the reasoning that ultimately left the government reluctant to further tighten the rules
Contact your Regional Sales Manager to learn more about Expert Mobile
ExpertMobile
NEW!
technology for your
phone that is
to use.
https://m.expert.dhltd.com© D+H 2011. All rights reserved. D+H and its logos are trademarks of D+H Limited Partnership.
C
M
Y
CM
MY
CY
CMY
K
Expert mobile half page ad_with border.pdf 17/02/2012 5:47:37 PM
PROFILES54 | Broker Proving location isn’t the most important factor, Moncton-based Yves Boudreau has, in six short years, built one of the country’s most successful brokerages
58 | InsightAttracting new brokers is what will strengthen the industry going forward. CMP spoke to the six finalists for the Canadian Mortgage Award for Best Newcomer to get a sense of what motivates them and why they enjoy being a mortgage broker
56 | ProviderWith its philosophy of dedicated service teams staffed by skilled employees who work exclusively with a select group of brokers in each region, Bridgewater Bank continues to build its relationships with brokers
REGuLARS60 | Favourite Things
63 | CMP service Directory
The Mortgage Centre is proud to recognize a true community leader.
York Polk Mortgage Brokers OttawaThe Mortgage Centre
York Polk has been honoured by Royal LePage Realty for his commitment to the real estate community, earning him the distinguished Ed O’Connel Royal LePage Award.
York was recognized for making a significant difference through leadership, exemplifying the best of the profession, mentorship and being an inspiration to his colleagues.
The Mortgage Centre is a division of CIBC Mortgages Inc., a member of the CIBC group of companies. ® The Mortgage Centre is a registered trademark of CIBC Mortgages Inc.
The Mortgage Centre is proud to recognize a true community leader.
York Polk Mortgage Brokers OttawaThe Mortgage Centre
York Polk has been honoured by Royal LePage Realty for his commitment to the real estate community, earning him the distinguished Ed O’Connel Royal LePage Award.
York was recognized for making a significant difference through leadership, exemplifying the best of the profession, mentorship and being an inspiration to his colleagues.
The Mortgage Centre is a division of CIBC Mortgages Inc., a member of the CIBC group of companies. ® The Mortgage Centre is a registered trademark of CIBC Mortgages Inc.
contents / editor’s letter
4 | MORTgAgeBROkeRNeWs.CA
I would like to invite you to share your views on the mortgage industry in CMP’s annual Broker Sentiment Poll.
Now in its fourth year, this leading industry survey will reveal what the next 12 months holds for both brokers and the broader industry. It will also give you a snapshot of what brokers are doing to improve their business and whether they think the industry is headed in the right
direction in terms of regulations, lending policies and so much more.The results of the survey (with your input) will be published in the July
issue of CMP and you can see exactly what your colleagues in the industry are thinking and doing. Last year one-third of you named economic conditions and interest rates rising as your No. 1 concern. Will that hold true in 2012? Have brokers changed who they’re sending deals to since last year? In 2011 the poll reported that nearly half of brokers (48 per cent) who sent business to banks put through less than one-quarter of their loans there.
Please take a few minutes to complete the survey by visiting www.mortgagebrokernews.ca and make sure your voice is heard. To thank you for your participation, one survey respondent will win a BlackBerry Playbook.
Another win for brokers is attending the inaugural Mortgage Summit, being held May 31 – June 1 at The Carlu in Toronto. Powered by CMP magazine, this conference will provide you with the unique opportunity to hear directly from top industry executives and successful as well as industry-leading and innovative fellow brokers. Some of the key topics up for discussion include marketing, regulations and social media. Also unique to the event is Synced, an online event partnering system developed by KMI Publishing & Events, which will allow delegates and partners to network and have one-to-one business meetings, helping brokers connect and create business opportunities. For a complete outline of The Mortgage Summit and details on all of the sessions, see the event program inserted in this issue of the magazine.
So, as always, I encourage you to contact us with any news related to the broker and mortgage industry or just to share your opinions on how we’re doing. It is exciting times for our industry and we look forward to helping you and your business navigate them.
Cheers.
John Tenpenny, Editor
contact the editor:[email protected]
connect
coPy & FeAtureseditor John Tenpennyassociate online editor Vernon Clement JonessuB-editor Rachel Naudstaff writer Caitlin NobescontriButors Doren Aldana Peter kinch Nick kyprianou
Art & ProDuctiondesign production Manager Angie gilliesgrapHic designer Alicia Chin
sALes & MArKetinGnational sales Manager Trevor Biggssales Manager, MortgageBrokernews scott ClarkeMarketing and coMMunications Julia ComitaleproJect coordinator Jessica Duce
corPorAtepresident & ceo Tim Duceoffice/traffic Manager Marni Parkerevents and conference Manager Chris Davis
editorial [email protected]
Advertising [email protected]
subscriptionstel: 416 644 8740 • fax: 416 203 [email protected]
KMI Publishing 312 Adelaide Street West, Suite 800 Toronto, Ontario M5V 1R2mortgagebrokernews.ca
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 CMP magazine can accept no responsibility for loss.
MAY 2012 / ISSUE 7.5 / $6.95
INSIGHTBDMS SHARETHEIR SECRETS
PROFILEDYVES BOUDREAU PROVES LOCATION ISN’T EVERYTHING
MARKETINGTO PARTNER OR NOT TO PARTNER
BUSINESSBEST IN THE
2012 Broker of the Year FinalistsPAGE 24
EVENT GUIDE INSIDE
A voice in the crowd
More than ever, Canadians are shopping for mortgages. To provide brokers with a significant advantage, we offer:
• Competitive rates
• More compensation choices
• Superior customer service
• A broad range of mortgage products
• Status programs with unique advantages
As your lending partner, our job is to help you grow your market share.
To learn more about how Street Capital canassist you, contact your local RVP today.
You’ve just met with your new clients. You need a lending partner, not a competitor.You’ve just met with your new clients. You need a lending partner, not a competitor.
Tel: 647.259.7873 • Toll Free: 1.877.416.7873 • www.streetcapital.ca™ Trademark of Street Capital Financial Corporation. FSCO Licence No. 11428
BROKER FOCUSED. BROKER LOYAL.
SC_ad_CMP_rev 2/15/11 3:06 PM Page 1
7.1_Editorial.indd 5 12-01-18 10:58 PM
contents / Quotables
6 | MORTgAgeBROkeRNeWs.CA
“Having been involved as judge previously, I am pleased to
see that the finalists have put a lot of time and effort into their submissions. The overall quality of the submissions has increased dramatically and is very much a reflection of how important these awards have become.””
Canadian Mortgage Awards judge Hali strandlund, commenting on the 2012 crop of award finalists.
“For someone getting into the business now, I am totally honest with them and tell them how it is so they
don’t have any false expectations. If that doesn’t scare them away, I’ll give them an opportunity. However, if you really want it, it’s there. You just have to work for it. I have had some agents that were doing very well just two years in the industry.”
Broker discussing how those entering the industry have a tougher road ahead than in previous years. Page 54
Submit for a chance to win a BlackBerry
Playbook
Poll Submission Deadline: May 31st www.mortgagebrokernews.ca
Broker Sentiment PollShare YOUR views on broker business issues!
Find out what brokers like you are doing to improve their business and what they think about the future of the industry in the upcoming July issue of CMP
Submit your opinions on
topics that affect you and
your business:
Economy
Regulations
Lenders
Staffing
Marketing
Real estate market
SUBMIT & W
IN
SUBMIT & W
IN
Home ownership can open the door to many new opportunities. Which ones can an Equityline® Visa* unlock for your clients?
For more details, talk to your business development manager or visit www.hometrust.ca/broker.
Whether it’s to improve their home, manage their business or consolidate debt, help your clients
use their home equity to secure a flexible line of credit, through an Equityline Visa. Yet another way
Home Trust helps you open more doors when opportunity knocks.
*Visa Int./Home Trust Company, licensed user of mark. ® Registered trademark of Home Trust Company.
MORTGAGES I CREDIT I VISA I DEPOSITS I www.hometrust.ca
Low rAtes FueL hoMe Prices in First quArter
Low rates and high temperatures conspired to increase home prices in the first quarter of 2012, according to the latest numbers from one of the country’s largest real estate organizations.
The Royal LePage House Price Survey showed the average price of a home in Canada increased between 2.2 and five per cent in the first quarter
of 2012, compared to the previous year.
In the first quarter, standard two-storey homes rose five per cent year-over-year to $398,282, while detached bungalows increased 4.4 per cent to $356,306. Average prices for standard condominiums increased 2.2 per cent to $243,153.
Market activity in the first quarter of 2012 was unusually high resulting in tight inventories and strong price appreciation in most major cities said the survey. Buyers were attracted into the
market by historically low mortgage rates and sellers brought listing inventory to market earlier than normal, encouraged by unseasonably warm weather.
“Our housing market is being pulled in opposite directions by opposing economic forces,” said Phil Soper, president and chief executive of Royal LePage Real Estate Services. “On one hand, there is the rapidly strengthening U.S. economy, increasing
Canadian consumer confidence and what can only be called a national mortgage sale encouraging activity and bidding up home prices. On the other, we have signs of over-shooting values and strained affordability in our largest cities. We are likely to see much more modest price appreciation as the year unfolds.”
housinG Prices
news / rounD-uP
57% - of Canadian households are ‘stress-tested’ against the possibility of rising interest rates. source:Leger Marketing/BMO
stAts
st. John’s
+9.9%
+3.5%
+6.2%+5.5%
+10.1%
+4.6%
+9%
-4.1%
Regina
Montreal
OttawaToronto edmonton
Victoria
Vancouver
Home Price Appreciation-detached bungalow (year-over-year)
Fisgard Capital Corporation | 3378 Douglas Street, Victoria BC V8Z 3L3 | www.fisgardmortgage.com
Fisgard is one of the largest private alternative lenders in Western Canada and is dedicated to supporting mortgage brokers and their clients. We provide competitive products, flexible lending guidelines and dedicated customer service.
Having a good relationship with you, our broker clients, is critical to the success of our business. Fisgard’s creative, knowledgeable and experienced underwriting team wants to see all of your deals that don’t fit the typical “bank box”. Chances are that Fisgard can fund these deals, and fund them quickly. We are here for you and we’re here for your clients.
Call your underwriter today.Call 866.382.9255 or visitwww.fisgardmortgage.com
THE ALTERNATIVE LENDER You NEED To kNow
Hali Strandlund
CMP_Third_page_v1.indd 1 1/6/2011 2:19:37 PM18110-CMP Print May2012 F.indd 1 12-04-30 9:03 AM
reGuLAtions
novA scotiA tAbLes new broKer LeGisLAtion
The Nova Scotia government is now proposing new legislation mandating an educational component for broker licensing, among other key changes making it more accountable to clients and its industry.
It’s a step many of the province’s 125-plus brokers have called for, with executives of the fledgling Mortgage Brokers Association of Atlantic Canada actively lobbying for it.
“MBAAC has developed a strong relationship with the Deputy Registrar of
Nova Scotia and has provided feedback to his team,” said association president Glen Ward. “The current proposed Bill 22 is now in second reading and then will pass onto the Law Amendments Committee where MBAAC will have the opportunity to forward formal requests for amendments and suggestions to the bill before it gets passed, likely in the fall of 2012.”
This week Service Nova Scotia Minister John MacDonell billed the legislation as a way of keeping the province’s industry up-to-date with other jurisdictions. It would also move it ahead of much of the rest of the region.
news / rounD-uP
MortGAGe insurAnce
scotiA Gives cAnADA GuArAnty the noD Canada Guaranty announced its suite of insurance products is now available through Scotiabank, both at the branch and through the broker channel.
“It represents a very significant milestone in our history,” said Andy Charles, president and CEO of the country’s so-called third default insurer. “For brokers, it represents additional choice, which is always good.”
The deal marks continuing expansion for the company, having recently won similar agreements with ING Direct and BMO.
As it was with those other leading lenders, Charles’s emphasis at Scotia will be on diverting high-ratio policies away from CMHC and Genworth.
Canada Guaranty will, however, continue to meet some of the bulk insurance needs of lenders looking to cover conventional loans in order to securitize them and so get them off their books.
The CMHC’s news that it will ration lender access to its own $600 billion fund for those purposes will likely accrue to the benefit of its competitors say analysts.
Still, that wasn’t, in fact, the genesis of the Scotia deal, said Charles. “It was the result of months of dialogue,” he said.
For brokers, it represents additional choice, which is always good
$517,556
- average Toronto home price for April 2012, 8.5% higher than a year ago source:TReB
stAts
OFFICES IN VANCOUVER, CALGARY, EDMONTON, TORONTO & ATLANTIC PROVINCES
5.75%80%
6.75%
905.299.6951 905 824.7095 [email protected] Doggett
Over 600 Million Lent since 1997
Member of CAAMP, AMBA, MBABC, BBB. OFFICES IN VANCOUVER, CALGARY, EDMONTON, TORONTO & ATLANTIC PROVINCES
5.75%80%
6.75%
905.299.6951 905 824.7095 [email protected] Doggett
Over 600 Million Lent since 1997
Member of CAAMP, AMBA, MBABC, BBB.
www.centum.ca
Independently Owned and Operated. ®/™ trademarks owned by Centum Financial Group Inc. © 2012 Centum Financial Group Inc.
The CENTUM Network is Canada’s Premier Mortgage Broker Organization and one of Canada’s largest networks with over 260 locally franchised o�ces with more than 2,500 mortgage professionals on Centum.ca.
Join the network that looks beyond rate. Contact Allison Taylor at 1.888.928.1338 or [email protected]
Productivityenhancement
processPEP
When someone's looking out for your best interest, you can claim your future.
Investing in You.CENTUM Canada’s Productivity Enhancement Process has been proven to dramatically increase participants’ income by as much as four times. Discover how to generate more leads and close more deals through this complimentary program, exclusive to CENTUM mortgage professionals.
OFFICES IN VANCOUVER, CALGARY, EDMONTON, TORONTO & ATLANTIC PROVINCES
5.75%80%
6.75%
905.299.6951 905 824.7095 [email protected] Doggett
Over 600 Million Lent since 1997
Member of CAAMP, AMBA, MBABC, BBB.
www.centum.ca
Independently Owned and Operated. ®/™ trademarks owned by Centum Financial Group Inc. © 2012 Centum Financial Group Inc.
The CENTUM Network is Canada’s Premier Mortgage Broker Organization and one of Canada’s largest networks with over 260 locally franchised offices with more than 2,500 mortgage professionals on Centum.ca.
Join the network that looks beyond rate. Contact Allison Taylor at 1.888.928.1338 or [email protected]
Productivityenhancement
processPEP
When someone's looking out for your best interest, you can claim your future.
Investing in You.CENTUM Canada’s Productivity Enhancement Process has been proven to dramatically increase participants’ income by as much as four times. Discover how to generate more leads and close more deals through this complimentary program, exclusive to CENTUM mortgage professionals.
8-23 News Analysis.indd 11 11/05/2012 9:18:09 AM
non-bAnKs
First nAtionAL DroPs 35-yeAr AMsBrokers looking for 35-year amortizations on conventional mortgages for their clients have one less place to turn to with the announcement by the broker channel’s second-largest lender by market share that it is eliminating the product from its stable of offerings.
According to Karen
Biernaski, director, marketing for First National Financial, the decision was made based on insufficient demand and internal challenges. The change was effective April 4.
“The decision was based on demand,” she said. “We don’t see a lot of 35-year product coming through. The bulk of our business really comes from the 30 and 25-year products.
“We decided to streamline our
offerings.”Because the product
was conventional and needed to be insured, Biernaski said First National faced some challenges trying to communicate that consistently to brokers, which “caused some back-end problems for us.”
She said the decision had nothing to do with CMHC nearing its government mandated $600 billion ceiling, which has put some limits on lenders’ access to bulk insurance.
bAnKs
b2b trust to becoMe A bAnKMortgage brokers will have another bank to add to their lender portfolio, as B2B Trust announced that will become a Schedule I bank on July 7.
Pending regulatory approval, B2B Trust, the broker arm of Laurentian Bank, will become B2B Bank – a Schedule I Canadian bank dedicated to better serving the needs of mortgage brokers, according to its website.
According to some brokers, the transition looks as if it will be seamless.
“I don’t think it’s going to affect us a whole lot,” said Leslie Penney, VP, business
development at APlus Mortgage Group/Mortgage Alliance in St. John’s, Nlfd. “ I spoke about this with a contact at Laurentian and they told me it’s going to be a seamless transition as B2B Bank will be offering mortgage products after the transition takes place. It appears that Laurentian will remained focused on the Quebec market while allowing B2B to growth their market across the country.”
“This change better represents the nature of our business and enhances our dedication towards the mortgage broker and financial adviser community,” read a letter from B2B Trust to mortgage brokers.
news / rounD-uP
A recent survey found there is an increased awareness
among first-time homebuyers of the importance of financial
responsibility and of the rewards of homeownership.
94% say even though it means more work and effort, they’d rather
own a home than rent
60% say they have a long-term financial plan for retirement
they are working towards
58% say their goal is to pay off their mortgage as fast as
possible, even if it means scrimping and saving and foregoing a
lifestyle and activities that their peers enjoy
72% say they expect their financial situation to improve in the
next year, whereas only 54 per cent of Canadians who do not
own a home say they are expecting any improvement in their
financial fitness in the next 12 months
source: genworth Canada and CACCs National Financial Fitness survey
The Best Network.The Best Brokers.
Join VERICO Today.
The ONLY NETWORK supporting
Your Brand. Your Business. Your Way.Scan the QR code
to Learn More
#1 NETWORK IN CANADA
Please visit www.verico.ca/welcome or e-mail [email protected] to �nd out more.
®
Setting
THE STANDARD!
The Best Network.The Best Brokers.
Join VERICO Today.
The ONLY NETWORK supporting
Your Brand. Your Business. Your Way.Scan the QR code
to Learn More
#1 NETWORK IN CANADA
Please visit www.verico.ca/welcome or e-mail [email protected] to �nd out more.
®
Setting
THE STANDARD!
News / Product rouNd-uP
14 | MORTgAgeBROkeRNeWs.CA
want it to be considered for inclusion on this page, send the details to the editor: [email protected]
LAunchinG A new ProDuct?
Who: street Capital Financial What: street Options Program
The facts: The new program offers options for borrowers with:• Beacon scores as low as 540• Loan-to-values up to 80 per cent• Higher-than-normal debt-service
ratios;• Self-employed income of less than two
years• No NOAs or other traditional
documentation to prove self-employed income (Street still makes income reasonability assessments and may request alternative income validation, such as bank statements and/or a statutory declaration);
• A discharged bankruptcy (with no waiting period to apply)
• A need for a second mortgage behind a first mortgage (Street will allow another lender’s second mortgage behind its first mortgage, with a total LTV up to 90-95 per cent, depending on the application).
What they say: “Broadening our product line is an important step in the execution of our growth strategy. The Street Options Program is an alternative lending program that will assist borrowers who don’t meet traditional prime business lending guidelines on their path to homeownership. It leverages the strong relationships we have established with mortgage brokers who have benefited from our focus on excellent customer service.”– Paul Grewal, president
PRODucT NEWSA bite-sized guide to the industry’s newest products
as they come out of the box
Who: Xceed Mortgage CorporationWhat: Xceed simplicity Mortgage
The facts: This new no-frills mortgage product, the Xceed Simplicity Mortgage offers borrowers significantly lower interest rates in return for more restrictive prepayment options. It’s a good choice for borrowers seeking low rates who do not expect to prepay the mortgage during its term. The mortgage can be discharged only if the mortgage is refinanced with Xceed or in the event of a bona fide sale of the property. Product highlights include:• Low interest rates • 10/10 repayment privileges • 90-day rate hold • Up to 30-year amortization • Monthly, bi-weekly, weekly,
accelerated bi-weekly and accelerated weekly payment frequencies
What they say: “Our goal is to offer clients more choices that fit their financial reality, plans and goals. Xceed Simplicity Mortgage represents an opportunity to take advantage of historically low interest rates and the stability of a five-year commitment, which is ideal for first-time homebuyers; borrowers on a fixed income, such as retirees; or anyone planning to stay in their home for at least five years.”– Gleb Ioussoufovitch, director sales and marketing
News / commeNt
16 | MORTgAgeBROkeRNeWs.CA
THE STORy:bROKER-OWNER TO bROKER-OWNERS: DON’T HOLD TRAILER FEES HOSTAGE
It’s wrongheaded and it has to stop, cautions one brokerage owner, calling on principal brokers across the country to abandon the practice of holding onto the trailer fees of departing agents.
“Retaining those trailer fees is like using a stick instead of a carrot to keep agents from leaving you,” Chad Robinson, of Verico Best Interest Mortgages in Ottawa, told MortgageBrokerNews.ca. “It’s a short-sighted approach that is doing nothing to encourage the maturation of the industry and to help protect the future revenue of mortgage professionals.”
The comment challenges status quo at most brokerages across the country, where principal brokers routinely hang onto all of the trailer fees earned by an agent once he or she leaves the firm. For the agents’ part, many simply don’t know about that particular clause in their contracts with brokerages, argued Robinson.
The practice effectively denies those agents years of residual income at the same time it encourages needless switching of clients in order to make back that money. Robinson is also concerned that it undermines retirement planning for those most committed to the industry.
Robinson is one of a growing number of broker-owners who have developed formal sharing agreements with departing agents that use funded volume numbers to determine exact splits.
They range from 50/50 to 85/15, and guarantee agents a minimum 50 per cent cut of those fees after leaving the brokerage.
Brokers have argued against that kind of arrangement, fearful it will encourage defections.
That just hasn’t been the case at Best Interest, said Robinson, pointing to his
vIEWPOINTEach issue we
select a story from MortgageBrokerNews.ca
that has got the industry talking
and publish the best responses. This month
– should trailer fees follow a broker out the
door?
For Lending Inquiries Please Contact: Michael Carragher
Tel: (416) 635-0221 Fax: (416) 635-1713 1244 Caledonia Road Toronto, ON M6A 2X5
[email protected] Capital CorporationOntario License #: 10164
www.FirmCapital.com
A Non-Bank Lender Providing: Construction, Bridge and Equity Financing
Recent Transactions:
$13,500,000 FIRST MORTGAGE DISTRESSED DEBT ACQUISITION
New medical office condominium having an area of 55,118 sq. ft.
Brampton, Ontario
Residential & Commercial Construction Land & Development Financing Inventory Housing Loans Infill Construction Financing Bridge & Equity Financing Investment Properties Multi-Residential Alternative House Lenders 1st & 2nd Mortgages Loan Sizes $200,000-$50 Million
$595,000 SECOND MORTGAGE CONSTRUCTION LOAN FACILITY
Two semi-detached custom homes each having 1,873 sq. ft. Mississauga, Ontario
$33,000,000 FIRST MORTGAGE BRIDGE LOAN FACILITY
Secured by a first mortgage on a 126-unit newly constructed, fully tenanted student residence
Waterloo, Ontario
Funding For:
team of eight mortgage professionals and relatively high retention levels.
Ensuring agents have access to an uninterrupted cut of their trailer fees also promises to reduce mortgage fraud by fostering greater due diligence on their part, argues Robinson. But more than that, the sharing agreement just seems fair.
“My interpretation is if the agent hadn’t opted for that trailer fee in the first place, the brokerage wouldn’t have any of that income to draw on,” he told MortgageBrokerNews.ca. “And as for that stick, I think the relationship between agents and brokers should always be under constant review by both sides.”Woodhouse.
Ottawa Agentit comes down to nothing but broker greed. on one hand the broker
preaches professionalism and then the broker will rip off the agent
because they chose to work elsewhere. if the current broker was doing a
good job, the agent wouldn’t leave.
Bill Nugentone of the great things about the trailer fee is it helps the industry to
grow. if broker/owners are not prepared to pass this on to the agents it
will not take long for the lenders to take this away. it is part of their
business plan on expanding their loyalty from the agents. Our firm put it
into our agreements with our agents from day one when we signed with
dlc and will pass it along as we are legally able to.
Ron De SilvaThere are broker firms out there that, in fact, allow the trailer fees to follow
the originating agent with only a processing fee deduction. agents should
take the time to do their due diligence when choosing a firm to work for.
Bob Woodsour agents also retain not only their trailer fees, but also access to past
client data where ever possible, similar to a number of independent
financial planners. We need to strive to be professional in our approach as
to how we handle our hiring and releasing of mortgage agents and how a
broker/owner treats trailer fees is part of that process.
Ontario AMPas long as the terms and conditions are fully (and honestly) explained by
brokerages to new hires, the market will decide which brokers deserve
agents and which ones do not. as brokerages we should spend as much
effort and emphasis on disclosing terms and conditions with new hires as
we do with our clients.
visit mortgagebrokernews.ca to comment on this and other stories making headlines in the industry
voice your oPinion
NewsaPPoIntments
appointments
Mortgage Intelligence announced that Steve Heimbecker, Marg Green, Donna Ramsay and Concierge Mortgage Group are joining the company.
Green in Mississauga, Ramsay in Orangeville and Heimbecker in Waterloo, are equal owners in Concierge Mortgage Group. Concierge is a new boutique brokerage firm that will focus on elite and experienced brokers, offering exceptional needs-based customer service. The goal is for Concierge Mortgage Group to have offices throughout Ontario.
Concierge will operate as a network partner with Mortgage Intelligence, developing its own brand while taking advantage of Mortgage Intelligence’s key resources like compliance, payroll, exclusive mortgage products, and marketing.
“Mortgage Intelligence offers us competitive compensation and the support that Concierge needs to be successful,” said Heimbecker.
TMG The Mortgage Group is moving three of its regional leaders up the corporate ladder, billing the move as in keeping with its philosophy of promoting from within. Effective Jan.1, 2012, Bud Jorgenson assumed the position of VP for the Prairie Region; Gord Appel, VP, Alberta Region; and Gerald Krahn, Ontario Region. “These three have already made positive changes in their respective regions,” said Mark Kerzner, president of TMG. “Their dedication to TMG agents and brokers is very important for the company’s long-term success. They are a great asset to the TMG family.” CMP
Top: Steve HeimbeckerMiddle: Marg Green
Middle: Donna RamsayMiddle: Gord Appel
Bottom: Gerald Krahn
We care about you, to give you the very best!
www.rmabroker.ca
• 100% finder fees & 100% volume bonus paid to you
• Virtual office on RmaNet.ca
• Centralized Placement Unit gives you access to status & lenders
• Dividend-paying share ownership in Real Mortgage Associates Inc.
• Annuity paying share ownership in RMA Properties Ltd
Own shares in RMA that pay annual dividends andown shares in a commercial real estate portfoliowith a target value of $10 million.
