CMP 12.04

KEEPING YOUR COOL Why unbiased appraisals are essential in overheated markets MORTGAGEBROKERNEWS.CA ISSUE 12.04 | $12.95

FOREIGN OWNERSHIP What the government has been missing in its data-collection efforts CMA FINALISTS This year’s nominees for the industry’s top honours are revealed

TOP 75 BROKERS How number-one broker Jim Tourloukis and the rest of this year’s Top 75 managed to fund a combined $7 billion amidst industry shakeups

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Geoff is the owner of a successful DLC franchise, but he’s MORE than that.

Whether it’s spending time helping children at the Imani Home of Love orphanage in Kenya, East Africa, which he and his wife Kim founded in 2010, or working with a client to get them into their forever home, he’s caring, compassionate, thoughtful and willing to roll up his sleeves to get the job done.

This is what success looks like at DLC Isn’t it time you join a company that appreciates what you do - and who you are - both on and off the job?

Dominion Lending Centres —

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ISSUE 12.04

CONTENTS

22

COVER STORY

Who came out on top in CMP’s annual ranking of the industry’s highest-grossing brokers?

YOU ENVISION. WE ENABLE. Romspen Investment Corporation is a non-bank mortgage lender specializing in commercial real estate across Canada and the United States. With over $2 billion under administration, we offer customized mortgage solutions for term, bridge and construction financing from $4M to $100M.

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ISSUE 12.04

CONNECT WITH US Got a story or suggestion, or just want to find out some more information?

CONTENTS

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UPFRONT 04 Editorial

Inspiration for flourishing in hard times

06 Statistics

UPFRONT

10

NEWS ANALYSIS

44 46

Government intervention in the Toronto market seems certain, but what form will it take?

The industry’s biggest night is almost here – find out which of your peers are up for a trophy this year

INDUSTRY ICON Seasoned broker Bill Macklem reflects on 30 years of ups and downs in the mortgage industry

12 Opinion

The government is missing the big picture on foreign ownership

16 Broker network update

Networks weigh in on the latest federal budget and its potential to impact the housing market

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PEOPLE

RELIEF FOR OVERHEATED MARKETS

How a third-party appraisal can help clients make calm, collected home-buying decisions – even in white-hot housing markets

PEOPLE

54 Career path

Nitesh Prakash’s ascension through the ranks of the mortgage industry has been driven by innovative thinking

56 Other life

Flying high with broker and indoor skydiving enthusiast James Loewen

44

BROKER INSIGHT Award-winning broker Anne Brill offers her take on new mortgage rules and Toronto market madness

2

The banks’ high-pressure sales tactics are in the media spotlight – will regulation follow?

Banks’ data lockdown could be stifling fintech innovation

FEATURES

PEOPLE

08 Head to head

14 Technology update

FEATURES

CANADIAN MORTGAGE AWARD FINALISTS

How Canadians feel about their growing debt burden

MORTGAGEBROKERNEWS.CA CHECK IT OUT ONLINE

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UPFRONT

EDITORIAL

Prospering through adversity

M

ore than $7 billion. That’s what the industry’s Top 75 Brokers funded in 2016 – well, $7,019,161,070.77, to be exact. And that was done during a year that saw the industry’s most intrusive mortgage rule tweaks to date – rules that made it much tougher for monoline lenders and, indeed, brokers to compete with the much better funded, much more vigorously marketed big bank lenders.

Fears abounded that the industry would shrink as a result, that brokers, unsure of the lasting impact of the changes, would likely fund fewer mortgages because of the additional barriers. But, as was the case in 2012 after a previous round of rule changes, brokers proved once again they are up to the challenge.

At this point, we aren’t even surprised.

As was the case in 2012 after a previous round of rule changes, brokers proved once again they are up to the challenge Brokers from across the country are represented on this year’s Top 75 Brokers list, and many returnees from last year shattered their own previous records. Oh, and we should also mention this year’s list is headlined by a fresh yet recognizable face.

We don’t want to give too much away – you’ll just have to flip through this issue and see where you landed on the list.

The team at Canadian Mortgage Professional

www.mortgagebrokernews.ca ISSUE 12.04 EDITORIAL Editor Justin da Rosa Writers Joe Rosengarten Libby Macdonald Ephraim Vecina Kimberly Banks Copy Editor Clare Alexander

CONTRIBUTORS

SALES & MARKETING Associate Publisher Trevor Biggs General Manager, Sales John Mackenzie National Account Manager Trevor Lambert Marketing and Communications Melissa Christopoulos Project Coordinator Jessica Duce

Ron Butler

ART & PRODUCTION Design Manager Daniel Williams Designers Loiza Caguiat Marla Morelos Production Manager Alicia Chin Advertising Coordinator Kay Valdez

CORPORATE President & CEO Tim Duce Office/Traffic Manager Marni Parker Events and Conference Manager Chris Davis Chief Information Officer Colin Chan Human Resources Manager Julia Bookallil Global CEO Mike Shipley Global COO George Walmsley

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Canadian Mortgage Professional is part of an international family of B2B publications and websites for the real estate and mortgage industries MORTGAGE PROFESSIONAL AUSTRALIA sam.richardson@keymedia.com.au T +61 2 8437 4787

MORTGAGE PROFESSIONAL AMERICA cathy.masek@keymedia.com T +1 720 316 0151

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Copyright is reserved throughout. No part of this publication can be reproduced in whole or part without the express permission of the editor. Contributions are invited, but copies of work should be kept, as the magazine can accept no responsibility for loss

20/04/2017 11:07:30 AM

Thank you to everyone for making it a successful event!

Special thanks to our sponsors

1.888.928.1338

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®/™ Trademarks owned by Centum Financial Group Inc. © 2016 Centum Financial Group Inc. The intent of this communication is for informational purposes only, and is not intended to be a solicitation to anyone under contract with another mortgage brokerage operation.

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UPFRONT

STATISTICS

Dealing with debt

PROVINCIAL ATTITUDES TOWARD DEBT Nearly three out of every five Ontarians who responded to MNP Debt’s survey said they would be concerned about their ability to keep up with their obligations if interest rates were to rise. Meanwhile, nearly half of those in the Atlantic provinces were concerned that an uptick in interest rates would move them toward bankruptcy.

Canadians are more indebted now than at any time in recent history – but they’re not taking it lightly

RESPONSES MUCH INK has been spilled in the past few years on Canadians’ relationship with debt, as ultra-low interest rates have inspired more and more people to increase their personal debt load. While many have sounded an alarm over the fact that household debt has reached a record 169.4% of disposable income, Canadians’ attitudes toward that debt suggest that they’re far from carefree about being in the hole.

$2.03 trillion Total household debt as of the end of 2016

According to results from the latest MNP Consumer Debt Sentiment Survey, published in April, almost two out of every three Canadians (64%) said that paying down debt is their foremost financial concern, rating it ahead of saving, spending or other options.

Across the board, more than four out of every five (82%) assigned paying off debt a greater importance than saving.

31%

56%

Canadians who would be willing to take on more debt if rates went down

Canadians who report being within $200 a month of being unable to pay their bills

The current low-interest-rate environment has caused me to take on more debt than I otherwise would have If interest rates rise, I will be more concerned about my ability to repay my debts than I am now I am concerned about rising interest rates triggering a move toward bankruptcy If interest rates drop further, I will feel more comfortable with my debt load

27%

Consumers exposed to a potential rate increase through a line of credit or variable-rate mortgage

I feel I will never be debt-free

Sources: Statistics Canada; MNP Consumer Debt Sentiment Survey, April 2017; TransUnion Insights

DEBTORS’ REMORSE

THE ABILITY TO BORROW

Nationally, the proportion of Canadians who report being concerned about their level of debt has grown from 43% in early 2016 to 52% as of last September.

Canadians’ propensity to take on more debt is directly tied to their borrowing capacity – and nearly a third of respondents to the MNP Debt survey reported that their borrowing capacity had increased over the past year. Only 12% reported a decrease in borrowing capacity.

PERCENTAGE OF CANADIANS CONCERNED ABOUT THEIR DEBT LOAD 60% 50% 40%

52%

52%

57%

53%

Significantly increased in the past year Increased in the past year

Borrowing capacity

20%

60%

10%

NO

British Columbia Ontario

Quebec

Alberta

Prairies Atlantic Canada

Source: MNP Consumer Debt Sentiment Survey, April 2017

6

7%

24%

44%

30%

0%

6% 5%

60%

Stayed the same Decreased somewhat Strongly decreased

Are freer with spending as a result

YES 38%

62% Source: MNP Consumer Debt Sentiment Survey, April 2017

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British Columbia

Atlantic Canada

16% 38% 20% 45% 15%

Prairies

27% 61% 46% 71% 28%

Quebec

34% 43% 30% 55% 17%

24% 48% 35% 59% 15%

Alberta

Ontario

27% 55% 39% 56% 16%

34% 59% 39% 62% 10% Source: MNP Consumer Debt Sentiment Survey, April 2017

PAYING DOWN DEBT OR SAVING FOR THE FUTURE?

GOING DOWN?

The proportion consumers are paying in interest on their debts has slowly fallen over the past five years, while the rate at which they’re saving has increased in recent months. The bad news?

Canadians are still spending more on debt than they’re putting away for a rainy day.

Only 30% of survey respondents said their debt level had increased in the past year, while nearly half said it had stayed the same.

8%

DEBT LEVELS

Debt service ratio, interest only Household savings rate

7%

Significantly increased 6%

91%

6%

Increased 21%

5%

Stayed the same 4% 3%

48% Q1

Q2

Q3

2012

Q4

Q1

Q2

Q3

2013

Q4

Q1

Q2

Q3

2014

Q4

Q1

Q2

Q3

2015

Q4

Q1

Q2

Q3

Q4

2016 Source: Statistics Canada; Trading Economics

Went down 25% Source: MNP Consumer Debt Sentiment Survey, April 2017

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UPFRONT

HEAD TO HEAD

Will regulators finally crack down on the banks?

Media scrutiny is focused on aggressive sales tactics at big banks, but is that enough to prompt regulators to investigate?

Paul Mangion

Tara Borle

Dalia Barsoum

Principal broker/partner The Mortgage Centre/CFF Banking Centre

Lead mortgage planner Mortgage Architects

Mortgage broker Centum Streetwise Mortgages

“The regulators might be scrutinizing the banks now, but do you really think anything will change? The big banks are forbidden from tied selling, yet account holders routinely receive calls about insurance and investments.

Our regulators will create more rules, but the behaviour won’t change. There have always been two sets of rules in the mortgage industry: one for the brokers, and one for the banks. Guess which is less restrictive? There has never been a level playing field in financial services, and there never will be. Regulators pick and choose what rules to enforce and which rule-breakers they will punish.”

“It is my belief that the recent media focus on aggressive bank sales tactics is the result of a few outspoken individuals who were dissatisfied in their jobs. I don’t believe that this is a wide-scale problem, but rather has been blown out of proportion by the media.

While it could be beneficial for regulators to take action and investigate this issue in the banking industry in order to ensure that ethical practices are being adhered to, it is my belief that this issue is not as serious or as widespread as the media is currently portraying it to be.”

“The increase in regulatory oversight in regard to high-pressure sales practices will ensure that the banks seek explicit and clear consent from clients regarding any products that may be cross-sold and will reduce unethical practices by employees to meet sales targets.

I don’t believe such oversight will change the intensity at which banks cross-sell products to meet their sales targets. Cross-selling is a core costeffective strategy to grow revenue for the banks and increase their share of the client’s wallet. Banks will likely tweak the process, though, of how they approach a cross-sell conversation with the client.”

