CMP 13.11

MORTGAGEBROKERNEWS.CA ISSUE 13.11

WOMEN OF INFLUENCE 2018

Meet 58 women who are at the vanguard of the Canadian mortgage industry

COMMERCIAL MARKET BOOM

The tech and cannabis industries continue to open up a wealth of opportunities

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THE B-20 BATTLE ISN’T OVER YET

Could the mortgage stress test lead to a reckoning for Liberals in next year’s election?

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ISSUE 13.11

CONTENTS

WOMEN OF INFLUENCE 2018

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SPECIAL REPORT

CMP spotlights 58 female leaders whose accomplishments have paved the way for other women to succeed in the world of mortgage brokering

GET THE SHOVELS READY. Romspen Investment Corporation is a non-bank mortgage lender specializing in commercial real estate across Canada and the United States. With over $2.5 billion under administration, we offer customized mortgage solutions for term, bridge and construction financing from $5M to $100M. Blake Cassidy or Pierre Leonard | 800 494 0389 | www.romspen.com

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ISSUE 13.11

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

CONTENTS

44

twitter.com/CMPmagazine plus.google.com/+MortgagebrokernewsCa facebook.com/MortgageProfessionalCA

UPFRONT 04 Editorial

What DLC and M3’s battle for network dominance means for brokers

06 Statistics

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As interest rates rise, so does the proportion of income Canadians are spending on debt

08 Head to head

PEOPLE

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BROKER INSIGHT Jillian Sparrow has achieved enviable success in just three years. She tells CMP how she did it

INDUSTRY ICON Boris Bozic never intended to stay in the mortgage industry. Thirty years later, he’s become one of its most influential players

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Will the B-20 fallout be a thorn in Liberals’ side in the next election?

In the current market, pre-construction condos are a risk that’s not worth taking

14 Alternative lending update

IT STARTS WITH MATH

PEOPLE

10 News analysis 12 Opinion

FEATURES Before you even consider submitting a commercial deal to a lender, make sure you’ve run it through these basic calculations first

How vulnerable are brokers to being replaced by technology?

FEATURES

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FORGING STRATEGIC PARTNERSHIPS

Mortgage Savvy CEO Rakhee Dhingra is reimagining the mortgage process with a focus on personal connections

OSFI’s latest crackdown could hit Alt-A lenders particularly hard

16 Commercial update

The tech industry continues to drive a commercial real estate boom in Canada’s biggest cities

PEOPLE 55 Career path

From the beginning, Nick L’Ecuyer made a splash in the mortgage industry

56 Other life

Outside of mortgage brokering, Vadim Mostovoy is strictly ballroom

52 FEATURES

A NEW FRONTIER Broker ONE head Ron De Silva outlines the new offerings his network has in the pipeline

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MORTGAGEBROKERNEWS.CA CHECK IT OUT ONLINE

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UPFRONT

EDITORIAL

Clash of the network titans

C

anada’s two largest mortgage networks are gearing up to aggressively grow their market share. In late September, Dominion Lending Centres announced that it was essentially pouring all of its equity into the publicly traded Founders Advantage Capital and taking control of the company.

DLC co-founder and president Gary Mauris will assume the role of president and CEO of Founders, while DLC’s other co-founder, Chris Kayat, will become executive vice-chairman.

In securing a much larger equity position in Founders Advantage Capital, DLC has strategically positioned itself to continue its broker-channel domination. Further to that goal, the network is investing heavily in technological innovation, including bringing aboard a new chief of technology, Serge Vinokour. DLC also said it’s planning to roll out new lead-generation tools the broker channel has never seen before.

As these two network giants keep battling for market share, the real winner is the broker channel, which will enjoy the fruits of their labours Not to be outdone, M3 Group recently announced the creation of M3 Tech, a 32-person team that will, in addition to the standard IT and operational duties, work to leverage scale, data and innovation to make mortgage brokering easier. Andre Boivert, M3’s new chief technology officer, told CMP that artificial intelligence will play a crucial role in M3 Tech’s suite of products.

When M3 launched a few years ago, it identified a lack of cutting-edge technology in the broker channel and has endeavoured to fill that void ever since. The network followed its M3 Tech announcement by unveiling its M3 Innovation Lab at the National Mortgage Conference in Montreal in late October. Described as a partnership with key industry players – including TD Bank, First National and Equifax – the M3 Innovation Lab aims to spur discussion around technological innovation and the changing mortgage ecosystem to inform future product development.

As these two network giants keep battling for market share, the real winner is the broker channel, which will enjoy the fruits of their labours.

The team at Canadian Mortgage Professional

www.mortgagebrokernews.ca ISSUE 13.11 EDITORIAL Writers Neil Sharma Joe Rosengarten Libby MacDonald Ephraim Vecina Heather Turner Hannah Go Copy Editor Clare Alexander

CONTRIBUTORS Calum Ross Paul McGill

ART & PRODUCTION Designer Pia Marie Tandog Production Manager Alicia Chin Advertising Coordinator Ella Dayandante

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

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

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KMI Media 312 Adelaide Street West, Suite 800 Toronto, Ontario M5V 1R2 tel: +1 416 644 8740 www.keymedia.com Offices in Toronto, Sydney, Denver, Auckland, London, Manila, Singapore, Bengaluru

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

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UPFRONT

STATISTICS

Debt ratio on the rise

MORE MONEY GOING TO MORTGAGES The debt service ratio attributable to mortgages in Canada reached 6.51% this year – a high last seen in 1995. Since interest rates bottomed out as a result of the global financial crisis, the mortgage debt service ratio in Canada has climbed by almost a full percentage point.

Canadians are feeling the pinch of higher interest rates as they spend more and more to service debt FOR YEARS, Canadians have enjoyed a low-interest-rate spending spree – but now that the Bank of Canada has been steadily increasing interest rates, the chickens are coming home to roost for many borrowers.

According to recent figures from Statistics Canada, the country’s debt service ratio has been trending steadily upward in lockstep with escalating interest rates, hitting a multimonth high in October.

The second quarter of this year had the

6.51%

6.87%

Mortgage debt service ratio in Q2 2018

Debt service ratio on interest alone in Q2 2018

dubious distinction of having the highest total debt service ratio since 2008. Perhaps of bigger concern is the fact that the mortgage debt service ratio recently reached highs not seen since the early ’90s.

Naturally, the amount being spent on interest alone has also risen. Canadians spent a whopping $92 billion on interest payments in the second quarter of 2018, more than half of which ($47 billion) was attributable to mortgage interest.

$87 billion

Amount Canadians spent on mortgage debt in Q2 2018

$47 billion

Amount Canadians spent on mortgage interest in Q2 2018 Source: Statistics Canada, 2018

OF PARTICULAR INTEREST

A SUDDEN INCREASE

The debt service ratio calculated on interest only has shown a marked upward trend, rising half a percent since the second quarter of 2017.

DEBT SERVICE RATIO ON INTEREST ONLY

TOTAL DEBT SERVICE RATIO 15%

6.87% 6.73% 6.57% 6.37%

After levelling off in recent years, the percentage of income Canadians are spending on total debt climbed to 14.15% earlier this year – a high not seen since 2008. Compared to the same quarter in 2017, Canadians’ total debt service ratio rose by around 0.4%.

14% 13%

6.43% 12% 10%

Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Source: Statistics Canada, 2018

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1995

2000

2005

2010

2015 Source: Statistics Canada, 2018

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MORTGAGE DEBT SERVICE RATIO

7% 6.75% 6.5% 6.25% 6% 5.75% 5.5% 5.25% 5%

1990

1995

2000

2005

2010

2015

Source: Statistics Canada, 2018

DOLLARS DEDICATED TO DEBT

HIGHER RATES TAKE A TOLL

In the second quarter of 2018, Canadians spent upwards of $189 billion on debt payments – nearly $13 billion more than they spent in the second quarter of 2017. Of that amount, more than $87 billion – or 46% – went toward servicing mortgages.

Thanks in part to rising rates, the amount Canadians are spending on interest has climbed by more than $10 billion in the last year.

Total debt payments Mortgage debt payments

DOLLARS SPENT ON DEBT Q2 2017

$80.9 billion

Q3 2017

$82 billion

Q4 2017

$83.8 billion

Q1 2018 Q2 2018

$85.7 billion $87.3 billion

$176.8 billion

$81.8 billion

$179.6 billion

$83.8 billion

$183 billion $186.4 billion $189.7 billion Source: Statistics Canada, 2018

Total interest payments Mortgage interest payments

DOLLARS SPENT ON INTEREST PAYMENTS

$41.8 billion

$42.8 billion

$86.7 billion

$44.4 billion

$89.4 billion

$46.2 billion

$92.1 billion

$47.5 billion

Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Source: Statistics Canada, 2018

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UPFRONT

HEAD TO HEAD

Will technology eventually replace mortgage brokers?

Is the ongoing evolution of mortgage technology enough to wipe out brokers for good?

Bill Nugent Mortgage broker Neighbourhood Dominion Lending Centres

Bobby Kay Mortgage broker and vice-president Mortgage Associates Ontario

Scott Trainor Mortgage associate The Mortgage Group

“The industry requires technology, but the consumer still needs to have a strong relationship with their broker. The regulations and differences between mortgages are often confusing for clients, and brokers need to educate the consumer about proper qualification guidelines and documentation requirements, as well as fully meeting FSCO disclosure requirements.

We must embrace technology to speed up the approval process, reduce the duplication of information and make it easier for clients to meet conditions. It all comes down to making the process faster and less stressful through technology, while still establishing a relationship by educating the client.”

“Technology will only enhance our business further. As a mortgage broker or brokerage, it’s crucial to perceive mortgage brokering as a business, rather than a job. As technology evolves, so should your business. Innovating and thinking outside the box will put you ahead of the curve.

While banks have the resources for innovations such as mobile apps, they cannot compete with us in such sectors as alternative lending, private mortgages and second mortgages.

Nonetheless, there will always be a human element required in a mortgage transaction for borrowers to ensure they are getting into a mortgage they won’t regret later.”

“Industries around the world have seen wholesale changes to the way they do business due to the introduction of technology. Just look at what online marketplaces such as Amazon have done to brick-and-mortar retailers such as Sears and Toys ‘R’ Us, for example.

Despite the influence of technology, mortgage brokers continue to have a niche, especially in the changing climate of the Canadian mortgage marketplace. It’s very clear to me that educated brokers are needed, especially for the tougher deals, and product knowledge is more important than ever.

This is the advantage that will keep brokers from becoming redundant in today’s business.”

FIGHTING THE FUTURE? Online rate comparison engines and mortgage apps are just the beginning of tech’s incursion into what was once the exclusive purview of brokers and agents – but according to those in the thick of it, there will always be a demand for the human touch. “There’s more online competition and online research, but the fact of the matter is that customers still like dealing with the warm and fuzzy human being, and we’re not going away anytime soon,” Sandra Tisiot, a mortgage agent with DLC Smart Debt, told CMP. “More of the transaction will happen online, but there will be somebody to walk the borrower through.”

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UPFRONT

NEWS ANALYSIS

Could B-20 topple Liberals?

With an election just under a year away, the Tories are looking for ammunition – and they might have found it in B-20

THE CONSERVATIVE Party of Canada intends to make B-20 a hot-button issue during next year’s election campaign – but have enough Canadians been impacted for the message to get through?

MP Tom Kmiec, the party’s deputy shadow minister for finance, seems to think so. He has doggedly pursued the matter by tabling two motions to study the impact of the stress test; both have been rejected by the governing Liberals.

Refusing to go quietly, Kmiec has vowed to put B-20 on the agenda in time for next October’s federal election.

“It will be an election issue, absolutely,” he

the mortgage rules were introduced in the first place.”

As the Bank of Canada continues to raise interest rates, mortgage qualification is becoming increasingly onerous. The Liberals might hope that B-20 is too convoluted of an issue for the average voter to understand, but the BoC could raise interest rates significantly before the election. Given how many more people will be prohibited from buying a home as a result, Kmiec could very well realize his agenda.

“This is an affordability issue,” he says. “The Bank of Canada is raising interest rates, and I don’t fault them for it, but rules like B-20 and

“Rules like B-20 and provincial rules are compounding to make it unaffordable for young people to get into their first home” Tom Kmiec, Conservative Party of Canada says. “I’m willing to use procedural tools to get this study done. I’m not necessarily saying to get rid of B-20 completely; I’m saying take a look at the data and then make a decision on it. I’m asking the Liberals to provide any internal documents they have showing why

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provincial rules are compounding to make it unaffordable for young people to get into their first home.

“There was a 63% jump in mortgage originations among 73- to 93-year-olds in the first half of this year,” he adds. “[It’s] unusual for

the pre-war generation to suddenly take out a whole bunch of mortgages for no apparent reason after B-20 was introduced. It only makes sense when you notice that mortgage originations among millennials are down 19% and Generation Z mortgage originations are down 22%. Are the B-20 mortgage rules causing Canadians to go to their grandparents to take out mortgages for them in their names?”

Kmiec isn’t alone in lobbying the government to reconsider the mortgage stress test – he has an ally in Tim Hudak, CEO of the Ontario Real Estate Association and the erstwhile leader of the Progressive Conservative Party of Ontario.

It’s hardly surprising that OREA has joined the growing chorus of mortgage and real estate professionals who believe the stress test should be rescinded. The organization often champions first-time homebuyers, a cohort that has argu-

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THE PUSH FOR A B-20 STUDY

MAY 30 Kmiec tables his first motion for a study on the effects of B-20; the proposal is rejected by Liberals

JUNE 13 Kmiec tables a second motion for a study of B-20, forcing debate on the motion in a finance committee meeting, but the proposal is ultimately rejected again

JUNE 19 Kmiec continues to advocate for a B-20 study in an opinion piece in the Edmonton Journal

SEPTEMBER 29 Kmiec starts a website for voters to lobby for a B-20 study ably been B-20’s greatest casualty.

“Every economist might not agree on the timing, but interest rates are heading up,” Hudak says, “which means mortgage rates are heading

qualification guidelines for self-employed borrowers, Hudak argues that the stress test is simply insurmountable for many Canadians.