Call Ron De Silva at 877-677-7778 ext: 5 for more information
Ownership that makes sense.>Real
RMA-Halfpage-Vert-FINAL:Layout 1 10/20/11 2:43 PM Page 1
7.1_News.indd 21 12-01-18 10:50 PM
news / coMMent
News / aNalysis
18 | MORTgAgeBROkeRNeWs.CA
HOME-buyING interest may be on the wane
Uncertainty over the housing market has pushed many Canadians to the sidelines in what they believe is now becoming a seller’s market
RBC’s Homeownership Poll revealed that 73 per cent of Canadians say they are unlikely to buy within the next two years, up two per cent from last year’s poll, while at the same time 59 per cent believe that now is the time to get into the housing market. Forty-one per cent felt 2012 would be better.
“There’s a mix of opinions on the housing market, as Canadians still feel confident about real estate but are a little uncertain about where the market is heading and when it makes sense to buy,” said Marcia Moffat, head of home equity financing, RBC. “Considerations such as affordability and available housing choices may be the difference between intent and reality when purchasing a home.”
The poll also found that after four years of sentiment favouring a buyer’s market, the tide appears to be turning. More Canadians surveyed this year feel the current housing market is a seller’s market, in which sellers have the advantage because the number of buyers exceeds the number of homes available (27 per cent, up from 20 per cent in 2011). Nearly four-in-10 Canadians say it is a buyer’s market, in which buyers have the advantage because the number of houses available exceeds the number of buyers (38 per cent, down two percentage points from a year ago). Fewer believe that the housing market is balanced (36 per cent, down from 40 per cent a year ago).
Consumers’ expectations about home prices and mortgage rates have also undergone a shift. Less than half of Canadians (47 per cent) feel housing prices will be higher this time next year, down five percentage points from last year (52 per cent), while more Canadians expect prices to be stable (30 per cent, up from 27 per cent in 2011). Nearly half of respondents (46 per cent) expect mortgage rates to stay the same next year, up sharply from 30 per cent in 2011, while significantly fewer anticipate higher rates (41 per cent, down sharply from 60 per cent in 2011).
Housing market sentimentWhich of the following would you say
reflects the current housing market?
Buyer’s market by region
Buyer’s market 38%
Balanced market 36%
seller’s market 27%
alberta 55%
atlantic 53%
B.c. 45%
ontario 34%
Quebec 35%
Man./sask. 16%
DLc WELcOMES FIvE NEW ONTARIO FRANcHISESDominion Lending Centres announced that five high-calibre veteran Ontario teams opened franchises in April – representing more than $500 million in annual funded mortgage volume, according to the brokerage.
The new Dominion Lending Centres franchises include:
Debbie Belair and John Bourassa (Dominion Lending Centres Smart Debt) in Ottawa, with 25 years of experience and 20 licensed agents; Don Stoddart (Key Mortgage Partners Dominion Lending Centres) in Brampton, with 24 years of experience and 15 licensed agents; Greg and Mark Eade (Dominion Lending Centres Eade
Mortgages) in Burlington, with 13 and six years of experience, respectively and seven licensed agents; Mark Goode (Mortgage Man Dominion Lending Centres) in Orillia, with 11 years of experience and 10 licensed agents; and Rose and Joe Baldin (Dominion Lending Centres Mortgage Works) in Oakville, with 13 and six years of experience, respectively and three licensed agents.
“We’re thrilled that these five incredible franchises have joined Dominion Lending Centres,” says Dominion Lending Centres president Gary Mauris. “This speaks volumes for the type of franchises we’re continuing to attract to our national team. At Dominion Lending Centres, we are fiercely focused on innovation, brand awareness and a relentless pursuit in making our agents top-of-mind with Canadian consumers.”
Looking for
the latest mortgage
news and talk?
mortgagebrokernews.ca
The latest industry appointments and moves from across the country
Debbie Belair Don Stoddart
Greg Eade Mark Eade
Mark Goode Rose and Joe Baldin
yes 71%
no 29%
MortgagebrokerNews.ca Reader PollShould an agent be able to collect trailer fees after
leaving a brokerage?
news / APPointMents
News aNalysis / MUlTiMeDia
20 | MORTgAgeBROkeRNeWs.CA
done is ask the financial institutions to put in plain language about how they are calculating the penalty. However, the penalty is not standardized to the point where we could say that every financial institution would calculate the penalty using the same method. At the moment it is still incredibly challenging to understand what a penalty truly will be at the end when the client needs to exit a fixed-rate mortgage. I do believe that if such a method was put into place it would make it significantly easier to calculate the IRDs and it would benefit clients and our industry as a whole.”
Jonathan Tillger: “Looking at the prepayments and the penalties that’s probably where clients have the most confusion. They have no clue
what it takes to get out of the mortgage. So with the steps they’re taking, it’s a good start with the fact that they’re saying it has to be in clearer language, but I don’t know if it’s far enough because what does clearer language mean? Until I actually see what’s been written and how it’s presented I don’t know for sure whether that’s the best presentation for the client. At the end of the day it’s the
responsibility of the lender whether it be through a broker or through a bank to sit down and explain ‘if you want to get out of this mortgage sooner, here’s how your penalty is going to be calculated.”
bIG Prepayment code of conduct
Deepak bansal: “I think they’ve made the right changes in the sense that they’ve made the language easier to
understand, but they definitely haven’t gone far enough. Many lenders today have different methods of calculating these penalties and if they had just come out with more of a standardized calculation it would have been a lot easier for clients to understand.”
Sarah Makhomet: “The government has just put up window dressing. All they’ve
the toPic
MortgageBrokerNews investigates the burning issues affecting the mortgage industry. Here are the biggest stories highlighted by our weekly newscasts – and uncensored feedback from brokers
STORy
We’ve been underwriting real estate backed Construction, Bridge and Equity Financing
for over 35 years.
Loans from $1,000,000 to $15,000,000+Financing for projects in southern Ontario Only
Contact Mickey Baratz Lic.# M08000714(416) 483-8018 ext 233 or [email protected]
Tired of Shopping for Lenders?
Brokerage # 10160
From the forum John Wright This falls short of the mark in my opinion. Lenders are free to use any formula they like to calculate the penalty as long as they disclose it. I think it makes more sense to have a standardized formula. This is the real issue, not disclosure.
Prepayment code of conductRon Alltree: “I think [HELOCs] are a great opportunity for brokers. What you’re looking at is a vehicle that can be used – if it’s advised properly and presented intelligently – by a borrower to be able to take advantage of an intelligent tax result for themselves on the borrowing side of things and also
to look at how they can better facilitate their own investment strategies by using a HELOC. These are great things to have and they can have a great end result for a borrower.”
Kunaal bhalla: “More product offerings are always a good thing for consumers because that equals more choice. However, we as professionals have to safeguard the consumer against using HELOCs as an ATM machine.”
From the forum Paul TherienI believe that HELOC’s have a place in some situations, but I have seen far too many instances where a customer is coached to go into a HELOC for the wrong reasons... and coached this direction by very
experienced brokers from across Canada.
Ad LakhanpalIn addition to looking at the possible
harms, the benefits of HELOCs should also be acknowledged. I have helped
many clients avoid consumer proposals or bankruptcies by mobilizing the equity in their homes via HELOCs. Their other
option would have been to sell their house to access their equity.
Look no further than your free daily onlinenews source for mortgage professionals
Visit Daily To Get The Inside Scoop
•LatestNews•BrokerNewsTV•FreeDailye-Newsletters•IndustryTrends•Forum/Comments•OnlinePolls•BestPractices•AdviceonBuilding yourBusiness
mortgagebrokernews.ca
to watch the industry-leading newscasts and have your say on the issues of the day, visit mortgagebrokernews.ca
wAtch it now!
the toPic
news AnALysis / MuLtiMeDiA
News / this time last year
22 | MORTgAgeBROkeRNeWs.CA
ONE yEAR LATEROne year on and Taurus Mortgage Capital has exceeded the goals it set for itself when it launched.
“Our volume is well above what we had predicted, and we had set very high targets for ourselves,” says president and CEO, George Hugh. “Over last year to this year, we’re probably up around 2,000 per cent right now. The market volatility and change has been drastic but our competitive advantage is that we forecast where things are going and build a model to take advantage of changes that are coming.”
The company planned to expand within the next four months, looking at areas in Ontario and the east coast. They had focused on finalizing their processes and finding the right people but were now confident they were ready to move into new areas, Hugh said.
The company’s wealth management business had taken off, and they had almost doubled their staff with a focus on filling administrative roles so brokers and financial planners could focus on their areas of expertise.
“Even though we operate in different areas, it’s done in conjunction. The only
way for a client to successfully accumulate wealth is to manage all their assets – their home, mutual funds, retirement plans. A lot of people do each in isolation, but we’ve found they all have to support each other and that’s our model.”
As clients become more knowledgeable through online resources, the high level knowledge and
education available through firms like Taurus are highly valued, Hugh says. Education was becoming more important for building trust with clients.
“It’s easy to give people money, but on the wealth management side it requires a lot more relationship-building and a lot more trust.”
The next year will see expansion to other cities and further developments in the wealth management and insurance sides of the business, Hugh says.
“It’s been a great transition. My No. 1 goal is to build a sustainable business, which means you have to be innovative. We’re going to continue to invest in technology, be creative and stay ahead of the market. We want to be more than just a brokerage.”
THIS TIME LAST yEAR
www.mortgagebrokernews.ca
PUBLICATIONS MAIL AGREEMENT #41261516
BROKER ISSUESDOCUMENT FROM RBC EMPLOYEE CAUSES FUROR AMONGST BROKERS
PROFILED GORD DAHLEN:BACK IN BUSINESS
MARKETINGHARNESS THE POWER OF FACEBOOK
The 2011 The 2011 The 2011 Canadian Mortgage Canadian Mortgage Canadian Mortgage
Awards WinnersAwards WinnersAwards Winners
evening of evening of evening of
MAY 2011, 6.5
evening of evening of evening of
excellenceexcellenceexcellenceexcellenceexcellenceexcellenceevening of evening of evening of
excellenceevening of evening of evening of
excellenceevening of evening of evening of
excellenceevening of evening of evening of
6.5_Cover.indd 1 5/15/11 7:10:13 PM
FORMER LENDING ExEc ENTERS bROKER bIzeven with a slowing market, former INg Direct VP george Hugh is coming over to the broker side, launching a new business venture aimed at marrying mortgage services with financial planning, while creating opportunities for professional development within the industry.
“People are asking me ‘Why go from lending to brokering?’” said the 15-year banking veteran. “everyone can do well in a bull market, the challenge is to be able to do it in a slowing one. Weakness brings opportunities for professionals with the knowledge and skill set to service our increasingly educated clients and meet their customer service expectations beyond rate. Taurus can and will do that.”
An independent company, Taurus Mortgage Capital Inc. will leverage Hugh’s years of experience, industry connections and knowledge of capital markets to lead a staff of brokers and in-house financial planners. His plan is to develop a strong and trusted brand, while relying on his team of brokers to generate leads.
“Mortgage brokering is a viable source of origination that has had a huge influence on the service levels that Canadians have come to expect, it can only grow with the full collaboration of the industry’s players, including lenders, brokers, mortgage insurers and industry associations.”
2011
George Hugh
it’s easy to give people money, but on the wealth management side it requires a lot more relationship-building and a lot more trust
BEST DEAL!12 issues for only $6.00/issue...25% off the newsstand price
24 issues for only $4.99/issue...$72 off the newsstand price
LOOKING FOR A RESOURCETO HELP YOUR PROPERTY
INVESTMENT CLIENTS?
CHOOSE YOUR TERM…
e ONLY national publication for Canadian Real Estate Investors
PLEASE VISIT OUR WEBSITE FOR ALL OF YOUR SUBSCRIPTION NEEDS!
Online: canadianrealestatemagazine.caEmail: [email protected]
SUBSCRIBE TO CANADIAN REAL ESTATE WEALTH MAGAZINE OR SEND YOUR CLIENTS A GIFT SUBSCRIPTION TODAY!
≠ Get industry predictions/forecasts from mortgage experts≠ Gain a better understanding of the distinctions between
residential and commercialmortgages≠ Discover the advantages of the mortgage broker for the real estate investor≠ Learn key strategies and bene� ts of portfolio re-� nancing
IN EVERY ISSUE
OR
SUBSCRIBE TO CANADIAN REAL ESTATE WEALTH MAGAZINE
/issue...
from mortgage experts
Are you a property investor yourself?
45% OFF
NEWSSTAND PRICE!
CREW_FPSubsAd_CMPsize.indd 33 5/10/2012 8:24:20 AM
buSINESS
buSINESSbEST IN THE
This year’s crop of finalists for the broker of the year awards at the 2012 Canadian Mortgage Awards
reflect the breadth and depth of the industry from coast to coast
Syndicate MortgageS MORTGAGE bROKER OF THE yEARfewer than 25 employees
cindy Faulkner VERICO Coastal MortgagesSurrey, B.C.
When the discussion turns to succession planning Cindy Faulkner has her bases covered.
“One of the highlights was having my son join eight
years ago,” she says. “This business is based on relationships. People buy from people, not companies. Lots of people don’t have that succession planning, so when you’re out, your book’s gone.”
Faulkner worked in real estate and human resources, before a friend suggested she get back into real estate, but as a mortgage broker. That was 12 years ago and she’s never looked back.
“This industry has changed so much since I started. We had no marketing, no material, no training. Learning the changes and programs – it’s something different all the time.”
Faulkner describes herself as an educator and offers a free resource called First-Time Buyers on her website. The brokerage was also nominated in customer service category this year, which shows its commitment, says Faulkner.
“We want to add value for them. What I bring to the table is different strategies for clients because I have that real estate background.”
She loves the industry, but says it sometimes feels adversarial.
“I’d like to see everyone working together rather than against each other – brokers versus lenders, broker versus underwriters – that’s how it sometimes feels,” Faulkner says. “We work really hard for our clients and we’re on commissions, not a salary, so that’s a challenge for everybody to work in every day. If your market’s down, your market’s down – you don’t get a paycheque.”
Cindy Faulkner
Karen Gibbard VERICO Gibbard Hoffart Financial GroupNorth Vancouver, B.C.
If knowledge is power, it’s not surprising that Karen Gibbard is on one of the select group of broker of the year nominees.
“I’ve been lending for exactly half my life this year. What I have is an incredible amount of knowledge that would blow a rookie away,” says Gibbard, who has been a mortgage broker since 2000. “Knowing how the land title system works, understanding the legalities of the system, being aware of all the lenders and what they do and don’t do – that’s priceless. That’s not something you can get from just doing a quick course, that’s years of being in the trenches and doing the deals.”
After working at a large credit union, Gibbard appreciates the ability to bring her clients the power of choice, as well.
“If a client came in they could only get the mortgage I could give them from that particular lender. Whether it was right or wrong for them, that was all I had,” Gibbard says. “Now I have power of choice, I’ve got many lenders I can deal with and we can fine-tune the financing to meet the client’s needs specifically.”
One deal in particular stands out for Gibbard. Her client was a widow living in a one-bedroom apartment with her two handicapped children and elderly mother.
“She was incredible with her money and she found a little house, and we managed to get her a mortgage on that house,” Gibbard remembers. “It took us a while and we had to be creative but we had to have somebody believe in this woman. That’s the neatest thing about this job.”
26 | MORTgAgeBROkeRNeWs.CA
i’d like to see
everyone
working
together
rather than
against each
other
cover / broKer oF the yeAr
Everyone talks about service.Equitable delivers.It’s a team approach to lending.Open conversation.Partnership success.Unique, in an otherwise compartmentalized world, means Equitable can see & hear what others often miss... ...Client Circumstance.
We specialize inbusiness-for-self,newcomers and credit challenged clientswho want to be heard.Let’s talk today.
ONTARIO/QUÉBECT: 1.866.407.0004F: 1.866.407.5859
WESTERN CANADAT: 1.866.940.1201F: 1.888.440.1201
www.equitabletrust.com
CMPAd_FullPg_MayJune2012.indd 1 12-05-08 9:01 AM
Cover / BroKer oF THe YeAr
28 | MORTgAgeBROkeRNeWs.CA
Jessi Johnson VERICO Jessi Johnson Mortgage TeamSouth Surrey, B.C.
In less than six years Jessi Johnson has gone from beginner broker to being featured in a reality show on the Oprah Winfrey
Network.His entrepreneurial nature started to show early
– at age six he was selling unopened products from his mother’s fridge to neighbours. After he was caught he moved on to lemonade stands, and eventually concert promotion and marketing. Brokering caught his attention at a first-time homebuyers’ seminar.
“When I learned that you could work for people pretty much for free and provide them exactly the same product but better service, that excited me,” he says – but it wasn’t an easy start. “I came into this industry with very little support, zero background in finance or real estate and no family money to help get me started.”
Despite that start, Johnson says he’ll always take a call from someone in the industry looking for advice.
“People call me all the time asking for advice and I always take that call,” says Johnson. “I do that
Luisa Hough VERICO Exclusive Mortgage Professionals Ltd.Surrey, B.C.
When a couple put their trust in a brand new broker it could go either way,
but when they return for their next two purchases it’s clear the broker has passed the test.
Luisa Hough’s first ever deal in 2004 was to help a young couple buy their first property, a condo. Since then she’s helped them upgrade to a townhouse and finally to a home.
“From day one I wanted to know what their
goals were. They only had enough for a condo, but they wanted to eventually get into a home,” Hough remembers. “They followed my advice for rates and products and they trusted me. Since then they’ve referred me to their friends and family.”
The emotional connection to her clients sets her apart, Hough says. That and her background as a conveyancer for a real estate law firm.
For her, the best part of being a broker are the options that enable brokers to find the right terms for the right client, but she would like to see more public understanding of the industry.
“I would love if in our industry we would all stick together and try to teach and educate our clients exactly what we do for them and what the benefits are for dealing with a broker,” she says.
“I’m seeing a lot of brokers cutting commissions, paying for appraisals and legal fees just to get a deal. I think that there’s enough business for everybody and if we stick together and educate consumers, then when they’re looking to purchase or refinance they’ll think of using a broker instead of going directly to a bank.”
because one person in particular, Garth Ellis, has been a priceless source of advice over the years and he has essentially been the closest thing I’ve got to a mentor. I now try to provide to other people what he has done for me.”
Last year Johnson was selected as the broker for Million Dollar Neighbourhood, a Canadian financial reality show on Oprah’s channel OWN.
“A favourite moment was seeing the results of people’s expression when we revealed their savings on the show. Normally I don’t get to see people’s expressions when I say ‘I just saved you $20,000.’ Getting to see 20 in a row was great.”
When i learned that you could work for people pretty much for free and provide them exactly the same product but better service, that excited me
2 0 1 2 w i l l b e t h e b e s t y e a r o f y o u r c a r e e r
Find out why
BestYearEver.ca
Cover / BroKer oF THe YeAr
30 | MORTgAgeBROkeRNeWs.CA
Peter Majthenyi Mortgage ArchitectsToronto, Ont.
If the banks are your competition, why not start offering the kinds of services available at the local branch?
Since 2007 Peter Majthenyi has been building onto his mortgage brokerage business with insurance, financial planning and even selling RRSPs.
“Our biggest challenge is being able to do more for the client, rather than just arranging a mortgage. We have to compete with the banks and we do more than just mortgages. We need to build a fence around our clients and protect them from the predators, which are the bank branches,” says Majthenyi. “To be profitable, to grow, and to maintain our clients we have to do more for our borrowers and be more like a bank branch. It’s a never ending process adding more product lines but we’re getting there.”
He surrounds himself with other experts, bringing them in to run the other elements of the business.
“That’s really the future of the mortgage broker,” he says. “That’s what makes us different – if you came to our branch you’d see two businesses side by side. We’re generating a lot of income by selling insurance and financial planning but we’re keeping that in-house instead of referring it out.”
A focus on marketing is crucial, and Majthenyi says they rely heavily on their clients for that.
“We try to turn them from clients into disciples, they’re our sales force.”
Technology is what keeps the brokerage in touch with clients and ensures maximum efficiency, says Majthenyi.
“Don’t mistake activity for productivity. We rely on technology to ensure we maximize our time and our clients’ time.”
Working as a broker is full of inspirational moments says Dan Mass, from helping other brokers to feedback from clients.
Dan Mass VERICO Canada First MortgageCalgary, Alta.
“I used to look for those pivotal moments but I’ve learned over time that’s not what I’m looking for. I’m looking for the little
personalized moments, which resonate just as loud. To me it’s when the feedback I get is one of surprise and fulfilment in one’s work.”
It’s been seven years since Mass and his wife, Stacey, launched their brokerage, and 11 years since he started in the business. The family roots influence how they treat associates and partners, giving the brokerage a familial feeling – although it means work talk can dominate conversation at home sometimes.
“My family – my kids and my wife – motivate me,” says Mass. “Our relationship has flourished over it. I love the amount of time I get to spend with my family. We’ve been fortunate enough to be able to create time to be with them and not be nailed down to the nine to five in the office.”
The firm focuses, he says, on unity and respect, for colleagues and clients.
“We don’t have any business to do without clients and I think we have to treat each other with respect and support. We haven’t wavered from that.”
The changing landscape of the industry has been a challenge, but it’s also pushed him to be creative.
“The biggest thing is trying to stay ahead of the curve in reaching for what our biggest obstacles will be,” Mass says. “I don’t think my view has wavered since the day I started. I still say that we’re in a vibrant industry and one that continues to hold opportunity.”
Don’t mistake activity for productivity. We rely on technology to ensure we maximize our time and our clients’ time
Working as a broker is full of inspirational moments
You wouldn’t sign a cell phonecontract for 7 years.
At Mortgage Architects we understand how long seven years can be. That’s why
we want to make your stay with us as comfortable as possible. You can join us
commitment free and if you decide to leave you keep your entire database.
Call today to start working commitment free!
[email protected] www.joinma.ca 1.888.418.2120
© Copyright 2012, Mortgage Architects, all rights reserved.
Why would you with a brokerage?
Cover / BroKer oF THe YeAr
32 | MORTgAgeBROkeRNeWs.CA
Rita Matthews VERICO Bob Hanscom Mortgage AgencyEdmonton, Alta.
A game of golf got Rita Matthews into the broker business after her brother made her
an offer he thought she’d refuse.“He suggested I come onboard, thinking I
wouldn’t take him up on the offer and we’ve been working together for many years now,” Matthews says. “We have a very similar way of doing business. The client comes first and I think our level of service sets us apart.”
After 12 years as a broker her focus is still the same – it’s all about the people.
“There are a lot of people I’ve helped who didn’t think it was possible,” says Matthews. “For a while I was doing manufactured homes. Everybody laughed at me because they said that you don’t get a lot out of them, but I found the response from my clients was the reward itself. I had many clients calling and crying over the phone saying ‘nobody else could do this, nobody else had the time.’”
Another highlight came about six months ago when a manager from one of the large banks called Matthews directly to ask about joining their brokerage.
“She studied all the brokerages and told me ‘You’re the best out there and I want to join.’ That really showed that all our hard work was paying off.”
Matthews enjoys being a mentor, but says she’s not as tough as her brother was on her.
“He was the best mentor because he made me work at it and he made me learn. With me, I can tell if they’ve got the love of the mortgage business in their blood and it’s so nice to see them grow in the industry.”
Trish Pigott VERICO Primex MortgagesCoquitlam, B.C.
If there’s no boss calling to find out why you’re not at work then you have to be very driven to stay at the top of your game and it’s this drive and motivation that sets Trish Pigott apart.
Pigott spent 14 years in the corporate world, where a colleague was constantly telling her she should be a mortgage broker.
“I love my job and I work hard and that’s been pretty much what I’ve done since day one,” Pigott says. “A lot of new people come into the industry thinking they’ll be successful in a very short timeframe but you have to be extremely driven and motivated because there’s nobody knocking at your door asking why you’re not at work.”
The variety of the job means Pigott never gets bored and her favourite deals are the difficult ones – the clients with poor credit who most need the help.
“The B business is the most rewarding because you’re really making a difference in their lives. The comments from my clients at the end are rewarding because they went through hell and back to get their mortgage, but at least they knew what to expect the whole way.”
She remembers well the challenges starting out in the business. As a self-described perfectionist she would put in hours of extra study the details of what each lender offered. Now she tries to pass on her knowledge to her team.
“In my mortgage career I’ve seen brokers who are very competitive, who didn’t want to share the secrets to their success. Personally I don’t think we’re each other’s competition, branch banks are our competition.”
personally
i don’t think
we’re each
other’s
competition,
branch banks
are our
competition
i can tell if they’ve got the love of the mortgage business in their blood and it’s so nice to see them grow in the industry
Sabrina SmithAccount Executive, Quebec
AT YOUR SERVICE WITH SOLUTIONS TO SUPPORT YOUR SUCCESS.As a valuable resource, with a wealth of industry experience,market knowledge and insight, Sabrina Smith is committed tohelping you succeed.
At Canada Guaranty, each member of our National Sales Team is dedicated to ensuring you receive the personalized service and support you need to find the right solutions for your clients.
Contact your regional Account Executive to learn more about:� Mobile Tools � Continuing Education & Training� The Homeownership Solutions Program� Our Comprehensive Product Suite
For more information about these and other solutions available,please visit canadaguaranty.ca.
Canada Guaranty Mortgage Insurance Company877.244.8422 I www.canadaguaranty.ca
Service_Sabrina_ad_CMP:Service_Sabrina_ad_CMP 12-04-11 5:19 PM Page 1
Cover / BroKer oF THe YeAr
34 | MORTgAgeBROkeRNeWs.CA
Diana zitko Dominion Lending Centres West Coast MortgagesCoquitlam, B.C.
Hoping to make it two in a row, last year’s Mortgage Broker of the Year (fewer than 25 employees) winner Diana
Zitko was thrilled to be nominated again.“It’s great just to get the acknowledgment and
respect from the industry,” says Zitko, who spends a lot of her time mentoring other women in and outside the mortgage industry. “I love that I’m a young woman doing well in this industry because in the past it’s been a boys’ club. It’s great to be able to inspire other women to get into the industry.”
A strict annual business plan helps her stay focused on the end goal, and she tracks monthly results to makes sure she’s on track. When it comes to her success as a broker Zitko describes herself as a “dog with a bone” about getting files completed.
“I love the satisfaction of getting a deal done. I like being the middle person making the client happy, making the Realtor happy. I’m on my phone 24/7 – it’s glued to my head.”
Her team is like family, which has caused her difficulties in the past finding balance between being a respected boss and being a close friend. She’s found the balance in the last few years, she says, and has taken on more mentoring – an aspect of the business she loves and hopes to do more of.
Zitko also hopes to see brokers’ market share double in the next five years with increased marketing and public awareness.
“It would add credibility to bring more awareness to the industry so people see it as legitimate and the only way to get a mortgage is to go through a broker.”