THE HARD SELL The CBC recently aired interviews with current and former employees of one of Canada’s major banks, in which staff members spoke of the pressure to meet unrealistic sales targets that drove them to sign up customers for products they might neither want nor need. The revelations set off an avalanche of similar accounts from employees, both past and present, of all five of the country’s major banks. One former employee spoke of her distress at remortgaging the homes of families grappling with debt in the name of making a sale. As a result of this spate of confessions, the NDP finance critic has called for a parliamentary inquiry into the sales practices of the nation’s major banks.

8 www.mortgagebrokernews.ca

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UPFRONT

NEWS ANALYSIS

Toronto: not if, but when The market that just continues to heat up is on the radar of the very people who can do something about it. But how did we get to this point?

LAST MONTH, we discussed the possibility of the Ontario government stepping in to cool Toronto’s hot housing market.

Since then, additional statistics have been released, and policymakers have all but announced official measures. It seems they’re coming, and there’s nothing the industry can do about it.

Housing is all Ontario Premier Kathleen Wynne seems willing to talk about these days. “We will soon be introducing a comprehensive package of measures to help more Ontarians find an affordable place to call home,” Wynne recently told the Toronto Star. “We look forward to announcing more in the near future. A strong housing market is reflective of Ontario’s strong economy, but we know affordability is a real and growing concern.”

And it isn’t just the Liberals who seem

started to affect the rental market and hurt real people,” Brown said at a press conference in mid-April. “I am calling on Premier Wynne to release whatever is in her rental housing plan this week – not in the budget, not next month, but immediately.”

So how did we get to the point where the provincial government seems so intent on taking action? Perhaps it can be traced back to the ball dropped last year by the federal government when it implemented its own round of mortgage rule changes.

Said to be aimed at cooling hot housing markets such as Toronto’s and Vancouver’s, the changes have done anything but. Instead, industry players argue that first-time homebuyers in small markets are the ones who have been most affected by the changes.

The changes also included new rules for monoline lenders, which severely limited

“I can definitely see a foreign buyer tax … I view it as a political decision, not as a decision to cool the market” Shawn Stillman, Mortgage Outlet intent on cooling a market where the average home sold for $916,567 in March, up 33.2% year-over-year. Conservative leader Patrick Brown is urging the Liberals to act soon to implement measures.

“The premier’s wild speculation and the constant stream of policy rumours have

10

the amount of mortgage options available to middle-class Canadians.

“There are a bunch of other hard stops [the federal government] can do,” says Toronto-based broker Ron Butler. “You can say the banks have to qualify five-year mortgages at 4.64%, but that’s a federal

thing, not a provincial thing. Any tools the provinces actually have are tax-related.

They don’t have any other tools.”

And so it seems Ontario’s policy changes will be tax-related. Toronto-based broker Shawn Stillman agrees with mounting speculation that the province will likely opt for a foreign buyer tax, similar to the one introduced in Vancouver last year.

“One thing the US government does extremely well is they tax people who don’t vote,” Stillman says. “I see it as a foregone conclusion that the Liberal government will do a foreign buyer tax because there will be no blowback from voters.”

With Premier Wynne’s approval rating reaching a record 12% low recently, the Liberals certainly need a win with voters.

www.mortgagebrokernews.ca

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WHAT BROKERS THINK Now that measures to cool Toronto’s housing are in the offing, MortgageBrokerNews.ca asked brokers whether they thought government intervention was needed.

23%

12%

65%

“I can definitely see a foreign buyer tax,” Stillman says. “It’s going to be a way for them to raise money and not affect their

can say they did something.”

Another potential policy the government appears to be considering is a vacancy

“Until the supply increases – including new housing starts at affordable prices – affordability will remain an issue” Deepak Bansal, Dominion Lending Centres Home Capital Solutions vote – they’ll probably get more votes. I view it as a political decision, not as a decision to cool the market. I think they feel that doing nothing is not an option because politically, it’s a lot easier for them to do something. Even if they do something and there’s no positive outcome from it, they

tax on Toronto homes, an idea that’s been floated by Toronto Mayor John Tory.

Although there is a lack of sufficient data, Tory estimates there are around 65,000 vacant homes in the city.

“Vancouver recently implemented a vacant home tax,” Tory said in April after a

NO UNDECIDED

YES

roundtable discussion with industry experts.

“And I am open to exploring whether this would be the right measure for Toronto.”

Whether the city opts for a vacancy tax or a foreign buyer tax, Toronto-based broker Deepak Bansal believes neither will adequately solve Toronto’s housing affordability problems.

“I can see the City of Toronto implementing both a vacancy tax and foreign buyer tax, only to realize that neither would address the affordability issue,” Bansal says.

“The issue with rising prices is a direct result of an increasing level of demand and shortage of supply. In my opinion, until the supply increases – including new housing starts at affordable prices – affordability will remain an issue in Toronto.”

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UPFRONT

OPINION

GOT AN OPINION THAT COUNTS? Email mortgagebrokernews@kmimedia.ca

The truth about foreign ownership The real facts of foreign ownership are more complicated than a government database might realize, writes Ron Butler

ON THE X-FILES, they always said that “the truth is out there” – and that might be the case on foreign ownership, too, if the Government of Canada were willing to get the right information.

Those of us who live in major cities think purely foreign purchases of housing are big, but really they are likely not much more than 3% to 5% of all real estate purchases.

There’s also a strong likelihood that foreign purchases in Moncton, Brandon, Lethbridge and Kamloops are slim to none, affecting the numbers that make up the national average.

So, what’s the truth? Foreign down payments are the truth – that is, down payments originating in another country being used to purchase property in major urban centres. If there were no foreign down payments in Greater Vancouver or the GTA, the property prices in those markets would not be quite where they are today.

Most of these offshore down payments have been sitting here for a while – they came with people when they immigrated to Canada or came here gradually when the children of foreign nationals gained citizenship or received PR cards. In other words, they are legitimate.

This is a natural outgrowth of the kind of immigration that is going on in Canada.

After World War II, the people who came to Canada were dead broke when they got here.

12

These folks made massive contributions to this country, working tirelessly and saving relentlessly until they could purchase homes. Their down payments were created in Canada. But since the ’80s, immigration has changed, and the people coming to

because the intricacies of offshore money are just too hard to pin down.

Consider that if a person has lived and worked in Toronto or Vancouver their whole life, they must have saved a down payment and have had adequate income to support their mortgage payment based entirely on their position in the local economy. Their house purchase decisions would be tied to the economics of the place where they live.

If, on the other hand, their down payment for a house purchase originated in a whole different country, the economics and the income derived in that country determine the economics of the house purchase – meaning that purchasing decisions made in Vancouver and Toronto would be divorced from our local economies.

House purchase decisions with foreign down payments don’t intersect with local employment and economic realities. Rather, these decisions flow from considerations such as: “I have sent my kids to Canada, and I would like to have a certain amount of my assets there as a hedge against bad policy changes from my local government.” That’s

“House purchase decisions made with foreign down payments don’t intersect with local employment and economic realities” Canada today reflect backgrounds that often allow the transfer of large sums of money.

Nothing wrong with that – immigration is the best thing that ever happened to Canada.

It’s just the way it is.

Foreign down payments are likely 15% of all purchase volume in Greater Vancouver and the GTA. Our company sees 4,000 purchase applications annually, and that’s my anecdotal experience based on those applications. Are my observations unique?

Possibly, but I doubt it. My conversations with other mortgage brokers tend to support my intuition about offshore down payments.

Is the government’s proposed $40 million database going to pick up on these soft facts? Is it even important? I believe it is.

That $40 million is likely a complete waste

not the whole story of offshore down payments, but it sure as heck is some of it.

This trend is not the sole reason for runaway property values in the major centres; historically low interest rates are also part of it. Questionable legislation about greenbelts is another part of it, as is the lack of supply of new single-family builds. Here’s something to consider: If you want to import 400,000 people in 2018, it would be a great idea to make sure there’s enough housing for them.

Ron Butler is one of the founders of Butler Mortgage, along with his wife and two sons. He is a 20-plus-year veteran of the mortgage broker industry who lives in the GTA.

www.mortgagebrokernews.ca

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UPFRONT

TECHNOLOGY UPDATE NEWS BRIEFS Consumer mortgage reviews now available online

In late March, leading insurance review provider InsurEye launched an online platform hosting more than a thousand independent consumer reviews of mortgage products and credit cards.

Each product will be weighed on three metrics: customer service, value and product features; users can provide both positive and negative feedback.

“Canadians can use these stories and experiences to educate themselves about the best mortgage products and the best and worst Canadian credit cards on the market,” the company said. “It is important that consumers do not just rely on what flashy advertisements promise.”

Newton Connectivity Systems launches cloud-based app

Newton Connectivity Systems (the former Marlborough Stirling Canada) has introduced a new cloud-based app, Velocity, which is designed to help mortgage brokers more easily perform a wide range of tasks. Velocity will allow brokers to send applications and supporting documentation to lenders, forward updates to applicants, access credit reports and send out marketing emails or newsletters on an automated basis. A CRM-enabled patch will eventually be available for a $50 monthly fee. Newton president and CEO Geoff Willis assured brokers that parent company DLC will not have unwarranted access to client data.

Koho offers mobile-based money management

Vancouver-based fintech firm Koho announced in mid-March that its mobile-based service had finished private beta testing and is now available to the public on iOS; an Android version

is forthcoming. The platform is designed to cater to Canadian consumers aged 18 to 34. Backed by Peoples Trust, Koho offers its users a prepaid Visa card, along with fee-free bill pay and e-transfers. It also serves as a money management platform, providing services such as purchase behaviour insights, automatic savings goals and low-balance notifications.

Alterna Bank introduces fully digital mortgage platform

Alterna Bank has launched a secure online mortgage platform, the first and so far only end-to-end digital mortgage application in Canada.

According to the bank, the platform offers “an easy-to-use, guided process that takes the stress, hassle and time out of” mortgage application. “Buyers should be spending their time finding the perfect home, not running around for the perfect mortgage,” said Alterna Bank CEO Rob Paterson. “Our goal is to dramatically simplify what we believe to be an unnecessarily convoluted process by leveraging technology to save our customers valuable time and energy.”

Casalova enables onlineonly condo purchases

Real estate marketplace Casalova has partnered with Dream Maker Developments to create the first-ever online-exclusive purchase option for pre-built condos. The platform launched in April with properties at Urban Towns in Toronto’s Richmond Hill. “Traditionally, when potential buyers look into purchasing a unit before it is built, they have to visit a sales centre and wait hours in line, only to find that units have sold out or that the floor plan they wanted is no longer available,” the company said. “Casalova is removing this tedious step by making the purchase process completely digital.”

Better data needed for better fintech solutions One regulator argues that the fintech sector’s evolution depends on improving the availability of data from financial institutions As fintech continues to gain momentum, the Ontario Securities Commission is arguing that open access to data is crucial to fostering the nascent sector’s continuous development.

In a white paper published in early March, the securities regulator said it reached this conclusion during its ‘hackathon’ in November, which focused on developing new fintech responses to the age-old problems of authentication, transparency and regulatory red tape. According to the OSC, most of the solutions that emerged relied on blockchain, a decentralized ledger technology touted as being tamper-proof.

Blockchain’s versatility and scalability are its greatest strengths, but in order for the fintech industry to benefit from them, OSC LaunchPad chief Pat Chaukos says financial institutions must improve access to relevant data.

“You need to have the open-access data before you can get to the innovation,” she said. “We’re going to support the facility of access to data. ... It is very much a live discussion for all regulators, and I would actually even say for government.”

Chaukos added that open data would dramatically streamline the

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process by eliminating duplication, as well as improving auditing, oversight, compliance check speeds, and information collection, vetting and analysis.

As an example, Chaukos pointed to the European Union’s Payment Services Directive 2, which is scheduled to take effect in early 2018 and is expected to make waves in the payment industry, in particular because it will permit a third party to view banking data with a customer’s permission.