“Our point of view at OREA reinforces the

“This pile-on of new rules, regulations and taxes harms aspiring homeowners and sets back the potential of our economy” Tim Hudak, Ontario Real Estate Association up, and if you add 200 basis points onto every increase, you’re really pushing a lot of first-time homebuyers out of the market and impairing the dreams of move-up buyers who have kids and want a little more space.”

In spite of CMHC’s recent amendments to

federal government to take a second look at the stress test because every time the interest rate goes up, the stress test goes up 200 basis points above that, making it even harder to get a mortgage and penalizing millennials, new Canadians and entrepreneurs trying to get into

the housing market,” he says. “We certainly support government programs that encourage responsible and sustainable borrowing, but this pile-on of new rules, regulations and taxes harms aspiring homeowners and sets back the potential of our economy.”

Kmiec says he was told by the Liberals that B-20 wasn’t being examined due to a dearth of data, which he says has since become plentiful. Given that he’s already participated in filibustering the electoral reform committee, Kmiec clearly has the resolve to see this through.

“If it comes down to it, I’m happy to use up every two-hour time limit on every single committee until we agree to do a mortgage study,” he says. “I’m not asking for the moon.

All I want are a few meetings in Ottawa where we can invite people with data who can then tell us what’s happening with the market.”

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UPFRONT

OPINION

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

The next housing crash Rising interest rates and mortgage rule changes have made buying pre-construction condos a risky business, writes Calum Ross “A CHANGE has been proposed for this site.” Sound familiar? It should if you live in Toronto. Signs with that phrase are posted at what feels like every parking lot, church, factory and corner of the city. At this point, every Torontonian knows what change has been proposed: a condo.

But before developers can start digging, they need to sell around 75% of the units to get bank financing, depending on the site and the developer’s capital.

Purchasing pre-construction condos was popular in the early days of Toronto’s condo boom, and it certainly made many buyers a considerable amount of money back when appreciation was not ‘baked in’ – that is, not already built into the price. In 2011, Brian Persaud even wrote a book on how to capitalize on it. Units sold for far less than a comparable resale unit, and buyers could occupy, rent or sell them after a few years.

And thanks to Toronto’s red-hot real estate market, the units almost always increased in value during that time.

One of the biggest concerns I have for this segment seems to be all but a casual conversation, but it’s one that I think people need to spend more time with. Many preconstruction condos will close at rates over 40% higher than they were at the time of purchase, and simply put, the buyer won’t qualify for a mortgage at today’s standards.

In addition, they won’t have sufficient cash flow to carry the investment.

It’s time to wake up, real estate speculators, because this is going to hurt. In recent

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years, pre-construction condos have only faced stagnant or declining interest rates; now that rates are climbing, protecting yourself is more important than ever.

For much of 2015, 2016 and 2017, we had the lowest mortgage rates in history. These are not realistic rates to price into closings that, in many cases, are years out. Those

guarantee a rate today when it’s extremely likely that rates will be higher tomorrow?

My second major concern is that the timeframe until completion for these pre-construction condos is so long that either the client’s financial situation or the lending criteria could change in the interim.

Purchasing a unit without guaranteed financing could leave a would-be purchaser with serious cash-flow issues.

Here’s what that could look like: A client buys a 600-square-foot pre-construction condo in 2017 for $620,000 (about the average price in Toronto at the time) and puts down 20% ($124,000) at a rate of 3% and an amortization of 25 years. The total monthly mortgage in this scenario is $2,347, not including maintenance fees, utilities, etc.

In four years, the unit is finally ready – except now mortgage rates are 5% and the monthly mortgage is $2,885, or $538 more than budgeted for.

This scenario is based on a 2% rise in interest rates. Is that a likely scenario? The

“These clients might find themselves with a legal commitment to close on a pre-construction deal they can no longer afford” buying pre-construction properties must ensure that they can secure a rate-capped mortgage from the bank on site – or have the cash flow and/or liquidity to endure higher rates. Otherwise, these clients might find themselves with a legal commitment to close on a pre-construction deal they can no longer afford. Or, heaven forbid, real estate prices could be even lower – yes, this can happen.

Currently, a big bank will partner with a developer to offer a special deal to purchasers.

The bank agrees to lock the buyer in at a five-year fixed rate and even allow them to capture a lower interest rate, should rates have declined by closing. Amazing, right?

The problem is that this type of financing hasn’t been tested when interest rates are on the upswing. It’s easy for a bank to agree to lock in an interest rate when it will likely be lower at closing, because it’s to their advantage. But how can – and why would – a bank

truth is, we don’t know – no one does. And that’s the problem.

The take-away? Planning for four years in the future based on today’s financial circumstances is risky. For an owneroccupied purchase or an investor with a strong balance sheet, this may not be big deal, but as with any other investment or financial risk, if you can’t afford to lose, don’t play the game. While numerous preconstruction condos might make for great places to live or be very appealing investments in the long run, erring on the side of caution to avoid overexposure is always prudent financial advice.

Calum Ross has spent 15 years in mortgages and wealth management; during that time, he has funded more than $2.5 billion in mortgages.

He is also an Amazon bestselling author and an alumnus of Harvard Business School.

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UPFRONT

ALTERNATIVE LENDING UPDATE NEWS BRIEFS British Columbia government goes after non-bank lenders

In late September, the BC government launched a new inquiry into allegations that criminals are using the province’s real estate in money laundering operations, including the private lending sector. Research by The Globe and Mail earlier this year found that corrupt private lenders are using Vancouverarea real estate to park laundered funds being used in the fentanyl trade. “We’re deeply concerned that the real estate sector may be vulnerable to abuse by organized crime,” Darlene Hyde, CEO of the BC Real Estate Association, told the Vancouver Sun, “so we support the review’s focus.”

Property developers increasingly using alternative funds

In a recent analysis, Altus Group found that 82% of high-level property development managers worldwide favoured the use of at least one alternative financing source. In addition, 45% of the firms surveyed said they’re considering or are already using alternative financing exclusively. “Many alternative lenders and private funds have actively positioned themselves toward the space of traditional lender,” Altus Group noted in its report.

B-20 looms large over conference for MIC managers

The British Columbia MIC Manager’s Association Conference, held in Vancouver in mid-October, set an attendance record, which event organizers attributed to the fact that stricter B-20 lending guidelines have helped mortgage investment corporations grow their market share.

“Some brokers only focused on the A channel, but now they’re looking to

diversify their business by sending their clients to MICs because they’re ultimately trying to find solutions for their clients,” said Steve Ponte, president of the BC MIC Managers Association.

“This is the first year we’ve actually sold out, [and B-20] is certainly a part of it.”

B channel borrowing now requiring a new exit strategy

As business in the B channel has soared this year, brokers have highlighted the need to recalibrate exit strategies for clients. Borrowers in the B channel used to stay there for around a year or two while they improved their financial standing in preparation for a shift to an A lender. However, that path is rockier than it used to be, and Frances Hinojosa, a managing partner with Tribe Financial, says planning a few years beyond the norm has become a requirement for many borrowers. “As brokers, we have to coach our clients on why taking a longer term in the B space makes more sense because then they can work strategically with their accountant to balance off their reportable income so they can eventually hit the A space,” Hinojosa said.

CMHC rolls out new rules to cater to the gig economy

New CMHC regulations that make it easier for self-employed borrowers to qualify for a mortgage went into effect on October 1. The Crown corporation said it made the changes in response to the gig economy and its increasingly important contributions to the national financial system. Approximately 15% of Canadians belong to the self-employed segment, which covers entrepreneurs, doctors, owners of small businesses and much more. “We felt that there is a definite need to address this particular demographic and to make sure they get a fair chance at qualifying for financing,” said CMHC senior account manager Olga Coulter.

OSFI takes aim at Alt-A lenders The fiscal watchdog’s crackdown on equitybased mortgages could make life much harder for the alternative space The Office of the Superintendent of Financial Institutions has announced its intentions to regulate equity-based mortgages – a move that industry players believe will adversely impact Alt-A lenders.

“As OSFI regulates schedule A banks, this will not affect private lenders, but it will affect many of the trust companies that brokers have come to rely on for more flexibility, such as Haventree Bank, Equitable Bank, B2B Bank, Street Capital and so on,” says Laura Martin, COO of Matrix Mortgage Global and director of Private Lending Hub. In an October 8 newsletter, OSFI noted that “although reduced, there continues to be evidence of mortgage approvals that over-rely on the equity in the property (at the expense of assessing the borrower’s ability to repay the loan). OSFI will be taking steps to ensure this sort of equity lending ceases.”

Martin expressed bafflement at the regulator’s latest move, especially in light of the fact that the hottest markets that the B-20 changes intended to address – BC and Ontario – have some of the lowest default rates nationwide.

“It was a nuclear solution for a localized problem,” she says. “They’re making homeownership and the responsible use of home equity funds to improve one’s financial situation overly difficult for a large number of Canadians not lucky enough to get into the market pre-B-20.”

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This would be particularly troublesome for clients who are financially capable but are otherwise having trouble qualifying. Martin gives the example of a client who had capital gain income from the sale of his business. Along with bank statements and legal documents, the client was also armed with AAA credit, a very

“This is more of a continuation of the B-20 guidelines. It doesn’t change much” high net worth and a large down payment.

“Despite this, he was declined by two of the Schedule A banks, but under consideration by another,” she says. “There are also no prospects of him getting into an A bank in the future if they will categorically refuse to make special consideration and take the whole picture into account.”

However, Carla Allen, director of the Canadian Administration of Private Lending, had a different take on the latest OSFI move.

She’s confident that the industry will continue to adapt, adding that any opportunity to implement prudent lending practices on a large scale should be welcomed.

“Requirements for valid income documentation and having proof beyond a reasonable doubt that the borrower can afford to pay their mortgage is something that we already enforce, like many of my industry partners that are administering non-bank mortgages,” Allen says.

“This is more of a continuation of the B-20 guidelines. It doesn’t change much; we already employ prudent lending practices.”

Q&A

Ed Karthaus Executive vice-president, sales and marketing HOME TRUST

Years in the industry 16 Fast fact An active volunteer in his Oakville community, Karthaus is involved in minor league hockey, baseball and rugby at both the coaching and board levels

Leveraging innovation How do you see advancements in technology shaping the mortgage industry?

I think everybody recognizes that the mortgage consumer is changing. We’re seeing fewer baby boomers looking for mortgages and a lot more millennials. Generational differences make themselves felt in the way borrowers are using technology.

Millennials are very keen to take advantage of new digital technologies and leverage those, because they prefer to get information quickly, to be in control of their experiences and to access information whenever they want.

For the mortgage industry as a whole, looking at emerging technologies such as artificial intelligence and machine learning, it’s critical to leverage these advancements into the services offered to Canadian consumers, and that’s we’re doing at Home Trust.

AI is evolving at a rapid pace. How do you see this technology complementing your business?

Artificial intelligence is not only going to impact the work of brokers; it’s also going to affect the work that lenders do. The impact is going to be in the same vein: It will involve the automation of certain processes so that they run faster, and it will allow brokers and lenders to link different pieces of technology to provide a more seamless and efficient process.

Given all of these possibilities and what you currently have in the pipeline, what can industry players expect from Home Trust in the near future?

We just received a gold medal in CMP’s annual Brokers on Lenders survey for technology. We are committed to making continuous improvements to our portal so that it will be easier for brokers to do business with us and for us to do business with them. What they will see from us is our leveraging of emerging technologies to both simplify and streamline our processes.

What are some other areas where you believe Home Trust holds unique advantages over the competition?

I think there are actually three important ways. The first is our people. Home Trust has amazing employees who are proud and passionate, as well as extremely dedicated members of the industry. I’ve worked for a lot of companies in my career, and it’s gratifying to see employees here come to work early and stay late without any prompting because they really love what they’re doing.

The second is our deep knowledge in alternative lending, and that’s something that I think sets our sales and underwriting staff apart. We know the markets, the neighbourhoods, the borrowers, and we bring that experience to bear on all our lending initiatives.

The third is our willingness to listen to each client’s story with respect and empathy, as well as working with mortgage brokers to find the solution that best fits the borrower’s situation. Our ultimate goal is to become the most efficient and effective lender in this space.

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UPFRONT

COMMERCIAL UPDATE

Tech sector driving commercial growth Tech giants are propelling feverish demand for commercial property in Canada’s major cities

to’s commercial property market.

The tech interest has also reverberated into other sectors – American fast food chain Chickfil-A and multinational companies Jollibee and Uniqlo have all expanded into the city. “Talent is heading to Toronto in strong numbers, growing the consumer base and driving local and international retailers to grow their footprint across the metro,” Marcus & Millichap said.

“As Canada continues to push further ahead in areas like technology, investors … see the potential for growth here”

A thriving tech industry is paving the way for growing demand for commercial space in Canada, according to a new analysis by real estate investment services company Marcus & Millichap. Over the past few years, Toronto has cemented its status as a prime destination for financial and intellectual capital, particularly in the area of artificial intelligence research and development. A 2.9% year-over-year increase in the market’s employment during the second quarter of 2018 has been largely attributed to the

NEWS BRIEFS

growing influence of the technology sector.

“Companies competing on the global stage remain committed to the Greater Toronto Area, leading to numerous announcements over the past year of new hiring initiatives and increased business investment,” Marcus & Millichap said.

In September, Uber Technologies announced that it will begin work in an engineering hub in Toronto next year, which will house hundreds of new employees. The following month, Shopify announced a $500 million investment in Toron-

Demand for grow-op space goes sky-high

Now that marijuana legalization has gone into effect, cannabis industry players have intensified their clamour for grow-op space. Through September, marijuana growers had absorbed 8.7 million square feet in commercial/industrial property across Canada. Observers believe this is just the beginning; publicly listed companies have a further 6.4 million square feet planned, excluding retail locations.

“There’s a whole market out there that anticipates further growth in this area,” Altus Group’s Raymond Wong told Bloomberg.

Vancouver and Calgary are also being bolstered by a steady influx of tech investment. The expansion of tech giants like Amazon and WeWork has been a main contributor to demand for commercial property in Vancouver.

These companies are predicted to further eat into existing inventory across Western Canada for the rest of the year and throughout 2019.