Bridgewater Bank MORTGAGE bROKER OF THE yEAR25 employees or more
Jim black Dominion Lending Centres Mortgage ExcellenceLethbridge, Alta.
The most important lesson Jim Black learned came from a deal that made him no money.
The deal for an acquaintance’s mother was the smallest mortgage he had ever processed – about $33,000 – and he paid for the appraisal.
“My mentality back then was ‘What’s in it for me?’ which has changed 180 degrees, but where it comes back around is within 18 months that client came back and was buying a house in Calgary. It proceeded to be the largest mortgage I ever did,” Black says. “That always sticks with me. I always tell people, don’t underwrite based on the dollar value – underwrite because that’s one of your clients.”
Helping new people in the industry, who are taking a chance on being self-employed is a highlight for Black.
“They always have this big smile on their face and this sense of freedom and autonomy. I also love seeing people in the industry who are just doing OK and being able to help them. We’ve had a half a dozen people double their volume inside of two years.”
Black’s enthusiasm dates back to the first deal he ever did. He couldn’t wait to tell his wife about the deal, and about every new lead that came through. Since then he launched his own company, with the extra challenges that go with being a broker/owner.
“You can be a successful associate, but to manage mortgage associates and staff is a very different skill set. You have to learn on the fly to adjust and move forward, but I love it. I try to pass on to our agents what works, but also a whole bunch of things we think don’t work.”
i love the satisfaction of getting a deal done. i like being the middle person making the client happy
Don’t underwrite based on the dollar value – underwrite because that’s one of your clients
REMEMBER
AN APPRAISAL REPORT SIGNED BY A
DAR MEANS THE VALUE IS BACKED BY
ONE OF THE BEST APPRAISERS IN CANADA
THE BEST APPRAISERS IN CANADA
CERTIFIED, LICENSED, & REGULATED BY
CANADIAN NATIONAL ASSOCIATION of REAL ESTATE APPRAISERS
888-399-3366
LOOK FOR THE PROFESSIONAL DESIGNATION
DAR
FIND AN APPRAISER at
cnarea.ca
CMP6.3.indb 63 3/17/11 1:45:27 PM
Cover / BroKer oF THe YeAr
36 | MORTgAgeBROkeRNeWs.CA
collin bruce Dominion Lending Centres Mortgage MentorsEdmonton, Alta.
In the past 12 months Collin Bruce has seen his brokerage almost double the number of agents and the
volume of business.The brokerage spends about $50,000 a month on
advertising to drive business – partly in a move to add credibility to the industry. Despite national and local advertising, many people still don’t understand how a mortgage broker can help them, he says.
“I think the younger generation understand what a mortgage broker can offer them but the older generations are still very loyal to their banks and wary of the industry.”
On top of clients brought in by advertising, about
half the business is repeat or referral.“I think that says a lot about our customer
service,” says Bruce. “The commission really does come second. It’s about helping the clients. I love the tougher deals, where clients have been declined at their banks and you can get those loans approved. Those clients are so happy that you’ve been able to solve their problem.”
The brokerage also helps clients to refinance, including some at risk of losing their homes because of their personal circumstances.
“It’s just doing what’s right for the client all the time – you can’t waver from that,” Bruce says. “If you can show the clients why they can trust you, making sure they understand every step of the process, they’ll come back.”
Everyone on the team has the same attitude when it comes to customer service, says Bruce.
“One of the biggest challenges here is that the busier we get customer service can become an issue. It’s about recognizing that and stepping up. When you can maintain that level of service the business just grows.”
Anthony contento Mortgage Architects Sherwood Mortgage GroupToronto, Ont.
Honesty is the only policy when Anthony Contento sits down with his
clients.“I don’t give them a lot of jargon or tag them
along – it takes me five minutes to really assess whether I can help someone. It’s about being able to get the customer’s trust,” says Contento, who moved into brokering in 2009 after working at a big five bank.
“There were a lot of changes going on at the A banks and the institutions and I felt I had a lot more variety of products and could better serve my clients on the broker side. That was the biggest reason I came over to the broker side – to have the diversity and flexibility to serve my customer.”
The change wasn’t entirely smooth – without a bank name behind him he found some people
if you can
show the
clients why
they can trust
you, making
sure they
understand
every step of
the process,
they’ll come
back
wary of dealing with brokers. It’s an ongoing challenge to make sure people understand what brokers do, and the value they offer.
The small team consistently does more than $300 million in business and a highlight of his year is the annual Realtor appreciation event, which this year saw 340 real estate agents and lenders attend.
“I get a lot of pleasure from doing something with my team, where we’re working collectively to do something for the better of our industry and a progression of our own careers,” says Contento, who says the open, respectful and familiar atmosphere of the brokerage is an advantage for the whole team.
“The progression of my agents, seeing a $10 to $15 million producer move to the next level, that’s the motivation for me, knowing I’m doing something to help someone’s career and my company as well.”
the progress of my agents that’s the motivation for me
Think reverse mortgages are expensive?
Think again!
CHIP Home Income Plan is provided by HomEquity Bank, a Schedule I Canadian Bank. HomEquity Bank is a wholly-owned subsidiary of HOMEQ Corporation, a TSX-listed company. TM Trademark of HomEquity Bank.
With CHIP Home Income Plan’s new low rates, homeowners 55+ can now access up to 50% of their home equity at rates comparable to other home equity lending products.
But unlike these other products, with the CHIP solution:
• no payments are required, until homeowners choose to move or sell
• no income, credit or medical qualifications are needed
• funds can be received as a lump sum or over time, giving your clients the flexibility they need
In addition, clients maintain ownership and control of their home.
Why not tap into the potential of the growing seniors market and recommend CHIP? You’ll receive a referral fee, and we’ll look after all the paperwork for you.
To find out more, or to partner with CHIP, contact us:
1-866-536-2447www.chipadvisor.ca
7.1_ThisTime.indd 31 12-01-18 10:46 PM
Cover / BroKer oF THe YeAr
38 | MORTgAgeBROkeRNeWs.CA
Scott Ede Mortgage Alliance S&R Mortgage GroupCalgary, Alta.
Sometimes, if you want something, you have to ask for it – even if what you want is referrals from an upset client.
Scott Ede’s policy is to call every single customer and ask them for referrals. It’s a policy that’s worked, even when the client isn’t happy. After a deal “went sideways on every level,” Ede wasn’t surprised to get shouted at when he made a followup call, but he decided to make the best of a potentially bad situation.
“I said ‘Hang on a second, I’m going to do you favour. Normally what we do is we call up our clients and ask for five to seven referrals because we did such a great job. In this case I’m only going to ask you for three.’ There was dead silence for a minute and she burst out laughing and said ‘Anyone who’s got balls like you, I will send them a referral.’ Sometimes you’ve got to be dumb enough or brave enough to ask for the business.”
The customer sent three referrals in the first
bill HandsaemeDominion Lending Centres Forest City FundingLondon, Ont.
After a week’s vacation last year Bill Handsaeme got up for work beaming, ready to return to the job he loves.
“My daughter will tell you, I’ll probably die in my chair. If we have a long weekend, by Monday at 10 o’clock in the morning I’m pacing the floor,” Handsaeme says. “I think you need that passion to keep going and the day I don’t have that is when it’s probably time to hang it up.”
Handsaeme is known among clients and referral partners for telling people upfront whether a deal is in their best interest.
“My philosophy is if you’re not going to be saving any money then it’s not worth it,” he says. “If you’ve got a better deal in place I’ll tell my clients this is not the time to be changing anything. I love the challenge of making sure every client gets what they really need, not what they think they need.”
He still clearly remembers the challenges when he started the brokerage – sorting through a stack of bills on his desk and telling accounts payable which to pay and which to hold onto for a while – which helps him relate to some of his clients.
“Now we pay all our bills on a weekly basis because I don’t ever want to feel that way again and I don’t forget what it feels like,” says Handsaeme. “It gives me a better position when I’m giving advice to clients.”
Handsaeme was planning for the future, hoping to turn changes in the industry into opportunities for the business, when he formed a mortgage investment corporation.
“We’re constantly looking to grow. That’s the part of the industry that keeps you excited.”
month, has done five deals of her own with the brokerage and now all her children use the company as well.
Ede moved into the mortgage industry after getting tired of working 16 hour days and weekends as a Realtor, but quickly realized that when you love your job, you work long hours anyway.
“Those who are successful in one area will make themselves successful in another. It started out well, but eventually you fall in love with the business and end up putting longer hours in. There isn’t a day that I don’t get up motivated.”
those who are successful in one area will make themselves successful in another.
i think you
need that
passion to
keep going
and the day
i don’t have
that is when
it’s probably
time to hang
it up
Cover / BroKer oF THe YeAr
MORTgAgeBROkeRNeWs.CA | 39
zamir Kassam TMG The Mortgage GroupVancouver, B.C.
It’s all about growing and improving for Zamir Kassam, who made the move from accounting to brokering 10 years ago.
“I don’t think that development as a mortgage broker should plateau; we should be constantly finding ways to make ourselves better and offer more to our clients,” he says. “A mortgage is often the most expensive purchase that one has to make in his or her entire life and I try to make this experience a comfortable and
honest one.”A key part of his strategy is to put himself in the
client’s shoes, to give them the best experience possible.
“Getting a mortgage is one of the biggest decisions made in a person’s life and that people put their trust in me and I’m able to take them through some of the most monumental moments in
their life,” Kassam says. “I have an unlimited surplus of patience for every single client, no matter where their knowledge level is at. I like to take my clients through the entire home-buying process and remind them to never feel shy to ask any questions.”
Honesty is central to his approach. If that means letting the client know a bank is their best option, then he will tell them that. Many of his clients sign consents so that Kassam can speak on their behalf, allowing him to take care of the tasks that clients find most frustrating when dealing with details on their mortgages. It pays off.
“All my business comes from repeat and referral business.”
A surprise highlight for his customers are the quarterly newsletters he writes – “Some people have said I manage to make mortgages interesting – go figure.”
A108196_PUB_Mortgage_EN_4c2011-11-22 MAGÉpreuve #2-FINAL Page 1
100% 50% 0%
Graphiques M&H • Cité Multimédia80, rue Queen, bureau 403, Montréal QC H3C 2N5Tél. : (514) 866-6736 • Téléc. : (514) 875-0401
FINAL – LIVRÉ
MARKETING
ApprovalEvery effort has been made to avoid errors. Please verify this proof. We are only responsiblefor replacement of the final files.
CYAN
YELLOW
MAGENTA
BLACK
PMS XXX
PMS XXX
PMS XXX
PMS XXX
Agency: Graphiques M&HTitle: Mortgage SolutionAd No.: A108196Format: 7.25" x 4.71"Colour: 4 colour processClient: National BankPublication: Insertion Date: Material required: ASAP
What’s in it for you?> A unique product portfolio including our award
winning All-In-One Banking™.> Niche product lending allowing you to meet a
variety of your client needs; including mortgage solutions for fi rst time homebuyers, rental properties, new immigrants, non-residents and more1.
> An incentive program built on your feedback, including reward options such as: $2,0002 towards marketing, $15,0003 travel voucher towards a trip of lifetime, rate discounts up to 15 BPS, free appraisals, great cashback offers, and more!
Contact your local BDM or email [email protected]
TM National Bank All-In-One is a trademark of National Bank of Canada. 1 Financing shall be subject to the credit approval by National Bank. 2 $2,000 marketing fee is a one-time reward for the fi rst 65 deals or $20M funded in the fi scal year. 3 $15,000 trip paid for every 125 deals or $40M funded in the fi scal year. The fi scal year is from November 1, 2011 to October 31, 2012.
MORTGAGE SOLUTIONS THAT ARE AS SMART FOR YOUR CLIENT AS THEY ARE FOR YOU
Cover / BroKer oF THe YeAr
40 | MORTgAgeBROkeRNeWs.CA
Don Macvicar VERICO Premiere Mortgage CentreHalifax, N.S.
It might be an individual nomination, but it’s a reflection on the whole team, says Don MacVicar.
“We’re a unique team because we’re a larger team. I look at this as a team award no matter what,” he says. “It’s the team we work with every day that’s earning us any recognition. There’s no doubt about it, what sets me apart is the people that work with me. We have a focus on high quality people who will look out for our client’s best interest above everything else.
“We’ve created an environment where everybody shares ideas as opposed to one person being the mentor. I think everybody is each other’s mentor. We’ve done well to create a culture of sharing ideas and resources.”
That culture extends to their clients as well, where they’ve taken a “holistic” approach, moving beyond just completing a mortgage transaction, to include offering other financial services.
Each year at the company’s annual review, MacVicar compares the brokerage now, with 50 mortgage agents, to when they started six years ago with just three staff.
“Those are my favourite moments just to see the development and the evolution of our business,” he says.” Each and every year is the greatest moment. It’s tougher today than ever before to run a successful mortgage business because the margins are so narrow. The cost of doing business has gone up and the revenue hasn’t necessarily gone up. Our model is to grow volume and quality relationships with vendors so we are able to leverage the highest amount of revenue from each deal.”
Previous Broker of the Year Winners
2011Tom Lam, urban Mortgage, calgary, alta. (25 employees or more)diana Zitko, Meridian west coast Mortgages, coquitlam, B.c. (fewer than 25 employees)
2010Lou Perotta, domus financial, oakville, ont. (fewer than 25 employees) gary Meger, neighbourhood dominion lending centres, Barrie, ont. (25 employees or more)
2009dave Mcnabb, regional Mortgage corp., red deer, alta. (independent/non franchise)Greg Williamson, canada Mortgage direct (verico), calgary, alta. (national network)
2008vince gaetano, Monstermortgage.ca, toronto, ont. (independent/non franchise)Laurie Furness, the Mortgage centre rdM financial (national network)
2007John Zieman, Mortgage depot, victoria, B.c. (independent/non franchise)Garth ellis, verico ellis Mortgages canada (national network)
Cover / BroKer oF THe YeAr
MORTgAgeBROkeRNeWs.CA | 41
bill Nugent Neighbourhood Dominion Lending CentresNewmarket, Ont.
Anyone can do the easy deals – it’s the difficult ones that help you stand out from the crowd. Bill Nugent loves pulling off the tougher deals, and hearing the feedback from clients when he does.
His favourite deals are when the clients don’t expect to get approved – the excitement on the other end of the line makes the extra effort worthwhile.
“When you finally get it all through on a difficult deal it does make it more rewarding,” he says. “You’ve got to make sure you’ve got a good deal for the client, something they’re going to be able to prosper with, rather than throwing anything together to get a deal done.”
Knowledge plays a big role in effectively helping clients. Nugent and his associates stay well educated on what lenders are offering and
changes in the available products, so they can offer clients the broadest options possible. Those who don’t keep up with new deals available are working from a narrow field, he says.. The variety of business means Nugent never gets bored.
“You’re dealing with something different every day you’re dealing with residential properties, commercial properties, people with great credit, people with poor credit. You deal with everyone in the market place and I find it a fascinating business to be in.”
He works with his partner to make sure agents get all the training and support they might need, even if that means the senior brokers step back and let agents support each other.
“We don’t force anything on anybody, we just let them know we’re here if they need us. You might not need my help, you might want to talk to someone who’s been through this six months ago,” Nugent says. “I’ve been fortunate to have great people around. You treat people the way you want to be treated and they’ll stick with you for a long time.”
It is our pleasure to serve up comforting Compensation Plan choices including our Instant Reward Upfront option or Freshly Brewed Renewal Plan.
Contact your Director of Business Development today for details on our heart-warming new commission selections.
We focus on you.
www.canadianafinancial.com
Something exciting is brewing at Canadiana Financial.
FSCO Licence #12012
PARTNERMORTGAGE!
Wouldn’t it be nice?
Wouldn’t it be nice to be our Partner?
Wouldn’t it be nice - to have a say in your own product;
to always be paid at renewal;
to not fi ght with a retention team for ownership of your client;
to have platinum rates from your fi rst deal;
to have had an answer for 2.99? (Partner had the rate AND the frills!)
On national roll out; only available at
Invis & Mortgage Intelligence.
Wouldn’t it be nice to have Partner Mortgage?
www.BoldResources.ca
PARTNERMORTGAGE!
Wouldn’t it be nice?
Wouldn’t it be nice to be our Partner?
Wouldn’t it be nice - to have a say in your own product;
to always be paid at renewal;
to not fi ght with a retention team for ownership of your client;
to have platinum rates from your fi rst deal;
to have had an answer for 2.99? (Partner had the rate AND the frills!)
On national roll out; only available at
Invis & Mortgage Intelligence.
Wouldn’t it be nice to have Partner Mortgage?
www.BoldResources.ca
One of the keys to putting together a successful mortgage deal rests with the ability to build strong relationships with lenders. CMP spoke to this year’s group of finalists for the Canadian Mortgage Awards’ Best Lender BDM to gain some insight into this crucial partnership
RANDy bINSTOcKHome Trust CompanyFirstly, to create a good relationship with brokers I try and break down all the potential barriers. I have created numerous contests that encourage participation while giving the brokers added value. The brokers and my company know me as Randy “B” Binstock the Bobble-head BDM. I have personalized my business and give the brokers a more intimate feel to our relationship. With this personal relationship they know that in return they will receive dedicated service built on mutual respect. Building mutual respect is established through keeping in mind the brokers busy schedule. Being on time for meetings and when rarely late, calling or emailing them advising of the delay is imperative in forming a solid working relationship. Furthermore, another aspect of mutual respect is when a broker commits to sending me a deal. I will ensure that they know I will work tirelessly for them to have an answer back at a mutually acceptable time and fulfill their client’s needs. My brokers know my policy called “No Stupid Questions.” I begin my presentations with examples of questions I have asked in the past. This creates a
comfortable environment where all questions are allowed. This is important for new brokers to the business; they feel comfortable to ask anything at any given time. Lastly, I have learned over the years the partnership established between the broker and BDM is one that both sides win. I have learned that the secret to success isn’t really a secret at all. It is all based on my principles DRUP: Dedication, Respect, Understanding and Partnership.
JIM FITzGERALDRadius FinancialThe key goal for any BDM should be to partner with brokers to help them succeed and grow their business. The support and tools I provide my brokers with are crucial to the success of the broker/BDM relationship. My approach is to assist brokers within their community and with their referral sources. Strong communications backed by useful tools are essential. Each communication from a BDM should contain a value add and help brokers grow their business as a partner rather than a push strategy from the lender. As a BDM, I have a multitude of tools and information at my disposal. Ultimately I equip brokers with the right
THE TIES THAT bIND
44 | MORTgAgeBROkeRNeWs.CA
Randy Binstock
Jim Fitzgerald
FeAture / LenDer bDMs
MORTgAgeBROkeRNeWs.CA | 45
tools and information to grow their business whether with the end consumer or their referral sources. I go as far as sitting down with Realtors or clients to support my brokers. All the information I provide is easy to use and transparent, they choose what works for their clients. If one of my products doesn’t work for a broker I’ll be the first one to tell them. In return, I ask for support from my broker partners with profiles Radius Financial can accommodate.
TREvOR GORDONING DirectAs a BDM, the primary focus is to build a relationship and provide education. The best way to make a relationship even stronger is to bring additional value-add to the broker. Not only should we be showing the broker how to use our programs but supply the broker with information on ways to grow their business, become more profitable and service their clients well. If a brokers business is increased, and there is a relationship built, it is only natural that an increase in the lenders volume will take care of itself. It is not about doing what is expected (we all do that), it is about doing what is not expected. Some of the value-add ideas I have focused on is simply asking the broker how they currently market their business and provide them with ways they can expand on that. Not by necessarily changing what they are currently doing but simply giving other ideas on how to expand. As well creating presentations that focus on the industry and offer CE credits are always great ideas especially for those brokers in remote areas where attending industry events can be difficult. I am a strong believer both parties must work together to build a long-term relationship. If a broker is using a lender for the first time, it is important the broker and BDM communicate closely ensuring there are no surprises so the transaction will go smoothly. Only contacting a BDM for a deal discussion when your other top lenders have passed on the deal does not build confidence. BDMs will pick up on this of which can impact the relationship. Rome was not built in a day and relationships are built on trust and professionalism, not just on one deal.
RAcHELLE GREGORy-MARSHALLMerix FinancialA BDM should be a trusted adviser who helps the originator find the best product for their customer, but more importantly adds value to the relationship with their knowledge beyond just a low rate. I think the key focus for building a great relationship between the originator and their BDM really goes to what has been a primary focus for Merix in the broker market this year and that’s selling beyond rate. Accessibility is a
focal point of the relationship not only the BDM but also the originator. These days not everyone has time to spend two hours in a meeting with their lender, which is why inside sales has been such a success for Merix. Making sure the broker and BDM returns calls and emails in a timely manner only translates into better service for the end client which in turn helps that originator build long-term value with their portfolio.
cHRIS HOEPPNERStreet Capital Financial Improving a relationship requires trust. When a broker can trust the answer coming from a BDM, and trust that the BDM will respond quickly to their question, need, or concern, the relationship begins to grow. This requires a commitment from the BDM to be an expert on their product, to be diligent in returning calls and emails, and to have a great relationship with the underwriters and managers to work as a team to solve problems and fund files. From the broker side, it requires absolute upfront disclosure, as well as a very thorough job in taking the application. By taking a complete application, asking the right questions of the client, and disclosing everything on the application, there will be less questions from the BDM and underwriter, quicker answers, fewer surprises, and a level of trust in the business being sent by that broker. This creates a reciprocal relationship that makes the broker want to send business to that lender, and makes the BDM want to work extra hard to solve those issues that come up and “go to bat” for the broker when need be. If we as BDMs can’t show value to the broker, they have no reason to deal with us. If brokers can’t show they are serious about doing quality business with a high level of work ethic and integrity, the BDM and lender will be less likely to support and grow that relationship.
JAMIE LEAMONTMerix FinancialThe industry as a whole for many years has viewed the broker BDM relationship as a “coffee and cupcake” role. In order to change that image BDMs have had to re-think the way they approach their roles and become business partners rather than friendly associates. My role as a BDMs is to support business growth with my clients, this can be done through helping to build existing referral sources, provide marketing ideas, or by providing consistent support within the offices. In addition to being an expert on their lender’s offerings BDMs need to have a strong understanding of who their clients are, what their business model is and how they can assist their originators in reaching their goals. In return BDMs must be clear on what their expectations are from the
Trevor Gordon
Chris Hoeppner
Rachelle Gregory-Marshall
Jamie Leamont
origination office whether it’s funding ratios, volume commitment or partner meetings. The competition is fierce on both sides of this industry. By working together cohesively we can build long-term relationships that will help to make us all more successful.
EDEN McNIcHOLFirst National FinancialAs a commitment to my broker portfolio, I strive to provide my broker partners with exceptional customer service. I build my schedule to accommodate the training and business development needs of my clientele. As part of my service guarantee, my voicemail and emails are responded to within two business hours. I respect my brokers’ time and provide them with efficient information updates. Forging a strong relationship with your broker partner or lender BDM, should be the first goal. Adapting to how each broker learns and retains information is key to building a more confident and knowledgeable broker community. When brokers invite lenders reps to present to their respective teams, they should ensure the BDM offers cutting-edge information and is open to new approaches when delivering their pitch. When I work with brokers, I find their stress and create a solution. Training and enhancing our broker channel is not a mundane experience. There are so many creative ways to build relationships, set attainable goals and become more productive together. Brokers and lender BDMs are partners and are dedicated to the same goals: developing quality business and exceeding their customer’s service expectations. If a broker feels a lender has fallen short of either goal, it would be prudent to contact their lender BDM as soon as possible. Allow them opportunity to listen to your scenario, create a timely solution and earn your business. Brokers should share their service experiences (good or bad) on a regular basis with their lender partners. This feedback allows us to grow and enhance our service offering to you.
cHERyL MuRTAGHStreet Capital FinancialThe BDM role is to support their broker partners while advocating for the lender. I believe that open communication is a key aspect of the relationship
between a BDM and broker. Full disclosure from day one is important to establish trust and confidence from both parties. I am a firm believer in “you get back, what you put in.” I am continually striving to improve communication between myself, Street Capital and the brokers we partner with.
HARRy SINGHEquitable TrustBDMs in the industry can improve their relationship with brokers by doing the following: 1) Being accessible to brokers: Great BDMs find a way to pick up broker calls majority of the times. And, the times when they are tied up and brokers do have to leave voice messages, better BDMs make it a point to return calls promptly. Efficient BDMs also evolve with technology and take full advantage of it by educating brokers on how to use it to get quicker responses. IMs and e-mails are a great and quick way to analyze a deal and BDMs have to be prepared to entertain queries via such media. 2) Understanding company and competitor products: Products and services change on a monthly if not on a weekly basis. Great BDMs keep abreast of not only their own products and services but also keep a keen eye on what the competitors are offering. This, in turn, has two advantages; 1) a BDM can better guide internal product development/refinement efforts while better directing a broker when not in a position to assist with own products and services. Such value-added service becomes a differentiator in the marketplace. 2) Providing value added services: This can be sharing your unique ideas on how the broker can better market his services in the marketplace. Or it can involve doing a presentation to the broker’s referral sources to increase his volume of business. Or it can entail creating a marketing piece that markets a lender product but with broker information all over it. Such value-added services strengthen and solidify broker relations.
Brokers in the industry can improve relationship with BDMs by doing the following: 1) Presenting deals clearly and with necessary details: Brokers can improve their relationship with BDMs by providing them clear and detailed information about deals that they are placing with the lenders. All too often, deals discussed bear no resemblance to deals submitted. It is the BDMs job to sell the deals internally on brokers’ behalf to the credit team and the more clarity and
Eden McNichol
Cheryl Murtagh
Harry Singh
FeAture / LenDer bDMs
Let’s dance.
We’ve caused over500,000 accidances
We’re Sorry.
Visit www.mortgagealliance.com
to �ind out why
V P o fA p o l o g y
FeAture / LenDer bDMs
48 | MORTgAgeBROkeRNeWs.CA
details that the brokers provide upfront, the better job in turn a BDM will be able to do in solidifying a rate, loan to value, etc. 2) Investing time in analyzing and understanding lenders: Effective brokers have taken the time to understand niche products that lenders offer and markets that they cater to. As a result, their submissions are well targeted and rarely come back as declined. The key is reaching out to the BDMs before submitting a deal until a clear understanding of the lender’s strengths and weaknesses has been established.
cATHy TOMPKINSFirstLine MortgagesI believe communication is the most important part of the BDM/broker relationship and improving this can yield tremendous results. Communication comes in many forms such as; in person, email, phone or texts. Ask your business partner their preferred method of communication and use that method whenever possible and when relevant. In person: a drop-in visit is not always effective. Have regularly scheduled training sessions with an agreed upon agenda. Use this face-to-face time to provide training on products and policies that is relevant and will help
brokers grow their business and improve their funding ratios. Both BDM and broker need to be prompt for a meeting, attentive and respectful. Email: We all receive many emails and getting through them can be onerous. Keep your email messages clear, concise, accurate and professional. Return your emails promptly and always do your best to answer the question fully. If clarification is required, pick up the phone and contact your business partner directly. Email can be very effective if used wisely. Text messages: make sure texting is a method your business partner uses otherwise they may not even know where or how to find your text message. Keep your text messaging brief. Phone: take the call! Don’t hide behind voicemail. We all know how good it feels to get someone “live” on the phone. When leaving a message, give necessary details. If you are responding to a message, do it promptly and try to leave enough detail to fully answer the initial question(s). As in email, a prompt, concise response on voicemail can be a reasonable substitute for not reaching the person directly. Communicating effectively with your business partner is the key to a mutually successful relationship.