“You need to have the open-access data before you can get to the innovation” It’s not just the fintech sector that’s suffering from this absence of hard data. Renowned Bay Street money manager John Stephenson recently took the federal government to task for the glaring lack of detailed information on real estate sales. Stephenson argued that crafting an effective response to price growth in Canada’s hottest housing markets is currently impossible because accurate figures are few and far between.

“How can you make informed policy if you don’t have better data?” he said. “We don’t know who the buyers are; we don’t know where they come from; we don’t know if they live here.

There’s very little data; there’s very little transparency. I think there’s a whole series of issues that are complicated [by a lack of data].”

Q&A

Laura MacCormack Mortgage broker CLEVER LENDING (VERICO VIVID MORTGAGE)

Years in the industry 5 Fast fact MacCormack received the Verico President’s Club Award in 2016

The human element of mortgage tech How has technology changed the way mortgage brokers do their business?

It has changed the way we communicate with clients and lenders.

When I started, fax was the only way to send documents, but now there are secure portals and various forms of online storage where clients can communicate and send documents. Also, everyone now uses text and email, sometimes even preferring them over phone calls.

Has the emergence of these technologies changed your schedule?

We’re now more easily accessible, so some people text you later in the evening, when five or 10 years ago, this was not common practice.

I think mortgage brokers definitely work longer hours now; if our clients need us, we definitely have to be there for them.

Have these developments affected the work-life balance of mortgage professionals?

Probably, but on my end, I’m pretty good at scheduling specific times to have phone calls or meetings with clients. I gently guide them by asking, “When is the best time for you to talk?” In that respect, technology is actually quite nice because it allows me to do my job without having to go out and meet clients at odd hours and far-off places. I’ve even dealt with clients via Skype when they live overseas or are working out of town.

There are definitely perks to having access to these technologies, but at the same time, I think it’s crucial to have respect for yourself and your client by scheduling appointments at the hours that both of you find convenient and agreeable. It’s not about saying no to clients, but rather about working as a team.

Has there ever been a difference in the tech know-how between yourself and a client?

Definitely. Many times, I’ve had to teach clients who were not as computer-savvy. I’ve even had to guide clients over the phone on how to use scanners and fill out online forms. In these cases, it’s important to have patience to explain the fine details, as not everybody knows how to use these tools, especially the more advanced ones like online applications or digital signing platforms. A big part of the broker’s job is to guide clients and work with their needs.

What are your thoughts on some observers’ fears that technology is replacing brokers?

I don’t believe that. Buying a home is one of the biggest decisions that any person can make, and there will always be those who prefer the personalized guidance and advice that only a broker can give. While online and phone-menu transactions have become popular, there will always be those who just want a human to answer the phone.

www.mortgagebrokernews.ca

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20/04/2017 8:44:51 AM

UPFRONT

BROKER NETWORK UPDATE

Networks react to the latest federal budget Industry players weigh in on Budget 2017’s potential impact on the housing market

Canada’s big-city mayors, will be used for new and existing homes over the next 10 years.

Mortgage Professionals Canada also commended the government for not going forward with any new changes to mortgage rules.

“We are pleased that the government has listened to our concerns and not introduced any additional measures that would negatively impact Canadian mortgage consumers,” said MPC president and CEO Paul Taylor.

“We are pleased that the government has listened to our concerns”

The March 22 release of the 2017 federal budget received a relatively positive response from housing industry professionals across Canada. In the wake of last year’s mortgage rule changes, broker networks and associations were pleased to see an absence of measures aimed at impeding activity in the country’s flourishing real estate markets.

“I’m happy to say that they didn’t do anything to slow housing, and they actually said that they thought the actions that had been announced in October would already

NEWS BRIEFS

mitigate the excess activity in housing,” said Dr. Sherry Cooper, chief economist at Dominion Lending Centres.

“The only aspect of housing that was discussed in the budget was affordable housing, meaning social housing,” Cooper added. “And it was money that had already been allocated in the 2016 budget.”

Cooper is referring the $11.2 billion tranche in last year’s budget for affordable housing. The allocation, which ended up being less than the $12.6 billion requested by

Network head puts spotlight on rules’ impact

On March 22, DLC president Gary Mauris and other industry players met with the deputy governor of the Bank of Canada to continue to lobby for a reversal of the mortgage rule changes introduced last October. In preparation for the meeting, Mauris collected stories from brokers on how the rules have impacted consumers across Canada. “It’s important to keep the heat on the government and keep sharing the stories of Canadians because many Canadians just misunderstand the impact these rules are having on them,” Mauris said.

In addition, MPC praised the government’s efforts to significantly improve the quality of the country’s housing data. The budget allotted $39.9 million to Statistics Canada over five years to be used to create a national database of properties across Canada. The data collected will include information on sales volume and value, homeowner demographics and finances, and the extent of foreign ownership.

“This will help assess the impact that the recent changes have had on Canadian homebuyers,” MPC said in a statement. “We will continue to work with the government on the ongoing consultations on lender risk-sharing and will continue to advocate for technical changes to the mortgage insurance and eligibility rules that were announced in 2016.”

DLC brokerage creates reverse mortgage guide

To alleviate possible consumer confusion around the process of getting a reverse mortgage, Dominion Lending Centres Edge Financial has launched a free online guide for homeowners. “The complexity of the situation frightens many homeowners who haven’t properly considered the situation,” the brokerage said, adding that the guide will “help bridge the gap between the banks, the lenders and the people who need the idea explained to them in realistic terms that everyday people can understand.”

16 www.mortgagebrokernews.ca

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Q&A

Rowan Smith

The challenge of financing former cannabis grow-ops

Co-owner, partner and senior mortgage planner DLC CITY WIDE MORTGAGE SERVICES

Years in the industry 11 Fast Fact In 2016, Smith was ranked among the top 2% of all DLC mortgage brokers

How does the mortgage process for a former marijuana grow-op differ from normal financing?

Buyers typically have a much more difficult time with the financing of a former grow-op. In selling grow-ops, a lot of people call me when they’ve had three or four offers collapse due to financing, and I provide action plans that they can use to make their homes more marketable to the next set of possible buyers.

Does your brokerage have a standardized process for former grow-ops?

Currently, no specific procedure for grow-ops exists, and there are a number of reasons why. First, the rules regarding grow-ops have not been standardized.

Late last year, I had meetings with real estate boards and various stakeholders to discuss the challenges surrounding these properties, and one of the big issues discussed is that there’s no standard that defines a ‘fixed’ grow-op. What are the standards for repair and remediation? They simply don’t exist.

Second, the rules regarding how grow-ops should be handled vary from one municipality to another.

Authorities in Vancouver will have different guidelines to determine if a home is ‘fixed’ compared to authorities in Surrey or Coquitlam.

How do you educate clients on these nuances?

When I can help them, it’s to make them understand

Toronto brokerage points fingers at speculation

New data from a Toronto-based brokerage Realosophy Realty indicates that speculation is chiefly responsible for the area’s overheated real estate market.

“When we began to see investors act on the assumption that the price of houses will continue to rise indefinitely, we started shifting from a market driven by an investor’s mindset to a speculator’s mindset,” Realosophy president and broker John Pasalis told the Globe and Mail. “This is one of the big red flags that economists point to in terms of housing bubbles.”

that the grow-op needs to have been fixed and remediated if they want to get bank financing. When people find me, it’s probably because they’ve been told no by their bank. I teach them and the seller the steps required to make the property more salable.

What steps do you take to make the process easier for everyone involved?

The first thing that I make sure of is that the occupancy permit has not been revoked. If it has been revoked, the existing seller or owner has to get it reinstated before I can do anything to get bank financing. Next, assuming that the occupancy permit is in place, I would tell them to get an environmental air quality test, sometimes called a Phase 1 test, from a properly certified laboratory. Also, a deeper level of study might be needed in cases involving electrical safety or significant chemical damage, to ensure that these substances have not leached into the property. The home might look livable, but it’s not safe in many cases.

Considering all of the barriers and complications surrounding the purchase of a former grow-op, is it actually a good buy?

Outside of BC, the stigma associated with these properties is actually greater. Even so, I still have a hard time recommending these homes to buyers if other suitable options exist. If they’re having issues getting financing now, one can easily imagine that any future buyers will encounter similar problems.

D+H introduces lending platform for SMEs

D+H recently launched its Total Lending Small Business digital platform, which the company says is “designed to boost profitability of financial institutions and improve the lending experience for small business owners. Now, banks and credit unions can deploy an intuitive, online loan application for small businesses, enabling more application throughput than the traditional paper-based branch model.” At present, the platform is limited to small businesses in the US.

Regulator launches database of broker records

Homebuyers can now view their broker’s regulatory record in an online portal. Developed by the Mortgage Brokers Regulators’ Council of Canada, the online database allows consumers to search broker and company names to view disciplinary actions, including license suspensions and administrative penalties.

“This new, easy-to-use database gives consumers a way to check a broker’s background before entrusting them with such an important financial transaction,” said MBRCC chair Cory Peters.

www.mortgagebrokernews.ca

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f ”

PEOPLE

INDUSTRY ICON

ROLLING WITH THE PUNCHES A broker for 30 years, Bill Macklem has seen it all – from the housing crash of the 1980s to the economic recession of 2008, and a bevy of mortgage rule changes in between

BILL MACKLEM, president of Dominion Macklem Mortgages, was one of DLC’s original brokers, but his path to that point wasn’t exactly a typical career progression.

So how did he get into the broker industry?

“Nobody would hire me,” Macklem says without a hint of a joke. “I used to run an economic development corporation, then actually I ran a crime stoppers program in Manitoba, and I was on the Via Rail advisory council.”

But when he moved to Alberta, Macklem found that his impressive resume didn’t impress traditional employers, so he had to turn to something a little more entrepreneurial.

“Somebody told me, ‘Why don’t you become a mortgage broker?’” he says. “We’re talking 1987. I had no clue what a broker was.”

He found out quickly: Macklem embarked on his broker career with Metropolitan Trust, a major lender at the time, and within two or three months, he was teaching Realtors about mortgages. He eventually went independent with Intergroup Mortgages out of Edmonton and taught a night school course on financing at the University of Alberta.

“And then Re/Max came along [in 1994] – they were looking for someone to fill the hole they had for a residential mortgage specialist,” Macklem says. “I was a Re/Max mortgage specialist until 2004, and then Dominion was

18

looking for somebody with some credibility to be a part of their team, because they were just starting out.” So Macklem made the jump to DLC, where he’s been ever since.

The bright side During his three decades as a broker, Macklem has watched the industry evolve from its earliest days as an unknown segment of the industry to what is has become today: a major player in the Canadian mortgage game. And while the broker channel has faced its fair share of challenges – including economic downturns, market turbulence and government interference – Macklem believes it has never been better equipped to deal with coming challenges, thanks to its capable leadership.

“We have some strong people involved in the industry: Gary Mauris from Dominion,

PROFILE Name: Bill Macklem Title: President Company: Dominion Macklem Mortgages Years in the industry: 30 Career highlight: “Being part of the Re/Max system was a particular joy for me. They’re part of the community, and I really like that. I’d have to say they made me feel at home – I didn’t come from BC, but they adopted me and allowed me to become as successful as I am today.”

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20/04/2017 8:52:42 AM

PEOPLE

INDUSTRY ICON

Colin Dreyer with Verico,” he says. “I’ve known Colin since I started in 1994 – he was involved with the process of trying to make it better for consumers, and Gary as well is trying to help with what’s going on now. I think these leaders are going to help us drive a new mentality.”

Another positive note for the channel’s future, Macklem believes, is the fact that new brokers have the best access to support in the industry’s history.