“Investment by major companies like Amazon in Calgary and Greater Vancouver is evidence that commercial real estate – office space specifically – in Western Canada remains a hot commodity,” says Elton Ash, regional executive vice-president of Re/Max Western Canada.

“As Canada continues to push further ahead in areas like technology, investors both domestic and abroad see the potential for growth here and are willing to call Canada home.”

Ottawa investment numbers reach record highs

According to a recent CBRE report, investment in Ottawa’s commercial real estate market in the first half of the year was $718.5 million, representing a 10.2% year-over-year increase. The market is currently on track for a very strong 2018 finish that could approach or even exceed $2 billion. That represents a decadehigh first-half performance for Ottawa’s commercial segment, CBRE said, adding that “investment demand for all asset types [in Ottawa] remains high and tempered only by the availability of product.”

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Q&A

Elton Ash

Western Canada: a burgeoning cannabis hub

Regional executive vice-president RE/MAX OF WESTERN CANADA

Years in the industry 30+ Fast fact Ash skippers his own racing yacht and participates in Caribbean regattas

What have commercial markets in Western Canada been like over the past few months?

Across Western Canada, the commercial sector has been doing very well. There is enormous opportunity for landlords and developers who are looking at expanding their commercial portfolios. The legalization of cannabis has provided an additional sector of demand for retail and industrial properties to be used as dispensing outlets and production facilities – and all of this is on top of an already healthy commercial segment.

What do you think has made Western Canada so attractive to the cannabis industry?

We see Kelowna and Edmonton as being focal points for cannabis production and research. These two cities should be seen as examples of markets that prepared exceptionally well for the legalization process.

Kelowna identified 900 potential locations for retail outlets before [legalization]. That doesn’t mean that there are actually 900 properties, but what it means is that the local government has thoroughly done its homework by looking at the city’s zoning, traffic and potential high-demand locations. And what it means is that when applications come in, approving them will be a much quicker process.

Edmonton has an 800,000-square-foot facility by Aurora Cannabis that is in the process of development.

It’s a similar situation, as the city of Edmonton has been proactive and progressive in supporting this new segment.

Offices are the Toronto market’s superstar assets

According to Avison Young, office space has been responsible for of Toronto’s – and Canada’s – robust commercial market for the first six months of the year. Toronto was the only Canadian market to register year-over-year sales growth (35%) in this asset class. The city’s office buildings generated $2.7 billion in sales, which accounted for 60% of office dollar volume during the first half of 2018.

Toronto’s activity was greater than the next five biggest markets combined during the same period.

What do you think other markets could learn from Kelowna and Edmonton – not just for cannabis, but for other industries as well?

The challenge among cities and municipalities has been the scarcity of information on the local, provincial and federal levels. What Kelowna especially has done is outline the downtown core and provide data on density, in addition to looking at how to improve the quality of life in the area. This not only helps the commercial side, but also reflects on how the city itself is managed.

What opportunities do you see for the cannabis sector in the next few quarters? What can investors and commercial brokers look forward to?

The big thing is that this is a new, developing marketplace where activity will be high, but the demand has yet to be fully determined – in particular, the role of the illegal usage of marijuana and how that translates to activity in the legal space. It seems like a shot in the dark, but ultimately, those who get in early will have the greatest potential for the greatest profit, as with any other industry. There will definitely be failures, but there will also be successes.

I should stress, however, that I think it would be wrong for people to look at the potential of cannabis as a fail-safe business. You still have to bring in business skills and do the hard work to have a chance to succeed.

Vancouver activity indicates possible record year

A recent report from CBRE revealed that Vancouver saw $3.2 billion worth of commercial deals in the second quarter of 2018, bringing the total for the first half of the year to $5.6 billion, the market’s second highest volume for the period since 2013. CBRE also found that Vancouver had the strongest industrial real estate market globally, due in large part to the exceptional performance of its warehouse segment. “The pipeline continues to show signs that this will be a record year,” added Tony Quattrin, CBRE’s vice-chairman of capital markets.

Logistics firms snap up Toronto’s commercial space

Logistics companies expanding into Toronto at a record rate, a trend that has driven commercial vacancy to historically low levels, according to a recent report from Marcus & Millichap. The firm estimates that logistics companies will play a major role in the city’s net absorption of roughly 10 million square feet until December. The activity level is predicted to bring Toronto’s industrial vacancy rate down to a record low of 2.2% by the end of 2018, down from the 2.4% reached in the second quarter of 2018.

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PEOPLE

INDUSTRY ICON

A CHANGE IN PLANS Boris Bozic didn’t intend on establishing a career in the mortgage industry – but three decades later, he’s helping to shape its course as the head of Merix Financial

BORIS BOZIC wasn’t supposed to carve out a living in the mortgage industry. At least, that’s what he thought. With his sights set on becoming a real estate mogul, Bozic took a job as a mortgage broker solely to learn about the business with the intention to only stay for a short time.

“I’d always envisioned myself being a real estate mogul,” he says. “I figured anybody could sell me real estate, but what I didn’t understand is why anybody would give me money. That was the key. I really entered this profession as more of an education and thought that after six months – a year maximum – I’d be out.

Here I am 30 years later.”

Bozic offered his services to the broker who arranged his mortgage, who initially rebuffed him. Undeterred, Bozic eventually wore him down and immersed himself in the world of mortgages, going through file after file to learn the brass tacks of the industry.

“He tried passing me onto other brokers, but the fact that he didn’t want me strengthened my resolve,” Bozic recalls. “I badgered him until he said, ‘Yes, come work with me.’

That’s how I got into this business.”

Laying the foundation In 1993, Bozic moved to Vancouver, which

18

proved to be a major turning point in his career.

“I didn’t know anybody, and I had to start fresh,” he says. “I went through some personal issues, and I figured, if I’m going to try something different and explore it, I’ll probably never have a better opportunity than I do now.

It ended up having the most profound impact

to survive on your wits and look someone in the eye and convince them you’re the right person to help them. I remember when the first fax machine came into the office and someone remarked that it would never last.

We had to hand-deliver files to lenders and talk to underwriters a lot.”

“It was interesting that a lot of what we came out with when we eventually launched were ideas that were pitched to the banks. We were always told that ‘what you’re pitching is interesting, but not at this time, so carry on’ ...

In essence, the bank became this petri dish” on my career.”

In Vancouver, Bozic worked for TMG, knocking on doors to find new clients.

“That’s what you had to do,” he says. “It was old-school back then. You had to pound the pavement because we didn’t have the technology back then to attract business like you can today. This was purely hustle – you had

By 2000, Bozic had moved back to Toronto to become the national sales manager for the broker channel at TD Bank. That marked his entry into the corporate world, where he learned about everything from structure and discipline to internal politics and what he calls empirebuilding. Working alongside Kathy Gregory, who eventually launched Paradigm Quest,

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PROFILE Name: Boris Bozic Title: Founder and president Company: Merix Financial Based in: Toronto Years in the industry: 30 Fast fact: Bozic was inducted into the Mortgage Broker Hall of Fame in 2015 and was named to CMP ’s Hall of Fame in 2017

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PEOPLE

INDUSTRY ICON

Bozic laid the foundation for what would eventually become Merix Financial.

“It was interesting that a lot of what we came out with when we eventually launched were ideas that were pitched to the banks,” he says. “We were always told that ‘what you’re pitching is interesting, but not at this time, so carry on.’ Both of us were thinking about our businesses and realized that if we’re really this smart and think it could work, then now’s the time to do it. In essence, the bank became this petri dish because we were always in that

and has only been in the industry for two to four years with potential ahead of them. What that message did is resonate with those individuals. We missed the mark when we first launched with a certain segment of the broker space, and that led us to rethink our position.”

Offering trailer fees to younger brokers indeed proved to be a turning point for Merix and allowed the lender to gain more and more market share with each passing year. However, bumps in the road are an inevitability, and the OSFI’s changes to Guideline B-20 have

“With what we’ve seen in market share in 2018, monolines are winning some of the business back. We’re on a level playing field, or close to a level playing field, with institutional banks mode and trying to grow our business.

“I’m not criticizing the bank for not adopting our ideas,” he adds. “They’re successful and risk-averse, and we understood their decision, but we felt it could work and we went out to start something brand-new.”

Business builder Bozic founded Merix Financial in 2005 and realized early on that, rather than trying to replicate what A lenders were doing, he could establish Merix as a niche lender. While Merix originally marketed its products to established brokers, Bozic and his team soon identified an underserved market as a better target.

“We thought there would be this natural pull [from established brokers] because they’d get it from a business perspective,” he recalls, “but we changed on the fly and went after that 20-something broker who isn’t a high producer

20

been a major one.

“I’d be lying if I said it didn’t have an impact,” Bozic says. “When all these changes came into place, we knew there was going to be a change and it would have an impact, but we didn’t realize the depth of changes. No doubt, the way regulators in the government and the Ministry of Finance proceeded gave the banks a significant advantage, and monolines couldn’t compete with them. Now the stress test with insured business has narrowed the gap between the two in terms of what we can’t do and what they can’t do.

“With what we’ve seen in market share in 2018,” he continues, “monolines are winning some of the business back. We’re on a level playing field, or close to a level playing field, with institutional banks. There wasn’t a great deal of time to moan because you have to implement all the changes.”

BORIS BOZIC’S CAREER PATH 1985

1988 Becomes a mortgage broker to learn more about the industry

1990

1993 Moves to Vancouver and joins TMG

1995

2000 Returns to Toronto to take the role of national sales manager for TD Bank’s broker channel

2000

2005 Launches Merix Financial

2006 2005

Merix funds $1.4 billion in its first year of operation – a first for a new entrant in the broker channel

2011 2010

Bozic becomes chair of CAAMP (now Mortgage Professionals Canada)

2015 2015

Is inducted into the Mortgage Broker Hall of Fame

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congratulations to our

POWERFUL NETWORK OF WOMEN. We are incredibly proud to congratulate 17 of our own amazing women in the Dominion Lending Centres network on making this year’s Women Of Influence list. You truly are an inspiration to us all and we are so proud to have you on #TeamBlue Angela Calla DLC National, Angela Calla Team Carmen Costa Neighbourhood DLC, The Costa Group Christine Buemann DLC Canadian Mortgage Experts Deb White DLC White House Mortgages Ilona Bronson DLC Canadian Mortgage Experts Iseela Ibrahimi DLC Paragon Home Capital Jamie Moi DLC Mortgage Negotiators, West Coast Mortgages Jennifer Woodley DLC Valley Financial Solutions Margie Lane DLC Brokers For Life

18-21_Industry Icon-SUBBED.indd 21

Marlene Ferreira DLC Clear Trust Mortgages, Urban Lending Mary Gronkowski DLC Head Office Team Michele McGarvey DLC Mortgage Mentors Paula Roberts DLC The Roberts Group Rakhi Madan DLC Key Mortgage Partners Sandra Ferreira DLC Denova Group Tina Lovatsis DLC Bedrock Financial Tonia Jacobson Marshall DLC Canadian Mortgage Experts

1/11/2018 6:12:53 AM

SPECIAL REPORT

WOMEN OF INFLUENCE

WOMEN OF INFLUENCE 2018

WOMEN OF INFLUENCE 2018 INDEX NAME

COMPANY

PAGE

NAME

COMPANY

PAGE

31

Barsoum, Dalia

Streetwise Mortgages

39

Cook, Barbara

Verico Financial Group Inc.

Bedi, Rubina

Able & Remarkable Mortgage Architects

24

Costa, Carmen

Neighbourhood DLC The Costa Group

35

Brenneman, Julie

The Mortgage Centre Hometown Financial

36

Cruz, Ana

City Mortgage Group Mortgage Architects

Bronson, Ilona

DLC Canadian Mortgage Experts

26

Dhingra, Rakhee

Buemann, Christine

DLC Canadian Mortgage Experts

26

Burrage, Jennifer Anne

Equitable Bank

30

Calla, Angela

DLC Angela Calla Mortgage Team/The Mortgage Show

26

Callero, Carolyn

The Mortgage Centre Mountainview Mortgage

Carlson, Debra

Jencor Mortgage Corporation

32

Constantinou, Athena

Sherwood Mortgage Group

35

22

36

NAME

COMPANY

Gregory, Rachelle Merix Financial

PAGE

38

Gronkowski, Mary Dominion Lending Centres 30 Ibrahimi, Iseela

Paragon Home Capital

40

28

Jomha, Yousra

Western Mortgage Services Inc.

38

Mortgage Savvy

39

Ellis, Catherine

38

Nation Capital and Royal International Financial Group

37

Verico Xeva Mortgage – Mortgages by Catherine

Kahkesh, Lili Shen Lane, Margie

DLC Brokers for Life

26

Epp, Angela

First Foundation Mortgages

28

Lovatsis, Tina

DLC Bedrock Financial Group

37

Ferreira, Marlene

Urban Lending

40

Merix Financial

34

Ferreira, Sandra

Denova Group DLC

24

Love-Alexander, Veronica Madan, Rakhi

DLC Key Mortgage Partners

41

Marshall, Tonia Jacobsen

DLC Canadian Mortgage Experts

24

Martin, Laura

Matrix Mortgage Global

32

McGarvey, Michele DLC Mortgage Mentors

27

Fogarty, Catherine

Verico AMC

Funk, Shirl

Shirl Funk Mortgages Powered by The Mortgage Centre

34

Gomes, Anna

MCAP

30

36

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Be inspired by 58 of the mortgage industry’s most trailblazing women

ABOUT THE SPONSOR

THE HUNDREDS of nominations that flooded in this year for CMP’s annual Women of Influence list made it clear that women are increasingly making their mark on the mortgage industry. While women continue to face unique challenges when building their careers, the mortgage professionals on the following pages have proved that climbing to the upper echelons of the industry is no longer impossible. Twenty-five percent of this year’s Women of Influence hold C-suite or ownership positions, while many others have taken on management-level roles at their respective companies.

From the brokers who have built their own brokerages from the ground up to the leaders of large mortgage corporations, these women are paving the way for Canadians to achieve the dream of homeownership while shaping a new future for the industry.