Cathy Tompkins
mortgagebrokernews.ca 19
NewsIndustry
Your trusted news source
have expanded their unsecured lending products. What our government fails to realize is that unsecured lending has a larger impact on cash flow than mortgage lending. Particularly when home ownership has already been proven to be more affordable than renting in most areas (Vancouver is currently a rare exception). What they (government) do see is the most powerful lobby group in the country saying “it’s mortgage lending that is the issue.”
– Paul Therien
They just don’t get it, do they? Economics 101, says cool off a hot market by making it more difficult to borrow, heat up a cooling economy by loosening up lending. We are cooling off in many markets, that were never as hot as Toronto and Vancouver. Canadian institutional (read bank) mortgage lending has been on a 10-year roll, like drunks on a bender, abetted by their “drinking buddy” CMHC. I agree that a 30-year amortization is too long a time in general, but maybe it should be allowed for
first-time buyers, or mortgages that start under a specific price (remember restrictions in 1992 when the first-time buyer program was implemented? Should we look at something similar?) When “Red Ed” Clark at TD was screaming for more government controls on mortgage lending, what he was really saying was that lenders can’t police themselves. If bank A will do the deal why can’t bank B? If Johnny jumps off the bridge, would you jump off a bridge? What kind of people do we have running our banking system? The real culprit in this whole mess is the least regulated and that is credit card debt. Put some sense back in the system, put the boots to the credit card lenders, understanding that it will impact the economy significantly, especially retail goods. Gradually tighten the mortgage underwriting “standards” that have been perverted over the last 10 years. Will there be pain? No doubt about it. But an uncomfortable pain now, beats an agonizing pain later.
– GTA Broker
Peoples Offers Choice:CMHC & Conventional Mortgages for:Multi-Family Rental PropertiesSenior’s Housing ProjectsCommercial PropertiesConstruction Projects
®
CalgarySuite 955
808-4th Avenue SWCalgary, AB T2P 3E8
Fax: 403-266-5002Email: [email protected]
CMHC/Conventional FinancingDennis Aitken 403-205-8203Daniel Stewart 403-205-8202
VancouverSuite 1115-Bentall Two555 Burrard Street, Box 231Vancouver, BC V6C 3K4Fax: 604-683-2787Email: [email protected]
CMHC/Conventional FinancingBrian Kennedy 604-331-2211Jonathan Wong 604-331-2218
Single Family FinancingTom Wollner 604-331-2210
TorontoSuite 1801
130 Adelaide St. WestToronto ON M5H 3P5
Fax: 416-368-3328Email: [email protected]
CMHC/Conventional FinancingMichael Lombard 416-304-2078Ady Steen 416-304-2089
Single Family Alternate Equity Lending:Competitive Rates Equity Take OutsPurchasesNo Minimum BeaconHomeowner or RentalFlexible Income Veri cationRenewal Fees Available
7.1_News.indd 19 12-01-18 10:50 PM
EVENT GUIDE
Brought to you By
themortgagesummit.com
Platinum
Bags LanyardCoffee
Delegate Lounge
Silver Bronze
Mortgage CorporationMAGENTA
Mortgage CorporationMAGENTA
CASE STUDY EXPERT ADVICE WORKSHOP SESSIONLEGAL UPDATE
Financial ServicesCommissionof Ontario
I N S U R E
Think reverse mortgages are expensive?
Think again! With CHIP Home Income Plan’s new rates, homeowners 55+ can now access up to 50% of theirhome equity.
With the CHIP solution:
• no payments are required, until homeowners choose to move or sell • no income, credit or medical qualification are needed
• funds can be received in a lump sum or over time
In addition, clients maintain ownership and control of their home.
CHIP Home Income Plan is provided by HomEquity Bank, a Schedule I Canadian Bank. ™ Trademark of HomEquity Bank.
To find out more, or to partnerwith CHIP, contact us:
1-800-346-8707www.chipadvisor.ca
Come visit us at booth #2 at the Mortgage Summit to learn more!
Think reverse mortgages are expensive?
Think again! With CHIP Home Income Plan’s new rates, homeowners 55+ can now access up to 50% of theirhome equity.
With the CHIP solution:
• no payments are required, until homeowners choose to move or sell • no income, credit or medical qualification are needed
• funds can be received in a lump sum or over time
In addition, clients maintain ownership and control of their home.
CHIP Home Income Plan is provided by HomEquity Bank, a Schedule I Canadian Bank. ™ Trademark of HomEquity Bank.
To find out more, or to partnerwith CHIP, contact us:
1-800-346-8707www.chipadvisor.ca
Come visit us at booth #2 at the Mortgage Summit to learn more!
Dear Attendee,
I would like to take this opportunity to welcome you to this year’s Mortgage Summit. Home Trust is proud to be involved as the presenting sponsor and we are glad you could attend.
By purchasing your pass and taking time out of your busy schedule, you are proving to yourself and the industry that you are serious about your business.
Over the next two days you will hear directly from top industry executives, as well as industry leading and innovative fellow brokers. The information you gather and the connections you establish will help you provide even better service to your customers and, in turn, grow your business. You have made an investment in your career and we are proud to be part of it.
Home Trust is excited to support the inaugural Mortgage Summit, and hope you find the experience rewarding.
Thank you,
Martin ReidPresident
Home Trust Company
Please be aware that Mortgage Summit sponsoring and/or exhibiting companies (known from here forward as “Participating Company/Companies”) are not reviewed, controlled, or examined by KMI Media in any way and KMI Media is not responsible for the content, availability, advertising, products or other materials of any of the Participating Companies. A Participating Company’s presence at the Investor Forum does not imply KMI Media’s endorsement of or association with these Participating Companies. In no event shall KMI Media be liable, directly or indirectly, to anyone for any loss or damage arising from or occasioned by the use of the Participating Companies’ products and/or services or the information or material accessed through these Participating Companies. You should direct any concerns directly to the Participating Company’s management. KMI Media reserves the exclusive right, at any time and at its sole discretion, to add, change, decline or remove, without notice, any Participating Company from the Mortgage Summit.
This event is owned, organized and managed by KMI Publishing and Events. To find out more about KMI Publishing and Events, contact our Canadian office: Suite 800, 312 Adelaide Street West, Toronto, Ontario, M5V 1R2, Canada Phone: +416 644 8740 or visit www.kmipublishing.com
Welcome to
A WorD FroM our SPoNSor
Brought to you by
KMI PuBlISHIng AnD EvEnTS TEAM
CORPORATEPRESIDEnT & CEO Tim DuceOFFICE/TRAFFIC MAnAgER Marni ParkerEvEnTS AnD COnFEREnCE MAnAgER Chris DavisASSOCIATE OnlInE EDITOR vernon Clement JonesCAnADIAn MORTgAgE PROFESSIOnAl EDITOR John Tenpenny ART & PRODuCTIOngRAPHIC DESIgnER Alicia ChinEvEnTS ASSISTAnT Joanne li
SAlES & MARKETIngnATIOnAl SAlES MAnAgER Trevor BiggsnATIOnAl SAlES MAnAgER COnFEREnCE AnD EvEnTS John MacKenzie SAlES MAnAgER DIgITAl & EvEnTS Scott ClarkeACCOunT MAnAgER Paige Sain ACCOunT MAnAgER COnFEREnCE AnD EvEnTS John HeMARKETIng AnD EvEnTS COORDInATOR Julia ComitaleOPERATIOnS AnD MARKETIng Jessica Duce
Platinum Sponsor
Bag Sponsor Lanyard SponsorCoffee SponsorDelegate Lounge Sponsor
Silver Sponsors
Bronze Sponsors
Mortgage CorporationMAGENTA
Mortgage CorporationMAGENTA
Financial ServicesCommissionof Ontario
Thank You to all our Sponsors!
I N S U R E
evenT guide ThE morTGaGE sUmIT | 3 themortgagesummit.com
dAY 1: thursday May 31st
StrEAM oNE - Learning
9:00 - OPENING KEYNOTE - Canada’s Mortgage LandscapeA review of Canada’s Mortgage Industry and how changes, recent and forecast, will affect the Industry.
Ron Swift, CEO, Pacific Mortgage group Inc. Paul Therien, Director, Business Development, Centum Financial group IncMichael Beckette, President & CEO, Mortgage AllianceHosted by John Tenpenny, Editor, CMP Magazine
10:00 - What’s your VAP? If you don’t know, will you survive What is the number one threat to the mortgage brokering business today? With banks offering rates that we cannot compete with, have we reached the point where a mortgage broker will no longer be able to offer their client ‘the best rate’? If the chartered banks decide that they want to compete di-rectly on price - what will be the reaction of our industry? Chartered banks have two distinct advantages over the mono-lines: firstly they have a lower aquisition costs of funds, the ability to sell at a loss to gain market share & make up for it by cross-selling for profit.What’s the solution, brokers will need to differentiate themselves on something other than price – they will need to create a value Added Proposition (vAP )
Peter Kinch, President, Peter Kinch Mortgage Team
11:30 - Bridging the gap between Brokers & Realtors Find out how to capitalize on this mutually beneficial relationship. Hear from industry professionals and learn the keys to navigating the ever dynamic real estate industry.
Presented by
12:15 - Winning Over Consumers in the Internet Age Rate comparison sites and online mortgage forums are shaping consumer expectations. This session evaluates various success strategies which counter that trend, while acknowledging and embracing its realities. You’ll learn how to better communicate your value proposition, counter bank strategy, and win the trust of younger, more sceptical consumers. This is a session which cannot be missed.
Robert McLister, Editor, Canadian Mortgage Trends. Including Peter Majthenyi, Broker/Agent, Mortgage Architects - Mortgage PlannerDan Eisner, Senior Mortgage Specialist, True north Mortgage
10:45 - NETWORKING COFFEE BREAKIncluding one to one meetings & technology resource centre
StrEAM tWo - Knowledge Sharing
10:00 - Mortgage FraudIt is in the best interest of all stakeholders to work together to recognize and combat mortgage fraud in all its various forms. This will require a coordinated effort where all stakeholders share information on an ongoing basis. underwriters should be highly experienced in detecting mortgage fraud & experts at identifying red flags and mitigating risks.given the increase in mortgage fraud, there should be a continued focus on identity and documentation validation to prevent identity and title theft. And what steps brokers need to be aware of to look for fraud.
Brigitte L.-Beauchesne, vice President, Chicago Title Insurance Company. Eric C. Haslett, vP legal Services & Claims, FCT
11:30 - SEO & Social Media – Tips For Securing More BusinessSEO has been an important part of the marketing mix for many in the mortgage industry for some time now, but the rules for ranking are chang-ing. Search Engines are gradually incorporating signals from social media. In this session, learn how search engines operate, and how you can affect your site’s rankings. Participants will leave the session with many practi-cal tips they can start to apply to achieve better rankings immediately!
Presented by
EXPERT ADVICEEXPERT ADVICE
EXPERT ADVICE
EXPERT ADVICEEXPERT ADVICE
LEGAL UPDATE
eARn uP TO 8AMP CE Credits
4 | ThE morTGaGE sUmIT evenT guide
14:10 - 20 min Interview with Dustan Woodhouse from Dominion Lending Centres
14:35 - 20 min Interview with Mark Goode from Dominion Lending Centres
15:00 - Creditor Insurance - Term Insurance Which is the best method to protect your clients? Creditor vs. Term does it have to be either or? lender provided creditor insurance, pros and cons. What are some of the mortgage brokerage industry best practices?Submit your creditor insurance best practice or success story to [email protected]. Your name will be entered into a draw for a $100 gift certificate. Some of best practices and success stories will be highlighted during the presentation.
Presented by
16:30 - Stewardship of New Agents Why are new brokers increasingly leaving the business; How brokers are failing new entrants to the business; what individual brokers are doing to mentor new agents.
Joe White, President, REMIC. Ron De Silva, CEO, Real Mortgage Associ-ates. Nolan Mathias, Broker, Mortgage Architects & Trainer, Author. Gord Dahlen, Executive vice President, Dominion lending Centres. Moderated by Harry Singh, lecturer, Seneca College
17:15 - Collateral Charge Mortgages: Is there a middle ground ? Few products ignite broker debate like collateral charge mortgages. They may not be for everyone, but do they serve an important niche? A panel of lenders and brokers – for and against – take up the issue and the need for broker education on every facet of those complicated deals.
Gordon McCallum, Broker / President, First Foundation Residential Mortgages.David O’Gorman, President, Mortgageland Inc.grant MacKenzie, CEO, Canadiana Financial. Robert Leaker, vice President, Meridian
13.00 - NETWORKING LUNCHEON (Exhibition Foyer)
SALES STRATEGIES FOR BROKERS Workshop, Lunch And Learn
(Sky Room)
PRESENTED BYMEET SOME OF CANAdA’S TOp 50 BROKERS - INCLUdING Q&A
15:45 - NETWORKING COFFEE BREAK / TECHNICAL SHOWCASE (20 MIN)Including one to one meetings & technology resource centre
18:00 - CLOSING dRINKS RECEpTION
14:10 - 20 min Interview with Calum Ross from Verico
14:35 - 20 min Interview with Dave Butler from Verico
15:00 - Commercial Mortgages for BrokersIn this session we will explore the benefits and challenges of dealing with commercial mortgages.
CASE STUDY
CASE STUDYEXPERT ADVICE
EXPERT ADVICE
EXPERT ADVICE
SESSION
I N S U R E
evenT guide ThE morTGaGE sUmIT | 5 themortgagesummit.com
StrEAM oNE - Learning
9:00 - Raising the barA panel of experts lead a lively group discussion on the state of broker professionalism and ethics
Michael Cameron, Managing Partner, Axiom Mortgage Solution Inc. Brian Matthey, Broker/Owner, The Mortgage Professionals
9:45 - Opportunity’s Knocking, can you afford not to answer?Are you looking for more ways to expand your business?. Do you want to say yes to those clients you would usually turn away? In this interactive session with Home Trust, learn the ins and outs of B business. Our live panel of experts will openly discuss various ‘B’ deal scenarios, and will answer questions so you can open the door to more opportunities.
Presented by
10:30 - How to Launch Your Own Employee Mortgage Benefits Program How would you like to have companies in your area endorse you to hun-dreds of their employees at no cost to you? It’s a lot easier than you might think - if you know how. In this eye opening session you will learn the types of companies you should be targeting for best results, the best way to approach companies and how to identify the key decision maker(s), the critical steps you need to take in order to get your benefit program approved and how to systematize your benefits program to generate a steady stream of mortgage leads.
Doren Aldana, Mortgage Marketing Coach
12:00 - Monetize Your MarketingCase Study with Canada’s leading Specialist. One of Canada’s leading mortgage marketing companies, explains through a series of case stud-ies their secrets, enabling you to monetize your marketing strategy, and develop cost effective marketing tactics that deliver great results
Ingrid Menninga, Director of Marketing,Jolt Marketing
12:45 - Let’s talk: Underwriters, BDMs and brokersBrokers engage in a two-way conversation with a panel of BDMs and underwriters, focused on how to get more deals approved. It’s about rela-tionship building and bridging the gap between brokers and their lending partners, even as the roles of those players change.
Panel includes representatives from Equity Financial Trust, MCAP Service Corporation, Credit Union, Home Trust
11:15 - NETWORKING COFFEE BREAKIncluding one to one meetings & technology resource centre
13:30 - CONFERENCE ENdS
StrEAM tWo - Knowledge Sharing
10:30 - Regulations & the BrokerOntario has had five years with its new regulations, and the reviews have been largely positive. As FSCO oversees its first review of that regime, a panel of regulators and broker association leaders will lead mortgage pro-fessionals in a discussion on what is working and what could be tweaked to improve them. Areas of focus include enforcement and fee restrictions.
Jim Murphy, President & CEO, CAAMP. Glenn May-Anderson, Director, Franchise & Broker Development, Domin-ion lending Centres. Moderated by Hali Strandlund, President, Fisgard Capital Corporation
12:00 - Private lending: Growing interest; falling funding?More and more brokers are turning to alternative and private landing as the economy cools, but new legislation threatens to limit broker ending as the access to private money, say MICs and other private lenders. Find what the industry is doing to protect that lending source.
David Vyner, President, new Haven Mortgage Corporation. Hali Strandlund, President, Fisgard Capital Corporation. Dale Koeller, vP and Senior underwriter, Calvert Home Mortgage Invest-ment Corporation. Gavin Marshall, CEO & Founder, Magenta group of Companies
EXPERT ADVICEEXPERT ADVICE
EXPERT ADVICE
EXPERT ADVICESESSION
SESSION
LEGAL UPDATE
dAY 2: Friday June 1steARn uP TO 8AMP CE Credits
Our common sense approach opens the doors to home ownership even wider.
HT Summit Ad.indd 2 5/1/2012 4:58:58 PM
Our common sense approach opens the doors to home ownership even wider.
HT Summit Ad.indd 2 5/1/2012 4:58:58 PM
MORTGAGES I CREDIT I VISA I DEPOSITS I www.hometrust.ca
At this year’s Mortgage Summit, there are many opportunities to meet your Home Trust team. Simply visit our booth, stop by our lounge, and attend our session to learn how Home Trust can help you open more doors for your clients.
HT Summit Ad.indd 3 5/1/2012 4:59:05 PM
8 | ThE morTGaGE sUmIT evenT guide
dAY One STReAM OneRon SwiftAs the CEO of Pacific Mortgage group Inc., Ron Swift is responsible for the overall group operations for Radius Financial and Mortgage Architects. Recog-nized as a Canadian Mortgage Hall of Fame inductee, Ron is a respected member of the Canadian mortgage industry with a proven executive management track record and almost two decades of experience in a variety of leadership roles. Prior to joining Pacific
Mortgage group Inc., Ron served as President of MCAP’s residential mortgage origination, broker channel sales and servicing business for over 10 years. Formerly a Mortgage Broker and native of vancouver, Ron brings a wealth of knowledge of the Canadian retail mortgage market to the operations at Pacific Mortgage group.
Paul TherienBorn in Mississauga, Ontario and raised in Edmonton Alberta; Paul made the move to vancouver in early 2001. Paul started his career with AvCO Financial group in 1991 and achieved the sought after presi-dent’s club award four years in a row from 1992 to 1995. In the past 20 years, Paul has gained a wealth of experience about land titles, title insurance, legal process, lending, customer service, and the mortgage
brokerage industry. He has acted as a senior consultant to various firms in Western Canada setting up their customer service and consumer financing departments. Paul dedicates a significant amount of time to charity and has been recognized internationally for his contribution to Human Rights and Equal-ity, most recently recognized by being inducted to the Order of the Maple leaf in 2011. Previous to joining the CEnTuM Executive Team, Paul was senior Manager of Originations for BC and the Prairie Region at Firstline Mortgages, CIBC’s dedicated broker channel for mortgages. Paul is a strong advocate of the broker community and supports continued education and advancement of the profes-sion. He Joined Centum Financial group Inc. in August of 2010 as the Director of Business Development and has worked diligently to continue to enhance the experience for CEnTuM’s franchise network and the consumer.
Michael BecketteAn award winning residential real estate sales career evolved to commercial real estate sales then progressed to sales management with Montreal Trust Real Estate and Canada Trust Realty where he lead a team of over 800 Real Estate sales representatives. He joined Coldwell Banker in 1993, as Director of Education and established Coldwell Banker university in Canada to deliver sales and management educa-
tion to thousands of participants each year. later, as leader of the Coldwell Banker Marketing group, Michael directed the management of the corporate brand, helped develop the company into an industry leader and pioneered a unique and measurable customer oriented service model before becoming vice President of Operations in 1995. Since founding The Mortgage Alliance in 1998, Michael and his partners have seen the Mac/Mph group grow to more than
2,000 mortgage professionals. The organization provides consumers with choice, convenience and counsel for their mortgage needs, through their RIgHTMort-gage® products and in association with over 70 mortgage lenders. Michael is a Past Chair of CAAMP and one of the driving forces behind the creation of the Accredited Mortgage Professional designation and was an inaugural member of the association. In 2011 Michael was paid the industry’s highest recognition for his years of excellence and was inducted into the Canadian Mortgage Hall of Fame. In addition, Michael and Mortgage Alliance has helped the lives of thousands of Canadians over the past 13 years. The company has donated more than $400,000 toward several charities including the St Mike’s Comfort Fund, Canadian Breast Cancer Foundation and for the Weekend To End All Women’s Cancers where today, Michael is an honorary chair. A proven innovator, Michael knows sales, how to build sales and management teams and he believes that a clear vision, committed people, measurable goals and an unwavering focus on benefiting the customer are the cornerstones of any successful organization.
Peter KinchFounder of The Peter Kinch Mortgage Team and franchise owner with Dominion lending Centres across Canada. Peter Kinch is a regular contributor to Canadian Real Estate Wealth Magazine. Throughout his mortgage career, he has worked almost exclu-sively with real estate investors and is considered the foremost expert in Canada on helping real estate investors develop their mortgage portfolios.
Robert McListerRobert Mclister is Editor of CanadianMortgageTrends.com (CMT) and one of Canada’s leading mortgage authorities. Robert co-founded CMT in 2006. It’s since become a source of unbiased mortgage advice to more than 500,000 annual readers. CMT has been named one of Canada’s best personal finance sites by the globe & Mail and is a two-time Canadian Mort-gage Awards recipient. Robert and his wife Melanie
are also professional mortgage planners. Prior to that, he was an equities trader for eleven years and a finance graduate from the university of Michigan Busi-ness School.
Peter MajthenyiAfter graduating from McMaster university with a degree in Economics, Peter joined Midland Doherty, today known as CIBC Wood gundy. Mortgage brokering was in its infancy and Peter found it very intriguing, preferring to give money to clients to invest rather than asking for it to invest. Over the last 22 years he has been passionate about helping thousands realize their dreams of homeownership! Peter’s client
base has expanded on the principle “get by giving” … help in any way you can and the referrals will follow. His mission is to ensure that his clients are so completely satisfied with his level of service that they will be eager to introduce him to their family, friends, and colleagues. Peter regularly appears on Bnn Business news network, CBC news, Report on Business Tv, global national, global news, City Tv and in The globe & Mail and is also a Director at Canadian First Financial Centres. He and his team have embraced social media and have
SPeAKeRS
evenT guide ThE morTGaGE sUmIT | 9 themortgagesummit.com
SPeAKeRSa very strong presence using such vehicles as his website, Facebook and Twitter to engage clients and generate referral business and top of mind awareness.Peter was a founding partner of The Mortgage Training group, touring Canada speaking to thousands of mortgage professionals about the value of Customer Relationship Management and professionalism. His office (My Mortgage Planner) holds quarterly seminars with referral partners with his most recent Realtor Seminar attracting over 100 of his referral sources. Peter is a strong believer in doing MORE and is an owner of a Canadian First Financial Centre, which pro-motes the ability of his mortgage team to provide clients with access to wealth management and insurance advice and products. Peter is a strong believer in the evolution of the mortgage professional to a trusted advisor for a full range of financial products and services.
Dan EisnerDan Eisner is founder and CEO of True north Mort-gage, a national mortgage brokerage. He appeared on CBC’s Dragon’s Den in 2006 presenting his new con-cept of a retail mortgage store. The concept resonated with Canadians and as a result True north Mortgage has opened locations across Canada. True north Mortgage won Broker of the year in 2011 and was named to Profit magazine’s “Hot 50” fastest growing
companies in 2010 and 2011. Dan Eisner was named to Avenue Magazines “Top 40 under 40” in 2009 and to Business in Calgary, “Business leaders of Tomor-row” list in 2011. He has an MBA from the Richard Ivey School of Business and a B.Comm from McMaster university. He currently resides in Calgary Alberta.
Dustan WoodhouseDustan Woodhouse began brokering mid 2008, just in time for the first wave of what has become almost annual changes by CMHC. Things were moving along well into 2009 with 108 completed transactions that year. After hiring a full time assistant in 2010 total transactions have since pushed past 170 for both 2010 and 2011 as well. With over 200M in cumula-tive volume actively managed Dustan remains the
face and the voice for every one of his clients. Dustan’s book of business was built without any major print or social media campaigns, rather it was done one client at a time, and one referral source at a time. The best advertising of all remains doing a stellar job for each individual client, and having them ‘like’ both yourself and what you do for them.
Mark GoodeDuring his eleven years in the mortgage industry, Mark goode has helped thousands of people in Oril-lia and surrounding areas achieve their dreams of homeownership and financial security. Mark offers a disciplined focus on mortgage planning, rather than a "rate-shopping" exercise and simple mortgage transaction. Mark has a team of Associate Mort-gage Planners, all of whom have their own areas of
mortgage expertise and database of satisfied clients and referral sources. Mark has achieved the CMP’s Top 50 Broker status four years in a row and was voted Orillia's Favourite Mortgage Broker eight years in a row by the local newspaper. All of which is a direct result of the referrals he receives from his satisfied
clients, realtors and other financial planners. Mark is the President of the Orillia District Chamber of Commerce for 2012 and a member of the fundraising com-mittee for lakehead university. Over the years, he has been actively involved in many non-profit organizations and an active coach for his son’s rep hockey and lacrosse teams.
Joe WhiteJoseph J. White has been involved in the mortgage industry over the past 21 years. He has held several positions, including that of Mortgage Agent when he first entered the industry, sales manager with two national mortgage brokerages, national Sales Manager and vP of Sales with two national mortgage lenders as well as partner at a successful mortgage brokerage. Mr. White has developed the current On-
tario mortgage agent and mortgage broker programs that are delivered through over 20 colleges, and for over 12 years was part-time program coordinator of the mortgage broker program at Seneca College. He has instructed over eight thousand students and in 2003 won the Excellence Award for teaching and leadership excellence. His current textbooks are used in the Ontario Mortgage Agent and Mortgage Broker licensing courses. Currently the Principal Broker of a commercial mortgage brokerage/lender and a staunch supporter of the brokerage industry, Mr. White founded the Real Estate and Mortgage Institute of Canada Inc. (REMIC) in 2008.