“I think we have to do some different things with our industry,” he says. “But I think the fact that if you can pass the threshold test of becoming a mortgage broker, you can give the

the bank branches started seeing us as a competitor to their business,” he says. “We’re part of their sales force, but it’s not seen that way. There has to be a change in the way banks think. Half the banks think we’re a good source of income, and the other half just want their own people in there.”

For his part, Macklem welcomes the presence of Canada’s largest banks in the broker channel, arguing that it can only benefit banks and brokers alike.

“I think that we need another bank lender to come on stream,” he says. “We used to have the Bank of Montreal, and I think we need

“The rules are becoming so convoluted that clients are coming to us more because we can explain the rules to them and help them through the process. It’s kind of a doubleedged sword” same advice as someone who has been in the industry for 20 or 30 years [is a good thing].”

Challenges on the horizon Looking back across his career, Macklem remembers a time when brokers and lenders worked more closely to build the industry.

“Back in the early ’90s, the lenders brought us on much more formally,” he says. “They saw us as a new supply of mortgages coming to them. They saw that as a positive, and we felt like a part of the team. The banks were the same way. We were involved. We were a part of their whole process; we were welcomed in with open arms.”

But as the broker channel rose in prominence, the banks’ attitude shifted, Macklem says, and brokers began to be seen as a threat.

“Sometime in the late ’90s, early 2000s,

20

those kinds of people in the industry. It gives us credibility; it gives them credibility, and it will increase their market share.”

Another challenge facing brokers today, obviously, is constant rule changes. The last round of changes, in 2012, is still fresh in Macklem’s mind, and he considers that one of the more challenging times in his career.

“I looked at [the 2012 rule changes] and tried to figure out who they would affect,” he says. “It didn’t help anybody get into the market, so it was destructive.”

Macklem sees a similar effect from the new rules, although he admits there’s a silver lining.

“The rules are becoming so convoluted that clients are coming to us more because we can explain the rules to them and help them through the process,” he says. “It’s kind of a doubleedged sword.”

BILL MACKLEM’S CAREER TIMELINE 1985

1987 1990

Begins his career in mortgages at Metropolitan Trust

1990 1995

2000

2005

Goes independent with Intergroup Mortgages

1994 Joins Re/Max as a mortgage specialist

2004 Joins Dominion Lending Centres to run his own brokerage

www.mortgagebrokernews.ca

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20/04/2017 8:52:58 AM AM 20/04/2017 3:22:39

FEATURES

COVER STORY: TOP 75 BROKERS

Between soaring property prices and tighter mortgage regulations, this year’s Top 75 Brokers had fewer deals, but an increase in volume

ANOTHER YEAR, another group of brokers who have proven themselves to be tireless workers, innovative leaders and the best in the business when it comes to navigating the mortgage landscape, which seems to be growing more competitive every year.

The top mortgage brokers in Canada had a combined funded volume of more than $7 billion in 2016, and the vast majority of brokers on this list expect that figure to climb even higher this year.

This year’s Top 75 Brokers are from small and large markets, operate independently and within networks, and have a wide range of experience. There are some grizzled veterans as well as fresh-faced rookies, but all are knocking it out of the park every single day.

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METHODOLOGY Each nominee for this year’s Top 75 Brokers list had to be employed as a mortgage professional and able to write loans, and their deals must have been personally initiated. They also had to provide a breakdown of their deals with verifiable lender contact information. All deals were residential, and while back-office support in processing the loans was acceptable, no other parties could receive commissions on these deals.

Average number of years in the business

Total number of deals 20,000 15,000

15,758

18,065

10,000

11.2

5,000 0

2016

2015

Total funded volume 8 7 6 5 4 3 2 1 0

$7 billion

$6.5 billion

2016

2015

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75 VARUN CHAUDHRY

74 RAMIN AMINIAN

Company: DLC Kraft Mortgages

Company: Verico Paragon Blue Mortgage

Location: Surrey, BC

Location: North Vancouver, BC

Total volume: $50 million

Total volume: $50.7 million

Loans funded: 300

Loans funded: 71

CMP: What are your keys to growing your business and achieving such impressive volume?

Varun Chaudhry: Focusing on detailed knowledge of the various products and services, and honesty towards the clients.

CMP: What can lenders do to help brokers achieve even higher volume?

Ramin Aminian: The lenders should not discriminate between the independent brokers and their own mortgage specialists.

73 DENISE DEVENTE Company: DLC Mortgage Evolution

72 CECILIA RAMOS

Location: Vancouver, BC

Company: Verico Ultimate Mortgage and Finance Solutions

Total volume: $50.8 million

Location: Toronto, ON

Loans funded: 114

Total volume: $51.2 million Loans funded: 139

CMP: What are your keys to growing your business and achieving such impressive volume?

Denise Devente: Keeping up-to-date with current market rates to inform clients and choosing the right focus for their individual needs.

Manitoba 1% British Columbia 43%

Quebec 1% Nova Scotia 1% Saskatchewan 3%

Top 75 by province

Alberta 11%

Ontario 40%

71 ROB CAGNIN Company: Mortgage Architects

CMP: What is the biggest challenge facing the industry?

Cecilia Ramos: Deep discounted rates being advertised online, which are misleading at times because they don’t apply to all applicants or borrowers.

70 ANDRE L’ECUYER

Location: Burlington, ON

Company: Neighbourhood Dominion Lending Centres

Total volume: $52 million

Location: Petawawa, ON

Loans funded: 168

Total volume: $52.5 million Loans funded: 245

CMP: What are your keys to growing your business and achieving such impressive volume?

Rob Cagnin: Networking with other highvolume brokers and openly sharing ideas and best practices. Always doing the right thing for clients and creating a very full and loyal database. And enlisting the help of a coach, Greg Williamson, to keep on track.

CMP: What would you like to see change in the way the industry operates today?

Andre L’Ecuyer: For the new mortgage rules to be more fair for our clients and for the broker channel. Also, to be able to give clients a choice of products and not let the banks have the advantage over mono lenders, who have always had more options than the big banks.

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20/04/2017 9:24:01 AM

FEATURES

COVER STORY: TOP 75 BROKERS

68 KAREN GARRETT Company: DLC Sea to Sky Mortgages Location: Whistler, BC Total volume: $53 million Loans funded: 103

CMP: What is the biggest challenge facing the industry?

Karen Garrett: We have a unique market with nightly rentals, small square footage, commercial zoning, employee housing and ALR … so really every day is a challenge.

66 KEN LANKIN

69 JORDAN D’HAESE

Company: The Mortgage Centre Canada Location: Niagara Falls, ON

Company: Verico Jayman Financial

Total volume: $53.7 million

Location: Calgary, AB

Loans funded: 298

Total volume: $52.8 million Loans funded: 136

CMP: What’s the most important trait for a broker to have?

Jordan D’Haese: It’s most important for a broker to be genuine. Truly wanting to educate and guide your clients as best as possible helps build better relationships and partnerships.

CMP: What is the biggest challenge facing the industry?

Ken Lankin: The amount of part-time people in this industry who have no idea what they are doing and misleading everyone to obtain a deal.

65

67 GAYLE FOCKEN Company: DLC Clearmortgage.ca Location: Pentiction, BC Total volume: $53.4 million Loans funded: 170

CMP: What would you like to see change in the way the industry operates today?

Gayle Focken: Making the whole mortgage process easier for the clients, and having the government lighten up on the rules – it is so sad for first-time homebuyers.

24

EITAN PINSKY Company: DLC Origin Mortgages Location: Vancouver, BC Total volume: $53.8 million Loans funded: 115

CMP: What can lenders do to help brokers achieve even higher volume?

Eitan Pinsky: Help us be more on the same footing as the banks when clients go to the in-house specialists.

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64 SUSAN WOOLSEY Company: DLC The Mortgage Source Location: Ottawa, ON Total volume: $54.1 million

63 CASSIA MILLER

Loans funded: 214

Company: Verico CanWise Financial

CMP: What are your keys to growing your business and achieving such impressive volume?

Susan Woolsey: Being clear with the client about needs and expectations, as well as customer support through the process and after.

Location: Calgary, AB Total volume: $54.5 million Loans funded: 157

CMP: What can lenders do to help brokers achieve even higher volume?

Cassia Miller: Quick turnarounds and competitive rates for all products, such as 20% down payment purchases, rentals and refinances.

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20/04/2017 9:24:14 AM

FEATURES

COVER STORY: TOP 75 BROKERS

62 WYATT TUNNICLIFFE

59 MICHAEL JAMES

Company: DLC Gold Financial Services

Company: DLC Mortgage Evolution

Location: Chilliwack, BC

Location: North Vancouver, BC

Total volume: $55 million

Total volume: $56.9 million

Loans funded: 175

Loans funded: 112

CMP: What is the biggest challenge facing the industry?

Wyatt Tunnicliffe: Our monoline lenders being dealt a competitive disadvantage by government policymakers.

CMP: What is the biggest challenge facing the industry?

Michael James: Government ignorance on Canadian household existence, and not understanding that CRA taxes outweigh any other expenses.

61 GERT MARTENS Company: DLC HT Mortgage Group Location: Grande Prairie, AB Total volume: $55.2 million Loans funded: 189

CMP: What can lenders do to help brokers achieve even higher volume?

Gert Martens: Employ common-sense underwriting practices.

60 JANNA DAWDY Company: RMA JC Mortgages Location: Kitchener, ON Total volume: $55.6 million Loans funded: 180

CMP: What can lenders do to help brokers achieve even higher volume?

Janna Dawdy: Have efficient underwriters and business development managers to work with mortgage brokers, and product lineups to help us structure the deals.

26

58 CHAD OYHENART Company: DLC Canadian Mortgage Experts Location: Surrey, BC Total volume: $58 million Loans funded: 144

CMP: What is the biggest challenge facing the industry?

Chad Oyhenart: I would say that the biggest challenge brokers face today is that we are not a unified front. We have separate associations and separate education requirements across the country, which makes it challenging to have a unified voice.

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57 MATT LEGGETT Company: Verico CanWise Financial Location: Calgary, AB Total volume: $58.1 million Loans funded: 154

CMP: What are your keys to growing your business and achieving such impressive volume?

Matt Leggett: Fast turnaround times and always being available. People use brokers to get better service and response times, so you have to meet that expectation.

56 JASON GEORGOPOULOS Company: DLC Estate Mortgages

52 NICK KAAKI

Location: Toronto, ON

Company: DLC The Mortgage Source

Total volume: $58.6 million

Location: Ottawa, ON

Loans funded: 111

Total volume: $61.7 million Loans funded: 221

CMP: What can lenders do to help brokers achieve even higher volume?

Jason Georgopoulos: Offer new programs to provide consumers alternatives.

55 TRACY LUCIANI PRICE Company: Price Team Mortgages (DLC Forest City Funding) Location: Fergus, ON Total volume: $59.1 million Loans funded: 239

CMP: What can lenders do to help brokers achieve even higher volume?

Tracy Luciani Price: Start working with us at renewal instead of treating the broker who sent you this business in the first place as the enemy.

54 RIEL SYRENNE

CMP: What would you like to see change in the way the industry operates today?

Nick Kaaki: I would like to have more educational requirements for mortgage brokers/agents. This will help to eliminate the agents who do not keep up with education and therefore cannot properly represent their clients. I would also like to have national licensing so that we can represent our clients if they move to another province.

53 DENNY SEGAL

Company: TMG The Mortgage Group

Company: DLC Origin

Location: Saskatoon, SK

Location: Vancouver, BC

Total volume: $59.2 million

Total volume: $61 million

Loans funded: 204

Loans funded: 116

CMP: What can lenders do to help brokers achieve even higher volume?

Riel Syrenne: Have dedicated and knowledgeable staff while providing a clear understanding on policy and guidelines so that brokers are not submitting deals that “no longer fit.”

CMP: What’s the most important trait for a broker to have?