On the following pages, you’ll get to know 58 women whose stories will help to encourage and empower those who strive to be the mortgage industry’s next great leaders.

NAME

COMPANY

NAME

COMPANY

40

Regan, Anne

XMC Mortgage Corporation

39

DLC West Coast Mortgages

27

Roberts, Paula

The Roberts Group DLC

34

Moore, Terrilyn

YourMortgageYourWay.ca

41

Smith, Judy

Centum One Financial Group

27

Ohanjanians, Lena

Ultimate Mortgage and Finance Solutions

35

St. Antoine, Penny MCAP

31

Paish, Jill

Merix Financial

41

Steko, Michele

Mortgage Architects

37

Passarelli, Lucy

MCAP

32

Thomas, Debbie

TMG The Mortgage Group

36

Pellerin, Lisa

Claystone Mortgage Team Mortgage Architects

25

Tremain, Heather

Options for Homes

41

Vilas, Darlene

The Mortgage Centre

40

35

Walsh, Doreen

First National Financial LP

30

Verico Success McKeough, Janet Mortgages Moi, Jaime

Verico The Mortgage Penning, Susanna Advisors

PAGE

PAGE

Pikkert, Pam

Mortgage Alliance Regional Mortgage Group

34

White, Deb

DLC White House Mortgages

28

Pimento, Sue

HomeEquity Bank

29

Wong, Kyra

Manulife

28

Raia, Rachele

Your Mortgage Connection 38

Woodley, Jennifer

32

Reddin, Kim

Centum Mortgage Partners Inc.

DLC Valley Financial Specialists

Ziomecki, Yvonne HomeEquity Bank

31

33

Dominion Lending Centres continues to be a leader in the mortgage industry, and we’re proud to see so many women from our network leading their own businesses and finding their voice in the mortgage industry. Each day, this impressive group of women is helping shape every facet of Dominion Lending Centres as a company. And their influence is felt throughout our industry. As our leaders, mentors and industry advocates, their contributions to Dominion Lending Centres and our success cannot be measured in just a few short words.

The world is changing, and so is the mortgage industry. Diversity is now woven into the fabric of everything we do here at Dominion Lending Centres and what we offer Canadians. It’s a shift led by talented women, many of whom are being recognized on this year’s Women of Influence list. We believe in celebrating success and encouraging everyone at Dominion Lending Centres to achieve their goals.

This is the perfect time to recognize the accomplishments of all the women on this list. Not only are they redefining the mortgage space, but they’re also setting the foundation for the next generation of women to lead the mortgage industry. We’re all better for everything that the amazing women on this list have brought to our industry. Dominion Lending Centres couldn’t be more thrilled to be a part of such inspiring recognition.

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SPECIAL REPORT

WOMEN OF INFLUENCE RUBINA BEDI Managing director Able & Remarkable Mortgage Architects

The lifeline of Able & Remarkable Mortgage Architects, Rubina Bedi manages the entire process of funding and servicing clients, covering both underwriting and operations.

Bedi started in the finance industry as a customer service representative for a major bank and was promoted to manager for customer service, a role she held for nearly 10 years before becoming manager for residential mortgages. As a mother of two children – one of whom has special needs – Bedi is able to juggle the responsibilities of motherhood and still maintain excellence in her work, while also dedicating time and effort to community and charitable causes.

Bedi has made mentoring a significant part of her career – she has mentored more than a hundred people over the past 10 years, one of whom recently won a Canadian Mortgage Award. Bedi also supports the Fraser Valley Indo-Canadian Business Association, a not-for-profit dedicated to forming business relationships among professionals in the area and supporting the social, cultural and political issues that impact the community. She also volunteers for the Youth Transforming Society, which offers full scholarships to deserving candidates.

TONIA JACOBSEN MARSHALL Mortgage expert DLC Canadian Mortgage Experts

SANDRA FERREIRA Mortgage agent/senior associate Denova Group DLC

Devotion and determination, along with support from family, friends and Denova Group partners, have been the pillars of success for Sandra Ferreira.

Boasting more than a decade of experience in the industry, Ferreira has successfully built her own book of repeat business while training and mentoring new agents. The fact that she has built her business solely on referrals is proof that her customer service is second to none.

Currently, Ferreira is focused on serving as a client liaison for Denova Group’s broker-owner’s deals, in addition to managing the office. An exceptional multi-tasker and team player, she has been able to stay on top of her day-to-day tasks while using her experience in retail banking and compliance to help team members resolve their questions, in addition to doing everything she can to maintain a warm and nurturing culture at Denova Group.

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Tonia Jacobsen Marshall has been a top-producing mortgage broker for the past 15 years, closing between $30 million and $56 million each year entirely on her own. Prior to joining Dominion Lending Centres, Marshall consistently ranked as a top 10 broker at her previous company, and she continues to rank among the top 10 brokers at DLC Canadian Mortgage Experts today. She has also been inducted into DLC’s Elite Hall of Fame.

Outside the industry, Marshall’s biggest achievement is her tireless research and implementation of various treatment approaches to care for her eldest son, Noah, who is non-verbal and lives with autism. She supports various charities for families affected by autism and has worked closely with Semiahmoo House Society on an initiative to provide beach-accessible wheelchairs to White Rock Beach.

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BROUGHT TO YOU BY

LISA PELLERIN Mortgage broker Claystone Mortgage Team Mortgage Architects

Thanks to a combination of continually reaching out to past clients, asking for referrals and engaging with referral partners as much as possible, Lisa Pellerin has experienced her most successful year to date in 2018. Her clients trust in her advice and expertise and know they will be taken care of. When the new mortgage rules came into effect in January, Pellerin responded to Realtors’ requests to help their teams understand the impact of the changes on their businesses and clients, earning her new referral partners along the way.

Understanding that branding is key in this industry, Pellerin is passionate about helping the self-employed market and positioning herself as an expert in business-for-self and commercial mortgages. “You have to toot your own horn,” she says, “which isn’t always easy, but clients need to understand the value you bring.”

Over the years, Pellerin has been a repeat finalist for several Canadian Mortgage Awards and other recognitions, and has been named Best Mortgage Broker in Burlington by the Readers’ Choice Awards for four consecutive years.

Focused on the communities she serves, Pellerin and her team support Food4Kids Halton, Food Share, the Burlington Humane Society and Sick Children’s Hospital, and she is a member of 100 Women Who Care Burlington. “I’m a firm believer that those of us who are able to give really need to,” Pellerin says.

“With so many people struggling in our communities, including children, we can all make a bigger difference than we are.”

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SPECIAL REPORT

WOMEN OF INFLUENCE ANGELA CALLA Mortgage expert/host DLC Angela Calla Mortgage Team/The Mortgage Show

CHRISTINE BUEMANN

Angela Calla jumped into the mortgage industry at age 22, climbing to the top through hard work, perseverance and support from an exceptional team. Early on in her career, Calla decided that she wanted to be a voice for the industry; for the past 10 years, she has hosted The Mortgage Show, a Vancouver radio program about the mortgage business. She also recently added author to her long list of achievements with the release of her book, The Mortgage Code, in early October.

For Calla, being a great leader means recognizing the strengths of each team member and fostering their best. “I’ve always viewed each member of my team as family,” she says.

“Whatever their needs have been, both in the office and in their personal lives, accommodating their needs leads not only to a great work environment, but also better results.”

Director DLC Canadian Mortgage Experts

Despite juggling the obligations of a very full family life, Christine Buemann has consistently been among the top brokers in Canada, writing more mortgage volume than most brokers working in bigger markets.

Buemann was recently named a director of Canadian Mortgage Experts [CME], which gives her a seat at the table at the number-one DLC franchise in Canada. She also received CME’s Be the Better Broker Award in 2017. Outside of CME, Buemann is a public director with the Northern Real Estate Board and created a working group with local MPs to address mortgage rule changes.

“I have never met anyone whose mortgage knowledge exceeds Christine’s and who so selflessly shares her knowledge and helps others in our industry, independent of brand or brokerage,” says an industry peer. “Personally, Christine was a sounding board and advisor to our brokerage as we developed and executed the first Evolve Mortgage Conference … Many brokers go to her for advice on a regular basis when they are struggling with how to help their clients.”

As a significant driver of CME’s corporate culture, Buemann helped organize the CME Cares Program, which encourages brokers to contribute a portion of their earnings toward collective charitable causes. She is also a member of KARES and 100 Brokers Who Care.

26

MARGIE LANE Vice-president of operations DLC Brokers for Life

Margie Lane has been in the mortgage industry for more than 25 years. She was at the helm of the underwriting unit when Bridgewater Bank received its bank licence and was in charge of underwriting at ResMor when it opened its doors.

Lane served as a BDM for southern Alberta at ResMor for more than five years before joining her soon-to-be husband and taking over the day-to-day operation of Brokers for Life.

Currently, Lane oversees compliance, payroll and financial operations for the $175 million brokerage and has trained countless brokers in the course of her career. Outside of the office, Lane is involved with her local YMCA and helps raise funds for the local charity Dogs with Wings.

ILONA BRONSON Mortgage expert and co-owner DLC Canadian Mortgage Experts

Right after high school, Ilona Bronson started her career in financial services at a time when the industry was not the easiest for women. Despite that, she became the first woman in Western Canada to be promoted to branch manager in the 1970s. Building her career on her skills and intuition of customer needs, Bronson has become a successful leader by adapting quickly to changing trends and markets, and identifying the same talent in others. At Canadian Mortgage Experts, she has been instrumental in building one of the country’s largest mortgage teams. She has also volunteered her time over the years with many charities and community events.

www.mortgagebrokernews.ca

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1/11/2018 6:16:29 AM

BROUGHT TO YOU BY

MICHELE MCGARVEY

JAMIE MOI

Mortgage professional DLC Mortgage Mentors

For Michele McGarvey, excellence and professionalism go hand in hand. Her 30 years’ worth of knowledge and expertise have enabled her to come through for clients with the best recommendations. In keeping with her brokerage’s name and vision, McGarvey is dedicated to teaching new mortgage professionals how to become successful brokers. She has founded a personal development book club that focuses on wealth, health, and personal and business success. She has also created a Women in Leadership accountability group to provide a source of support for fellow female leaders in the industry, and she was responsible for helping launch an eWomen chapter in Edmonton, volunteering as its team lead. McGarvey is also an ambassador for Bikes for Kids in support of the Zebra Foundation; together, they have managed to collect more than 500 bikes for children in need over the past four years.

JUDY SMITH Broker of record Centum One Financial Group

For the last two years, Judy Smith has been busy expanding her knowledge in the commercial mortgage sector and social media marketing, all while maintaining her residential mortgage book and staying on top of new mortgage rules. Smith says self-care is crucial for women in the industry, who, like her, often juggle multiple responsibilities. “We all get sidetracked in our lives, and getting back on track can be difficult,” she says. “Being mindful of my health and remembering to take time for myself – these are important.”

On top of her mortgage work, Smith also holds a payroll licence and has worked for Ceridian Canada, travelling across the country to set up payroll for many large companies. She is also highly invested in the educating the next generation and has mentored many co-op students.

Owner and mortgage broker DLC West Coast Mortgages

In 2016, Jamie Moi rejoined DLC West Coast Mortgages as a partner/owner.

Since then, the office has been nominated for three Greater Langley Chamber of Commerce Business Excellence Awards and voted Best of the Best in 2016 and 2017 by readers of the Langley Advance.

Moi credits her successes to her team, business partner and colleagues in the industry. “One of the things I really love about being a mortgage broker is the sense of camaraderie,” she says. “It’s competitive but not cutthroat. Successful brokers are always willing to share their tips and experiences, and that has great value for me.”

Outside of the mortgage industry, Moi is involved with a number of community organizations. She founded the first Business Networking International group in Langley, has held leadership roles within Valley Women’s Network and served on the board of directors for the Greater Langley Chamber of Commerce. In 2017, Moi helped the Obakki Foundation raise funds for a new well in a village in South Sudan.

CANADIAN HOME APPRAISALS INC. Residential & Commercial If you need a accurate and speedy appraisal for Street Capital “A” side or “B” side, Genworth Canada, CMLS Financial Industrial Alliance, ICICI Bank, IC Savings, Equity Credit Union, Most Private Lenders, Canada Revenue Agency (CRA) and Legal and Listing Purpose you can order via or website www.chainc.ca or please contact:

S.K. BALES

CRA, DAR, Certified Appraisal Reviewer, MVA Residential, FRI, CRES President

CMP Canadian Home Appraisal Inc.indd 1

Bus: 416-438-2200 Cell: 416-801-3219 Email: skbales@hotmail.com

5/09/2018 4:34:10 AM

www.mortgagebrokernews.ca

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1/11/2018 6:16:30 AM

SPECIAL REPORT

WOMEN OF INFLUENCE DEB WHITE Owner and mortgage broker DLC White House Mortgages

Since setting up White House Mortgages in 2005, Deb White has led the brokerage to drastically expand its operations, now encompassing 25 brokers working across seven locations in BC. The company has been named a Top Brokerage by CMP and Best Mortgage Company in North Okanagan by Okanagan Life Magazine. White herself has been ranked among CMP’s Top 75 Brokers and has won countless DLC awards. In 2018 alone, White received eight awards from DLC, thanks in part to White House Mortgages recording year-over-year growth of 28%.

Outside of mortgages, White serves as director of the Vernon Chamber of Commerce and as chairperson for the annual Vernon Winter Carnival. She has also found a way to combine her love for dancing with charity by participating in North Okanagan Hospice Society’s fundraising event, Dancing with the Vernon Stars, where she and her husband were voted a fan favourite in 2016.

ANA CRUZ Mortgage agent City Mortgage Group Mortgage Architects

For the last six years, Ana Cruz worked tirelessly with her partner to build and grow the LA Mortgage Team. This year, Cruz followed through on a five-year plan by launching her own mortgage team, City Mortgage Group.

“Deciding to go out on my own and leave a partnership was a difficult decision,” she says, but notes that the move was necessary for her to unlock a new level of accomplishment and success. “My amazing team has been very supportive and is my second family. Seeing them succeed is everything to me.”