Ron De SilvaRon entered the mortgage industry as a mobile mortgage specialist with CIBC in 1995. leveraging his sales & marketing background Ron successfully developed a mortgage referral network that rewarded him with mortgage sales in excess of $20 million in his rookie year. Ron eventually became an area sales manager and grew his team of mortgage specialist team to 27 professionals encompassing 16 languages
to service the diverse marketplace in greater Toronto West. In 2000, Ron joined Invis Inc in the capacity of vP of Marketing & e-commerce and commissioned some of the most successful internal branding programs to date in the mortgage industry. In 2006, Ron founded Real Mortgage Associates and continues to serve as its CEO.
Nolan Mathiasnolan Matthias, lead Planner and Co-Founder of Mortgage360, is the best-selling author of The Mortgaged Millionaire and golf Balls Don’t Float. With an acute business sense, an educational background in economics, and a strategic understanding of mortgages, nolan is quickly becoming one of the Ca-nadian Mortgage Industry’s brightest stars. Through a processed and thorough approach he helps his clients
successfully pick the right mortgage to meet their financial needs. nolan has served as a subject matter expert for the Alberta Mortgage Brokers Association, been a member of Canadian Mortgage Professional Magazine’s editorial board (industry magazine), has written for the Calgary Herald’s editorial section, and been a material contributor to the Alberta Mortgage Associate Program (MAP) licensing course. nolan has the unique privilege of being the youngest mortgage
10 | ThE morTGaGE sUmIT evenT guide
associate ever invited to join Mortgage Architects as a lead Planner, an honor only bestowed upon the most successful and well respected mortgage brokers in Canada.
Gord Dahlengord Dahlen has been a vocal mortgage broker advocate for both British Columbia and nationally for the past 23 years. Beginning his career at a broker ex-clusive lender in 1989 and continuing with two widely respected brokerages, gord has put the advancement of the broker at the forefront of all of his endeavors for more than two decades. His extensive experience and dedication to mortgage brokers includes three
terms on the board of the Mortgage Brokers’ Association of British Columbia (MBABC) – where he twice held the Executive Committee position of Treasurer. gord was instrumental in his first term as Treasurer in introducing, alongside his fellow board members, formal internal association management policies and reforms around transparency that remain in place today. Among his many treasured accolades, gord received the lifetime Achievement in the Mortgage Industry Award at the CMP Canadian Mortgage Awards 2011. This award recog-nizes lifetime achievement and current efforts to help the Canadian mortgage brokering industry progress. Thanks to his ongoing passion for the industry and its members, gord has also received the Outstanding Contributions Award from the MBABC, as well as the CAAMP MBABC award in 2008 for his contributions to the industry both provincially and nationally. gord has been an active member of MBABC since 1990 and CAAMP/CIMBl since 1995, and an Accredited Mortgage Professional (AMP) since the designation’s inception in 2004.
Harry SinghHarry Singh has been working in the mortgage indus-try since 1998. Harry started his career in mortgage servicing and transitioned to mortgage originations while managing teams of underwriters and busi-ness developments managers. Harry has a degree in Economics and a Master’s degree in Business Administration. Harry’s current position at Equitable Trust Company is Manager, Business Development.
Harry previously taught the Financial Services underwriting program and cur-rently teaches the Mortgage Agent Program at Seneca College. In addition, Harry currently sits on Independent Mortgage Brokers' Association board as a director.
Gordon McCallumChallenged to choose a career path as either a white-water rafting tour guide or a mortgage broker, gord McCallum chose the latter and founded First Founda-tion Residential Mortgages in 2002, despite the call of the wild. First Foundation’s mission to help financially responsible Canadians learn about the mortgage and financial services available to them, own real estate and other valuable assets, save money, grow their net
worth, and protect themselves, their loved ones, and their assets. In 2011 First Foundation Insurance Inc. was founded to further serve Albertans by protecting their homes, vehicles, assets, and businesses. As First Foundation’s founder and President, gord’s main focus is leading the organization, focusing on the firms mission, and instilling a strong set of values in the operation. Prior to starting
First Foundation, gord graduated with Distinction from the university of Alberta’s School of Business, worked in sales and service for a telecommunications company and was the founder of two other companies. He is the current Director for Ethics for Alberta north for the Alberta Mortgage Brokers Association (AMBA).
David O'GormanDavid O’gorman has been active in mortgage lending for more than 30 years. He is a graduate of Dalhousie university and earned his Certificate in Real Estate Finance (CRF) from the Real Estate Institute of Canada (REIC) & is a Certified Professional Mortgage Broker (CPMB). Since 1987 he has owned his own mortgage brokerage firm, Mortgageland Inc. As well as mortgage brokering, David actively practices, and
has been acknowledged by the Ontario Superior Courts of Justice, as an expert witness in matters related to negligent/incompetent/fraudulent mortgage lend-ing and mortgage brokering. Since 1988 David has been a certified instructor of mortgage financing for the Ontario Real Estate Association (OREA) and has been instructing the Real Estate Council of Ontario (RECO) update course since its inception. He is the first non-REBBA registrant to be awarded OREA’s prestigious “Excellence in Education” Award. He developed & teaches a course entitled “Pre-venting Real Estate & Mortgage Fraud” to appraisers & real estate registrants. Since 2002 David has been a member of the Financial Services Commission of Ontario’s Mortgage Brokerage Working group. In the past, he has been a Mem-ber of the national Executive of REIC, a member of OREA’s Education Committee, was a founding Member and for eight years a Member of the Board of Directors of the Independent Mortgage Brokers Association of Ontario(IMBA).
Grant MacKenzieAs CEO of Canadiana Financial, grant MacKenzie is responsible for the effective management of all facets of the business. With over 25 years of banking experi-ence, grant has a comprehensive understanding of all operational areas in innovative financial services firms. He played a key role in the successful launch of one of north America’s leading electronic banks. grant has been a passionate advocate for the broker
in Canada; being an original partner in Cervus Financial, where trailer fees were first launched in Canada.
Robert LeakerRobert leaker leads Meridian’s remote origination channels including the mortgage broker unit. Robert is responsible for the program development and busi-ness development functions. He has over 10 years of financial services experience both in banking and the credit union. Robert has held a number of positions in finance, business management, operations, and sales. He has won awards for innovation in the credit
union system for creating retail service programs, leveraging social media technologies and innovative approaches to mortgage origination.
SPeAKeRS
It is our pleasure to serve up comforting Compensation Plan choices including our Instant Reward Upfront option or Freshly Brewed Renewal Plan.
Contact your Director of Business Development today for details on our heart-warming new commission selections.
We focus on you.
www.canadianafinancial.com
Something exciting is brewing at Canadiana Financial.
FSCO Licence #12012
TrusT. Leadership. performance.
© 2011 equity financial Trust company
A new spirit in mortgage lendingDedicated to mortgage brokers
at equity financial mortgage services we deliver a new level of responsiveness and common sense lending to the ontario mortgage broker community.
EquityFinancialTrust.com/Mortgage Toll Free: 1.866.393.4891
12 | ThE morTGaGE sUmIT evenT guide
dAY One STReAM TWOBrigitte L.-BeauchesneBrigitte Beauchesne is vice President, national underwriting Counsel for Chicago Title Insurance Company Canada and oversees underwriting for transactions in all Provinces and Territories. Member of the Chambre des notaires du Québec, Brigitte has been involved in the Title Insurance industry for over 14 years and brings a wealth of expertise and knowledge with regards to underwriting commercial
transactions. She has worked on major real estate transactions, some of which are characterized by their complexity. She is regularly involved with the Claims Department, assisting the team with more intricate files. Brigitte has also been invited to be a guest speaker at various conferences with the Real Estate Forum, The Canadian Bar Association, The Canadian Institute and CAAMP.
Eric C. HaslettIn his role as vice-President, legal Services, Eric leads our legal services team in all areas, including claims, underwriting, corporate and employment law. He also remains active in our commercial title insur-ance area, where he continues to foster his existing relationships. With this broad and exciting mandate, Eric and his team handle diverse situations, support-ing a wide variety of business partners.
Eric joined FCT in 2001 as national Commercial Counsel. In 2004 he was appointed Assistant vice-President of the commercial division, where he was responsible for all matters pertaining to commercial title insurance. next, in 2009 Eric took on the role of Assistant vice-President, Corporate underwriting: it was here that Eric made significant contributions to our solid reputation for creative and innovative insurance solutions. From 1997 to 2001, Eric worked as a lawyer at the national law firm Fasken Martineau DuMoulin llP, with a focus on commercial real estate and financing. He obtained a bachelor of commerce from McMaster university in 1990 and later graduated from the faculty of law at The university of Western Ontario. He was called to the Ontario Bar in 1997.v Prior to his law experience, Eric worked for several years in commercial lending at TD Bank. He also exercised his passion for the game as a club professional at two prominent Canadian golf courses including glen Abbey. Eric shares his industry knowledge as a contributor to financial literature and has written numerous articles on title insurance.
Jeff QuippJeff Quipp is founder and CEO of Search Engine People Inc. (SEP), Canada’s largest search and social media marketing firm. SEP has been the recipient of Profit Magazine’s 100 Fastest growing Companies in Canada awards in 2009, 2010, 2011, and 2012, a feat he claims is the result of practicing what they preach. Jeff is a frequent speaker at internet market-ing conferences worldwide, and is widely recognized
as one of the pre-eminent authorities on search and social media marketing.
Calum RossIn 2010 Calum Ross was ranked as the top producing mortgage broker in the country by Canadian Mortgage Professional Magazine. He is regularly featured in the media as a mortgage expert including appearances on Canada AM, CTv, City Tv and Inside Toronto Real Estate. He is the mortgage columnist for new Homes and Condos magazine and The Condo guide and is regularly quoted in newspapers such as The national
Post, The globe and Mail and the Toronto Star. He holds both a B.Comm and MBA in finance and recently completed the Comprehensive leadership Program at Harvard Business School. In his 12 years as a mortgage advisor Calum has averaged over $100M a year in annual fundings. Calum is an expert in growing and managing a team while maintaining world class customer care. Calum will elaborate how he went from having never funded a mortgage to being over a $100M annual dollar producer in less than five years.
Dave Butler“Founder and Principal Broker of verico Butler Mortgage Inc., Dave Butler specializes in working with real estate agents and finding mortgage financing for their clients. Dave is also known to play a predomi-nant role in helping real estate investors set up their mortgage financing plans and portfolios through his association with many investment clubs across Ontario. This is Dave’s 9th year in the business and
over the course of his career has been an award winning producer in mortgage volume since he started. He was named the Mortgage Intelligence Rookie of the Year in 2004, writing $20 Million in mortgage volume at the age of 23 years old and has since grown his team to over $150 Million per year in volume”
dAY TWO STReAM OneMichael CameronMichael Cameron, AMP is CEO of AXIOM Mortgage Partners, a national network of independent mortgage brokerage firms. Mike has been in the mortgage bro-kerage industry since 1994 and is a graduate of the Sauder School of Business at the university of British Columbia. He’s active in several community-based affordable home ownership programs. Mike’s strong belief in community involvement has inspired him
to co-found The Home Program; an Alberta-based non-profit organization that educates people on how to face financial challenges so they can successfully move into home-ownership.
The Alberta Mortgage Brokers Association (AMBA) awarded him their Ambas-sador Award in recognition for his ongoing contributions to the Alberta mortgage industry and the community. A passion for our business and a recognized need to challenge the status quo inspired Mike to begin what he has dubbed ‘The Mortgage Revolution’ - A call for all mortgage professionals to work together to collectively raise the quality of our profession. Mike believes strongly in the need for us to get better with our consumers and more efficient with our lending partners if we want to grow our market share. Professional organiza-
SPeAKeRS
“We don’t do boxes.
People don’t belong
in boxes, they belong
in their own homes, and
you can’t put them in their
own homes if all you can
think about is what
box they fit in.”
Steve LydonManager Business Development
We know there are lots of customers out there that don’t
fi t the “norm” when it comes to their work and lifestyles.
That’s why Eclipse lending is here. We look at the whole
picture, listen to the whole story and come up with
options that fi t (just not in a box!).
Interested in making a deal?Swing by Booth 13 and run your
customers’ stories past us (we love a
good story!). We’ll use our decades of experience to
fi nd a fast, fl exible and workable solution to your most
perplexing mortgage situations – honest!
MCAP Financial CorporationOntario Mortgage Brokerage #10600
Ontario Mortgage Administrator #11790
Call us at 1 866 260-D-RUN (3786) or email us at [email protected].
TMS_Event Guide.indd 13 11/05/2012 2:06:01 PM
14 | ThE morTGaGE sUmIT evenT guide
tion memberships include AMBA, Canadian Association of Accredited Mortgage Professionals (CAAMP) of which he holds the Accredited Mortgage Professional (AMP) designation. Mike is also a Mortgage loans Association of Alberta (MlAA) member and is past President of the Edmonton Chamber Toastmasters Club.
Brian MattheyYou sometimes hear about business being borne in a garage and in Brian’s case it is the truth. After having worked for a major chartered bank for 16 years and a short stint in retail, he moved to Kingston to open a mortgage brokerage office for a major broker. nine months later the broker was placed in receivership and he was out of a job with 2 children, his wife and a 12% mortgage. He transferred the files to a temporary real
estate licence, bought the furniture from the receiver, found new premises to be renovated and moved into his garage for the next three months, while incorporat-ing a new licenced entity. That was 23 years ago. Over the past 23 years the busi-ness has grown to three partners who manage 7 offices throughout South eastern Ontario with a combined staff of 40 people, including agents and support staff. He was one of the original founders of CAAMP in 1993.His company was chosen as Kingston’s Best Mortgage Company in 2010 and he was chosen as Kingston’s Best Mortgage Originator in 2011,in a readers choice poll. On 2010 the company was recognized with the AMP Award of Excellence. In 2011,he was a finalist at the CMP Awards personally and his company received the CMP Mortgage Brokerage of the Year Award(25+ employees) in 2011.He is a past chair and currently serves on the verico Broker Advisory Board. In being able to watch the industry grow from its small beginning to where it is today, Brian is a firm believer in the premise that we all must raise the bar of what we do and how we do it. We must increase our perceived value and professionalism in the eye of the public, if we are to survive and increase our market share in this competitive and changing market.
Agostino TuziAgostino started as a Mortgage Officer with Home Trust in 1999 straight out of college. Since then, he has held a number of positions; underwriter, Manager of the Central Team, Senior Manager, AvP Mortgage lending, AvP Credit, and AvP Equityline visa. While his career has taken him from Core lending, to Credit, and to visa, he is currently back in Core and holds the position of vice President, Mortgage lending.
Armando DiseriArmando Diseri has spent the past 18 years in the mortgage industry. Before joining Home Trust 8 years ago, he was Branch Manager at Citifinancial. Since then, Armando has worked in different capacities, both on the Prime and non-Prime business lines, and currently holds the position of vice President, Mort-gage lending. Armando is a member of the CAAMP lender/Insurer Advisory Committee and the CAAMP
Professional Standards Committee.
Pino DecinaPino Decina has been with Home Trust in a number of capacities for the past 8 years. Prior to joining the Home Trust team, Pino worked at Canada Trust and CitiFinancial. Having worked through different decades of market conditions in both the prime and subprime sectors; Pino has a solid understanding of Canada’s mortgage market.
Ron CuadraRon Cuadra has spent the past 20 years in the mort-gage industry, 12 of which have been in subprime mortgages. Before joining Home Trust 6 years ago, he was with HlC Home loans Canada for 7 years. There, he spent his first 3 years as a national Marketing Manager and then moved on to become a Mortgage Broker, specializing in subprime mortgages. With a background in mortgage underwriting, mortgage
sales, and mortgage marketing, Ron currently holds a position of vice President, Sales and Marketing.
Doren AldanaDoren Aldana, the man many consider to be the na-tion’s leading Mortgage Marketing Coach, has been sharing his success strategies and innovative market-ing techniques since 2005, with tens of thousands of mortgage professionals across the country, from coast to coast. Doren is a contributing author for The Mortgage Journal, MBABC Magazine, AMBA Magazine, CMP Magazine, The niche Report, Mortgage ledger and
many other mortgage industry publications. He was also voted “Originator Coach of the Year” Award by MyMortgageCommunity and is the author of over 25 audio and video training programs. Doren Aldana has been hailed over the years as one of the most influential success coaches in the industry and has trained thousands of mortgage professionals how to utilize his powerful marketing secrets to create a predictable stream of new business... regardless of market conditions!
Ingrid MenningaReferred to as “The no nonsense Marketing Maven,” Ingrid Menninga, Director of JOlT Marketing, has x‐ray vision for carving out marketing opportunities and the creativity to convert them into gold! Ingrid delivers high‐impact, low‐cost, customized marketing strate-gies for turbo‐charging businesses of all sizes to great profits. After 12 years of working with legendary companies such as Carlson Marketing group, Pizza
Pizza, Invis Mortgages, and Royal lePage Canada, she left corporate Canada to launch JOlT Marketing In just 3 short years after starting JOlT Marketing, Ingrid has carved out a spectacular success roster working with Canada’s leading Real Estate and Mortgage brands such as gWl Realty Advisors, Mortgage Architects, Paradigm Quest and Oriana Financial. She has also been instrumental in devel-oping mega successful Broker Marketing Training programs for JOlT Marketing, including 5 Steps to More leads and Big M.O.n.E.Y and lead Swell, to help Brokers transform their businesses into success stories! Having achieved high accolades for skyrocketing sales for countless companies, Sales Agents and
SPeAKeRS
Creating wealth through creative wealth management. Discover Alternative Real Estste investment opportunities you can’t �nd at a bank.
Ph: 647.367.9734 Toll Free: 1. 855.267.2582 www.altaview�nancial.comThis advertisement shall not constitute an odder to sell securities or the solicitation of an o�er to buy securities of the Company in any jurisdiction. This advertisement may contain forward-looking
statements that are subject to certain risks and uncertainties that could cause actual results to di�er materially from any future results, performance or achievements expressed or implied by such statements.
A new perspective to investing
16 | ThE morTGaGE sUmIT evenT guide
budding Entrepreneurs with killer marketing campaigns, Ingrid is frequently asked to share her expertise in industry journals such as Canada’s Real Estate Magazine – REM, at speaking engagements for RE-Bar Camps, InMan’s Agent ReBoot, CMP’s The Mortgage Summit and in Sales Seminars for leading industry organizations. Ingrid holds a Masters Degree from the university of Toronto/Ryerson university in geo-Demographics as well as a B.A. from the university of Toronto. To receive monthly Marketing nuggets and exclusive invitations to free & extremely popular webinars sign up at www.joltmarketing.com
dAY TWO STReAM TWOJim MurphyJim Murphy, AMP is President and CEO of the Cana-dian Association of Accredited Mortgage Professionals (CAAMP) comprised of 12,500 members. Prior to his current position, Jim was Senior Director of govern-ment Relations and Communications for CAAMP and the Director of government Relations for the greater Toronto Home Builders’ Association (now BIlD) where he handled all advocacy and research efforts. Jim
was Executive Assistant to the Ontario Minister of Economic Development, Trade and Tourism and Minister of Transportation. He was Senior Policy Advisor to the Ontario Minister of Municipal Affairs and Housing and prior to that was a Senior Policy Analyst with the Toronto Board of Trade. Jim holds an Honours Bachelor of Environmental Studies in urban and Regional Planning from the university of Waterloo and a Masters of Arts in Public Policy and Public Administration from the university of Toronto.
Hali StrandlundHali Strandlund is a founding director and President of Fisgard Capital Corporation. She was born and raised in victoria, and is a graduate of Spectrum High School in victoria and Olds College, Olds, Alberta. While studying at Olds College she wrote the Alberta Real Estate examination as well as the British Colum-bia Real Estate and Mortgage Brokers examination. Hali was licensed to practice in BC in 1989. She is
licensed as a real estate agent, property manager and mortgage broker, and is a member of many industry related associations. She is currently Past Chair of the Canadian Association of Accredited Mortgage Professionals (CAAMP) and a Past President of the Mortgage Brokers Association of British Columbia (MBABC) after having served two consecutive terms as the MBABC President. Hali’s many industry related memberships also include the Mortgage Investment Association of BC (MIABC) and Canadian Home Builders Association (CHBA), both of which she served as a Director, the BC MIC Managers Association (BCMMA), the Alberta Mortgage Brokers Association (AMBA) and victoria Real Estate Board, the British Columbia Real Estate Association and the Canadian Real Estate Association.Her responsibilities at Fisgard include business development, residential and commercial mortgage underwriting, investor and borrower relations, risk assessment, and project and performance draws inspections. She is Fisgard’s corporate liaison with the mortgage brokerage community and conventional lending institutions.
David VynerWith 30 years of industry experience, Mr. vyner has a diverse background in real estate and mortgage financing. His expertise includes alternative and equity based mortgage financing, construction loans and mortgage syndications. David is the co-founder of new Haven Mortgage Corporation, new Haven Mortgage Fund (1) Inc. and Integrated Equities Inc. Integrated Equities Inc. is an exampt market dealer
(EMD) registered with the Ontario Securities Commission (OSC). David currently sits on the Independent Mortgage Brokers Association’s government Relations Committee. In thet past, he also sat on the chair of the Ethics Committee with teh Ontario Mortgage Brokers Association (OMBA). Mr. vyner is a proud supporter of the Independent Mortgage Brokers Association (IMBA), the Canadian Associa-tion of Accredited Mortgage Professionals (CAAMP), and the Exempt market Dealers Association of Canada (EMDA).
Dale KoellerDale Koeller began working with Calvert Home Mort-gage Investment Corporation (CHMIC) after graduat-ing from the university of Calgary with a Bachelor of Arts in Communications. As Calvert’s vice President and Senior underwriter, Dale is the primary genera-tor, analyzer and producer of mortgages for Calvert. He is responsible for meeting clients, interviewing, performing due diligence, supervising and develop-
ing property appraisals, analyzing market information and ensuring a high quality and standard of mortgage investments for CHMIC. Dale leads a team of three full time underwriters. Dale is a member of the Canadian Association of Accredited Mortgage Professionals and the Alberta Mortgage Broker Association. He is a licensed mortgage associate in Alberta, as well as a licensed real estate associate in Alberta. CHMIC is a founding member of Alberta’s Private lending Forum. Mr. Koeller has presented to the Parliamentary Committee on Finance, and the Standing Senate Committee on Finance on Bill C-13 which affects RRSP ownership of Mortgage Investment Corporations. Calvert Home Mortgage Investment Corporation has been in operation for over 36 years and over 25 years as a mortgage lender. CHMIC specializes in private mortgage lending, and in particular short term lending for investors and interim and bridge financing to the Alberta mortgage brokerage market.
Gavin MarshallW. gavin Marshall, B.Sc., M.B.A., is Chairman, Chief Executive Officer and founder of the Magenta group of companies, as well as of Magenta Capital Corpora-tion. Mr. Marshall holds a Bachelor of Science degree in Economics from Trent university, and a Master of Business Administration degree, with a specializa-tion in finance, from Queen’s university. Mr. Marshall also studied law at Queen’s. After graduation, Mr.
Marshall held progressively more senior positions with a number of Canadian financial institutions, primarily in the areas of credit and mortgage underwrit-ing. Mr. Marshall had successfully invested in mortgages for his own account for many years, prior to the establishment of Magenta. Management’s consolidated investment in both Companies exceeds $3.1 million. Mr. Marshall has super-visory responsibility with respect to mortgage lending decisions, as well as
SPeAKeRS
SPeAKeRS
Think reverse mortgagesare expensive?Think again!
With CHIP Home Income Plan’s new rates, homeowners 55+ can now access up to 50% of theirhome equity.
With the CHIP solution:
• no payments are required, until homeowners choose to move or sell • no income, credit or medical qualification are needed• funds can be received in a lump sum or over time
In addition, clients maintain ownership and control of their home.
CHIP Home Income Plan is provided by HomEquity Bank, a Schedule I Canadian Bank. ™ Trademark of HomEquity Bank.
Come visit us at booth #2 at the
Mortgage Summit to learn more!
Login to eprintagent.com and Start Saving
1000 Business Cards$17.29
Full Color 1 Sided 14 pt Heavy Card
1000 4x6 Postcards$55.52
Full Color 1 Sided 14 pt Heavy Card
500 2x3.5 Magnets$118.26
Full Color 1 Sided 8mm Magnet Stock
500 2x3.5 Plastics$145.31Full Color 2 Sided 15pt Plastic Stock
Prices are subject to change without notice. Prices exclude shipping and taxes. All prices in CAD.
1.888.907.5550 [email protected]
1000 BusinessCards 10004x6 Postcards
A HOLIDAY from HIGH PRICES !
SPeAKeRSoverseeing all facets of the Companies’ operations. Other staff members, with lengthy career experience in banking, accounting and financial management, are responsible for mortgage origination and administration, financial analysis and accounting and general operations.
David YoungDavid is the president of Propel Insure, a Canadian creditor mortgage insurance provider. Propel Insure is a broker-focused provider of unique products including job loss coverage for consumers. Prior to establishing Propel Insure, David was the founder and managing partner at Propel Financial, a residential and commercial mortgage brokerage. With over 15 years focused on the financial industry, including
the investment sector, banking, and insurance, David provides his clients with practical and effective financing solutions and advice. Prior to establishing Propel Insure in 2009 and Propel Financial in 2007, David created and managed the mortgage brokerage division of league Savings and Mortgage Company, the largest Atlantic-owned financial institution and a division of the Atlantic Credit union Central. David honed his skills and in-depth knowledge of the mortgage and insurance industries during his six years with Canada Mortgage and Hous-ing Corporation (CMHC) and First Canadian Title. The foundation of David’s ex-pertise in the financial sector began at RBC Financial group and ScotiaMcleod.
I N S U R E
How are you protecting your best assets? Protect your clients with the best insurance solutions available with Propel Insure. Propel provides you and your clients a full range of creditor insurance options:
√ Creditor Life √ Accidental Death √ Disability
√ Critical Illness √ Involuntary Job-loss
√ Term Referrals
Propel offers the most flexible compensation package in the industry:
No Clawback | Fronted | Monthly
Plus Propel’s exclusive Trailer Fee for the life of the policy
Effective June 4th you will be able to access Propel Insure via D+H Filogix Expert, as well as customize your applications at www.propelinsure.com
“New World” sales and marketing techniquesPresented by Greg Williamson, 180 Degrees Solutions Inc.
Attendees will learn the following:
1. How to close more leads already coming to your business.
2. Technology to attract new leads AnD control the referral process.
3. Why a longer sales cycle may be necessary for continued growth.
4. How to nurture clients in that longer sales cycle.
5. A step by step system on how to implement a 10 Year Database marketing system that members in greg’s Academy are making $60,000 or more per month by compelling their customers to early renew into a 10 year mortgage.
pLUS! Receive a special customized bonus package.
greg would also like to personally invite you to a CMP Mortgage Summit exclusive “Free Membership” area within his Mortgage Professionals Academy.