Denny Segal: From the lenders’ perspective, I think integrity is the key trait. From the client perspective, I believe it’s a combination of knowledge, empathy and confidence.

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20/04/2017 9:24:29 AM

FEATURES

COVER STORY: TOP 75 BROKERS

51 SCOTT H. BENTLEY

48 NARISH MAHARAJ

Company: Verico Premiere Mortgage Centre

Company: DLC Mortgage Mentors

Location: Halifax, NS

Location: Edmonton, AB

Total volume: $62.1 million

Total volume: $62.8 million

Loans funded: 212

Loans funded: 196

CMP: What is the biggest challenge facing the industry?

Scott Bentley: Regulatory changes.

CMP: What’s the most important trait for a broker to have?

Narish Maharaj: The most important trait, in my opinion, is being able to understand where the client is coming from in regard to expectations or concerns. Once you know this, then you can address it and provide confidence to the client, making the experience a positive one and one they will recommend to others.

50 GEOFF LEE Company: DLC GLM Mortgage Group Location: Abbotsford, BC Total volume: $62.3 million Loans funded: 192

CMP: What are your keys to growing your business and achieving such impressive volume?

Geoff Lee: Being able to work together as a team. Listening to clients and their needs, and understanding which lenders to place them with. Being organized and providing excellent customer service.

49 STEPHEN D’SOUZA Company: DLC Origin Client First Mortgage Solutions Location: Maple Ridge, BC Total volume: $62.6 million Loans funded: 147

CMP: What would you like to see change in the way the industry operates today?

Stephen D’Souza: More commonsense lending. The lenders have been handcuffed by government legislation.

47 DILMOHAN SINGH ANEJA Company: DLC Truwest Mortgage Location: Surrey, BC Total volume: $63.4 million Loans funded: 125

CMP: What can lenders do to help brokers achieve even higher volume?

Dilmohan Aneja: Start treating deals originating from the broker channel equally with the ones from the branches. Deals from the broker channel have to go through a much more stringent documentation process than the deals done in branches.

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20/04/2017 9:25:15 AM

FEATURES

COVER STORY: TOP 75 BROKERS

45 DALIA BARSOUM Company: Centum Streetwise Mortgages Location: Vaughan, ON Total volume: $65.4 million Loans funded: 201

CMP: What are your keys to growing your business and achieving such impressive volume?

Dalia Barsoum: Focusing on productivity through technology and process engineering, niche marketing for lead generation, providing an exceptional client experience, and strengthening our lender relationships.

44 PAUL MEREDITH Company: CityCan Financial Location: Toronto, ON Total volume: $65.6 million Loans funded: 153

46 PEARL KWAN Company: DLC Origin Location: Vancouver, BC Total volume: $65.3 million Loans funded: 99

CMP: What’s the most important trait for a broker to have?

Pearl Kwan: To demonstrate our professionalism to every client by understanding the different lending policies of different lenders, so we can use the most appropriate approach to get the best possible financing for different types of customers.

CMP: What would you like to see change in the way the industry operates today?

PK: To loosen up lending guidelines for self-employed and high-net-worth borrowers.

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CMP: What is the biggest challenge facing the industry?

Paul Meredith: The new mortgage regulations. We are now very limited as to what we can do compared with the big banks, which makes it harder for us to remain competitive. [Another challenge is] rate aggregate websites that post ‘effective’ rates with no regulation on how these rates are calculated and how they are properly disclosed to the client.

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PHILIPPE BREAULT Company: Verico CanWise Financial Location: Montreal, QC Total volume: $65.7 million Loans funded: 252

CMP: What would you like to see change in the way the industry operates today?

Philippe Breault: Better broker/underwriter relationships with some banks.

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20/04/2017 9:26:12 AM

42 SHAWNA MACDONALD Company: Verico The Mortgage Associates Location: Saskatoon, SK Total volume: $67.2 million Loans funded: 208

CMP: What’s the most important trait for a broker to have?

Shawna MacDonald: Communication is one of the most important skills a broker can possess. Whether it is understanding a client’s needs or dealing with a lender, communication can make a stressful situation much more manageable. This can make the difference in getting a deal done and having a satisfied, lifelong client.

39 TY NAEMSCH Company: DLC Denova Group Location: Mississauga, ON Total volume: $69.8 million Loans funded: 132

41 LENA OHANJANIANS Company: Verico Ultimate Mortgage and Finance Solutions Location: Toronto, ON Total volume: $68.7 million Loans funded: 167

CMP: What can lenders do to help brokers achieve even higher volume?

Lena Ohanjanians: Continue communicating their offerings, especially niche products or target markets, and come up with some creative options for our selfemployed borrowers.

40 TODD PAYZANT Company: Neighbourhood Dominion Lending Centres Location: Sudbury, ON Total volume: $69.1 million Loans funded: 275

CMP: What is the biggest challenge facing the industry?

Todd Payzant: Insured and uninsured rates, and the government taking the monoline lenders out of the mix on refinances.

CMP: What are your keys to growing your business and achieving such impressive volume?

Ty Naemsch: By focusing on a specific sector of construction financing and bringing professionalism and experience, I was able to create a niche in that sector.

The rapid growth is due to the great associates and partners who support and drive the business to the next level.

My favourite quote states: “If you want to go fast, go alone. If you want to go far, go together.” This has been the essence of my success.

CMP: What can lenders do to help brokers achieve even higher volume?

TN: Although the lenders I work with the most provide great support, the only suggestion I would have is to find more creative products in the nontraditional space. The regulations have pushed more clients than ever before into that sector.

Clients could use more competitive options in that space from rate and lending perspectives.

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20/04/2017 9:26:59 AM

FEATURES

COVER STORY: TOP 75 BROKERS

38 LORI WATSON Company: DLC Canadian Mortgage Experts Location: White Rock, BC Total volume: $71.1 million Loans funded: 142

CMP: What would you like to see change in the way the industry operates today?

Lori Watson: I think brokers, no matter what company they are with, need to stick by each other and stand up for clients by educating the general public. We have an obligation to make sure clients know the difference between what they are offered from one institution to another. The only ‘cost’ isn’t rate; it’s our job to be sure our clients understand that.

37 SHARNJIT SINGH GILL

35 JEFFREY HO

Company: Verico Superior Mortgage

Company: DLC Elite Lending

Location: Surrey, BC

Location: Vancouver, BC

Total volume: $73.6 million

Total volume: $75 million

Loans funded: 124

Loans funded: 139

CMP: What would you like to see change in the way the industry operates today?

Sharnjit Singh Gill: More training and skill for brokers, as well as stress on integrity and honesty to make these the two pillars of the mortgage industry.

CMP: What are your keys to growing your business and achieving such impressive volume?

Jeffrey Ho: Keeping clients up-to-date with the process. I schedule a call at least two times a week with my clients even if there is no update from the lender side.

36 LISA MANWARING Company: DLC Canadian Mortgage Experts Location: Tsawwassen, BC Total volume: $75 million Loans funded: 200

CMP: What would you like to see change in the way the industry operates today?

Lisa Manwaring: I would like to see more accountability to broker-owners to support new-to-industry brokers. I think there are far too many out there who are not receiving the support that they need, and we end up losing potentially good people. I am a huge advocate of mentorship and ensuring that good people are supported at the start of their broker career. We owe it to our industry to pass on the knowledge that we have to the next generation of brokers.

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34 SKYE MCLEAN

33 TRACY VALKO

Company: Axiom Mortgage Solutions

Company: DLC Forest City Funding

Location: Calgary, AB

Location: Kitchener-Waterloo, ON

Total volume: $75.9 million

Total volume: $77 million

Loans funded: 209

Loans funded: 284

CMP: What are your keys to growing your business and achieving such impressive volume?

Skye McLean: Keeping in touch with clients and being knowledgeable about the mortgage industry.

CMP: What is the biggest challenge facing the industry?

Bill Macklem: Reinventing yourself at all times.

CMP: What are your keys to growing your business and achieving such impressive volume?

Tracy Valko: Honesty, integrity and commitment to each of our clients at our office, and having an excellent process and procedures in my office to provide clients an exceptional experience from start to finish. My team has the same passion and philosophy for our clients.

Our reputation has been exceptional over the years, and referrals have been such an incredible part of the increase in my business.

31 JAMES HARRISON

30 DARA FAHY

32 BILL MACKLEM Company: Dominion Macklem Mortgage Location: Surrey, BC Total volume: $78.6 million Loans funded: 200

Company: DLC Home Capital Solutions

Company: DLC City Wide Mortgage Services

Location: Toronto, ON

Location: Vancouver, BC

Total volume: $79 million

Total volume: $81.1 million

Loans funded: 179

Loans funded: 149

CMP: What is the biggest challenge facing the industry?

James Harrison: The new mortgage rules are terrible for all.

Every deal takes two to three times longer. The new changes are not in the clients’ best interests, as they are almost forced to go to the banks based on pricing – especially for those purchasing property for over $1 million, even though the bank five-year fixed product is terrible for them.

CMP: What are your keys to growing your business and achieving such impressive volume?

Dara Fahy: Focusing on the client experience and making it as valuable and educational as possible.

29 MAX AFZALIMEHR Company: Syndicate Mortgages Location: Toronto, ON Total volume: $82 million Loans funded: 223

CMP: What would you like to see change in the way the industry operates today?

Max Afzalimehr: Document flow is essential for productivity. It would be great to see more lenders adopt systems to make document flow more seamless.

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20/04/2017 9:30:54 AM

FEATURES

COVER STORY: TOP 75 BROKERS

28 LUISA HOUGH Company: Verico Xeva Mortgage Location: Surrey, BC Total volume: $84.7 million Loans funded: 184

CMP: What would you like to see change in the way the industry operates today?

Luisa Hough: I would like to see more education and stricter rules for new brokers, as well as a unified industry licensing standard across Canada.

27 PAULA ROBERTS Company: DLC The Roberts Group Location: Unionville, ON Total volume: $84.9 million Loans funded: 200

24 KURT HENRY CMP: What is the biggest challenge facing the industry?

Paula Roberts: The changes in the rules. It seems like every time we turn around, there is another change. It’s hard for the clients to grasp, as they are not used to the new rules.

26 HARMAN ARORA Company: DLC House Location: Calgary, AB Total volume: $89.8 million Loans funded: 255

CMP: What can lenders do to help brokers achieve even higher volume?

Harman Arora: Better awareness about brokers, and informing clients about the benefits of using the broker channel.

Company: The Mortgage Centre DurhamMortgage.com Location: Courtice, ON Total volume: $90.7 million Loans funded: 310

CMP: What are your keys to growing your business and achieving such impressive volume?

Kurt Henry: First, having systems and processes that support an exceptional client experience. Second, having clients and referral partners who trust they will be getting nothing but the best by using us and who hold us to high standards.

And third, having an exceptional team that works well together and understands the importance of taking care of clients as if they were our only client.

25 BERNADETTE LAXAMANA Company: Verico Xeva Mortgage Location: Burnaby, BC Total volume: $90.6 million Loans funded: 227

CMP: What are your keys to growing your business and achieving such impressive volume?

Bernadette Laxamana: Three things: excellence through caring, my awesome team and innovation.

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23 MARK GOODE

22 VU LE

Company: DLC Mortgage Man

Company: DLC Clear Trust Mortgages

Location: Orillia, ON

Location: Vancouver, BC

Total volume: $91.2 million

Total volume: $92 million

Loans funded: 467

Loans funded: 175

CMP: What can lenders do to help brokers achieve even higher volume?

Mark Goode: Work together to market against the non-broker banks and create a plan that will work for both parties. Mono lenders need to stop trying to cut brokers out of transactions.

CMP: What are your keys to growing your business and achieving such impressive volume?

Vu Le: Marketing, a strong focus on client relationships, knowing your markets and taking care of my centres of influence (Realtors, lawyers, notaries, accountants, etc).