Now that her new business is established, Cruz hopes to spend more time in the coming months working with the Aldershot BIA and the Chamber of Commerce to continue her efforts to serve the community.

KYRA WONG District vice-president Manulife

A licensed broker since 1997, Kyra Wong has managed to thrive in the corporate world and the mortgage industry by building positive relationships with numerous influencers. In 2018, Wong created The Magical Unicorn project, an initiative that addresses the different glass ceilings women face and recognizes three categories of movers and shakers who support their cause: leading ladies, go givers and supporting men.

Wong credits the success of the project to the immense support she received from the founders of WIMI, who helped and encouraged her every step of the way. Wong has been selected as the keynote speaker for the Global Women’s Alliance in November, and she also contributed to the book Women of Worth: Empower with the Power of Collaboration, which reached number-one status in 10 different categories following its launch on Amazon.

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ANGELA EPP Mortgage broker First Foundation Mortgages

Two years ago, Angela Epp left the brokerage she had worked with for nine years to open the Red Deer office for First Foundation. “Moving away from my last brokerage and opening my own office was a huge of step of faith for me,” she says.

“There was a real possibility that I could have failed, stepping out on my own.”

Yet despite the slow Alberta economy, Epp was able to exceed volume expectations and hire her first full-time employee. She attributes the growth she’s experienced in the last few years to the intentional steps she’s taken for personal and professional development, from doing plenty of reading to learning from successful professionals and having a mentor/fellow broker who offers encouragement and opportunities along the way.

Epp is currently transitioning into the role of broker of record for First Foundation. She recently received the leadership award from the Alberta Mortgage Brokers Association and is also involved with Leader Impact, one-on-one mentorship and an Alpha group at her local church.

www.mortgagebrokernews.ca

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1/11/2018 6:16:34 AM

BROUGHT TO YOU BY

SUE PIMENTO Vice-president, sales – Eastern Canada HomeEquity Bank

Since joining HomeEquity Bank in 2015, Sue Pimento has grown the Eastern Canada sales team from two employees to 30 and has ascended to vice-president of sales. Her skill at spotting mortgage talent has helped Pimento produce high-producing sales teams for many companies, including Invis/MI, Scotiabank and Mortgage Alliance. Also known for her brand The Mortgage Coach, Pimento teaches licence courses for agents and brokers, and has trained many who have become leaders in the industry.

In her personal time, Pimento maintains an extremely active lifestyle. She has climbed to Machu Picchu and reached Everest Base Camp, has run two half marathons, and has biked to Niagara Falls for a fundraising event for cancer research. She has also been a featured speaker at Spoken Lives and Powerful Women of Today.

www.mortgagebrokernews.ca

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1/11/2018 6:59:11 AM

SPECIAL REPORT

WOMEN OF INFLUENCE JENNIFER ANNE BURRAGE Regional business manager, Atlantic Canada Equitable Bank

MARY GRONKOWSKI Vice-president of training and business development Dominion Lending Centres

Mary Gronkowski has spent the last two decades growing her understanding of all aspects of mortgage brokering, which has made her one of the most recognizable names in the industry. As VP of training and business development for DLC, Gronkowski serves as a key resource for nearly 3,000 brokers in the network, where she is responsible for recruitment, education and training, and receiving feedback.

“Taking on a newly created role with no predecessor to fall back on or benchmark from was not an easy task,” Gronkowski says.

But her motivation and persistence have paid off, resulting in her role being replicated for the Western provinces. She also managed to expand the role beyond providing training on tools and technology to include consultations with brokers, allowing them to share their challenges and collaborate on solutions.

One important achievement for Gronkowski has been getting brokers to use an effective CRM system to ensure their names remain top of mind with clients.

Following the implementation of hands-on workshops and training webinars, this has led to an increase in the usage ratio and an overall penetration rate above 50%.

Although being a woman in a maledominated role that involves technology has made it difficult for Gronkowski to gain immediate attention and respect, she says having the knowledge to back up her insights and the confidence and persistence to keep moving ahead have enabled her to get to where she is today.

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Jennifer Burrage’s role at Equitable Bank has allowed her to experience the kind of meaningful work and thriving environment many people are still searching for. “It makes a huge difference when you are happy with what you do day to day,” she says. “Not everyone is fortunate enough to have this.”

From 2014 to 2018, Burrage served as director of the CMBA, and she continues to be an active member of the association. She was nominated for Most Improved BDM, as well as for MPC’s board of directors in 2017, and was accepted to Dalhousie University’s financial services MBA program. In 2018, Burrage joined the Canadian Progress Club Halifax Citadel, a group of women who volunteer with various charitable groups in education, healthcare, arts and community services. She also continues to be an active member of WIMI, helping to plan the group’s Women of Excellence Awards in October.

DOREEN WALSH Regional sales manager, Ontario and Atlantic Canada First National Financial

Over the last two years, Doreen Walsh has been focused on coming up with a game-changing plan for her sales team, pushing them to become educators in their own right instead of sticking to the traditional sales role. The new process involves introducing educational pieces like “Disrupting the Rate Conversation,” running “Did You Know” call campaigns for brokers and educating them on the value proposition they have to offer in addition to rates. “It is our job to provide the answers to the questions our clients don’t even know how to ask,” Walsh says.

This past summer, Walsh concluded her term on the board of CMBA, and she has also partnered with WIMI for various conferences and educational offerings. She believes success in the industry calls for more than expertise and consistently excellent performance. “You have to step out of your comfort zone and be consistent with your personal brand,” she says.

ANNA GOMES Director of underwriting MCAP

Since joining MCAP 18 years ago, Anna Gomes has held various positions, overcome many challenges and gained numerous opportunities for growth. “My experiences have taught me a level of perseverance, strength and versatility that have served me well in achieving success,” she says.

In the past year, Gomes has been focused on professional and personal development. She was also tasked with setting up an in-house training and development department at MCAP to address the development needs of existing and new employees. Gomes has been personally involved with Habitat for Humanity over the last few years, extending both financial support and volunteer work. She also supports Angels in the Night and the Canadian Cancer Society.

www.mortgagebrokernews.ca

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1/11/2018 6:16:41 AM

BROUGHT TO YOU BY

KIM REDDIN

BARBARA COOK

Owner and broker

Business relationship manager

Centum Mortgage Partners

Verico Financial Group

An experienced entrepreneur with a solid background in banking, Kim Reddin spent the first 12 years of her career in the banking industry before opening her own mortgage business, which she eventually joined with another to expand their market share.

As co-owner and managing partner at Centum Mortgage Partners, Reddin is constantly looking for ways to grow her business. “One of my biggest goals is to grow our brand to be top of mind for someone thinking about mortgages here in our community,” she says. “We have put in a lot of time doing social media marketing, networking and community events in our small local market to make this happen, and we are starting to see results from our efforts.”

Ultimately, Reddin says, any success achieved by the business is due to the hard work of her team. “Marketing alone cannot sustain a business,” she says. “It’s our mortgage agents who work hard, build trust with clients and referral partners, and provide such exceptional service that keep clients coming back.”

Reddin is one of the founding members of the Mortgage Brokers Association of Atlantic Canada, has been involved with Habitat for Humanity PEI and currently serves as a Women Build Ambassador.

The past two years have been exceptionally productive for Barbara Cook. In addition to doubling Verico’s sales and bringing more than 26 new firms on board in 2017, she added an additional 18 firms and another $1 billion in volume to the business this year.

Being passionate about her work has been key for Cook. “When people sense your passion and purpose, they are immediately connected with you and how you can help them,” she says.

“I have surrounded myself with people who believed in me and took the time to help me learn, grow and push me beyond my comfort zone.”

Despite that passion, Cook has faced her share of challenges, including not being taken seriously. “I’ve been in this industry for 17 years now, and once people get to know me, I’m able to demonstrate that I’m very knowledgeable,” she says. “My industry experience has given me a balanced approach on the broker, service provider and lender sides of the business.”

Outside of Verico, Cook is a member of CMBA Ontario, MPC, a founding member of KARES and a manager for her sons’ rep hockey team.

PENNY ST. ANTOINE Senior vice-president, single-family operations MCAP

An expert in mortgage servicing and administration, Penny St. Antoine is a resource, leader and mentor at MCAP, guiding teams to achieve superior results while shaping culture and behaviours through soft-skill training and effective coaching practices. St. Antoine currently heads one of the largest areas of business within the MCAP portfolio, with accountability for operations across Canada. She remains focused on improving the customer experience, especially through development of an effective digital strategy. She is also dedicated to developing a culture of world-class people practices and has a record of initiating reward and recognition tools to encourage higher levels of accomplishment.

www.mortgagebrokernews.ca

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SPECIAL REPORT

WOMEN OF INFLUENCE JENNIFER WOODLEY Broker/owner DLC Valley Financial Specialists

After just two years as a broker, Jennifer Woodley became the managing broker for DLC Valley Financial Specialists in 2012. She has since added more than 20 brokers to the team and took ownership of the brokerage last year.

“Running a brokerage, maintaining my own clients/mortgage business and being a mother to an energetic toddler – with another baby on the way – can be a challenge,” Woodley says, adding that the mortgage industry also provides the kind of flexibility working mothers like her need to achieve success and work-life balance.

On top of all her responsibilities, Woodley is an active member of the local board of trade and has volunteered for various community teams, advocating for changes in tourism, arts and culture. She is also a regular supporter of the Canadian Red Cross.

DEBRA CARLSON Mortgage advisor Jencor Mortgage Corporation

With a passion for helping and caring for people, Debra Carlson started her career in healthcare and has made a name for herself by directing that same passion into mortgages. A top mortgage advisor at Jencor Mortgage, Carlson has received the company’s Diamond Award multiple times and continues to maintain top performer status through her loyal client base and a consistent stream of referrals and repeat business.

“Debra is the kind of advisor who [has] others [sitting] outside her office to listen to her phone calls so they can learn from her conservations,” a colleague says. “Her caring nature and personality come across in all that she does.”

LUCY PASSARELLI Senior business development manager MCAP

Over the past 10 years, Lucy Passarelli has been the top salesperson by volume at MCAP – quite the achievement in the highly competitive GTA market. Through her background in underwriting management, as well as her dedication to clients, Passarelli has managed to effectively align MCAP’s products with the needs of brokers and applicants.

“My customers know they can rely on me and that I will do my best to deliver,” she says. “My success is based on my knowledge-sharing ability to positively drive their business. Brokers have emphasized that I think outside the box and provide ideas for them to improve and grow their business. With their help, I am consistently sharpening my sales instinct while staying true to a proactive approach on education.”

As a longstanding supporter of WIMI, Passarelli contributes to the development of initiatives for peer mentoring among women.

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LAURA MARTIN Broker/chief operations officer Matrix Mortgage Global

When she stepped into the COO role at Matrix Mortgage Global, Laura Martin merged her background in cognitive science and organizational psychology with 10-plus years of expertise in real estate finance to lead the franchise to new heights. Her effectiveness in corporate strategy, PR, creative problem-solving and critical analysis of trends has kept Matrix ahead of the pack with constant innovation and expansion. One of the fastest-growing companies in Canada, Matrix was listed on Canadian Business and Maclean’s 2018 Growth 500, thanks to a 610% growth rate over the past five years and more than $1 billion in mortgages funded since opening. The company has also been recognized by CMP as a leading private lender.

Martin is also the director of Private Lending Hub, a specialized underwriting service for private investor funds that pays brokers 25 bps. She advises on initiatives such as P2P lending platforms on the blockchain and is a regularly featured expert on MortgageBrokerNews.ca. As part of her drive to support others, she also regularly writes articles topics relating to positive and motivational psychology.

www.mortgagebrokernews.ca

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1/11/2018 6:16:46 AM

BROUGHT TO YOU BY

YVONNE ZIOMECKI Executive vice-president, marketing and sales HomeEquity Bank

Since joining HomeEquity Bank five years ago, Yvonne Ziomecki has transformed the company’s marketing approach by moving it toward digital channels and demonstrating sophistication in what has been perceived as a traditionally non-digital segment.

The past year has been a monumental one for HomeEquity Bank as it went through a much-needed rebranding, which Ziomecki led as chief marketing officer. She and her team worked on a new look, new messaging and new advertising to help reframe how people think about retirement and reverse mortgages. Since the new ads launched, they have been driving strong business results, continuing the sales increase trend that Ziomecki has set since becoming part of the HomeEquity team.

Ziomecki is frequently interviewed by various media outlets and also spoke at the Digital Marketing for Financial Services Conference earlier this year about HomeEquity Bank’s ‘test and learn’ approach.

www.mortgagebrokernews.ca

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1/11/2018 7:02:47 AM

SPECIAL REPORT

WOMEN OF INFLUENCE PAM PIKKERT Mortgage broker and managing partner Mortgage Alliance Regional Mortgage Group

Pam Pikkert credits the mortgage industry with giving her the opportunity to meet the most amazing people. “I have made friends with those who are relentlessly terrific and who believed in me,” she says. “There are women who are stepping to the forefront of some difficult discussions within our industry, and I want to stand with them.”

Over the past two years, Pikkert has been a board member of AMBA, a member of BNI Horizon, has spoken at the Central Alberta Women’s Shelter fundraiser and was the recipient of the 2018 AMBA Ambassador Award. She also serves as a board member of Golf/Build a Kid to a Cure, her brokerage’s charity that supports sick children and their families.

VERONICA LOVE-ALEXANDER

PAULA ROBERTS

Regional vice-president, Ontario and Atlantic Canada

The Roberts Group DLC

Mortgage broker

Merix Financial

This year has been full of accomplishments for Veronica Love-Alexander. She expanded her team while mentoring and coaching members of her staff into management roles, contributing to Merix’s overall growth and market share. She also assisted in the implementation and rollout of two new mortgage products: the Merix/Lendwise Interest-Only Flex mortgage and the NPX MAX mortgage. She also participated in her fourth Rope of Hope, raising nearly $6,000 for the Make-A-Wish Foundation.

Love-Alexander credits the support of her peers for inspiring her every day. “I have some great friends in the industry who keep me motivated, and I always feel supported,” she says. “The brokers I support deserve hard-working partners who thrive on finding new ways to support their clients and help them become more efficient in their businesses.”