This is an exclusive offer with over 3 hours of video recordings, 20 downloadable documents and 3 recorded industry webinars.
Scan this code now to receive your bonus package!
May 31st 1-2pm in the Skyroom
LunCH & LeARn WORKSHOP
www.themortgagesummit.com/workshop
20 | ThE morTGaGE sUmIT evenT guide
SPOnSORS
PLATinuM
Home Trust Home Trust Company is one of Canada’s leading trust companies.We offer Canadians a wide range of financial product and service alternatives, including mortgages, visa cards, deposits and retail credit services. We focus primarily on a unique segment of the Canadian marketplace: consumers who do not have traditional credit backgrounds and whose specific needs are not met by larger financial institutions. We cater to self-employed entrepreneurs, people with past credit issues and borrowers with equity in their property who do not qualify due to lack of provable income or little credit history.
Home Trust is a federally regulated trust company carrying on business across Canada. Originally incorporated in Ontario in 1977 as Home Savings and loan Corporation, the Company was continued under the Trust and loan Companies Act (Canada) on March 9, 2000. We are a wholly owned subsidiary of Home Capi-tal group Inc., a publicly held company that trades on the TSX under the symbol HCg. Home Trust is also a member of the Canada Deposit Insurance Corporation and visa Canada.
With offices across the country from Halifax to vancouver, and our head office in downtown Toronto, we are able to offer thousands of Canadians the alternative financial solutions they need. Whether it’s helping you to buy your first home, consolidate higher-interest loans and credit cards to save you money, or renovate your dream house, we’ve got the flexible alternative solutions to help you meet your goals.www.hometrust.ca
deLegATe LOunge
CENTUMCEnTuM was founded in 2002 with the first offices opening in Regina, SK; St-John, nB; Olds, AB; and vancouver, BC. With its launch, CEnTuM was soon recognized as the most innovative organization in Canada having introduced the concepts of volume bonuses and group buying power to the industry. Having helped tens of thousands of Canadians obtain billions of dollars in mortgage financing, CEnTuM continues to lead the industry with some of the most innova-tive technology, systems, training and partnerships exclusive to the CEnTuM franchise network.www.centum.ca
COFFeeRadius FinancialFounded by a group of top mortgage industry professionals, Canadian-owned and operated Radius Financial (formerly mynext Mortgage Company) is a next-
generation mortgage lender that combines the best of experience and innova-tion. The company is focused on delivering products that meet the diverse and changing mortgage needs of Canadians, and is dedicated to customer service and satisfaction.
Radius Financial is an approved lender with the largest Canadian mortgage insurers – Canada Mortgage and Housing Corporation (CMHC), and genworth Financial. Our approved lender status allows us to offer products that meet a broad range of mortgage needs.www.radiusfinancial.ca
LAnYARdCanadiana Financial CorporationCanadiana Financial Corp, founded in 2010 is a Canadian, well-capitalized lender with offices in vancouver and
Toronto. Canadiana focuses on partnering with valued mortgage brokers to provide insured residential mortgages across the country. What sets Canadiana apart from the crowd is their strong commitment to providing brokers and their clients with exceptional service to build successful, sustainable businesses. Canadiana’s mission is to inspire, engage and support valued broker partners to achieve extraordinary results. They focus on earning trust by providing excep-tional service and support. Success is defined through financial results, their reputation in the mortgage industry and in the contributions they make back to the communities they serve. Canadiana’s strong capital structure, experienced management team and broker-centric approach have ensured growing success of the company in the Canadian mortgage market.canadianafinancial.com
BAgHOMEQUITYHOMEQ Corporation, a Canadian public company, is the continuation of Home Equity Income Trust after its conversion to a cor-porate structure on June 30, 2009. HOMEQ
Corporation’s shares are eligible for investment by registered plans, such as RRSPs, RRIFs, and RESPs.
HOMEQ earns a return from a portfolio of reverse mortgages originated by its wholly owned subsidiary HomEquity Bank. As of June 30, 2009, the portfolio generating cash returns comprised approximately 7,000 reverse mortgages with an accrued value of $833 million, secured by residential properties across Canada worth approximately $2.3 billion.
Canadiana Financial Corp
evenT guide ThE morTGaGE sUmIT | 21 themortgagesummit.com
SPOnSORS / eXHiBiTORSHomEquity Bank is the only national provider of reverse mortgages to Canadian seniors and it offers guaranteed Investment Certificates to Canadian investors.HomEquity Bank originates and administers Canada’s largest portfolio of reverse mortgages under the CHIP Home Income Plan brand. HomEquity Bank’s prede-cessor, Canadian Home Income Plan Corporation, has been the main underwriter of reverse mortgages in Canada since pioneering the concept in 1986.The CHIP Home Income Plan is a solution to the financial needs of Canadians seniors (55 years +). It is a type of residential mortgage that permits qualifying homeowners to convert a portion of their home equity into cash on a tax-free basis while remaining in the home.
HomEquity Bank also provides competitive guaranteed Investment Certificates (gICs) to investors across Canada. These gICs are available through a network of independent deposit brokers.www.chipmoney.ca/index.cfm
SiLveRFNF CanadaWith over 20 years of trusted service, FnF Canada is a comprehensive and innovative transaction management service provider
to large and small Canadian lenders. We specialize in facilitating all aspects of mortgage transactions; including title insurance, document processing, property tax management, appraisal management services and valuations for financial institutions.
Our end to end solution, which is unmatched in the industry, seamlessly integrates the services required for the life cycle of a mortgage closing from the request for an appraisal through to funding the transaction.Coupled with our industry leading technology, unique service strategies, agility and responsiveness, and uncompromising focus on innovation, we set ourselves apart from the competition.
FnF Canada’s business strategy, which has become a cornerstone of our success with clients, is to provide added value beyond the scope of our core services. We do that by becoming a strategic partner to our clients, embracing their goals and objectives to enhance their service and grow and facilitate growth of their sales. From the beginning of our relationships, we strive to become an extension of our client’s own sales and service teams and not just a service provider.Our 360° approach to service excellence is ingrained organizationally into our culture. It is another cornerstone of our success with clients and has been the key to building long term, sustainable and mutually rewarding relationships with them.www.fnf.ca
Propel InsurePropel Insure is the marketing consultant for the Fraser & Hoyt group for the distribu-
tion of their creditor insurance programs. Propel Insure will work with Fraser & Hoyt to market these programs to mortgage brokers across Canada. Together we offer a range of cost effective coverage to provide the necessary financial security for any need. propelinsure.com
TeranetTeranet is an international leader in electronic land registration and is the exclusive provider of online property
search and registration in Ontario. The company developed, owns and operates Ontario’s Electronic land Registration System (ElRS) and facilitates the delivery of electronic land registration services on behalf of the Province. The ElRS is the means by which ownership of real property and interests on title are searched, recorded and transferred in the Province of Ontario.
Teranet also maintains online access to Ontario’s Writs System, enabling customers to perform electronic Writs searches. The Writs System manages and maintains data relating to writs of execution issued and filed under various Federal and Provincial (Ontario) statutes.
Teranet’s ElRS enables customers to perform searches, submit title documents for registration and perform many other functions in what is widely recognized as one of the most advanced, secure and sophisticated electronic land registra-tion systems in the world.www.teranet.ca
BROnZeMCAPMCAP Service Corporation is a leading independent Canadian mortgage company, providing a full range of home financing options and related products designed to enhance the homeownership experience. Founded in 1981, MCAP originates, trades, securitizes and services mort-
gages with a professional staff of more than 500 in nine offices across Canada. MCAP originates mortgages exclusively through the Broker channel. We believe that a professional mortgage Broker is a consumer’s best option and we actively promote the services of Brokers across the country. Ranked # 1 for overall service to Brokers in the 5th annual CMP Brokers on non-Bank lenders Survey, we are committed to service excellence, for both Brokers and homeowners. MCAP sup-ports its Broker partners through Professor, our state-of-the-art secure Broker portal designed to help Brokers manage their business – and their time – so that they can focus on doing what they do best. Professor provides them with the tools they need to arrange their deals, including virtual documentation upload, status reports and an option for real time chat with a member of our underwrit-ing team!www.mcap.com
Vanguard Law Groupvanguard law group’s v-Close™ service allows Ontario real estate clients to sign all necessary documents for a purchase or
sale transaction from the comfort of their own home or office, in evenings or on weekends. This is how it works: • A mobile Commissioner of Oaths visits the client at their home or office• He/she brings a laptop that securely links to a lawyer back in the Vanguard office• Via live video conferencing, clients are walked through all of the documents• Clients can interact with the lawyer and ask questions, just as though they were face to face.
I N S U R E
22 | ThE morTGaGE sUmIT evenT guide
Mortgage refinance documents can also be signed at a client’s home or office, in evenings or on weekends, with a remote signing agent present.More information and current pricing can be found at www.vanguardlg.com.
PWCvalue, on your terms We focus on four areas: assurance, tax, consulting and deals services. But we don’t think off-the-shelf products
and services are always the way to go. How we use our knowledge and experi-ence depends on what you want to achieve. PwC Canada has more than 5,700 partners and staff in offices across the country. Whether you’re one of our clients or one of our team members, we’re focused on building deeper relationships and creating value in everything we do. So we’ll start by getting to know you. You do the talking, we’ll do the listening. What you tell us will shape how we use our network of 169,000 people in 158 countries around the world—and their con-nections, contacts and expertise—to help you create the value you’re looking for. www.pwc.com/ca
MagentaThe Magenta group of companies are Perth, Ontario based mortgage investment corporations, or MICs. Magenta is now in its 18th year of operation. Magenta
II commenced operations in July 2003, while Magenta III commenced operations in June 2011. The companies are managed by Magenta Capital Corporation.Magenta habitually invests over 80% of its portfolio in first mortgages secured primarily by owner occupied homes, in addition to seasonal cottage proper-ties, residential building lots and land. The balance of the mortgage portfolio is invested in carefully chosen residential 2nd mortgages. With assets under management exceeding $105 million, Magenta is now widely regarded as the top performing mortgage investment vehicle in Canada applying the critical invest-ment criteria of return and risk.www.magentainvestment.ca
Equity Financial Trust Equity is built to be lean and responsive. Today Equity Financial
Trust Company serves approximately 650 public companies in a wide range of industries. We are known for working closely with our clients and their advisors, providing accessible, personal service. They count on us to get things done quickly and correctly. The Equity Edge delivers. Equity’s lean structure allows us to offer very competitive pricing. We don’t have excess infrastructure and we have leveraged our technology, resulting in savings to our clients. The world of finance continues to change and we welcome that change. If you’re ready to take advantage of the next generation in client service and efficiency, you’re ready for the Equity edge. Over 20 years of high performance. Equity Financial Trust Company was founded in 1990 as Equity Transfer Services Inc., to serve the business-to-business financial market. We brought a very specific focus to the market which gave a competitive advantage. equityfinancialtrust.com
Equitable TrustEquitable group Inc. is a niche mortgage lender whose core business is first charge mortgage financing that are offered through its wholly owned subsidiary, The Equitable Trust Company (Equitable Trust). Founded in
1970, Equitable Trust is a federally incorporated trust company that is a CDIC insured deposit taking institution. Equitable Trust serves single family, small and large commercial borrowers, and their mortgage advisors. It also serves the investing public as a provider of guaranteed Investment Certificates (gICs), being licensed to issue gICs in every province and territory across Canada. Single family customers include business-for-self Canadians, newcomers, and investors who have the financial resources to achieve real estate ownership but do not meet the traditional credit criteria of the major banks. For new single family purchases or re-financing, we provide open and fixed-term mortgages with terms of up to five years on a variety of properties including homes and rental units. Equitable Trust actively originates mortgages in British Columbia, Alberta, Saskatchewan, Manitoba, and Ontario. Our Commercial Mortgage Broker Services line of business lends to qualified entrepreneurs, business operators and real estate investors who seek to buy mixed-use (storefront), retail office, multi-residential, and commercial and industrial properties, while our Commer-cial lending Services business funds large, sophisticated transactions that are secured by mortgages originated by commercial broker specialists.www.equitabletrust.com/Home/Home.aspx
SITStrategic Information Technology ltd. (SIT) develops and sells Portfolio Plus,
a complete, real-time banking software solution for banks, trust companies, credit unions, and building societies. The functionality of Portfolio Plus banking software continues to expand, on a daily basis. Portfolio Plus includes modules for loans, term deposits, investments, retail banking, point-of-sale (POS), ATM, web banking, accounting, and more. need to integrate with other banking systems? no problem. You can always utilize the advanced XMl and messaging capabilities of Portfolio Plus to ensure you can bring your legacy systems into the future. When you com-bine Portfolio Plus banking software with our preferred services you could achieve “market breakthrough” results like many of our customers have.www.stratinfotech.com
JOLT MarketingJOlT Marketing is a Real Estate and Personal Finance marketing company that develops fully customized, high quality marketing campaigns proven to drive results.
Started by a former Royal lePage Canada Marketing Manager and Marketing Specialist with Invis Mortgages, JOlT Marketing focuses on business from the client’s perspective. We stay on top of marketing trends, weed out the ineffec-tive mediums, and ensure that your customized marketing plans get the biggest bang for your marketing buck. JOlT Marketing specializes in:• Lead Generation Contests /Sales Contests • Agent Branding • Agent Training Programs (Personal Brand Bootcamp, 5 Steps to More Leads and Big M.O.n.E.Y. and lead Swell: How to run your own mega successful lead generation Contest) • Corporate/Brokerage Marketing CampaignsFor more information email [email protected] OR to sign up for one of our extremely popular free webinars join our e-newsletter at www.joltmarketing.com
Mortgage CorporationMAGENTA
Mortgage CorporationMAGENTA
eXHiBiTORS / PARTneRS
evenT guide ThE morTGaGE sUmIT | 23 themortgagesummit.com
Eprintfast.comWith over 30 years of experience, eprintAgent provides customers with economical, high-quality print services. Our goal is to increase the marketing success of mortgage agents across north America by making their direct mail easier
and more efficient than ever. eprintAgent offers a full library of unique postcard and business card designs. Agents can customize and order their print materi-als in three easy steps.Tel: 1-888-904-5550Website: eprintAGENT.com
Altaview Financial GroupThis dynamic company was formed by a group of industry leaders to bring its clients investment diversification opportunities. Altaview Financial
group provides quality syndicated finance products under one roof. These have been top choices of pension funds and very wealthy individuals for 20 years. Our team, in conjunction with Pennant Capital partners source the best alternative investment opportunities for higher internal analysis. Altaview Financial is a new perspective to investing.www.altaviewfinancial.com
FSCOThe Financial Services Commission of Ontario (FSCO) is a regulatory agency of the Ministry of Finance that regulates
insurance, pension plans, loan and trust companies, credit unions, caisses populaires, mortgage brokering, and co-operative corporations in Ontario. FSCO works with consumers, industry stakeholders and investors to enhance public confidence in, and access to, a fair and efficient financial services industry in Ontario. For more information on any of these sectors, visit our website: www.fsco.gov.on.ca, or call our Contact Centre at (416) 250-7250, toll-free: 1-800-668-0128, TTY toll-free: 1-800-387-0584.
FCTThe FCT group is Canada’s leading provider of end-to-end mortgage lending solutions and title insurance for residential and commercial
real estate transactions. Established in 1991, The FCT group pioneered the concept of title insurance in Canada and has gone on to build a diverse portfolio of process solutions and technology for lenders and mortgage brokers.
FCT’s financial strength, stability and commitment to service excellence are sec-ond to none in the industry. Based in Oakville, Ontario, FCT employs more than 1,000 people from coast-to-coast. Customers include more than 15,000 lawyers and notaries nationwide, all Canadian chartered banks and most major credit unions, other lending institutions, real estate professionals, mortgage brokers, and builders. For more information about FCT, visit www.fct.ca.
Search Engine PeopleSearch Engine People is Canadas largest and most trusted Internet marketing com-pany. Our team of over 70 seasoned experts is the trusted choice for over 600 clients
worldwide, including many of Canadas top brands. Serving Canadian Business-es, Big and Small. Search Engine People (affectionately known as SEP) provides Internet marketing services to a variety of businesses through one of its two key business units: The Enterprise group provides strategic marketing guidance and implementation for national and international brands. Search Engine People works closely with clients to determine the needs, constraints and ultimate goals of each engagement, in order to generate measureable and impactful re-sults. For enterprises with unique needs, SEP helps identify key opportunities for growth, and assists in the development of targeted marketing strategy designed to produce the desired results. The Enterprise group works with clients such as Air Miles, Scotiabank, Purolator, Moneris, MTv, Much Music and Ingwww.searchenginepeople.com/
Street Capital Financial Corporation
Street Capital Financial Corporation is a Canadian owned residential mortgage lender. Street Capital prides itself on offering a broad spectrum of mortgages, competitive interest rates and exceptional customer service. Street Capital is proud to work with mortgage brokers to help more Canadians find financing so-lutions for home ownership. Street Capital recently introduced their new Street Options Program, an alternative lending program assisting borrowers who don’t meet traditional prime business lending guidelines. Street Capital is owned by Counsel Corporation which is a financial services company that is listed on the Toronto Stock Exchange (TSX: CXS). For more information about Street Capital, visit: www.streetcapital.ca
Municipal Property Assessment Corpo-ration (MPAC)To meet the needs of the Financial Services sec-tor, MPAC has developed an Automated valuation Model (AvM) product. updated monthly, the
AvM provides an accurate real-time estimate of market value for all residential properties in the Provinces of Ontario, Quebec, nova Scotia, new Brunswick, newfoundland & labrador and the City of Winnipeg. Our comprehensive prop-erty and sales database provides cost effective, instant and accurate valuation solutions and effective fraud detection.www.mpac.ca
REMIC The Real Estate and Mortgage Institute of Canada Inc. (REMIC) is the Canadian
mortgage industry’s premier training and educational Institute. REMIC provides mortgage industry participants inspired training designed for success, including the Ontario mortgage agent course for licensing and both the introductory and advanced commercial mortgage brokering courses.www.remic.ca
Financial ServicesCommissionof Ontario
eXHiBiTORS
INVIS
Be Bold national brokerage Invis and Mortgage Intelligence is the professional home for brokers adhering to the highest industry standards. Our exceptional suite of bold resources make it easier to run your business, help you earn more, and give you the marketing and customer relationship management programs needed to build volume. Our exclusive and best-selling Partner Mortgage differentiates our brokers in today’s rapidly evolving marketplace. Our wide-ranging insurance programs go beyond creditor insurance to increase and diversify your income. Our national charity, Angels in the night, creates culture and community. Our brokers are not locked in; we have no long term contracts. Invis and Mortgage Intelligence has industry passion and leadership spirit. You belong. Be Bold! www.boldresources.com
Canon Canada Inc.Headquartered in Mississauga, Ontario, the company employs 1,400 people at its offices
nation-wide, servicing the Canadian market from coast to coast. Innovation and cutting-edge technology have been essential ingredients in Canon’s success. Canon’s leadership in imaging, optical and document management technology and solutions is based in large part on the thousands of patents the company has secured throughout its history. For the 16th consecutive year, Canon Inc. is among the top three uS patent recipients.The company’s comprehensive product line
includes networked multifunction devices; digital copiers (colour and black and white); printers, scanners, image filing systems and facsimile machines; calcula-tors, digital camcorders, digital and analogue cameras and lenses; semiconduc-tor, broadcast and other specialized industrial products.Canon supports programs that help preserve and protect the environment. The company instituted the Clean Earth Campaign in 1990, which assists various environmental and recycling initiatives. The Campaign has also supported leading environmental organiza-tions, such as World Wildlife Fund - Canada and the Canon Envirothon. For more information, visit www.canon.ca
CYR Funding We are here to assist you with your mortgage and/or refinancing needs in a seamless and stress free way, without the time and hassle for you to canvass
a number of lenders for the best rate. Whether you are buying a home, need to refinance or your existing mortgage is up for renewal, “let us do the work for you”. Our team is comprised of dynamic and highly qualified mortgage professionals who have garnered 80 years of cumulative experience. They are all well respected lending agents with extensive expertise and knowledge of Canadian mortgage and financial services. We work together to guide each and every client through this often arduous, stressful process. We accomplish this by providing customized advice, negotiating on your behalf or providing any other related procedure that might be required to get that FAST approval for your financing.www.cyrfunding.com
eXHiBiTORS
Compliance Checklist for Mortgage Administrators as of January 1, 2009
(Last Updated 11/2008)
Compliance Checklist for
Mortgage Administrators Financial Services
Commissionof Ontario
This Compliance Checklist was developed by the Financial Services Commission of Ontario (FSCO) to assist Mortgage Administrators in
complying with the new regulations relating to standards of practice (Ontario Regulation 189/08) and reporting requirements (Ontario
Regulation 193/08) under the Mortgage Brokerages, Lenders and Administrators Act, 2006. All of these requirements are set out in the
law — they are not suggestions.
Customer Relations
Provide your full name and Mortgage Administrator licence number when asked.
Prominently disclose the Mortgage Administrator’s authorized name and licence number in all public relations
materials. The public relations materials must clearly indicate that the company is independently owned and operated if the
Mortgage Administrator’s authorized name is the name of a franchise, or includes the name of a franchise.
Verify the identity of each lender/investor before entering into an agreement with the lender/investor to administer
the mortgage. This does not apply if a Mortgage Brokerage is required by law to verify the lender’s or investor’s identity in
connection with the mortgage.
You must be clear, concise and logical in written disclosures, consents and acknowledgements.
Disclose whether fees will be received from others. Disclose in writing to the lender/investor whether the Mortgage
Administrator may/will receive a fee or other remuneration, directly or indirectly, from another person/entity in connection with
administering the mortgage. Disclose the identity of the person/entity, the basis for receiving the fees, how that fee was calculated
and, if a benefit other than money, the nature of that benefit. Get written acknowledgement that the lender/investor has received this
disclosure.
Disclose whether fees will be paid to others. Disclose in writing to the lender/investor whether the Mortgage
Administrator may/will pay a fee or other remuneration, directly or indirectly, to another person/entity in connection with
administering the mortgage. Disclose the identity of the person/entity, the basis for paying the fees, how that fee was
calculated, and if a benefit other than money, the nature of the benefit. Get written acknowledgement that the lender/
investor has received this disclosure.
Disclose whether referral fees will be received. Disclose in writing whether any fees or other remuneration may/will
be received, directly or indirectly, for referring the lender/investor or a prospective lender/investor to another person/
entity. Describe in writing the nature of the relationship between the Mortgage Administrator and the other person/entity.
Disclose the relationship with borrower. Disclose in writing to each lender/investor the Mortgage Administrator’s
relationship with each borrower. This does not apply if the lender/investor is a Mortgage Brokerage, financial institution
or another Mortgage Administrator. Get written acknowledgement that the lender/investor has received this disclosure.
Disclose potential conflicts of interest. Disclose in writing to each lender/investor, any conflict of interest that the
Mortgage Administrator or an employee engaged in administering the mortgage may have in connection with the
mortgage. This does not apply if the lender/investor is a Mortgage Brokerage, a financial institution or another Mortgage
Administrator. Get written acknowledgement that the lender/investor has received this disclosure.
Return original documents to their owners when requested, at no charge.
�
�
�
�
�
�
�
�
�
�
Compliance Checklist for
Mortgage Brokerages, Brokers & Agents Financial Services
Commission
of Ontario
Compliance Checklist for Mortgage Brokerages, Brokers & Agents as of January 1, 2009
(Last Updated 11/2008)
This Compliance Checklist was developed by the Financial Services Commission of Ontario (FSCO) to assist Mortgage Brokerages,
Brokers and Agents in complying with the new regulations relating to standards of practice (Ontario Regulations 187/08 and 188/08)
and reporting requirements (Ontario Regulation 193/08) under the Mortgage Brokerages, Lenders and Administrators Act, 2006. All of
these requirements are set out in the law — they are not suggestions.
Customer Relations
Ensure the mortgage product presented is suitable for your customer. Consider the needs and circumstances of the
borrower, lender or investor to ensure that any mortgage or mortgage investment presented is suitable for your
customer. This requirement does not apply if the customer is another Mortgage Brokerage or financial institution.
If asked, provide the name in which you are licensed along with your Mortgage Brokerage/Broker/Agent
licence number.
Prominently disclose the Mortgage Brokerage’s authorized name and licence number in all public relations
materials. If the name of a Mortgage Broker or Agent is included, use the name in which he/she is licensed and the title
“Mortgage Broker”, “Broker”, “Mortgage Agent” or “Agent.”
If the Mortgage Brokerage is a franchise, clearly indicate that it is independently owned and operated. The public
relations materials must clearly indicate that the company is independently owned and operated if the Mortgage
Brokerage’s authorized name is the name of a franchise, or includes the name of a franchise.
Disclose the role in which the Mortgage Brokerage is acting.
• Disclose in writing to the borrower or lender whether the Mortgage Brokerage is acting for the lender, the
borrower, or both the borrower and the lender without preference to the interests of either.
• This requirement does not apply when the Mortgage Brokerage is the lender.
• Disclosure must be in plain language that is clear and concise. It should not include false, misleading or deceptive
information.
Use plain language and be clear, brief and logical in written disclosures, consents and acknowledgements.
Issue a receipt upon receiving trust funds. Indicate the amount that was received, the date, the name of the individual/
business that provided the funds, the purpose of the funds, the Mortgage Brokerage’s terms for holding the funds,
and the name of the Mortgage Broker/Agent who received the funds.
Return original documents to their owners when requested, at no charge.
Provide a written response to a written complaint. Tell the client that he/she may contact FSCO if he/she is not satisfied
with your response and believes the law has not been followed.
Disclosure
Disclose in writing to the borrower the number of lenders on whose behalf the Mortgage Brokerage acted during the previous
fiscal year and whether the Brokerage itself was a lender. Upon request, disclose in writing the name of the lender, if
any, with whom the Brokerage arranged more than 50 per cent of the total number of mortgages and mortgage renewals
during the previous fiscal year. Or whether the Mortgage Brokerage itself was the lender of more than 50 per cent of the
total number of mortgages and mortgage renewals.