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20/04/2017 9:31:15 AM

FEATURES

COVER STORY: TOP 75 BROKERS

19 SERGUEI TOTROV Company: DLC Your Mortgage Choice Location: Toronto, ON Total volume: $95.9 million Loans funded: 260

CMP: What are your keys to growing your business and achieving such impressive volume?

Serguei Totrov: Put clients’ interests first, and people will refer friends to you.

18 VIKTOR SCHAEFER Company: Verico One Link Mortgage & Financial Location: Steinbach, MB Total volume: $96.4 million Loans funded: 365

21 DAVE GRIFFIN Company: DLC Griffin Financial Group Location: Peterborough, ON Total volume: $92.2 million Loans funded: 416

CMP: What can lenders do to help brokers achieve even higher volume?

Dave Griffin: Quicker turnaround on approvals and documents. Get more organized and hire more staff.

20 BARRY BABOOLAL

CMP: What is the biggest challenge facing the industry?

Viktor Schaefer: The biggest challenge I face is staying up-to-date with the ever-changing lender policies and continuing to compete against competitors that are not as heavily regulated.

17 ENZA VENUTO

16 ANGELA CALLA

Company: Centum Streetwise Mortgages

Company: DLC The Angela Calla Mortgage Team

Company: DLC National

Location: Vaughan, ON

Location: Port Coquitlam, BC

Location: Whitby, ON

Total volume: $100 million

Total volume: $111.8 million

Total volume: $95.4 million

Loans funded: 225

Loans funded: 303

CMP: What are your keys to growing your business and achieving such impressive volume?

Enza Venuto: Superior customer service, added value to the client and a focus on specific segments.

CMP: What can lenders do to help brokers achieve even higher volume?

Angela Calla: Not over-condition – when things have been verified by two different methods, a third is overkill – and taxing on good-quality high-income/net-worth clients.

Loans funded: 240

CMP: What are your keys to growing your business and achieving such impressive volume?

Barry Baboolal: Excellent customer service.

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15 DUSTAN WOODHOUSE Company: DLC Canadian Mortgage Experts Location: Vancouver, BC Total volume: $112.8 million Loans funded: 219

CMP: What can lenders do to help brokers achieve even higher volume?

Dustan Woodhouse: Unite and lobby the government with one collective voice, representing all channels of lender and all channels of access. It’s all about the clients and their access to competitive rates, and their access to mortgage funds – period.

14 JAMES LOEWEN

11 SUSIE INGLIS Company: DLC Mortgage Evolution West Location: North Vancouver, BC

Company: RMAI Loewen Group Mortgages

Total volume: $124.6 million

Location: Burlington, ON

Loans funded: 184

Total volume: $117.6 million Loans funded: 360

CMP: What is the biggest challenge facing the industry?

James Loewen: Reduction in competition of lenders with increased difficulty on qualifications.

13

CMP: What is the biggest challenge facing the industry?

Susie Inglis: Clients who use us to get a better rate and then take that rate to their bank, and we lose the deal.

JOANNA LANG Company: Verico Premiere Mortgage Centre Location: Toronto, ON Total volume: $118.4 million Loans funded: 182

CMP: What are your keys to growing your business and achieving such impressive volume?

Joanna Lang: Relationships and professionalism – both play an important part in my business, and I put each person in the highest regard.

12 MACKENZIE GARTSIDE Company: The Mortgage Centre Select Mortgage Corp.

Location: Courtenay, BC Total volume: $120.8 million Loans funded: 441

CMP: What can lenders do to help brokers achieve even higher volume?

Mackenzie Gartside: Offering the same (or higher) rate as a bank is not going to get the deal. You have to offer qualification flexibility. The use of CTB, allowing the full value of the house and the detached carriage house to be considered – a little common sense would go a long way.

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20/04/2017 9:31:36 AM

FEATURES

COVER STORY: TOP 75 BROKERS

10 MICHAEL WANG

7 WIN LUI

Company: The Mortgage Centre Canada Focal Mortgage

Company: DLC Clear Trust Mortgages

Location: Richmond Hill, ON

Total volume: $184.1 million

Total volume: $125.5 million

Loans funded: 331

Location: Vancouver, BC

Loans funded: 259

CMP: What’s the most important trait for a broker to have?

Michael Wang: One important trait is perspective. A good mortgage broker uses knowledge to build wealth for their clients and helps them to understand their mortgages as an investment instead of just a loan.

CMP: What is the biggest challenge facing the industry?

Win Lui: Too many policy changes in too short a period of time.

6 SHAWN STILLMAN Company: Mortgage Outlet Location: Toronto, ON Total volume: $185.4 million Loans funded: 486

9 ELVIS HUI Company: DLC Guaranti Mortgages Corp.

Location: Vancouver, BC Total volume: $158.9 million Loans funded: 257

CMP: What’s the most important trait for a broker to have?

Elvis Hui: The most important trait is to think outside the box for the client, to understand the needs of the client and to listen.

CMP: What are your keys to growing your business and achieving such impressive volume?

Shawn Stillman: Hiring the right people to help me be a success – without my team, I would not be where I am today.

5

SCOTT TRAVELBEA Company: DLC Travelbea & Associates

8 SHABBIR PATEL Company: DLC A Better Way

Location: Victoria, BC Total volume: $187.9 million Loans funded: 428

Location: Surrey, BC Total volume: $159.1 million Loans funded: 245

CMP: What are your keys to growing your business and achieving such impressive volume?

Shabbir Patel: Taking responsibility for the transaction, finding solutions for the client and relaying any challenge faced to the client so the client can make an effective decision.

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CMP: What are your keys to growing your business and achieving such impressive volume?

Scott Travelbea: The key to our business is providing clients with the highest level of personal service and helping them develop a borrowing plan so they can achieve their financial goals.

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4

SHAWN ALLEN Company: Verico Matrix Mortgage Global Location: Toronto, ON Total volume: $210 million Loans funded: 670

CMP: What can lenders do to help brokers achieve even higher volume?

Shawn Allen: Stick to their commitments. Don’t commit and condition the deal to death – once you get the docs upfront, stick to it.

3 DAVE BUTLER Company: Butler Mortgage Location: Mississauga, ON Total volume: $337.8 million Loans funded: 970

CMP: What can lenders do to help brokers achieve even higher volume?

Dave Butler: I believe our lenders are all doing a great job. This is not an easy industry to be in right now. The government has been making changes to mortgages rules and regulations every year, it seems. Any time there is change, there is a period of adapting to the changes. How we all deal with these changes is what matters the most. We can whine and cry about it, or we can take the changes head-on.

2 COLLIN BRUCE Company: DLC Mortgage Mentors Location: Edmonton, AB Total volume: $357.8 million Loans funded: 1,163

CMP: What are your keys to growing your business and achieving such impressive volume?

Collin Bruce: Having a really great support staff. I believe I have some of the best in the country. I also spend a lot of money on marketing per year.

I have become the trusted brand for mortgages in Edmonton.

1 JIM TOURLOUKIS Company: Verico Advent Mortgage Services Location: Unionville, ON Total volume: $363.5 million Loans funded: 764

CMP: What is the biggest challenge facing the industry?

Jim Tourloukis: The loss of lenders in the industry.

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20/04/2017 9:32:42 AM

FEATURES

COVER STORY: TOP 75 BROKERS

TOP 20 SMALL MARKET BROKERS THE HOUSING markets in major cities might make headlines, but the brokers and agents toiling in small markets keep the rest of Canada going. This list recognizes brokers and agents with the highest total funded volume in small markets – those where the average MLS-listed home price is less than $290,000.

12 JUSTIN SAUVE Company: Verico Mortgage Corp. Financial Services Location: North Bay, ON

5,000 4,000

Total number of deals 4,109

3,000

1.2 1.0

3,839

0.8

Total funded volume $1.16 billion $887.4 million

0.6 2,000 1,000 0

2016

2015

Total volume: $29.5 million Loans funded: 168

11 YVETTE HELWIG Company: DLC Forest City Funding

0.4

Location: London, ON

0.2

Total volume: $30.6 million

0.0

Loans funded: 104

2016

2015

10 ROBERT JENNINGS 20 LYNDA RIDDELL

16 SANDRA PRICE

Company: The Mortgage Centre Sarick Financial Group

Company: Verico East Coast Mortgage Brokers

Location: Peterborough, ON

Location: St. John’s, NL

Total volume: $20 million

Total volume: $23.2 million

Loans funded: 86

Loans funded: 91

Company: Verico East Coast Mortgage Brokers Location: St. John’s, NL Total volume: $31.3 million Loans funded: 122

9 DUSTIN JAMES Company: DLC Premier Financial Group

19 YVES CORMIER

15 DEANNE WHELAN

Company: Verico Cormier & Cormier Consultants

Company: Verico East Coast Mortgage Brokers

Location: Edmundston, NB

Location: St. John’s, NL

Total volume: $21 million

Total volume: $25 million

Loans funded: 168

Loans funded: 120

18 JEFFREY STAFFORD Company: Mortgage Alliance Kingston Mortgage Solutions

14 TYLER YATES

Total volume: $41.2 million Loans funded: 178

8 JANET MACDONALD Company: Mortgage Alliance Kingston Mortgage Solutions

Company: Verico The Mortgage Wellness Group

Location: Kingston, ON

Location: Sarnia, ON

Loans funded: 195

Location: Kingston, ON

Total volume: $27 million

Total volume: $ 21.5 million

Loans funded: 120

Loans funded: 86

17 NIKKI CAREW

Location: Lindsay, ON

13 EILEEN CROSBIE

Total volume: $47.3 million

7 ANDRE L’ECUYER Company: Neighbourhood Dominion Lending Centres

Company: DLC The Mortgage Source

Location: Petawawa, ON

Company: Verico East Coast Mortgage Brokers

Location: Smiths Falls, ON

Total volume: $52.5 million

Location: St. John’s, NL

Total volume: $29.2 million

Loans funded: 245

Total volume: $ 21.8 million

Loans funded: 150

Loans funded: 82

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6 GERT MARTENS

4 TODD PAYZANT

2 DAVE GRIFFIN

Company: DLC HT Mortgage Group

Company: Neighbourhood Dominion Lending Centres

Company: DLC Griffin Financial Group

Location: Grande Prairie, AB Total volume: $55.2 million

Location: Sudbury, ON

Total volume: $92.2 million

Loans funded: 189

Total volume: $69.1 million

Loans funded: 416

Location: Peterborough, ON

Loans funded: 275

5 SCOTT H. BENTLEY

3 MARK GOODE

1 VIKTOR SCHAEFER

Company: DLC Mortgage Man

Company: Verico Premiere Mortgage Centre

Location: Orillia, ON

Location: Halifax, NS

Total volume: $91.2 million

Company: Verico One Link Mortgage & Financial

Total volume: $62.1 million

Loans funded: 467

Location: Steinbach, MB Total volume: $96.4 million

Loans funded: 212

Loans funded: 365

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20/04/2017 9:33:03 AM

SPECIAL PROMOTIONAL FEATURE

APPRAISALS

Relief for overheated markets As prices soar and bidding wars become the norm, appraisals can cool things down by offering homebuyers a realistic picture of a property’s true value

REAL ESTATE bidding wars are everywhere in the super-heated Toronto and Vancouver property markets, resulting in sales that can end up hundreds of thousands of dollars above asking prices. It’s a bonanza for sellers, as head-spinning multiple offers give them a tidy sum of extra cash. For buyers, the process of finding a home is frenzied and emotional.

Where all this volatility leaves them – not to mention the state of the real estate market and the Canadian financial system – is a concern for the Appraisal Institute of Canada [AIC]. The organization believes that when homebuyers seek out independent opinions of property values and optimal list prices, they will be in a better position to make the most important financial move of their lives and less likely to make a costly mistake.