Outside of the office, Love-Alexander is a member of Women in the Mortgage Industry and won the WIMI of the Year Award in 2017. She also supports Yellow Brick House, Interval House, Habitat for Humanity and is a trainer for her daughter’s rep hockey team.

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Coming up on 30 years in the business, Paula Roberts has spent her career balancing a successful business with the duties of being a parent. “To achieve success, you have to believe in yourself, the product you are selling and always make sure it is the best for the client,” she says. “Most of our business is referred to us from past clients. We are now getting past clients’ children calling us, which is a great compliment.”

Roberts is also involved with several charities and events in her local community, including the Unionville Festival and a community summer concert series.

SHIRL FUNK Broker and owner Shirl Funk Mortgages, powered by The Mortgage Centre

A few years ago, Shirl Funk made the leap to open her own brokerage with no outside help and no borrowed money.

Funk credits the success of her brokerage to “family support and a personal drive to succeed and to be better than I was yesterday – not only in business, but with everyday life.”

Along with mortgage product, Funk offers thorough services to her clients that cover every important detail in the mortgage transaction.

In addition to growing her business, Funk was recently elected director of Mortgage Professionals Canada’s Manitoba chapter. She’s also a supporter of Winnipeg Harvest and Invis’ Angels in the Night and volunteers with local soup kitchens.

www.mortgagebrokernews.ca

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1/11/2018 6:16:50 AM

BROUGHT TO YOU BY

SUSANNA PENNING Mortgage agent Verico The Mortgage Advisors

Following a family tragedy, Susanna Penning persevered and embarked on her new mortgage career, leaving a salaried job with benefits to sell on 100% commission. “I had a lot to prove to everyone, but mostly to myself,” she says. Her hard work has since paid off. Penning and her assistant are on track to fund $60 million, surpassing her 2018 goal by 20%.

Part of that success has been driven by Penning’s investment in a business coach. “I thought I was doing pretty darn well on my own and was skeptical he could add value,” she says. “Wrong!

He helped me hone my client recipe and systems so that we could attract quality clients who repeat and refer.”

Outside of her mortgage work, Penning volunteers weekly as a parent patient induction escort in the main operating room at Children’s Hospital of Eastern Ontario. “You cannot just use your community resources and not give back,” she says.

Mortgage broker

ATHENA CONSTANTINOU

Ultimate Mortgage and Finance Solutions

Co-founder and mortgage broker

LENA OHANJANIANS

Sherwood Mortgage Group

Under Lena Ohanjanians’ leadership, Ultimate Mortgage and Finance Solutions increased its year-over-year volume while continuing its dedication to clients through education and service. “I’m grateful to work with a group of accomplished professionals and call them my team members,” Ohanjanians says. “I credit my family, team and coaches for our success … through our consistency, commitment and accountability as a team, we’ve achieved great success we can all be proud of.”

In addition to her responsibilities as a broker, Ohanjanians is a member of BNI Beach Biz in Toronto, where she’s the growth and education coordinator for her chapter. “I believe in supporting local businesses and am the leading member with the most referrals given that have closed this year,” she says.

CARMEN COSTA Mortgage broker Neighbourhood Dominion Lending Centres The Costa Group

A repeat winner of DLC’s Diamond Award, Carmen Costa has become a force in the mortgage industry while maintaining a balance with family life. Her biggest challenge came when her second child was born while she was in the midst of launching The Costa Group with her husband. With no time to take maternity leave, she powered through the challenges of starting a new brokerage. “Basically, wherever I went, my babies had to come with me,” she says. “It was extremely challenging, but I also believe it was what made me strong and able to move ahead in life.”

The Costa Group is a major supporter of The Hope Project, a local Hamilton charity that cares for the less fortunate. In addition to making meals for the organization, the team also sponsors five families in need every Christmas.

Athena Constantinou fell into the mortgage industry in university while working part-time as an administrator at a builder sales office. She was then offered a job as a bank mortgage rep assistant, beginning a 20-year mortgage career that eventually led her to her current position as co-founder and mortgage broker at Sherwood Mortgage Group. This year, Sherwood celebrated its 10th year in the business and launched its own MIC. For Constantinou, success is driven by those around her. “Every single person in my life deserves credit for all the success I achieved this past year,” she says. “Without my clients, lenders, family, friends and team at Sherwood, I wouldn’t be able to accomplish much, if anything. So it’s not a ‘what’ that helps me achieve success; it’s ‘who.’”

Outside of her work at Sherwood, Constantinou recently started her second year as a volunteer with a women’s shelter in Toronto, where she tutors children on a weekly basis. She is also taking part in an upcoming initiative for a family-based charity as a member of its board of directors.

www.mortgagebrokernews.ca

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1/11/2018 6:16:53 AM

SPECIAL REPORT

WOMEN OF INFLUENCE DEBBIE THOMAS Co-founder TMG The Mortgage Group

Over the years, Debbie Thomas has learned the importance of partnering with the right people. “By surrounding [myself] with people of integrity and people [I] can trust, I am empowered to be my best,” she says. That includes surrounding herself with outstanding women in the industry who are breaking down barriers, a movement Thomas is grateful to be a part of.

In 2013, Thomas and her husband were inducted into the Mortgage Professionals Canada Hall of Fame, and this year, TMG The Mortgage Group was a finalist at the Canadian Mortgage Awards for National Broker Network of the Year.

Thomas is particularly proud of TMG’s coast-to-coast support of the Breakfast Club of Canada. “We have volunteered over 1,000 hours at local schools, and we continue to financially support the serving of over 50,000 breakfasts each and every school day,” she says.

CAROLYN CALLERO Mortgage agent and owner The Mortgage Centre Mountainview Mortgage

A believer in hard work, humility and giving back, Carolyn Callero has persevered through a difficult personal year to fund $50 million-plus in volume and raise more than $20,000 for Links2Care and Food4Kids, all while being a single mother.

“I have learned how to balance work life and my family,” she says. “This industry can be tough at times; I have learned how to maintain business and workflow with industry changes, a number of staff changes and also several personal family losses.”

For the past 15 years, Callero has been involved with a networking group called Business to Community, which supports local businesses and various charities. She also supports other charities through an annual golf tournament.

CATHERINE E. FOGARTY Mortgage broker Verico AMC

Like many brokers, Catherine Fogarty has had to adjust her business model to maintain and grow her book of business in spite of recent regulation changes. “I have created a plan that is both sustainable and healthy into and beyond 2020,” she says. “I have worked very hard at developing new partnerships with the emphasis on delivering the best client service to create win-win situations for all.”

Fogarty has made a point of surrounding herself with positive women to build a solid support system of female brokers. She has also served on the board of CMBA Atlantic as secretary and director of Nova Scotia. In addition, she volunteers at FEED Nova Scotia and sits on the funding panel that advises the board at the United Way.

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JULIE BRENNEMAN Principal broker The Mortgage Centre Hometown Financial

Regarded as one of the strongest brokers in her area, Julie Brenneman bases her business on honesty, integrity and doing what’s best for her clients. Last month, Brenneman spoke at Mortgage Professionals Canada’s National Mortgage Conference on the topic of hiring an assistant, discussing how assistants can pay for themselves and how to find and hire the right person the first time. She also won the 2018 WIMI of the Year Award for Ontario.

For the past seven years, Brenneman has run the Tavistock Assistance Program’s annual food drive. Her brokerage also supports a charity each year; this year, Hometown Financial is donating a toy to Operation Sharing for each mortgage the brokerage closes.

www.mortgagebrokernews.ca

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1/11/2018 6:16:55 AM

BROUGHT TO YOU BY

TINA LOVATSIS Mortgage agent DLC Bedrock Financial Group

Tina Lovatsis has more than 30 years of experience in the financial services industry, including stints at RBC, BMO and TD Canada Trust. A mortgage agent since 2012, Lovatsis has won multiple sales awards from DLC, including the Diamond Award and being among the top 50 in sales. Highly driven and relentlessly hard-working, Lovatsis has developed strong relationships with developers, investors, salespeople and landlords within the condo community in downtown Toronto, which has made her a valuable resource for condo financing.

In addition to leading a successful business, Lovatsis also runs marathons around Ontario in support of various causes, including the Run for Woman Marathon and Journey to Conquer Cancer.

MICHELE STEKO Vice-president of sales, Ontario

LILI SHEN KAHKESH Chief operating officer and senior mortgage broker

Mortgage Architects

Nation Capital and Royal International Financial Group

In the two years that Michele Steko has been a part of the Mortgage Architects team, she has been responsible for managing 600 brokers who generate more than $3 billion in volume. She has been influential in training, recruitment, education and ultimately helping brokers grow their businesses. Before joining Mortgage Architects, Steko was responsible for the strategic development and execution of unique, solution-based mortgage products, providing extensive training to both brokers and the internal operations team. Before that, she spent eight years in a business development role on the lender side.

“My 14-year tenure in this industry, coupled with the solid relationships I have built in my roles over the years, have helped me to be influential to others, as I have built up both trust and understanding among our network that I bring great value to others,” she says.

Outside of work, Steko is an active participant in the Make-A-Wish Foundation and the Run for the Cure. She is also an active member in the Family of Faith Campaign, is a core leader/member of Edge Youth Ministry and manages her son’s soccer teams.

As COO of Nation Capital, Lili Shen Kahkesh manages all of the firm’s transactions and operations, including performing due diligence to mitigate financial and administrative risk while providing efficient management execution. Her extensive experience in accounting and financial analysis allows her to easily work through the intricacies of complicated financial transactions and investment proposals.

A licensed broker since 2001, Kahkesh also serves as a senior mortgage broker at Royal International Finance Group, where her performance has earned her top honours, including membership in the Chairman’s Club. Fluent in both Mandarin and Cantonese, Kahkesh is an expert in the Lower Mainland real estate market and enjoys working with a diverse range of international and local clients.

Kahkesh lives by a philosophy that her actions both in work and family life should contribute to building an enduring legacy for her community. She supports many charitable organizations and events in the Lower Mainland, including serving as a communications liaison for Crofton House School and holding a seat at the Crofton House School Charity Golf Tournament.

www.mortgagebrokernews.ca

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SPECIAL REPORT

WOMEN OF INFLUENCE RACHELLE GREGORY SVP, originations and national sales Merix Financial

Rachelle Gregory was recently promoted to senior vice-president of originations at Merix, where she also launched a digital communication program and live chat for homeowners this year. Gregory previously ran the renewal department at Merix, bringing record-high results over the past two years.

Thanks to support and mentorship from her mother, Kathy Gregory, and in memory of another mentor whom she lost to cancer last year, Gregory was able to push herself to new heights this year.

Outside of her day-to-day responsibilities, Gregory is marking her fourth year as a team captain for the OneWalk to Conquer Cancer, which has raised more than $75,000 for the cause.

She is also chair of the Ontario Mortgage Industry Ladies Charity Golf Tournament in support of the Canadian Women’s Foundation, which has raised more than $200,000 since the event started. Gregory is currently working on bringing the event to Western Canada in 2019.

YOUSRA JOMHA CATHERINE ELLIS Mortgage professional Verico Xeva Mortgage – Mortgages by Catherine

In 2018, Catherine Ellis achieved her goal of assisting 200 families with real estate investment strategy, homeownership, goal-setting and more. “I have now exceeded this goal,” she says, “and am happy to see the progress and happiness of every one of my clients in reaching their goals.”

Also this year, Ellis was one of the recipients of the BC WIMI of the Year Award, and she received the Best Overall Growth Award from Xeva Mortgage in 2017.

Since she joined Xeva, Ellis has grown her business 50% year-over-year, which has allowed her to experience both the benefits and challenges of rapid growth.

“My main challenge was keeping up with the volume of business, client inquiries and business development, which required a lot of organization, systemization and hard work,” she says. “I have now had the ability to create a number of automated and systemized [changes] to allow me to grow again next year and work on business development, marketing and community initiatives for 2019.”

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Broker/owner Western Mortgage Services

Almost every year, Yousra Jomha instructs 10th- and 11th-grade students on the importance of healthy credit, savings and job stability. “I see a hunger from the students that is infectious,” she says, “and believe it or not, I have had many students who came in to buy their first home and told me how I have made a difference in their life planning.”

Following the 2013 floods in Southern Alberta, Jomha experienced firsthand the hard work and passion needed to overcome the devastation in the town she serves. She is currently part of Mortgage Professionals Canada’s Alberta chapter and has been a board member for the High River & District Chamber of Commerce since 2000, including serving as president from 2011 to 2013.

RACHELE RAIA Principal broker and owner Your Mortgage Connection

Having been in the financial industry for the past 60 years, Rachele Raia always goes the extra mile to ensure her clients’ financing needs are fulfilled. Raia immigrated to Canada from Italy at the age of 11 and began her career at age 16 with TD Bank. Starting as a teller, Raia worked her way up to branch manager before becoming a top area mortgage manager.

Since 2002, she has owned her own brokerage. Now 76 years old, Raia has an impressive client following. When asked when she plans to retire, her response is always, “Never … I love what I do.”

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BROUGHT TO YOU BY

RAKHEE DHINGRA CEO and mortgage broker Mortgage Savvy

As a woman in the financial field, Rakhee Dhingra felt alone and pressured to do business like the men in the industry.

She responded by building a business designed to challenge the transactional nature of mortgages. In just three years, her brokerage, Mortgage Savvy, has doubled its business year-over-year, operating entirely on referral or repeat business.

With an in-house events team, Mortgage Savvy has redefined its working relationship with real estate partners. Dhingra works tirelessly to build authentic relationships with each of her partners by hosting leadership training seminars, attending team meetings and regularly sharing industry knowledge.

She has also made community a large focus of Mortgage Savvy. Each summer, the brokerage funds a summer camp for disadvantaged children. In addition, Mortgage Savvy supports Mulholland Ross Group, in addition to actively supporting its Realtor partners in their charitable work.

ANNE REGAN Associate director of sales

DALIA BARSOUM President and principal broker Streetwise Mortgages

XMC Mortgage Corporation

Over the past two years, Anne Regan has dedicated herself to repositioning XMC Mortgage Corporation in response to market conditions and new regulations. During the same period, she was also promoted to associate director of underwriting and served as a mentor at the Ryerson University School of Business.