�
�
�
�
�
�
�
�
�
�
Compliance Checklist for Managing the Mortgage Administrator, Keeping Records & Trust Accounts as of Jan. 1, 2009
(Last Updated 11/2008)
Compliance Checklist for Managing the Mortgage Administrator, Keeping Records and Trust Accounts
Financial ServicesCommissionof Ontario
This Compliance Checklist was developed by the Financial Services Commission of Ontario (FSCO) to assist Mortgage Administrators in
complying with the new regulations relating to standards of practice (Ontario Regulation 189/08) and reporting requirements (Ontario
Regulation 193/08) under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (the Act). All of these requirements are set out
in the law — they are not suggestions.Managing the Mortgage Administrator Establish and implement policies and procedures to ensure the Mortgage Administrator and every person acting on
behalf of the Mortgage Administrator complies with the law. Include policies and procedures on verifying the identity
of lenders and investors, as well as identifying and disclosing potential conflicts of interest that the Administrator or any
employee administering a mortgage may have in connection to that mortgage. Establish a complaints process for resolving complaints from the public. Designate an employee or someone
authorized to act on behalf of the Administrator to receive and attempt to resolve complaints from the public. Keep a
record of all written complaints received from the public and all written responses.
Maintain errors and omissions insurance. Each Mortgage Administrator is required to have errors and omissions
insurance that includes coverage for fraudulent acts. The insurance must cover a minimum of $500,000 for any one
occurrence and $1 million for all occurrences during a 365-day period. Notify FSCO if errors and omissions insurance is
cancelled or not renewed. Failure to comply with this requirement may result in a $1,000 penalty.
Maintain a financial guarantee of $25,000. The guarantee may be unimpaired working capital, or another form of
financial guarantee that is acceptable to the Superintendent. Immediately notify FSCO if this financial guarantee is
cancelled or does not meet the required amount. Failure to notify FSCO may result in a $1,000 penalty.
File an Annual Information Return by March 31st each year. Late filings may be subject to a $1,000 penalty.
Inform FSCO of your mailing address and e-mail address. All Mortgage Administrators must maintain a mailing
address in Ontario that is suitable for service by registered mail. A valid e-mail address is also required. Failure to
comply with this requirement may result in a monetary penalty. Notify FSCO within five days of the following changes:
• A change in the location of your principal place of business, or the opening or closing of any other office that is
open to the public. • A change in your mailing address, e-mail address, telephone number or fax number.
• A change in a Director, Officer or Partner. A late notification may result in a $500 penalty.Keeping RecordsEnsure the Mortgage Administrator maintains complete and accurate records of:
• Financial records for all mortgage administration activities in Ontario. (Financial records must distinguish between
deemed trust funds and other assets). • Mortgage Administrator agreements on administering mortgages.
• All documents and written information given to and received from lenders/investors and prospective lenders/
investors.
�
�
�
�
�
�
�
�
Compliance Checklist for Managing the Mortgage Brokerage
Financial ServicesCommissionof Ontario
Compliance Checklist for Managing the Brokerage as of January 1, 2009 (Last Updated 11/2008)
This Compliance Checklist was developed by the Financial Services Commission of Ontario (FSCO) to assist Mortgage Brokerages in complying with new regulations relating to standards of practice (Ontario Regulation 188/08) and reporting requirements (Ontario Regulation 193/08) under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (the Act). All of these requirements are set out in the law — they are not suggestions.Managing the Mortgage Brokerage
Establish and implement policies and procedures to supervise and ensure the Mortgage Brokerage and its Mortgage Brokers and Agents comply with the law. Include policies and procedures on: • The description and disclosure of the Mortgage Brokerage’s role in relation to borrowers and lenders. • Verifying the identity of borrowers, lenders and investors. • Determining the suitability of a mortgage or mortgage investment for a borrower, lender or investor.
• Identifying material risks and disclosing them to the borrower, lender or investor. • Identifying and disclosing potential conflicts of interest to the borrower, lender or investor. • Receiving incentives other than money from other persons and entities. • Providing incentives other than money to Mortgage Agents and Brokers of other Mortgage Brokerages. Screen and monitor all your Mortgage Brokers/Agents. Immediately notify FSCO if a Mortgage Broker or Agent is not
suitable for licensing.
Establish a complaints process for resolving complaints from the public. • Designate an employee or someone authorized to act on behalf of the Mortgage Brokerage to receive and attempt to resolve complaints from the public. • Provide a written response to each written complaint. • Keep a record of all written complaints received from the public and all written responses.Maintain errors and omissions insurance. Each Mortgage Brokerage is required to have errors and omissions insurance
covering fraudulent acts. The insurance must cover a minimum of $500,000 for any one occurrence and $1 million for all occurrences during a 365-day period. Notify FSCO if errors and omissions insurance is cancelled or not renewed. Failure to notify FSCO may result in a $1,000 penalty.
File an Annual Information Return by March 31st each year. Late filings may result in a $1,000 penalty. Maintain a mailing address in Ontario that is suitable for service by registered mail. A valid e-mail address is also required. Failure to comply with this requirement may result in a monetary penalty. Notify FSCO within five days of the following changes: • A change in the location of your principal place of business, or the opening or closing of any other office that is
open to the public. • A change in your mailing address, e-mail address, telephone number or fax number. • A change in a Director, Officer, Partner or Principal Broker. • A Mortgage Broker or Agent that is no longer authorized to act on behalf of your Mortgage Brokerage. A late notification may result in a $500 penalty.
�
�
�
�
�
�
�
Financial ServicesCommissionof Ontario
Compliance Checklists for Mortgage Brokerages, Brokers, Agents and Administrators
The Financial Services Commission of Ontario (FSCO) offers four checklists to help brokerages, brokers, agents and administrators to make sure they are in compliance with the law at all times.
The checklists cover: • Customer Relations • Advertising• Disclosure Requirements and Conflicts of Interest• Business Practices• Prohibited Activities
The checklists are easy-to-read and summarize all the regulatory requirements for standards of practice and reporting requirements under the Mortgage Brokerages, Lenders and Administrators Act, 2006.
To access these and other resources and services, visit FSCO’s website at www.fsco.gov.on.ca and click on Mortgage Brokering.
For timely and important industry updates, follow us on
FSCO AD.indd 1 09/05/2012 2:17:38 PM
Compliance Checklist for Mortgage Administrators as of January 1, 2009
(Last Updated 11/2008)
Compliance Checklist for
Mortgage Administrators Financial Services
Commissionof Ontario
This Compliance Checklist was developed by the Financial Services Commission of Ontario (FSCO) to assist Mortgage Administrators in
complying with the new regulations relating to standards of practice (Ontario Regulation 189/08) and reporting requirements (Ontario
Regulation 193/08) under the Mortgage Brokerages, Lenders and Administrators Act, 2006. All of these requirements are set out in the
law — they are not suggestions.
Customer Relations
Provide your full name and Mortgage Administrator licence number when asked.
Prominently disclose the Mortgage Administrator’s authorized name and licence number in all public relations
materials. The public relations materials must clearly indicate that the company is independently owned and operated if the
Mortgage Administrator’s authorized name is the name of a franchise, or includes the name of a franchise.
Verify the identity of each lender/investor before entering into an agreement with the lender/investor to administer
the mortgage. This does not apply if a Mortgage Brokerage is required by law to verify the lender’s or investor’s identity in
connection with the mortgage.
You must be clear, concise and logical in written disclosures, consents and acknowledgements.
Disclose whether fees will be received from others. Disclose in writing to the lender/investor whether the Mortgage
Administrator may/will receive a fee or other remuneration, directly or indirectly, from another person/entity in connection with
administering the mortgage. Disclose the identity of the person/entity, the basis for receiving the fees, how that fee was calculated
and, if a benefit other than money, the nature of that benefit. Get written acknowledgement that the lender/investor has received this
disclosure.
Disclose whether fees will be paid to others. Disclose in writing to the lender/investor whether the Mortgage
Administrator may/will pay a fee or other remuneration, directly or indirectly, to another person/entity in connection with
administering the mortgage. Disclose the identity of the person/entity, the basis for paying the fees, how that fee was
calculated, and if a benefit other than money, the nature of the benefit. Get written acknowledgement that the lender/
investor has received this disclosure.
Disclose whether referral fees will be received. Disclose in writing whether any fees or other remuneration may/will
be received, directly or indirectly, for referring the lender/investor or a prospective lender/investor to another person/
entity. Describe in writing the nature of the relationship between the Mortgage Administrator and the other person/entity.
Disclose the relationship with borrower. Disclose in writing to each lender/investor the Mortgage Administrator’s
relationship with each borrower. This does not apply if the lender/investor is a Mortgage Brokerage, financial institution
or another Mortgage Administrator. Get written acknowledgement that the lender/investor has received this disclosure.
Disclose potential conflicts of interest. Disclose in writing to each lender/investor, any conflict of interest that the
Mortgage Administrator or an employee engaged in administering the mortgage may have in connection with the
mortgage. This does not apply if the lender/investor is a Mortgage Brokerage, a financial institution or another Mortgage
Administrator. Get written acknowledgement that the lender/investor has received this disclosure.
Return original documents to their owners when requested, at no charge.
�
�
�
�
�
�
�
�
�
�
Compliance Checklist for
Mortgage Brokerages, Brokers & Agents Financial Services
Commission
of Ontario
Compliance Checklist for Mortgage Brokerages, Brokers & Agents as of January 1, 2009
(Last Updated 11/2008)
This Compliance Checklist was developed by the Financial Services Commission of Ontario (FSCO) to assist Mortgage Brokerages,
Brokers and Agents in complying with the new regulations relating to standards of practice (Ontario Regulations 187/08 and 188/08)
and reporting requirements (Ontario Regulation 193/08) under the Mortgage Brokerages, Lenders and Administrators Act, 2006. All of
these requirements are set out in the law — they are not suggestions.
Customer Relations
Ensure the mortgage product presented is suitable for your customer. Consider the needs and circumstances of the
borrower, lender or investor to ensure that any mortgage or mortgage investment presented is suitable for your
customer. This requirement does not apply if the customer is another Mortgage Brokerage or financial institution.
If asked, provide the name in which you are licensed along with your Mortgage Brokerage/Broker/Agent
licence number.
Prominently disclose the Mortgage Brokerage’s authorized name and licence number in all public relations
materials. If the name of a Mortgage Broker or Agent is included, use the name in which he/she is licensed and the title
“Mortgage Broker”, “Broker”, “Mortgage Agent” or “Agent.”
If the Mortgage Brokerage is a franchise, clearly indicate that it is independently owned and operated. The public
relations materials must clearly indicate that the company is independently owned and operated if the Mortgage
Brokerage’s authorized name is the name of a franchise, or includes the name of a franchise.
Disclose the role in which the Mortgage Brokerage is acting.
• Disclose in writing to the borrower or lender whether the Mortgage Brokerage is acting for the lender, the
borrower, or both the borrower and the lender without preference to the interests of either.
• This requirement does not apply when the Mortgage Brokerage is the lender.
• Disclosure must be in plain language that is clear and concise. It should not include false, misleading or deceptive
information.
Use plain language and be clear, brief and logical in written disclosures, consents and acknowledgements.
Issue a receipt upon receiving trust funds. Indicate the amount that was received, the date, the name of the individual/
business that provided the funds, the purpose of the funds, the Mortgage Brokerage’s terms for holding the funds,
and the name of the Mortgage Broker/Agent who received the funds.
Return original documents to their owners when requested, at no charge.
Provide a written response to a written complaint. Tell the client that he/she may contact FSCO if he/she is not satisfied
with your response and believes the law has not been followed.
Disclosure
Disclose in writing to the borrower the number of lenders on whose behalf the Mortgage Brokerage acted during the previous
fiscal year and whether the Brokerage itself was a lender. Upon request, disclose in writing the name of the lender, if
any, with whom the Brokerage arranged more than 50 per cent of the total number of mortgages and mortgage renewals
during the previous fiscal year. Or whether the Mortgage Brokerage itself was the lender of more than 50 per cent of the
total number of mortgages and mortgage renewals.
�
�
�
�
�
�
�
�
�
�
Compliance Checklist for Managing the Mortgage Administrator, Keeping Records & Trust Accounts as of Jan. 1, 2009
(Last Updated 11/2008)
Compliance Checklist for Managing the Mortgage Administrator, Keeping Records and Trust Accounts
Financial ServicesCommissionof Ontario
This Compliance Checklist was developed by the Financial Services Commission of Ontario (FSCO) to assist Mortgage Administrators in
complying with the new regulations relating to standards of practice (Ontario Regulation 189/08) and reporting requirements (Ontario
Regulation 193/08) under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (the Act). All of these requirements are set out
in the law — they are not suggestions.Managing the Mortgage Administrator Establish and implement policies and procedures to ensure the Mortgage Administrator and every person acting on
behalf of the Mortgage Administrator complies with the law. Include policies and procedures on verifying the identity
of lenders and investors, as well as identifying and disclosing potential conflicts of interest that the Administrator or any
employee administering a mortgage may have in connection to that mortgage. Establish a complaints process for resolving complaints from the public. Designate an employee or someone
authorized to act on behalf of the Administrator to receive and attempt to resolve complaints from the public. Keep a
record of all written complaints received from the public and all written responses.
Maintain errors and omissions insurance. Each Mortgage Administrator is required to have errors and omissions
insurance that includes coverage for fraudulent acts. The insurance must cover a minimum of $500,000 for any one
occurrence and $1 million for all occurrences during a 365-day period. Notify FSCO if errors and omissions insurance is
cancelled or not renewed. Failure to comply with this requirement may result in a $1,000 penalty.
Maintain a financial guarantee of $25,000. The guarantee may be unimpaired working capital, or another form of
financial guarantee that is acceptable to the Superintendent. Immediately notify FSCO if this financial guarantee is
cancelled or does not meet the required amount. Failure to notify FSCO may result in a $1,000 penalty.
File an Annual Information Return by March 31st each year. Late filings may be subject to a $1,000 penalty.
Inform FSCO of your mailing address and e-mail address. All Mortgage Administrators must maintain a mailing
address in Ontario that is suitable for service by registered mail. A valid e-mail address is also required. Failure to
comply with this requirement may result in a monetary penalty. Notify FSCO within five days of the following changes:
• A change in the location of your principal place of business, or the opening or closing of any other office that is
open to the public. • A change in your mailing address, e-mail address, telephone number or fax number.
• A change in a Director, Officer or Partner. A late notification may result in a $500 penalty.Keeping RecordsEnsure the Mortgage Administrator maintains complete and accurate records of:
• Financial records for all mortgage administration activities in Ontario. (Financial records must distinguish between
deemed trust funds and other assets). • Mortgage Administrator agreements on administering mortgages.
• All documents and written information given to and received from lenders/investors and prospective lenders/
investors.
�
�
�
�
�
�
�
�
Compliance Checklist for Managing the Mortgage Brokerage
Financial ServicesCommissionof Ontario
Compliance Checklist for Managing the Brokerage as of January 1, 2009 (Last Updated 11/2008)
This Compliance Checklist was developed by the Financial Services Commission of Ontario (FSCO) to assist Mortgage Brokerages in complying with new regulations relating to standards of practice (Ontario Regulation 188/08) and reporting requirements (Ontario Regulation 193/08) under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (the Act). All of these requirements are set out in the law — they are not suggestions.Managing the Mortgage Brokerage
Establish and implement policies and procedures to supervise and ensure the Mortgage Brokerage and its Mortgage Brokers and Agents comply with the law. Include policies and procedures on: • The description and disclosure of the Mortgage Brokerage’s role in relation to borrowers and lenders. • Verifying the identity of borrowers, lenders and investors. • Determining the suitability of a mortgage or mortgage investment for a borrower, lender or investor.
• Identifying material risks and disclosing them to the borrower, lender or investor. • Identifying and disclosing potential conflicts of interest to the borrower, lender or investor. • Receiving incentives other than money from other persons and entities. • Providing incentives other than money to Mortgage Agents and Brokers of other Mortgage Brokerages. Screen and monitor all your Mortgage Brokers/Agents. Immediately notify FSCO if a Mortgage Broker or Agent is not
suitable for licensing.
Establish a complaints process for resolving complaints from the public. • Designate an employee or someone authorized to act on behalf of the Mortgage Brokerage to receive and attempt to resolve complaints from the public. • Provide a written response to each written complaint. • Keep a record of all written complaints received from the public and all written responses.Maintain errors and omissions insurance. Each Mortgage Brokerage is required to have errors and omissions insurance
covering fraudulent acts. The insurance must cover a minimum of $500,000 for any one occurrence and $1 million for all occurrences during a 365-day period. Notify FSCO if errors and omissions insurance is cancelled or not renewed. Failure to notify FSCO may result in a $1,000 penalty.
File an Annual Information Return by March 31st each year. Late filings may result in a $1,000 penalty. Maintain a mailing address in Ontario that is suitable for service by registered mail. A valid e-mail address is also required. Failure to comply with this requirement may result in a monetary penalty. Notify FSCO within five days of the following changes: • A change in the location of your principal place of business, or the opening or closing of any other office that is
open to the public. • A change in your mailing address, e-mail address, telephone number or fax number. • A change in a Director, Officer, Partner or Principal Broker. • A Mortgage Broker or Agent that is no longer authorized to act on behalf of your Mortgage Brokerage. A late notification may result in a $500 penalty.
�
�
�
�
�
�
�
Financial ServicesCommissionof Ontario
Compliance Checklists for Mortgage Brokerages, Brokers, Agents and Administrators
The Financial Services Commission of Ontario (FSCO) offers four checklists to help brokerages, brokers, agents and administrators to make sure they are in compliance with the law at all times.
The checklists cover: • Customer Relations • Advertising• Disclosure Requirements and Conflicts of Interest• Business Practices• Prohibited Activities
The checklists are easy-to-read and summarize all the regulatory requirements for standards of practice and reporting requirements under the Mortgage Brokerages, Lenders and Administrators Act, 2006.
To access these and other resources and services, visit FSCO’s website at www.fsco.gov.on.ca and click on Mortgage Brokering.
For timely and important industry updates, follow us on
FSCO AD.indd 1 09/05/2012 2:17:38 PM
FLOOR PLAn
Thank you To our sponsors!
June 1st, 2012 | The Carlu
anoTher soLD
ouT eVenT!
Platinum Sponsor
Award Sponsors
Another event organised by
Officially audited by
After Party and Award Sponsor
Cocktail Party and Award Sponsor
see you aT The eVenT!CMA_Fullpg AD_CMP 7.5.indd 1 09/05/2012 2:45:37 PM
Raffles & Prizes
$997 vALUE!Thank you To our
sponsors!
June 1st, 2012 | The Carlu
anoTher soLD
ouT eVenT!
Platinum Sponsor
Award Sponsors
Another event organised by
Officially audited by
After Party and Award Sponsor
Cocktail Party and Award Sponsor
see you aT The eVenT!CMA_Fullpg AD_CMP 7.5.indd 1 09/05/2012 2:45:37 PM
5 Steps toMore Leads & Big M.O.N.E.Y
5 Week Marketing training Program Courtesy of JoLT marketing
A fully coached version of the 5 Steps to More leads and Big M.O.n.E.Y program which helps Brokers:• build a unique Marketing Plan & Calendar that includes a killer
combination of online, offline and social marketing strategies • craft a stronger Marketing Message that wins over prospects and melts
objections • use Calls to Actions to get prospects to take action without hesitation • develop a targeted marketing strategy that attracts highly profitable
clients • deploy a proven lead nurture process to convert strangers to leads to
clients easily
This raffle package includes:• The Invaluable 5 Week Audio Training program • 5 e-Workbooks to accompany each step • A sample monthly marketing calendar • Additional One on One Marketing Tele- Coaching for the Fully Coached
option
BoNuSES!• “How to use social media to grow your business in 20 minutes or less a
day” Training video • “How to test your ads before spending a cent” Training video • Free E-book “How to make great YouTube videos to promote your
business”
All raffles and prizes will be drawn at 11:15 am on June 1st during the networking coffee break
Raffles & Prizes
$4,270vALUE!
Done4U Employee Mortgage Benefits Program Courtesy of Doren aldana, mortgage marketing Coach
Imagine having a simple, low-cost marketing system that allowed you to:• Get companies to endorse you to hundreds -- even thousands -- of their
employees• gain instant credibility as the in-house “Mortgage Expert”• Diversify your lead sources (so you’re not relying so much on clients and
Realtors®)• Attract an endless stream of mortgage leads who are pre-sold on working with
you before they even meet you!
Introducing... Doren Aldana’s ULTIMATE Turnkey System for launching your own Employee Mortgage Benefits Program! This package includes: • All the stunningly designed, custom-branded collateral you need for success, such as:
• A custom-branded introduction letter • Proven scripts for booking your meetings • A custom-branded poster • A custom-branded tri-fold brochure • A custom-branded PowerPoint • A custom-branded header graphic • A customizable Communications Menu
• Step-by-step training, showing you exactly what to do and how to do it
• unlimited coaching and support to ensure your success!
Three Expert Interview MP3 Audios ($177 Value)45-Minute 1-on-1 Strategic Coaching Session ($350 value)
Free Year of Platinum Coaching Membership ($2,364 Value)
Plus, you’ll receive these amazing free bonuses...
All raffles and prizes will be drawn at 11:15 am on June 1st during the networking coffee break
COnTeSTAttend & Win
registered delegates will be entered into a draw to win up to $15,000 in prizes!
Reach first time home buyers & real estate investors that need mortgages now!
Both you and your preferred client can ride in style.
2ND PrizE $5,0001St PrizE $15,000
3rD PrizE dRive A neW ASTOn MARTin
1 of 3 PRiZe PACKAgeS
YOuR ad
inside!
All raffles and prizes will be drawn at 11:15 am on June 1st during the networking coffee break
As the Host of the Mortgage Summit our goal is to insure that the time and efforts you have committed will have an immediate, quantitative effect on the bottom line of your business.
In attendance we have the Top 50 Mortgage brokers in Canada, as well as, leading representatives from some of the most established firms in the Country and nominees for Canadian Mortgage Awards. One-to-one meetings are the heartbeat of developing business strategies; The Mortgage Summit is organized around a schedule of highly targeted, pre-arranged one-to-one meetings between you, the mortgage professional and peers of the industry.
At events it can be difficult to arrange a time to talk, or track down the key person you were hoping to communicate with. In order to avoid this issue, we have made things more comfortable and convenient for you, by launching our new meeting software called SYnCED.
1st For thE MortgAgE iNDuStry
These meetings address the specific challenges that you face in the mortgage industry. These one-to-one business meetings provide the ideal platform for summit attendees to do business and are at the heart of what makes The Mortgage summits distinct from other trade shows and conferences.
Our powerful meeting software ensures that only mutually-matched meetings take place, maximizing meeting time and accelerating business opportunities. Each delegate will have a detailed schedule of meetings, with timings.
FOR MORE InFORMATIOn vISIT
WWW.THEMORTGAESUMMIT.COM/SYNCED
HeLPing
CReATe BuSineSS
OPPORTuniTieS
With Synced you get:• Instant Scheduling• On-site management• Prearranged and pre-qualified meetings• Event communication
Looking in all the right places
www.pwc.com/ca/fs
The solutions to the challenges facing your business are out there. You just need to know where to look.
PwC has fi nancial services professionals in advisory, assurance and tax services, along with specialists supporting the Canadian mortgage industry. We can focus on your business issues, providing you with the right advice to help you deliver the right solutions.
To fi nd out more about what we can do for your business, contact us today.
© 2012 PricewaterhouseCoopers LLP. All rights reserved. In this document, “PwC” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership, which is a member fi rm of PricewaterhouseCoopers International Limited, each member fi rm of which is a separate legal entity. 2238-03 0512
Who to call
Diane Kazarian
Financial Services Leader
416 365 8228
Ryan Leopold
Audit and Assurance Partner
416 869 2594
Independently Owned and Operated. ®/™ trademarks owned byCentum Financial Group Inc. © 2012 Centum Financial Group Inc.
Delegate LoungeSponsored by Centum Financial Group Inc.
Centum.ca
Network with industry professionals to get fresh ideas on how to grow your business, and take time to reconnect with your o�ce using our complimentary Wi-Fi.
The Mortgage Summit
business / MArKetinG
MORTgAgeBROkeRNeWs.CA | 49
Doren Aldana explains how to close the deal and get that Realtor to partner with you who will be an asset and not a liability
REALTOR MARKETING SEcRETS
In my previous article, I gave you seven practical tips for conducting highly successful Realtor meetings. However, meetings in and of themselves won’t buy you a coffee at Starbucks. The key to turning meetings into money is the close. In other words, the trajectory of every contact, including your face-to-face meetings, should ultimately culminate in a decision to partner or not to partner. Here’s how you do it.
STEP 6 – GET A cOMMITMENTObviously, you’re not just meeting with Realtors for the fun of it. What a sad life that would be. Your goal is to get the right commitment from the right Realtor. After all, who wants to be married to a nightmare Realtor? One of my favourite sayings is, “It’s better to be alone than to wish you were.” So, during this initial courting phase, your job is to weed out the weenies and keep the keenies. Or put another way, sift out the duds and keep the studs. You want to partner with someone who is an asset not a liability. With that said, here are.
FOuR TIPS FOR GETTING THE RIGHT cOMMITMENT FROM THE RIGHT REALTORTip 1: Speak to their hot buttons. In last month’s article, I talked about the importance of using a “Needs Assessment” during your initial meeting in order to identify your Realtors’ pain-points, challenges and goals. By using that approach, you’re going to find out a lot about your Realtors’ hot buttons – what they really care about. Once you have that information, you can line up a second meeting, which I call the “Show ‘n’ Tell” meeting. This is where you can present effective solutions to their biggest problems. Do this and they’ll be hot for what you got.
Learn more from Doren at The Mortgage summit.www.TheMortgage summit.com
inFo
doren aldana is considered by many to be canada’s
leading Mortgage Marketing coach. since 2005, he has
been dedicated to helping mortgage professionals
attract more clients with less effort, regardless of
market conditions. for a free online workshop on “How
to turn your realtors’ listings into a flood of red-Hot
Mortgage leads,” visit: www.ultimaterealtorMarketing-
system.com.
AbOuT THE AuTHOR:
50 | MORTgAgeBROkeRNeWs.CA
Tip 2: Use scarcity. Studies show that people tend to want things more when they’re in short supply. No one wants Tickle Me Elmo unless it’s on backorder. Strange, but true. Now, here’s how you can harness that law of nature to work in your favour: limit the number of Realtors you work with. Yes, really.
Keep in mind that if you’re averaging $2,100 per transaction, all you need is four solid Realtors to send you one measly referral per month to add an extra six figures to your bottom line. The point is, it’s more about quality than quantity. It’s better to go narrow, deep and rich with just a few Realtors than it is to go wide, shallow and skimpy with a lot. That’s why you want to limit the amount of Realtors you work with to a select few. If you position yourself properly, the way I teach you, Realtors will start to see you in a totally different light. In fact, they’ll even consider it a special privilege just to have the chance to work with you. How’s that for a breath of fresh air.