“The more information you have in your hand, the better off you’re going to be,” says Keith Lancastle, CEO of AIC, a selfregulating organization that has more than 5,000 members across Canada. “It’s prudent to make these kinds of decisions with both eyes open.”

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The appraiser’s role In an attempt to bring as much transparency and know-how into the appraisals arena as possible, the AIC provides wouldbe appraisers the option to pursue two specific designations: Accredited Appraiser

dwelling site. An appraiser with the AACI designation, meanwhile, can undertake any assignment on residential, commercial, industrial, institutional, agricultural, land and special use property types.

AIC members perform approximately a million residential appraisals in Canada annually, worth more than $500 billion, and that amount is increasing every year. Sales have increased, and a higher percentage of sales are being appraised to determine values on which to base mortgage financing.

“If you overpaid by $150,000,” Lancastle says, “you can’t expect the lender to underwrite that emotion.”

According to Dan Brewer, AACI, P. App, president of AIC and a senior appraiser at Appraisers Canada Inc. in the booming York Region just north of Toronto, under guidelines set out by the OSFI, on-site appraisals are required to ensure that buyers do not borrow more than a property’s value.

“You can’t finance your dreams,” Brewer says, noting that much of the escalation in homes price in Toronto and Vancouver comes from a lack of inventory, time pressures and the fact that buyers and sellers are

“The more information you have in your hand, the better off you’re going to be. It’s prudent to make these kinds of decisions with both eyes open” Keith Lancastle, Appraisal Institute of Canada Canadian Institute [AACI] and Canadian Residential Appraiser [CRA].

An AIC member with CRA accreditation is qualified to undertake a residential real property assignment (in a geography where they understand the market influences that impact value) on dwellings with less than four self-contained family housing units or an individual undeveloped residential

often “making decisions without knowing all the facts.”

Bidding wars skew market values, he notes, and those who pay “out of whack” prices should be prepared to dip further into their own cash reserves to finance the purchase and to consider whether they can recover that amount if they sell. “A purchase price is not always supportable,” Brewer adds.

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The value of insight AIC-designated appraisers undertake comprehensive curriculum, experience and examination requirements, and are experts in estimating the value of a property – in contrast to real estate agents, who are experts in selling and purchasing property, and home inspectors, whose expertise lies in determining a property’s structural integrity.

“With respect our designation process, we have the most rigorous educational program in the world, so when someone employs a member of the AIC, they are getting a worldclass appraiser,” says Brewer, who is also a registered mortgage broker. “We are also insured – we have a liability program that allows us to protect the public if a mistake is made. There is some really good value in why you would hire AIC member; you’re getting qualified people who have a deep knowledge and experience of the industry.”

An appraisal report helps property owners better understand a market’s sales and listing

history, the exposure time to sell a property, supply and demand for similar properties, structural characteristics, assessment data,

them, we measure them, and we give guidance and direction.”

Lancastle says that in a larger sense,

“We have the most rigorous educational program in the world, so when someone employs a member of the AIC, they are getting a world-class appraiser” Dan Brewer, AACI, P. App, Appraisal Institute of Canada title restrictions, and zoning and landuse controls.

“You’re interpreting the marketplace,” Brewer says, noting that qualified appraisers “are an integral part of the process,” helping homeowners do everything from understand their equity positions to evaluate the value of particular upgrades they opt for. “We quantify those things, we monitor

appraisals ensure that there are true values in the marketplace.

“We are protecting the financial system and Canadian consumers,” he says, adding that AIC members also do appraisals for purposes such as estate planning, property tax assessments, mortgage refinancing and to help homeowners plan for and follow up after renovations.

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20/04/2017 8:54:29 AM

PEOPLE

BROKER INSIGHT

It’s all about the hustle Anne Brill talks to CMP about her introduction to the industry, the Toronto real estate market and what every broker should do to boost business CMP: What made you first get into the mortgage broker industry?

Anne Brill: I used to be a banker, and when I left CIBC, I started doing business with an accountant who introduced me to a lady called Patricia Giankas, who then introduced me to the mortgage industry.

I didn’t even know the mortgage broker industry existed. That was 15 years ago – and funnily enough, Patricia is now my business partner.

CMP: How would you describe your time in the industry?

AB: I love what I do. With my accreditation, I can pretty much choose to do anything with my life, and I choose this. I love working in the industry.

CMP: What are your thoughts on the current condition of the Toronto real estate market?

AB: I don’t believe in a bubble; I think things will level out eventually. Although I understand from what I’ve read that we’d need to have 100-plus homes put on the market in the near future just to level out the supply and demand, which is crazy.

Between the high values of homes and all the new rules within the mortgage industry, I find it virtually impossible for anyone to get into the market who doesn’t own a house, whether they’re first-time buyers or repeat buyers. It’s very tough unless you have someone to help you. Yet,

44

somehow people are doing it – and it’s very surprising to me. This has been another growth year so far for us; we’re up on the first quarter of last year, and last year we went up 32%.

they will have good equity, so if the rates have grown to be unaffordable, they will have choices. They can either sell the home or possibly refinance to make things more reasonable. I think the 4.64% is excessive.

CMP: What do you think about the possibility of a foreign buyer tax in Toronto?

AB: I don’t have a problem with it; it has

CMP: How much are the rules impacting your business?

AB: We have been directing business else-

slowed down the Vancouver market a little bit. However, I know there are foreign investors in Canada and Toronto, but I don’t think there are as many as some people think.

CMP: What are your thoughts on the tightening of mortgage rules?

AB: The government is being way too strict. I understand the 25-year amortization, and I have no issue with that, but to qualify homebuyers for 4.64% is ridiculous.

If they are taking a five-year fixed mortgage, hopefully at the end of that period,

where if it doesn’t fit into the guidelines of the triple-A side. My monoline lenders are not getting as much as they were, as I have to go either institutionally – to a Big Five bank – or I have to do a B deal. Our B lenders will help us put a deal together; on the A side, it either works or it doesn’t.

You have to treat things a little differently nowadays. What was an A deal yesterday might be a B deal today.

CMP: What’s the secret behind your success?

AB: Perseverance. I truly believe that whatever changes, be it the market or the rules,

BRILL’S TIPS FOR OTHER BROKERS “Try to build a database of people you know, whether it’s acquaintances, real estate agents, insurance professionals or families who know a lot of people. When you service someone well, people give you referrals, so go above and beyond. I don’t consider myself just a mortgage broker – I know a lot about the industry, so I talk about a lot of different things and educate my clients. People appreciate that and will refer business to you because you’ve taken the extra step.”

www.mortgagebrokernews.ca

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FAST FACTS: ANNE BRILL

Owner of Centum Metrocapp Wealth Solutions

Based in Toronto’s Hillcrest Village neighbourhood

Has been in the industry for 15 years

Won the Optimus Emerald Award in 2015

“I truly believe that whatever changes, be it the market or the rules, you have to figure out a way to go with the flow.

Change your mindset, and figure out a new way to do business” you have to figure out a way to go with the flow. Change your mindset, and figure out a new way to do business. I’m a hustler, so I’m on the phone and on the road all the time; I try to meet everyone I possibly can to develop business.

As a broker-owner, I have staff, so I try to get out there and bring business in, and I don’t stop. I know that if I don’t do well this

month or this year, it’s because I didn’t do something correctly.

CMP: What do you get up to in your spare time?

AB: It’s all about family. I’m married, and I have a nine-year-old girl and six nieces and nephews, and I’m very close to my sister, brother and my parents.

Centum Metrocapp Wealth Solutions won the Optimus Platinum Award the same year

Was nominated for Mortgage Broker of the Year (25 Employees or More) at the CMAs in 2016

Was also named one of CMP’s Top 75 Brokers in 2016

www.mortgagebrokernews.ca

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CANADIAN MORTGAGE AWARDS FINALISTS 2O17

Friday, May 12 The Liberty Grand | Toronto A record number of nominations came in from across the mortgage industry for this year’s Canadian Mortgage Awards.

Here are the best of the best CMP IS proud to present the individuals and organizations at the forefront of Canada’s mortgage industry who have made this year’s list of finalists. Together with our publisher, KMI Publishing & Events, we would like to thank all those who took the time to submit nominations this year and all our sponsors who continue to make this event a success.

We look forward to celebrating your success at The Liberty Grand on Friday, May 12, 2017. For more information about the event and to book your table, visit www.canadianmortgageawards.ca.

OFFICIAL PUBLICATION

BROUGHT TO YOU BY

AWARD SPONSORS

46 www.mortgagebrokernews.ca

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EVENT PARTNER

THE CMBA AWARD FOR

MORTGAGE BROKER OF THE YEAR (FEWER THAN 25 EMPLOYEES)

FINALISTS yy Bernadette Laxamana VERICO Xeva Mortgage Group

yy Christine Xu

Mortgage Architects

yy David Hetti

Mortgage Intelligence Oshawa

yy Enza Venuto CENTUM InTouch Mortgage Solutions

yy Sally Kwan ETC Mortgage

yy Scott

Travelbea

DLC Travelbea & Associates

yy Skye McLean Axiom Mortgage Solutions

yy Tracy Valko

THE XCEED AWARD FOR BEST

THE CENTUM AWARD FOR BEST

MARKETING EFFORT OF THE YEAR

INDUSTRY SERVICE PROVIDER

FINALISTS

FINALISTS

yy Bridgewater

Bank

20 Years

yy D+H yy DocAssist

yy DLC

yy GoMax Solutions

yy Fundever

yy HomEquity Bank

yy Home Trust

yy Paradigm Quest

We’ve Got a Mortgage For That!

Connecting Brokers with Lenders

Company

Making Mortgage Great Again

yy Teranet Purview

yy MogoMortgage Mogo Mortgage Launch

THE MANULIFE BANK AWARD FOR BEST CUSTOMER SERVICE FROM AN INDIVIDUAL OFFICE

FINALISTS yy Champion Mortgage yy DLC GLM Mortgage Group yy Invis Pure Mortgage yy Loewen Group Mortgages yy Mortgage Intelligence LA Mortgage Team

THE CANADIAN MORTGAGE APP AWARD FOR

BEST USE OF MOBILE TECHNOLOGY FINALISTS yy Fundever

yy Loewen Group Mortgages yy MogoMortage yy Nationwide

Appraisal Services

yy VERICO

Financial Group

yy Mortgages.ca

yy Mortgage Intelligence, Can Force Mortgage

yy Sherwood Mortgage Group

Military Campaign

Dominion Lending – The Valko Team

yy Win Lui

DLC Clear Trust Mortgages

AWARD SPONSOR

AWARD SPONSOR

AWARD SPONSOR

AWARD SPONSOR

AWARD SPONSOR

www.mortgagebrokernews.ca

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EVENT PARTNER

CANADIAN MORTGAGE AWARDS FINALISTS 2O17 THE VECTOR FINANCIAL SERVICES LIMITED AWARD FOR

THE CANADA MORTGAGE & FINANCIAL GROUP AWARD FOR

BEST COMMERCIAL MORTGAGE BROKER OF THE YEAR

BEST NEWCOMER, INDIVIDUAL AGENT OR BROKER

FINALISTS

FINALISTS

yy Andrew Bennett

yy Etienne Beaudoin

yy Brennan Wood

yy Kevin Mayer

Nexus Investment Corporation Foundry Mortgage Capital

yy David Beckingham Dominion Lending Centres Commercial Capital

yy Michel Durand

Mortgage Alliance Commercial

yy Neil Shopsowitz

Dominion Lending Centres Commercial Capital

yy Omid Jalili

VERICO Xeva Mortgage Invis The Wilson Team

yy McKay Wood VERICO Paragon MortgagePal

yy Samir Jaroudi

VERICO Matrix Mortgage Global

yy Sarah Fenwick

Bespoke Mortgage Group

yy Scott Nazareth Mortgages.ca

OMJ Mortgage

THE HOME TRUST COMPANY AWARD FOR BEST ALTERNATIVE LENDING MORTGAGE BROKER OF THE YEAR

FINALISTS yy Ameera Ameerullah Canada Mortgage Financial Group

yy Andrew Roper

Dominion Lending Edge Financial

yy Christine Xu

Mortgage Architects

yy David Clarke

DLC Heritage Lending Group

yy Leanne Myles

VERICO Premiere Mortgage Centre

MORTGAGE BROKER OF THE YEAR

(25 EMPLOYEES OR MORE)