Regan credits her husband, mentors, leadership team and colleagues for contributing to her success in the industry. “For those who know me, they know how much I love my job,” she says.

“They also know about my work ethic and the way I deal with the challenges that come my way.

When I look back, one of the most common challenges that I’ve come across is my age. Over the years, I’ve heard, ‘Maybe she’s too young and inexperienced for the job?’ Unwittingly, this has helped me, as each time the passion and drive to prove them wrong intensifies.”

Dalia Barsoum makes sure to not to let fear or negativity hold her back when taking risks and overcoming life’s inevitable setbacks.

Her brokerage, Streetwise Mortgages, won the award for Outstanding Customer Service at this year’s Canadian Mortgage Awards, a feat she considers to be one of her proudest accomplishments in 2018.

“I attribute my success to the incredible support and help from my family and team, and all of the great partners we work with to service our clients,” she says.

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SPECIAL REPORT

WOMEN OF INFLUENCE ISEELA IBRAHIMI Co-owner Paragon Home Capital

In the midst of continual industry changes, Iseela Ibrahimi focuses on ways to obtain approvals for her clients by building relationships that continue long after closing. “[Clients] appreciate the time I take to customize solutions,” she says. “The rules continue to change and affect how we operate. This impact is felt across the industry on a daily basis, and it’s important to understand the immediate impact and work with your clients and lenders to provide the best solutions available.”

A member of DLC’s Elite Hall of Fame, Ibrahimi ranked among the top 20 for annual revenue in 2017 and achieved master level for outstanding performance in 2016 and 2017. Outside of the office, she supports Canadian Women for Women in Afghanistan, which dedicates its resources to providing quality and sustainable education programs for Afghan women and girls.

DARLENE VILAS Mortgage broker The Mortgage Centre

With an honest and direct approach to finding solutions for her clients, Darlene Vilas leverages her strong industry relationships to secure financing, even for hard-to-place mortgages. As a single mom herself, Vilas particularly enjoys helping other single mothers keep their children in their homes and schools, close to friends and family.

Vilas attributes her success to mentors who encouraged her to be her best and strike a balance in her life, and she puts a high priority on sharing her knowledge and giving back.

She mentors new agents and supports financial literacy through an annual scholarship for high-school students aimed at improving their financial awareness. Vilas is also a member of Trafalgar Toastmasters, was president of Powerhouse Oakville from 2016 to 2017, and is a regular public speaker and guest blogger.

MARLENE FERREIRA Co-founder and mortgage specialist Urban Lending

After working at RBC for 20 years, Marlene Ferreira left to start Urban Lending. Within a few months, she had grown her team to 11 people, including two underwriters and seven salespeople, and she has plans to open a second location next year. This past summer, Ferreira also started PinkHaus, a female entrepreneurs group, and she continues to play an active role in several local charities, in addition to mentoring young women.

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JANET MCKEOUGH Mortgage broker Verico Success Mortgages

Currently celebrating her 15th year as a mortgage broker and 25th year in the financial services industry, Janet McKeough joined the broker world so she could advocate for the client’s best interest. Along with her colleague, McKeough met twice with Finance Minister Bill Morneau to discuss the impact of regulatory changes on Canadian homebuyers, particularly the unintended consequences that have been felt in Atlantic Canada. Together with her peers, McKeough reviewed and made submissions to both federal and provincial regulators for policy and regulatory recommendations.

Always active in community groups and charitable work, McKeough has supported CIBC Run for the Cure, FEED Nova Scotia and Bryony House, among other charities. She is also a member of the Nova Scotia Liberals Women’s Commission, CMBA Atlantic and was twice recognized in the Nova Scotia Legislative Assembly for her volunteer work. In addition, McKeough serves as treasurer and a board member of CMBA.

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BROUGHT TO YOU BY

HEATHER TREMAIN CEO Options for Homes

In 2016, Heather Tremain was appointed CEO of Options for Homes, a nonprofit that builds thousands of affordable homes in Toronto and surrounding areas for people who would otherwise be left out of the market. Her organization takes a significant second mortgage on most of the properties, allowing purchasers to use traditional financing. In effect, Options for Homes holds between 10% to 15% of the financing for most of the homes it sells.

Tremain refers to Options for Homes as “the largest developer that no one has heard of” because it doesn’t spend money on advertising campaigns; instead, it grows by word of mouth, using the resulting cost savings to allow more people a chance to achieve the dream of homeownership.

JILL PAISH EVP, broker experience and customer acquisition Merix Financial

RAKHI MADAN Mortgage broker DLC Key Mortgage Partners

With the mortgage landscape changing rapidly, Rakhi Madan has found a successful balance in managing relationships with clients, lenders, insurers, appraisers and referral sources while still finding time for self-development.

A constant learner, Madan knows that success is never owned – it’s rented, and you have to pay the rent every day. “Stay humble and help others get to their goal,” she says.

In 2017, Madan won DLC’s Masters Award, and she is a regular among DLC’s top 50 brokers for both monthly revenue and funded mortgages. She was also a Platinum Award winner for Top Mortgage Broker in the Readers’ Choice Awards, and she was a finalist for two 2018 Canadian Mortgage Awards for Alternative Broker Specialist of the Year (New to Canada and Business for Self).

Outside of the mortgage industry, Madan sponsors two children in Malawi, knowing that making a difference is someone’s life helps with one’s sense of accomplishment. She also understands the importance of passing the torch to the next generation.

Part of Merix Financial’s DNA since the early days, Jill Paish is an advocate for brokers and their businesses. Paish is instrumental in the execution of product launches and enhancements at Merix. A true mentor in the industry, Paish regularly speaks at events, hosts webinars and coaches peers.

TERRILYN MOORE Mortgage broker YourMortgageYourWay.ca

Terrilyn Moore has been part of the mortgage broker industry for a decade after leaving a 15-year career in a law office, where she worked on real estate transactions, survey development, estates, accounting, collections and office management. That experience laid the foundation for a smooth transition into mortgages.

Today, Moore specializes in non-traditional financing for people whose credit has suffered due to life circumstances. She’s passionate about walking clients through the entire process to help them secure financing or to assist with debt consolidation or restructuring.

Her strong legal background, coupled with her extensive customer service experience, has helped her better understand each client’s needs and circumstances.

Since 2017, Moore has worked on Mortgage Professionals Canada’s education and ethics committee. She is also assisting First Ontario Credit Union in developing their B programs. In addition, Moore has held a number of community positions, including president of Buttons and Bows Preschool, treasurer of the Business Women’s Networking Group and a volunteer with the Make-A-Wish Foundation.

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1/11/2018 6:18:23 AM AM 1/11/2018 1:10:31

SPECIAL PROMOTIONAL FEATURE

COMMERCIAL SERIES

It starts with math Without solid math, commercial deals have little chance of getting funded. Paul McGill of The Financing Hub outlines some initial calculations you can use to determine whether a commercial prospect is worth your time

SO FAR IN this year-long series, we’ve discussed the importance of property rentals and cash flows, we’ve gone through how to present the full story of a project, and we’ve touched on documentation and how to use it to the benefit of your submissions. But what pulls all this together?

Math. Quite simply, it’s the math that gets

lender. Simple analysis that flags weak debt service coverage, low occupancy or higherthan-normal LTVs can give you a strong indication that your transaction just isn’t going to happen.

With that said, I’m constantly amazed just how often these easy first steps aren’t getting done. Applications that should never

No option should be pursued until you know it works for your client’s business goals. But when that deal first hits your desk, a little math is a good place to start drawn out of those inputs that the underwriter will use to determine whether a deal will get done – and whether you will get paid.

If you want to be a successful commercial broker, you need to work on deals that will pay you rather than those that are likely to never get though the first round with a

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have been submitted in the first place are the number-one issue for commercial lenders.

The initial rejection rate for commercial submissions compared to residential submissions is very high and very costly to lenders in wasted underwriting time.

If you’re looking to build relationships

with lenders, avoid wasting their time and your own. Confirm your submission has potential before you send it on. Running a simple set of tests when a commercial opportunity first hits your desk can quickly weed out the applications that will likely

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annual debt service amount. If this is negative, the potential of your deal getting done is extremely low.

The most common error we see in DSCR calculations is underestimating the expected interest rate. Be realistic. If your coverage ratio is still positive at 0.5% or 1% over current market rates, you have a strong input to support your submission.

2

Loan to value

3

Positive net property income

While this is probably the most common mortgage calculation, we continuously see agents ignoring the results.

Remember that in the commercial sector, 70% or 75% usually represents the upper end of eligible LTVs, and 65% is not unusual.

If your client needs an LTV in excess of 75%, you may have to look to a private lender to find a solution. Assume rates of 8% to 10% and private lender fees as high as 4%.

Can the applicant show you at least two years of property operating statements confirming positive income in all years submitted? If you can’t show the required annual income, you have an uphill battle on your hands.

Not a guaranteed pass

go nowhere and let you focus on those that stand a better chance of securing the needed funding.

If you’re not familiar with these tests, The Financing Hub has tools and pre-underwriting options that can help.

THREE KEY FIRST STEPS

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Debt service coverage

This is calculated by dividing the net property income (adding interest and amortization back in) by the expected required

The tests I’ve set out above will give you an initial indication as to whether you have a viable deal. They by no means guarantee that you have a deal that’s going to get funded.

These positive indicators only mean it’s time to roll up your sleeves and get down to the serious work of structuring and documenting your submission.

While not as essential for residential placements, Excel should be the commercial agent’s best friend. In commercial lending, there typically are multiple ways to structure your submission. There are various payment options, equity contributions and staged terms. With each option you create, another set of tests should be run, and this analysis can show you which of your ratios and other

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SPECIAL PROMOTIONAL FEATURE

COMMERCIAL SERIES

Simple analysis that flags weak debt service coverage, low occupancy or higherthan-normal LTVs can give you a strong indication that your transaction just isn’t going to happen inputs have been changed. You can then decide how those changes will impact your lender’s view of the transaction.

When we run a transaction through The Financing Hub, the system runs no less than 17 mathematical trials each time a key input is changed. Our Application Grader then lets us see the pluses and minuses of each change. The individual grading results help

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us understand which set of inputs optimize the submissions.

I’m not suggesting that commercial brokering is all just a series of calculations. No option should be pursued until you know it works for your client’s business goals. But when that deal first hits your desk, a little math is a good place to start.

No one should waste time on trans-

actions that won’t get done. We’re all in business to make money. The less time wasted, the more time you will have to work on viable deals that will ultimately put more money in your pocket.

There’s just one more article left in our series. I hoped you’ve enjoyed it and have gotten something out of the articles. I would also like to thank all the people who have given me their insights along the way. If you have any comments or suggestions for the final article, I’d be pleased to receive them at conversations@thefinancinghub.com.

Paul McGill is president of The Financing Hub, which is dedicated to delivering effective digital solutions for commercial real estate financing.

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More Options. More Lenders. More Solutions.

The Financing Hub Brings Online Technology to the Commercial Mortgage Application Process Discover More:

www.TheFinancingHub.com In exclusive partnership with MERIX Financial

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1/11/2018 6:20:03 AM

PEOPLE

BROKER INSIGHT

Off to a quick start CMP Young Gun Jillian Sparrow reveals how she tripled her business in her second year in the industry

CMP: What made you first get into the mortgage broker industry?

Jillian Sparrow: My entrance into the industry was kind of a fluke. I had started my own business a couple of years prior – a small aesthetics studio – and met my principal broker while working there; she was a client. We got to know each other, and she found out that I was looking to do something different.

She knew that I had a commerce degree and had worked in advertising in the past, and she suggested the idea of becoming a broker. I was really intrigued. I spent time shadowing her and learning more about the industry and just fell in love instantly. I knew it was going to be a great fit.

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

JS: It has been a whirlwind. I jumped right in and have experienced a lot of growth quite quickly. In my first year, I was laying the groundwork for a really big second year where I just about tripled my first year, which was awesome.

In recent years, we have had a ton of change in the industry, so it has been a big learning curve for me, as well as for seasoned veterans. I think it has been a good time to enter the industry because I haven’t had to relearn anything – I’m learning all of

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the new processes and rules as I go.

CMP: What strategies have you implemented to achieve such growth so early in your career as a broker?

JS: I have done a lot of reaching out to my existing network. My client base from my previous business has been a huge source of business and referrals. I had gotten to know clients really well, and as soon as they knew about my new venture, they started reaching out and referring friends and family, so that has been great.

This year especially, I have seen a ton of referrals, which to me is the biggest compliment. I have also been doing some social media advertising and some Google AdWords, so that contributes, but it’s not the main source – that’s my existing network.

I also stay in touch with current clients.

I’m just wrapping up my third year in the business, and I’ve had a lot of repeat clients

already. I’m already seeing the value in staying in touch. I am touching base yearly, if not more, with all of my clients so that I stay top of mind when they are ready to purchase something else or make a change.

CMP: What do you think it is about your approach that compels people to refer you so eagerly?

JS: I think it’s all about providing a really personalized experience, which was my strategy in my previous business. It’s about really getting to know people and making them feel valued, getting invested in their story and making sure they understand who I am.

You have clients who prefer to keep the process as simple as possible and only want essential information, but you also have other clients who need you to touch base with them every day, every step of the way.

It’s important for me to figure out from the

SPARROW’S TIPS FOR OTHER BROKERS “Stay consistent. In year one, it may feel like you’re treading water and not getting where you think you want to go as quickly as you would like, but I saw the groundwork I had laid starting to pay off in year two. Although I was fortunate enough to do quite a few deals in my first year, the snowball effect in the second year was awesome. I had several repeat clients and referrals in my second year. So, even when it feels like you are not getting anywhere, stick with it and you’ll see the results.”

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FAST FACTS: JILLIAN SPARROW

COMPANY Mortgages by Jillian/ The Mortgage Associates

YEARS IN THE INDUSTRY 3

LOCATION Saskatoon, Saskatchewan

EDUCATION Holds a bachelor of commerce degree from McGill University

“It’s important for me to figure out from the get-go how each client works and then cater to them” get-go how each client works and then cater to them.