In this case, there are two primary ways to create scarcity. The first is to offer exclusive, high-level partnership benefits that are only available to one Realtor per market area. For example, you would only allow one Realtor per municipality, county, jurisdiction, etc. The second way to do it is to simply limit the number of partners you will work with at any given time. For example, you could say, “I’m only allowing six Realtors at the ‘VIP Partnership’ level. Once those six VIP spots are taken, I’m not accepting any more at that level. It’s going to be first-come, first-served based on those who qualify. And once I hit my six VIP partners, I’m closing the doors.”
As you can see, both of the above strategies are strongly contingent upon your ability to provide extraordinary, unique value no one else is offering. If you’re just another replaceable commodity hawking “great rates” and “great service,” it won’t take long for their B.S. detectors to sound the alarm and you’ll be laughed right out the door. To make this work,
you’ve got to position yourself as an irreplaceable, indispensable asset on their team. Period. Anything less is doomed to failure.
One of the unique advantages of using the area-exclusive strategy is that when it comes to referring clients to your Realtors, they will each get exclusive rights to your referrals based on their market area. So if the client resides in North Vancouver, they will be referred to the North Vancouver Realtor. This keeps things clean and simple.
Tip 3: Get Them to Sell Themselves. As a cautionary note, this takes some guts. Again, you can’t assert this kind of posture unless you’re the “only show in town.” Once that prerequisite is fulfilled, it becomes a lot easier to do what I’m about to recommend with a straight face.
So, how exactly do you get your Realtors to “sell themselves?” Well, it’s actually quite simple. Just say something like, “Ralph, due to time constraints I can only offer this VIP partnership to six qualifying Realtors. What would you say are the top three reasons why I should consider choosing you to be one of my six?” Then just shut up, listen and take notes. Now all of a sudden, instead of you trying to sell yourself to them, they’re trying to sell themselves to you. What a world of difference.
Tip 4: Start Small. Don’t ask for marriage on the first date. Start small with an easy yes. Ask your Realtor for one listing that you can help promote. You might say something like, “If I can’t prove to you without a shadow of a doubt that my marketing systems can help you sell your listing faster and for top dollar, I won’t bother you with this ever again. Fair enough?” Nine times out of 10 they’ll oblige. And once they see the improved results, they’ll naturally want to hand over all their listings.
Now, perhaps you’re wondering why the heck you should be helping your Realtors market their listings anyhow. I mean, isn’t that the Realtors’ job? Well, yes. But what if you’re able to turn your Realtors’ listings into a flood of red-hot mortgage
business / MArKetinG
MORTgAgeBROkeRNeWs.CA | 51
leads? What if you could get your Realtors to pay for your lead generation? That’s exactly what I’ll be sharing with you in next month’s article. In the meantime, just trust the system. It works.
THE vIP PARTNERSHIP AGREEMENTRemember, the “VIP Partnership” should only be presented to top-notch Realtors who meet your specific criteria (hopefully more than just having a pulse and fogging a mirror). This exclusive opportunity should be reserved for those special “gems” who you respect and admire – the kind of people worthy of your time, energy and money.
Once you have someone who meets the above criteria, preferably at the end of your “Show ‘n’ Tell” meeting, you can present the VIP Partnership Agreement. This is a document that delineates what exactly each party in the partnership would be bringing to the table. It’s not a legally-binding contract; it’s just a simple agreement of understanding that outlines the key benefits of the partnership.
After you walk through the entire VIP Partnership Agreement and you can tell they
understand how it works, the next logical step is to ask, “Would you like to be considered as a candidate to claim one of the last remaining VIP Partnership spots?” If they say “yes” then you followup with the question I gave you earlier: “What are the top three reasons why I should consider you over all my other options?” That’s how you get them to sell themselves.
Now, the only thing left to do at this point is to close the deal. You can say something like, “You know what? I have a good feeling about you. How soon would you like to get started?” It’s as simple as that. Then you just pull out the pen, sign the agreement and you’re good to go.
So there you have it. I’ve just given you a step-by-step game plan for taking Realtors who don’t know you from a hole in the wall, and turning them into highly committed, loyal, high-level referral partners. In next month’s article, I’ll teach you some of my best strategies for helping your Realtors sell their listings fast and for top dollar, and most importantly, generate a steady stream of motivated buyer leads for you. Stay tuned…
48
CoverThe Year ahead
morTgagebrokernews.ca
71%of homeowners say they
are in a good position to
weather a potential down-
turn in the housing market
71%of homeowners say they
are in a good position to
weather a potential down-
turn in the housing marketSource: Mortgage Insights: Highlights from CAAMP’s Fall 2011 consumer and industry surveys (CAAMP/Martiz Research Canada)
reality out there instead of trying to sell around it, then people will trust us.”
But any efforts the industry may undertake as a whole will have no effect if individual brokers don’t do their parts, which means giving clients the best value-added service, improving effi ciencies and funding ratios with lenders, and of course, placing clients with the right lenders for their needs.
“Focus on the best interest of the client fi rst and foremost,” said Therien. “We are at a crossroads: we either go back to being the person you go to when the banks say no as it was 25 years ago, or become truly trusted advisers to our customer and move up to the next level.” CMP
7.1_CoverStory.indd 48 12-01-18 10:59 PM
stAtistics / resiDentiAL resALe Activity
52 | MORTgAgeBROkeRNeWs.CA
Sales activity rose 2.5 per cent in March, lifting national activity to its highest monthly level since April 2010.
Activity was up from the previous month in two-thirds of all local markets, with Toronto, Calgary and Edmonton contributing most to the national increase, according to the latest data from The Canadian Real Estate Association.
Actual (not seasonally adjusted) activity stood 1.6 per cent above levels in March 2011, the smallest year-over-year increase since last April. It reflects moderate gains in a number of major centres, including Toronto, Calgary, Montreal, Ottawa and Quebec City. Increases in these housing markets offset larger declines in Vancouver and the Fraser Valley, where activity last year ran at unusually strong levels.
A total of 108,373 homes traded hands in the first three months of the year. This is five per cent above the five-year average for first quarter sales, 3.8 per cent above the 10-year average, and 4.4 per cent above activity in the first quarter of 2011.
New listings were little changed following their uptick in February, having edged lower by 0.3 per cent on a month-over-month basis in March. The number of newly listed homes declined from the previous month in just over half of all local Canadian housing markets, and rose in almost all of the remainder.
“The spring housing market is off to a good start,” said CREA President Wayne Moen. “The number of sales and newly listed properties are up from levels last year, and the vast majority of housing markets remain balanced.”
NATIONAL PIcTuRE AT-A-GLANcEThis month’s roundup looks at the most recent data on residential resale activity and new listings
British Columbia -20%
Alberta 12.8%
Saskatchewan 31%
Manitoba -2.6%
Ontario 5.1%
Quebec 6.3%
New Brunswick -8.9%
Nova scotia 4.8%
Prince Edward Island 31.6%
Northwest Territories 0%
Yukon -20.6%
National Sales Activity(year-over-year percentage change)
source: CReA
British columbiasouth Okanagan (sales) 10.1%Kootenay (new listings) 14.3%
stAtistics / resiDentiAL resALe Activity
MORTgAgeBROkeRNeWs.CA | 53
Sales Activity & New Listings(year-over-year percentage change)
source: CReA
alberta Calgary (sales) 16%Grand Prairie (new listings) 21.4%
saskatchewan saskatoon (sales) 37.9%(news listings) 33.9% ontario
Guelph & District (sales) 22.8%Grey Bruce Owen sound (new listings) 43.8%
nova scotiaAnnapolis Valley (sales) 33.3%Cape Breton (new listings) 8.5%
new BrunswickNorthern New Brunswick (sales) 22.6%Moncton (new listings) 10.2%
Manitoba Brandon (sales) 36.5%(new listings) 19.8%
Quebec Quebec City (sales) 18.5%Trois-Rivieres (new listings) 14.9%
ProFiLe / broKer
54 | MORTgAgeBROkeRNeWs.CA
on theFAST TRAcKProving location isn’t the most important factor, Moncton-based Yves Boudreau has, in six short years, built one of the country’s most successful brokerages
Yves Boudreau
When Yves Boudreau began his career as a mortgage broker back in 2001, he was a complete novice in the industry, someone that as a broker/owner today he probably wouldn’t bring on.
“I was really green when I started, but a brokerage gave me the opportunity to start my career,” says Boudreau, the broker/owner of Centum Home Lenders in Moncton, N.B. “They even told me that had I been in Ontario they probably wouldn’t have given me the chance.”
Boudreau was certainly taking a chance, having spent time as a district manager for an inventory company before striking out to become a mortgage broker, something that fit his long-term goals.
“My dad was self-employed, so that’s what I wanted to do all along,” he says. “I had started buying investment properties in the mid- to late-90s and used a mortgage broker to arrange the financing. There weren’t a whole lot of them down here back then and I thought to myself, ‘this is something I would like to do.’”
In 2003, Boudreau went independent before purchasing his first Centum franchise in 2006. In addition to Moncton, Centum Home Lenders has offices in Dartmouth and Truro, Nova Scotia and more than 20 agents covering both provinces.
In that time, the number of agents under Boudreau has actually shrunk from a peak of approximately 35. However, even though the number of agents decreased, the brokerage has grown its volume nearly 40 to 50 per cent each of the last five years.
“Out of 260 Centum franchises, we’ve been No. 1 in deals/units for the last three years and No. 2 in volume,” he says. Those results are all the more impressive considering the market Boudreau operates in.
Boudreau says he has been able to achieve this kind of success by stressing “quality over quantity” when it comes to his agents as well as realizing early on what his strengths and weaknesses were when it
came to running a brokerage.“I’m not much of a salesman, I know that,” he
jests at least in part. “I’m passionate about the business, so I’ve surrounded myself with a good team – people that know how to sell and that are knowledgeable about the business.
“I’m more of a manager and an operations type and I consider myself pretty good with numbers. I’ve got a great team that knows how to sell and basically I stay in the background and pull strings and push buttons.”
If admitting that sales is not his strong suit seems a bit unorthodox, so is Boudreau’s business model.
Instead of going the traditional route of building based on referrals, specifically Realtor referrals, Boudreau began by assembling a team of telemarketers to generate leads. This also led to the business growing through refinance and debt consolidation clients, as opposed to purchases. Boudreau estimates that about 70 per cent of the business comes from refinances and/or debt consolidations.
He says these type of clients they deal with are different from first-time homebuyers and other purchasers. The result, he says is “a customer for
life, because you helped them during hard times when the banks wouldn’t help them.
Recently, Boudreau has concentrated on adding experienced agents, who need little training and can quickly establish themselves and grow their business. He says it’s a great fit for low-maintenance agents because the remuneration splits are aggressive. “For a higher-producing agent, they can make more money than owning their own franchise and by doing it this way, they don’t have to deal with all the administration that comes with owning a brokerage,” he says.
While business may have tightened recently, according to Boudreau, fewer agents he says is one positive result of the increased competition from the banks.
Don’t think Boudreau is any fan of the big banks; he’s not, especially in light of some of their non-mortgage practices. The problem, he says is also the manner in which government has tried to tighten the mortgage industry while at the same time turning a blind eye at the problem of unsecured debt.
“They’re focused on mortgages while the banks are still pushing credit cards at 19 per cent.”
FAcT FILE
yves boudreauBroker/ownercentum home Lenders Ltd.Moncton, n.B.Funded volume 2011: $160 millionNo. of loans: 1,150Education: Ba, MBa (Université de Moncton)Achievements/Awards: no. 1 centum office in canada for units in 2009, 2010, 2011; no. 2 centum office in canada for volume in 2009, 2010, 2011Target for 2012: $200 million
ProFiLe / broKer
MORTgAgeBROkeRNeWs.CA | 55
ProFiLe / ProviDer
56 | MORTgAgeBROkeRNeWs.CA
SPEcIALIzED SERvIcEWith its philosophy of dedicated service teams staffed by skilled employees who work exclusively with a select group of brokers in each region, Bridgewater Bank continues to build its relationships with brokers
“IT’S ALL AbOuT SERvIcE AT bRIDGEWATER bANK”You may have noticed Bridgewater Bank has new advertisements in the pages of CMP magazine. The message is all about service and servicing brokers: bold colours and big fonts shout it out. The
sports marketing treatment of the past has finished its season, so to speak, just like all of the Canadian NHL teams.
“At Bridgewater Bank, our focus is on servicing brokers in the best way possible,” said Todd Poberznick, assistant vice-president, B2B Solutions. “Our new marketing campaign, which talks about our commitment to service and the energy we bring, comes straight from our mortgage delivery teams.”
The service message that Bridgewater Bank is sharing ties nicely with its philosophy of dedicated service teams staffed by skilled employees who work exclusively with a select group of brokers in each region. Having one’s own underwriting team means brokers speak to the same employees on every deal. This enhances communication resulting in quicker turnaround times and personalized service.
Bridgewater Bank has also tapped the skills of key underwriters by creating dedicated product specialists. In particular, Bridgewater has two
devoted draw mortgage experts both able to quickly shepherd the difficult paperwork and attend to other complexities involved in these deals. Constant communication is key to turning these deals around and such relationship-building goes a long way to bolstering the confidence of brokers unfamiliar with draw mortgages. By building broker capacity, the bank is growing your business.
Bridgewater is also building capacity among its staff through education. Recently, Bridgewater’s entire underwriting team acquired the designation of Certified Mortgage Appraisal Reviewer after completing a two-day training program. Achieving the credentials means underwriters can better assess the quality of home appraisals, quickly determine if all required information has been provided and double-check calculations supporting the value of the home. Empowering underwriters to manage your deals more efficiently will improve turnaround times with fewer appraisals requiring escalation to a more senior team member. Complimenting these investments in people are Bridgewater’s upgrades in process refinements and technology, specifically the “BwB All Star Portal,” a secure electronic gateway that allows brokers to quickly and efficiently manage their deals.
Whether it’s about turning a house into a home or helping a broker find the right solution for a customer, Bridgewater’s commitment to its partners is right there in black and white – or actually green, yellow, blue etc. in this case.
Todd Poberznick
...our
commitment
to service
and the
energy we
bring, comes
straight from
our mortgage
delivery
teams
Thank you To our sponsors!
June 1st, 2012 | The Carlu
anoTher soLD
ouT eVenT!
Platinum Sponsor
Award Sponsors
Another event organised by
Officially audited by
After Party and Award Sponsor
Cocktail Party and Award Sponsor
see you aT The eVenT!CMA_Fullpg AD_CMP 7.5.indd 1 09/05/2012 2:45:37 PM
ProFiLe / insiGht
58 | MORTgAgeBROkeRNeWs.CA
Attracting new brokers is what will strengthen the industry going forward. CMP spoke to the six finalists for the Canadian Mortgage Award for Best Newcomer to get a sense of what motivates them and why they enjoy being a mortgage broker
JuLIE ANGSTADTVERICO Bob Hanscom Mortgage AgencyLloydminster, Alta.
What attracted you to the business of mortgage brokering?I was employed with a major financial institution for years and had recognized a notable shift from a focus on customer service to the bottom line. I no longer felt I was serving my clients the way I wanted to. I was inspired to join my current brokerage after seeing that they had the same focus on customer service and dedication to their clients that I had. In addition to the customer service aspect, I enjoyed being able to offer different lender options to my clients to make sure they had the best mortgage for their needs.
What is the most important lesson you’ve learned as an agent? There is always more to learn. This industry is always changing and growing. Keeping on top of the market changes and staying knowledgeable
about our lenders and their products keeps me on top of my game. I feel it is very important to keep up-to-date to make sure I am providing my clients and referral sources with the best advice.
JAcKIE bOWENVERICO Primex MortgagesCoquitlam, B.C.
What attracted you to the business of mortgage brokering?I gained interest in the business several years ago when I got a job working as an administrative assistant for a top-producing mortgage broker. Working with her for three years, I learnt not only about the mortgage industry but also about the value that a mortgage professional brings to clients of all credit and asset situations. A few years later I became a homeowner myself and was placed on the opposite end of the experience. The mortgage broker we were working with forgot to mention certain costs/related expenses, neglected to get back to us on several occasions and we never heard from
bLOODNEW
Julie Angstadt
Jackie Bowen
ProFiLe / insiGht
MORTgAgeBROkeRNeWs.CA | 59
him after completion. We felt like we were just another deal come across his desk and now that we were done, that was it. It was this experience that convinced me to become a broker myself. I refer to that transaction every day and do my best to ensure that no client I assist ever receives that kind of service.
RON LEFEbvREInvis Mortgage IntelligenceEdmonton, Alta.
What attracted you to the business of mortgage brokering?I bought my first home at the age of 19 and felt that I had been taken advantage of by my lending institution because I did not do my research as to what options were available to me. When I first encountered a mortgage broker, I thought to myself that this was incredible that such a service existed. It didn’t take me long to realize that this was something that I could do and make a difference in other people’s lives. The second was to have the ability to build a business that wouldn’t have any limitations to how far I could go and to give me flexibility to be able to enjoy all aspects of my life. My thoughts were that there is always room to improve and that I didn’t have to wait for someone above me to depart from their job in order for me to move up. The third was to make a difference in the industry to bring more awareness to what mortgage brokers do.
JEFF PARSONSDominion Lending Centres The Mortgage ShopWindsor, Nlfd.
What’s the most important thing the industry can do to support new agents?It is to continue promoting the value and concept of using a mortgage broker. Although mortgage brokering is growing in popularity, there is still a lot of uncertainty out there. The industry has to continue doing a good job at clarifying misconceptions and promoting the benefits. The industry should also set standards across the country to prevent having just anyone become a mortgage broker. If unqualified people are allowed to become brokers, the poor experiences those brokers create will only set us back in gaining the respect, trust and confidence of clientele. Finally, the industry needs to continue working with the banking system to highlight how our relationship can be mutually beneficial. The industry has to improve on its relationships with lenders so that
bank representatives will not feel threatened or inclined to spread negative information about the brokerage industry.
ScOTT RAWKINSDominion Lending Centres Total Mortgage and LeasingWest Vancouver, B.C.
What is the most important lesson you’ve learned as an agent?Building relationships with clients based on trust is key. It does not matter how big their mortgage is or whether they are a doctor or a trucker, building a business based on referrals is all about helping the client in front of you and making their best interests the most important thing in your business, then asking them for a referral.
What’s the most important thing the industry can do to support new agents?Newcomers need a niche and they need to be taught how to think strategically about their business. Business coaching, planning and tracking are also very important to our future success. Make a plan, track its success, improve, repeat, succeed.
AMy WILSONVERICO Brokers For LifeEdmonton Alta.
What is the most important lesson you’ve learned as an agent?You get back what you give. I put 110 per cent effort behind me in every detail and in return I have a growing and very successful business.
What’s the most important thing the industry can do to support new agents?Tools. When I started out I was a deer in the headlights. Strong knowledge of finance and credit and the completion of the mortgage course, gave me the overall book of knowledge. However, applying it in everyday situations can get tricky. With the tools I have at my disposal from my brokerage, such as CRM programs, product webinars, online support etc., it has helped a great deal. Without tools you can get lost very quickly. I also feel that the industry could do more by way of helping us to educate the consumer. Awareness of our profession is increasing but we could definitely improve on providing information to the public as to what we can do for them.
Ron Lefebvre
Scott Rawkins
Jeff Parsons
Amy Wilson
ProFiLe / FAvourite thinGs
60 | MORTgAgeBROkeRNeWs.CA
Favourite things…Simon Lyn Mortgage Agent, Mortgage Intelligence, Mississauga, Ont.
book: the alchemist
vacation: Barcelona, spain
Place: patios Miami’s south Beach
Music: latin rhythms
Food: oxtail with rice and peas
Movie: Blow
Sport: soccer
Drink: expresso Martinis
Hobby: spending quality time with my family
Every day of every month CMP and Mortgagebrokernews.ca delivers top quality, relevant content that independent mortgage broker profeswsions use to improve their business - no filler - no fluff.
ContaCt:Scott Clarke416 644 8740 x [email protected]
trevor Biggs416 644 8740 x [email protected]
Reach over 90% of the broker community
Maximize your marketing ROI with the leading independent voice of the mortgage brokering industry.
Guest / coLuMn
62 | MORTgAgeBROkeRNeWs.CA
Marcus Arkan
The Canadian mortgage and housing industry has remained one of the hottest
topics on newswire during the first quarter of 2012. As CMHC announced it was about to reach its $600 billion insurance limit, it sparked a round of argument and discussions over another mortgage rule tightening. While the rules have already been changed three times since 2008, the spokesperson for Syndicate Mortgages highlights why the current government seems reluctant in further tightening of mortgage rules.
Finance Minister Jim Flaherty, who talked about possible rule changes if required, recently stated that he is not willing to introduce new changes for the fourth time since 2008. It may be possibly due to the campaign started by CAAMP against any further changes in the rules this year. The report explained very well how any decision that would affect the Canadian mortgage and housing industry may also affect the economy as a whole.
While Flaherty stated that he has no plans to further tighten the rule, he expressed serious concerns regarding the increasing level of Canadian household debt. As the major reason behind the huge debt, CMHC is exceeding its cap and prolonged a low interest rate environment in the country; Flaherty said that he prefers to let the market correct itself.
He talks about the balance that needs to be addressed and he is right in this aspect. It is the banks and lenders, not the government, which offer mortgages. He is absolutely right when he said it’s their
market, it’s not his market.Another reason why the government
doesn’t see any reason to tighten the mortgage rule is because Canada’s housing industry is one of the most significant contributors in creating new jobs. It is utterly important to ensure the prosperity and stability of the mortgage market and rates. Due to a strong mortgage market, Canada’s economy managed to survive and stand during the last recession that hit the U.S. and several other countries.
According to major analysts and economists, the housing market downturn was the major trigger behind the recession faced by the U.S. A fearsome analysis predicts that Canada’s household-debt-to-income ratio may reach the 160 per cent peak, i.e. the same situation faced by the U.S. and U.K. prior to their last housing crises.
However, I think the prediction may not be valid or true due to the unevenness of the Canadian real estate market. While market conditions in some areas including Toronto and Vancouver are red hot, other areas are cooling down relatively. Due to these reasons, the Canadian housing market can be called moderate and balanced with no need for immediate intervention from the government.
This is definitely good news for borrowers and lenders who care about their clients and the Canadian housing industry as a whole. Right now, we must all enjoy low interest rates and fair mortgage rules while we can.
MySTERy SOLvED
Leading up to the federal budget, many
expected another round of mortgage
rule changes. Broker Marcus Arkan lays
out the reasoning that ultimately left
the government reluctant to further
tighten the rules
service / Directory
MORTgAgeBROkeRNeWs.CA | 63
Canadiana Financial Corp
Canadiana Financial Corp.www.canadianafinancial.comPh: 1 877 672 7219Page 41
HomEquity Bankwww.homequitybank.caPh: 1 866 522 2447Page 37
Firm Capitalwww.FirmCapital.comPh: 416 635 0221Page 16
Equitable Trust Companywww.equitabletrust.comPh: 1 866 407 0004Page 27
National Bankwww.nbc.caPh: 1 888 483 5628Page 33
Street Capitalwww.streetcapital.ca
Ph: 877 416 7873 Page 5
Bridgewater Bankwww.bridgewaterbank.caPh: 1 888 837 2326Page 9
Banks
Capital Directwww.capitaldirect.caPh: 780 868-0550Page 10
Non-Bank Lenders
Dominion Lending Centreswww.DominionLending.caPh: 1 888 806 8080Page 15
Canada Guaranty Mortgage Insurance Companywww.canadaguaranty.caPh: 1 866 414 9109Page 33
Insurance
Genworth Financial Canadawww.genworth.caPh: 1 800 511 8888Outside Back Cover
Home Loans Canadawww.hlcmortgages.comPh: 1 866 452 1821Inside Front Cover TM
Centum Financial Group Inc.www.centum.caPh: 1 604 257 3940Page 11
Broker Networks
Home Trustwww.hometrust.caPh: 1 877 903 2133Page 7
Peoples Trustwww.peoplestrust.comPh: 1 800 663 0324Page 48
FirstLine Mortgageswww.firstline.comPh: 1 877 658 3660 Inside Back Cover
Fisgard Captial Corporationwww.fisgardmortgage.com Ph: 1 866 382 9255Page 8
Mortgage Alliance Company of Canadawww.mortgagealliance.comPh: 1 877 366 3487 Page 47
Tribecca Finance Corporationwww.tribecca.caPh: 416 225 6900
Page 55
INVIS Mortgage Intelligencewww.invis.ca • Ph: 1 866 854 6847
Pages 42 and 43
Mortgage Architectswww.mortgagearchitects.ca • Ph: 1 877 802 9100Page 31
service / Directory
64 | MORTgAgeBROkeRNeWs.CA
Canadian National Association of Real Estate Appraiserswww.cnarea.caPh: 1 888 399 3366Page 35
Real Estate
VERICOwww.verico.caPh: 1 866 983 7426Page 13
D+H Limited Partnershipwww.dhltd.com
Ph: 1 866 345 6449Page 2
Technology & Software
Reach your target market with affordable
advertising solutions
Please contact Trevor Biggs at 416-644-8740 x236
The Lions Share Groupwww.lionssharegroup.comPh: 1 866 726 5159Page 12
Services
RMAI Financial Groupwww.rmaifinancial.comPh: 1 866 955 7624Page 17
Do you have news to share?Have you held a recent event or made a new appointment? If so CMP wants to hear from you!
Send us your newsworthy submissions and photos, and you may find your story in a future issue of CMP or online at MortgageBrokerNews.ca.
Send your news to: [email protected]
Your news is
our news!
Best Points [email protected]: 1 800 551 8786Ph: 416 251 9944Page 51
Real Estate and Mortgage Institute of Canadawww.remic.caPh: 1 877 44 REMICPage 29
The Mortgage Centrewww.mortgagecentre.comPh: 1 800 423 0107Page 3
Vector Financial Serviceswww.vectorfinancialservices.com
Ph: 1 866 483 8018Page 20
ROMSPEN Investment Corporationwww.romspen.comPh: 1 800 494 0389Page 1
Commercial Lenders
The hands on support of our Regional Business Managers is just one of the tools you’ll get as a FirstLine registered broker.
Call us today to get started.
Shane Lapointe1.866.683.8072
FirstLine Mortgages is a division of CIBC Mortgages Inc. ® FirstLine is a registered trademark of CIBC Mortgages Inc.
Introducing a new online resource designed to help you connect with the tools
and helpful information needed to stay ahead of the competition.
The Genworth Edge Resource Centre offers a full suite of resources designed to
enhance your professional skills, increase your brand awareness and build long
lasting relationships with your clients.
Visit GenworthEdge.ca and take advantage!
© 2012 Genworth Financial, Inc.
Why wouldn’t you take advantage?
The HomeownershipCompany
GEN_EDGE_WEB_CMP_Layout 1 12-03-02 2:43 PM Page 1