FINALISTS yy Anthony Contento Sherwood Mortgage Group

yy Collin Bruce

Dominion Lending Centres Mortgage Mentors

yy Dustan Woodhouse DLC Canadian Mortgage Experts

yy Nick L’Ecuyer

VERICO The Mortgage Wellness Group

yy Shawn Allen

Matrix Mortgage Global

yy Ronald Alphonso

yy Steven Levine

AWARD SPONSOR

AWARD SPONSOR

Mortgage Broker Store

yy Tina Mu

THE BRIDGEWATER BANK AWARD FOR

True North Mortgage

Dominion Lending Centres Acer Mortgages

yy Vic Cotton Avenue Financial

AWARD SPONSOR

AWARD SPONSOR

48 www.mortgagebrokernews.ca

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CANADIAN MORTGAGE AWARDS FINALISTS 2O17 THE FCT AWARD FOR

MORTGAGE BROKERAGE OF THE YEAR

(25 EMPLOYEES OR MORE)

FINALISTS

THE STREET CAPITAL BANK OF CANADA AWARD FOR

MORTGAGE BROKERAGE OF THE YEAR

(FEWER THAN 25 EMPLOYEES)

FINALISTS

THE INVIS/ MORTGAGE INTELLIGENCE AWARD FOR BEST

LENDER BDM OF THE YEAR FINALISTS

THE SHERWOOD MORTGAGE GROUP AWARD FOR

BEST NEWCOMER LENDER BDM FINALISTS

yy CENTUM Metrocapp Wealth Solutions

yy Champion Mortgage

yy Ajay Kaith

yy DLC Brokers For Life

yy Catherine Halkyard

yy Neighbourhood Dominion Lending Centres

yy Dominion Lending Centres Smart Debt

yy Geoff Semple

yy Darren Campbell

yy Sherwood Mortgage Group

yy Loewen Group Mortgages

yy Ian Tenggardjaja

yy Elena Robinson

yy True North Mortgage yy VERICO The Mortgage Advisors

yy Mortgage Intelligence Rasha Ingratta & Mortgage Associates

yy VERICO Xeva Mortgage

yy VERICO Anthem Mortgage Group

Oppono Lending Company MCAP Mortgage Service Corporation Street Capital Financial Corporation Street Capital Financial Corporation

yy John Papadopoulos RMG Mortgages

yy Dan Pauls

Magenta Capital Corporation MCAP Mortgage Service Corporation Home Trust Company

yy Linda Elkjar

Street Capital Financial Corporation

yy Michael Dixon

yy Kristen Linde Ferrier

yy Nicole Thomson

yy Sam Samadi

yy Paul Jardine

yy Shannon Parker

yy Robert Gibson

yy Tim Hurlbut

yy Tania Melnyk

AWARD SPONSOR

AWARD SPONSOR

Equitable Bank Manulife

Home Trust Company Alta West Capital

AWARD SPONSOR

Street Capital Financial Corporation

yy Karim Awad

CMLS Financial

AWARD SPONSOR

yy Chris Woodhouse

Radius Financial

Home Trust Company Optimum Mortgage Equitable Bank

Bridgewater Bank

50 www.mortgagebrokernews.ca

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EVENT PARTNER

THE TRANSUNION AWARD FOR LIFETIME ACHIEVEMENT IN THE MORTGAGE INDUSTRY This award recognizes an individual who has made an outstanding contribution to the industry as a whole through visionary people management strategies and leadership. Though there are no defined parameters, this award will acknowledge someone with an established history of distinguished service to the industry, who has exhibited leadership and provided inspiration to others in the sector while putting the interests of the industry at the top of their priorities.

Winner to be announced on May 12

THE AWARD FOR

THE AWARD FOR

DIVERSIFIER OF THE YEAR

EMPLOYER OF CHOICE

FINALISTS yy Blue Pearl Mortgage Group yy DLC Expert Financial yy DLC Home Capital Solutions yy DLC North East Mortgages yy First Foundation yy VERICO SafeBridge Financial Group

FINALISTS yy Bridgewater Bank yy DLC Canadian Mortgage Experts yy Neighbourhood Dominion Lending Centres yy Durhammortgage. com (The Mortgage Centre) yy Sherwood Mortgage Group yy VERICO Compass Mortgage

THE AWARD FOR NATIONAL

BROKER NETWORK OF THE YEAR FINALISTS yy Broker Financial Group yy Centum Financial Group yy Dominion Lending Centres yy Invis/Mortgage Intelligence yy MCC Mortgage Centre Canada yy Mortgage Architects yy TMG The Mortgage Group yy VERICO Financial Group

AWARD SPONSOR

www.mortgagebrokernews.ca

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EVENT PARTNER

CANADIAN MORTGAGE AWARDS FINALISTS 2O17 THE AWARD FOR

THE AWARD FOR

BEST NEWCOMER, LENDER UNDERWRITER

BEST NEWCOMER, MORTGAGE BROKER FIRM

FINALISTS yy Brett Van Driel Paradigm Quest

yy Bryan Campbell Street Capital Financial Corporation

yy Christina Matticks Equitable Bank

yy Janel Melo

Street Capital Financial Corporation

yy Krista Valadao

Home Trust Company

yy Natasha Alli

Home Trust Company

yy Sarah Spearn

First National Financial

FINALISTS yy Blue Pearl Mortgage Group yy Canwise Financial yy DLC Origin Pinsky Mortgages yy DLC Coultish Lawton Capital Group yy Invis PG Mortgage Brokers yy Mortgage Alliance Pinnacle Capital

THE AWARD FOR BEST

COMMUNITY SERVICE EFFORT OF THE YEAR FINALISTS yy Bridgewater Bank yy Carmen Alpaerts

Invis Any Mortgage for You

yy Dave Teixeira

Dominion Lending Centres

THE AWARD FOR

BEST LENDER UNDERWRITER OF THE YEARÂ

FINALISTS yy Alan Colby Paradigm Quest

yy Angela Molyneaux Equitable Bank

yy Christina Abate Equitable Bank

yy Home Trust Company

yy Dave Tett

yy Leo Ragusa

yy Helga Peller

VERICO The Mortgage Professionals

yy Mary Grace Tatangelo

MCC Pilrock Mortgages

Home Trust Company RMG Mortgages

yy Ida Guilbault Bridgewater Bank

yy Kara Kinakin Bridgewater Bank

yy Quantus Mortgage Solutions

yy Lianne Smith

yy Sabeena Bubber

yy Mita Desai

VERICO Xeva Mortgage/ 100 Brokers Who Care

Street Capital Financial Corporation Equity Financial Trust

yy Thomas Squires Optimum Mortgage

52 www.mortgagebrokernews.ca

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PEOPLE

CAREER PATH

EMBRACING CHANGE

Nitesh Prakash has risen rapidly through the ranks of the mortgage industry – and for him, finding success is a matter of attitude

1995

1997

JUMPS UP THE LADDER (AND ACROSS THE COUNTRY)

DEVELOPS A PASSION FOR BUSINESS

Prakash took a post in operations with Canadian Toys, which involved crossCanada coordination, resulting in a string of promotions and a move from BC to Ontario. That posting was only supposed to last six months; Prakash ended up staying three and a half years and becoming regional manager “I kept getting promoted through the ranks, but after eight years, I felt there was no room for me to grow”

2009

RISES TO DISTRICT MANAGER While bank employees across the globe were losing their jobs in the aftermath of the financial crisis, Prakash was promoted to district manager

“I learned during that time to be proactive and welcome change. I’m a firm believer that success can be had in bad times as well as good times – it’s just a matter of who’s looking for it” 2015

LAUNCHES MENTORING PROGRAM Conscious of the high rate of turnover in the industry and recognizing how difficult it can be for new brokers to get a foothold, Prakash initiated an in-depth, two-year training program for new hires at Blue Pearl that includes a one-onone mentorship component “We’re always open to change to accommodate people – part of being an independent company is the opportunity to be agile”

Drawn to business from an early age, Prakash followed his highschool accounting classes with two years of studying accounting at UBC. He snagged a job as a junior bookkeeper to gain practical work experience, but soon discovered it wasn’t for him “I quickly realized that wasn’t want I wanted to do with rest of my life.

I felt my talents were not being showcased; the company recognized this and offered me a post in operations”

2006

MOVES INTO BANKING Prakash started with HSBC in a junior position in July 2006; he excelled so rapidly that by August, he was the top account executive for Western Canada, and by December, he was a branch manager. Three years later, he took over HSBC’s Surrey branch, the bank’s largest in Western Canada, where he remained for the next 18 months

2012

ENTERS THE MORTGAGE WORLD A personal connection provided the catalyst for Prakash to move into mortgages as a managing partner at JP Elite Mortgage. With a few key colleagues from HSBC on his team, Prakash built his business on a model similar to the one used by his ex-employer “That was our structure; it enabled us to grow, and that model remains unique”

2014

FOUNDS BLUE PEARL In a development Prakash describes as equivalent to the clouds parting and the sun shining, Blue Pearl Mortgage Group came into being. Prakash says the company’s innovative, customer-centric culture is what draws and keeps clients “We want to make ourselves better; we get joy out of helping our clients out of situations”

54 www.mortgagebrokernews.ca

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2017-01-13 11:17 20/04/2017 9:02:26 AMAM

PEOPLE

OTHER LIFE

TELL US ABOUT YOUR OTHER LIFE Email mortgagebrokernews@kmimedia.ca

2

Length, in minutes, of an introductory ‘flight’

202

Total minutes Loewen has spent in the flight chamber

40

Estimated number of people Loewen has introduced to indoor skydiving

FLYING COLOURS

Indoor skydiving allows broker James Loewen to take to the air with the greatest of ease – and leave work-related stress behind THE FIRST time James Loewen, the owner of Burlington, Ontario-based Loewen Group Mortgages, went skydiving, it involved half a day of training, a plane ride and a climb out onto the wing. Indoor skydiving, on the other hand, can be done on a weekday night in the middle of winter and take no more than a couple of hours.

The commonality, Loewen says, is the invigorating sensation of free-fall – which only lasts about 10 seconds when jumping out of a plane, but can last minutes at a time in the massive wind tunnel that enables indoor ‘flying.’

The activity appeals to Loewen’s constant quest to conquer new frontiers, but also

grants him a dose of peace in a busy life. “If I’m not being challenged, I’m bored,” he says.

“I slow my breathing and my thought processes in the wind tunnel. It’s the longest two minutes of your life. It’s exhausting because of the way it contorts you, both physically and mentally. I need releases where I can stop thinking about work.”

56 www.mortgagebrokernews.ca

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Powering your ideas TM

nbc.ca © 2017 National Bank of Canada. All rights reserved. TM POWERING YOUR IDEAS is a trademark of National Bank of Canada.

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r

Making Mortgaging Great Again For the past 30 years, we’ve navigated a changing economic environment, mortgage industry and the needs of homeowners. Together, we continue to help thousands of Canadians build a bright future.

See how we’re Making Mortgaging Great Again with expanded alternative solutions and improved service.

Talk to your BDM today to learn how we are Making Mortgaging Great Again or visit go.hometrust.ca/MMGA

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