I really love working with first-time homebuyers and have had the pleasure of helping many already. I find they especially need to be walked through the entire process. When they know I will inform them when things need to happen, they can sit back and relax rather than panic.

CMP: What are your areas of focus?

JS: I am based in Saskatoon, and I do quite a few deals there, but I focus on the province as a whole.

I grew up in a smaller city here, so it has been great to get back to my roots and reach out to that community, because there are not a lot of brokers focusing on smaller centres here in Saskatchewan.

PREVIOUS CAREERS Worked in advertising and owned an aesthetics studio

FAMILY LIFE Gave birth to her first child in March 2018

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1/11/2018 6:21:10 AM

SPECIAL PROMOTIONAL FEATURE

PARTNERSHIPS

Forging strategic partnerships Mortgage Savvy CEO Rakhee Dhingra tells CMP how she’s making moves to transcend the mortgage industry DESCRIBED AS A a “mythical unicorn” who can transform even the most difficult financing situations into real estate dreams, Rakhee Dhingra has earned her reputation as one of the most sophisticated and dynamic leaders in the mortgage industry.

The Mortgage Savvy CEO’s petite frame and soft speech are rivalled by her big business strategy. She has been challenging the transactional nature of the mortgage industry since the inception of her business. In just a few short years, she has proven her ability to transcend the industry with a mortgage business that is built upon people, not numbers.

From her very first deal, Dhingra paved the way for a business built on supportive and strategic partnerships – inviting clients into her home, offering personalized credit counselling services and building meaningful connections with every homeowner who passes through her door. Now, as her Torontobased brokerage continues to grow, she uses that same mentality to partner strategically with industry partners and Realtors to deliver a service unrivalled by others.

“When I started my career in the financial world, I yearned for more meaningful and supportive connections, so I built a business based on creating meaningful experiences

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with every single client and business partner,” she says. “Today, we consistently provide space to inspire change and collaborate with our clients and network of supporters. True success is in building a sense of community, which naturally emerges as you collaborate, and I believe it’s through building friendships and sponsorships that business will thrive.”

At Mortgage Savvy, that sense of community starts with eliminating the competitive nature of the real estate industry and creating a space where Realtors and brokers can work together to organically grow their businesses. The brokerage’s White Glove service for Realtors provides agents with marketing support and lead generation, in addition to client services such as credit counselling and thoughtful closing gifts.

As the first brokerage with an in-house events service, Mortgage Savvy has earned a reputation for hosting buzzworthy open houses that feature gourmet catering, wine tastings, food trucks and specialty entertainment. But these events are more strategic than meets the eye. Brokers are on hand to provide prospective clients with financing advice, and leads are immediately transferred into a drip campaign for Realtors to access, helping them secure every opportunity available.

“For me, building the business has been about what I can do to add value and truly be an asset to my partners so I can help them transact and, in turn, transact myself,” Dhingra says. “When we work collaboratively and in partnership, we grow our businesses together. We’ve been very successful from the standpoint that our partners don’t view us as a third-party referral, but rather as part of their team.”

Many of these strategic relationships have been formed around work within the community, and Dhingra and her team strive to align themselves with like-minded Realtors who have their clients’ best interests at heart. “For us, it’s about defining your ‘why’ – what gets you up in the morning and what drives you,” she says. “My ‘why’ is about making an impact on the community.”

The Mortgage Savvy team and its Realtor partners support each other’s charity work – including a summer camp fully funded by

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“True success is in building a sense of community ... and I believe it’s through building friendships and sponsorships that business will thrive” Rakhee Dhingra, Mortgage Savvy the brokerage – and the team also invests in its community by providing partners with ongoing coaching and business development opportunities. “We support them in all areas of their business and growth, allowing them to thrive individually and as part of our team,” Dhingra says.

Yet Mortgage Savvy’s Realtor partners are the first to admit that it’s Dhingra’s genuine focus on client experience that allows these partnerships to thrive. “Clients who may be in a stressful situation are not [stressed]

when dealing with her – she puts you at ease,” one partner says. Another adds: “Rakhee empowers the people around her.”

“We truly believe it’s about the people – not the transactions,” Dhingra says. “The majority of mortgage agents out there are not really interested in building connections or providing people who may not qualify under the conventional guidelines with the same level of service as a AAA client.”

Not only does the Mortgage Savvy team take the time to educate each client about

their financial longevity, they pride themselves on finding solutions for clients who would be overlooked by traditional lenders.

“I did credit coaching with one of my very first clients for two and a half years,” Dhingra says. “If I had put them in a B lending situation, they would have lost their home.

Instead, they sat down with me every month because I held them accountable.”

Last year, those clients sold their property and purchased their dream bungalow, which was able to better accommodate their child with special needs. Dhingra put 100% of her commission towards putting the finishing touches on their forever home. “It was the most rewarding experience to see them in that home,” she says. “There is something really special about being in a mortgage signing where everyone – myself included – is crying tears of joy.”

As new mortgage rules create tighter lending scenarios for consumers, the Mortgage Savvy team continues to add value by providing ongoing support to clients who may not be ready to purchase in today’s market, which helps to build a pipeline of future business.

“Being patient now and not looking at everything as an immediate return is a huge area of opportunity,” Dhingra says.

“By providing education and coaching them through the process of making financial changes, we’re preparing our clients to make sound and sustainable financial decisions.”

This investment in client relations speaks for itself: Mortgage Savvy has doubled its business year-over-year and operates entirely on referral or repeat business. Dhingra’s dynamic vision has built success in all avenues of her business – happy clients make for better transactions on both the Realtor and lender side, creating an incredible synergy between all parties involved.

“Rather than thinking, ‘How do I serve myself?’ we need to think, ‘How do I serve others?’” Dhingra says. “It’s that connection and support that makes us light up and shine.”

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1/11/2018 6:23:05 AM

SPECIAL PROMOTIONAL FEATURE

BROKER NETWORKS

A new frontier CMP sat down with Broker ONE CEO Ron De Silva to find out how the company is creating a unique network model for brokers

IN THE MODERN business world, ‘value proposition’ is a term that gets used a lot.

Regardless of the industry, business leaders are constantly looking for ways to differentiate their organizations through a unique or compelling value proposition – and the mortgage industry is no different. When the leadership team at the Broker ONE network began laying out the company’s philosophy and strategy, it was no surprise that questions around the organization’s value proposition became a hotly debated topic.

Every network in the marketplace provides some sort of toolbox for affiliated firms to use to their advantage, and Broker ONE is no different. A robust CRM program that offers comprehensive deal management and data mining, along with payroll services, a-la-carte compensation and affiliation programs – it was all there. So what exactly was going to be Broker ONE’s differentiating value proposition?

“The one thing that we were noticing was that our business development managers were having more and more conversations with franchisees of other networks who were expressing a desire to be more independent, a desire to not be tied down to a corporate brand,” says Ron De Silva, president and CEO of Broker ONE. “They wanted their own branding but also wanted the benefits of being part of a network. There are definitely signs that the tide is turning and a shift

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is coming in the industry. We wanted to get ahead of this shift; plus, we wanted to add uniqueness to our value proposition for our brokers and agents.”

The story of how Broker ONE came to be goes back to the fall of 2016 when Broker Financial Group [BFG] and its network of affiliated broker firms purchased Real Mortgage Associates [RMAI] and its network of 40+ affiliated broker firms. In 2017, the

majority of the brokers had been with the organization since those early years.

“Those who wanted to increase their volumes were looking to expand operations and put some of their own infrastructure in place for business growth,” De Silva says.

“Others were looking to mentor a junior agent to take over their business in retirement or simply sell their mortgage business.

Broker ONE quickly realized that developing

“Our network partners [have] the ability to service their clients in a manner that will effectively put a fence around their financial needs” Ron De Silva, Broker ONE networks were consolidated under one singular network, branded as Broker ONE. Amidst all that change, one key ingredient has remained consistent: The ownership consists of mainly of mortgage brokers who know and care about the industry.

In an effort to form a new identity as Broker ONE but also maintain the values that had seen the previous networks create such success, De Silva and his leadership team profiled the senior brokers at RMAI, which had been operating since 2006. The

solutions for this group’s business needs was going to be a top priority.”

In response, the network is implementing what De Silva calls “a unique set of programs” in order to help brokers grow their business through either infrastructure enhancements or the hiring of new talent. Broker ONE has also partnered with Innovative Vision, a leader in call centre technology, to provide brokers with a virtual assistant that handles many of the crucial administrative tasks related to building a burgeoning brokerage.

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“In the virtual assistant’s outbound call program, a thank-you call is made to the client after closing that offers the client the opportunity to take advantage of some of Broker ONE’s partners’ programs, such as a free will,” De Silva says. “The subsequent outbound calls are made at the anniversary of the mortgage, offering a mortgage check-up, and of course, a renewal call is made up to 180 days prior to renewal. It’s worth noting that all automated outbound calls show up on the call display with the broker’s phone number. In the case where the automated call reaches an answering machine, a pre-recorded message in the broker’s own voice is left.”

In addition to its unique partnership with Innovative Vision, Broker ONE has developed a plan that means retiring brokers don’t miss out on the renewal, refinancing and referral opportunities in their database.

Licensed representatives have been brought on board to handle all aspects of the client journey on behalf of retiring brokers.

The past few years have been a time of significant change in the mortgage industry, and the evolution doesn’t look set to slow down any time soon. The latest stress test will continue to restrict consumers’ options with traditional lenders, and brokers and agents are understandably concerned about their ability to access funding for certain clients. In order to enable brokers to continue meeting clients’ changing needs, Broker ONE has forged some key strategic partnerships with other players in the financial industry.

“To meet this need for non-institutional financing,” De Silva says, “we have partnered with Red Crest Investment Management, which is a partially owned subsidiary of Broker ONE and is led by Joe Rosati, and Think Wealth Management, which is our in-house insurance solution led by Sean Bell. Think Wealth rounds out a litany of wealth management programs and services, providing our network partners with the ability to service their clients in a manner that will effectively put a fence around their financial needs.”

www.mortgagebrokernews.ca

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MAGAZINE The only independent magazine dedicated to mortgage industry news, opinion and analysis

WEBSITE Breaking news, in-depth profiles, features, online forum and Mortgage Broker TV

ENEWSLETTER Daily news service delivered straight to your inbox every morning

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PEOPLE

CAREER PATH

A DREAM FULFILLED Evolving ambition and a constant drive to do better have brought Nick L’Ecuyer a long way

L’Ecuyer discovered his affinity for sales at age 12, when he hawked ice cream from a bicycle cart on commission one summer while maintaining a paper route on the side. The experiences inspired him to study marketing at college “I was always driven by performance-based rewards – the harder I worked, the luckier I got. The college course was the connection between sales, marketing and people. It was the science of influencing people – it gave me skills I still use”

1992

DISCOVERS A KNACK FOR SALES

2007

LEAPS INTO MORTGAGES

2008

TAKES FLIGHT In his second year in the industry, L’Ecuyer funded $20 million in mortgages. At the same time, he studied for his broker’s licence with an eye to going out on his own “That year was game time; I made four times the money and had 10 times the happiness. I was building a business, building my own brand – that process was extremely gratifying”

2010

OPENS MORTGAGE WELLNESS

L’Ecuyer was working for a marquee consumer brand when his mentor left the company to launch a mortgage career. L’Ecuyer joined him in making the leap; in the first six months, he exceeded his annual take from the salaried job he’d left, an achievement he traces to calling everyone in his phone to tell them he was in the mortgage business

“People deal with people, and specifically with people they trust – my business is still built on that principle today” 2011

CLIMBS UPHILL

While much of the world was still reeling from the global financial crisis, L’Ecuyer opened Mortgage Wellness “It was the post-recessionary era, and I don’t think anyone would have said that it was a great time to be starting a brokerage – but for me, 2010 was not the year I decided to run a business; it was the year I decided to create a business under my own brand”

The first five years at Mortgage Wellness were dedicated to building the company in pursuit of the goal of funding $100 million “Those were the years of figuring things out, hiring a team, growing and chasing that $100 million goal. Once we got close to that goal, we changed it to aim at $150 million – and last year we hit $149 million. Now we think in terms of hitting $200 million. It was an uphill climb”

2017 2015

BUILDS THE PERFECT TEAM When all of his support staff transitioned out of Mortgage Wellness, L’Ecuyer seized the opportunity to rebuild his business model “That was our sink-or-swim year – it was going to work or it wasn’t. Getting business was not the challenge; it was how we were doing it that was the problem. We empowered our people to manage clients end-to-end”

FINDS FULFILLMENT Last year was the best yet for Mortgage Wellness, characterized by a new high in both production and profitability, as well as a spot on CMP’s Top 75 Brokers list – but for L’Ecuyer, satisfaction flowed from other sources “Watching my team do what they love is fulfilling.

My purpose is letting more people know what we do. The more people we can touch in this world, the more fulfilled I am”

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PEOPLE

OTHER LIFE

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

Mostovoy has da nced in several films, including the Jennifer Lopez movie Shall We Dance?, where he had the honour of “knocking J-Lo over”

6

Pairs of dance shoes Mostovoy owns

16

Number of lessons Mostovoy teaches each week

1

Number of his students who have appeared on Dancing with the Stars

SHALL WE DANCE? There’s nothing Vadim Mostovoy would rather do after a day of arranging mortgages than hit the dance floor

BY THE TIME he immigrated to Canada in 1996, Vadim Mostovoy was already established as an elite ballroom dancer in his native Ukraine. The Toronto-based broker had been pursuing dance since the age of seven and was the national champion in 10-Dance, a discipline made up of waltz, tango, foxtrot, Vienna waltz, quick-

step, samba, rhumba, cha cha, pasodoble and jive. So it was hardly surprising that Mostovoy was chosen to represent his new country in the Professional 10-Dance World Championships for six years in a row and later founded his own dance school.

While his continuing interest in dance

is due at least in part to a desire to “balance out a very active life”, Mostovoy has also found that his personal passion helps him in his professional life. “The people I know through dancing have trusted me for so many years,” he says, “so when I’m offering something solid – such as a mortgage – they know they’re safe with me.”

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