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IS FOREIGN CAPITAL DISTORTING PRICES? Brokers weigh in on the latest data on nonresidents’ buying habits MORTGAGEBROKERNEWS.CA ISSUE 14.03 | $12.95

DIVE INTO REVERSE MORTGAGES Tips for targeting an expanding market of retired homeowners FALCON RIDGE TAKES OFF Get to know a new force in the alternative lending space

TOP BROKERS 2 0 19

Discover who rose above the competition this year – and how they did it

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Want a partner who picks up the phone? (We lend responsiveness).

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ISSUE 14.03

CONTENTS

TOP BROKERS

20

SPECIAL REPORT

CMP shines a spotlight on the 75 brokers who transcended industry-wide challenges to pull in impressive volumes over the past 12 months

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ISSUE 14.03

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

CONTENTS

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

UPFRONT 04 Editorial

FSCO is in hot water again

06 Statistics

Saving for a down payment is harder than ever for first-time buyers

44

08 Head to head

Is Canada’s household debt level cause for concern?

PEOPLE

44 46

TAP INTO A GROWING MARKET

HomeEquity Bank’s Eric Bisaillon outlines four ways to build a niche in reverse mortgages

48

FEATURES

TAKING FLIGHT

Canadian Mortgages Inc. co-founder Bryan Jaskolka discusses how his firm is setting a new standard in private lending

16 2

10 News analysis

New data reveals how foreign buyers are affecting Canada’s biggest markets

12 Alternative lending update

Non-bank lenders are becoming ever more popular in Ontario

14 Broker network update

FEATURES FEATURES

INDUSTRY ICON

It’s time for brokers to speak up about the negative effects of the stress test

Interest rate insight from DLC’s chief economist

Despite being a newcomer in the alternative lending space, Falcon Ridge MGMT is already soaring

PEOPLE

09 Opinion

BROKER INSIGHT For Scott Nazareth, success comes from never missing an opportunity to hustle

60 Good internal communication doesn’t just happen Tips for facilitating better interactions inside your company

PEOPLE 63 Career path

Carmen Alpaerts has never been afraid to go her own way

64 Other life

FEATURES

58

BUSY IS NOT A BADGE OF HONOUR

How to ensure you’re truly using your time effectively

On the water with broker and kayaker Jerry Schindelheim

CANADIAN MORTGAGE AWARDS FINALISTS 2O19

Page 50

MORTGAGEBROKERNEWS.CA CHECK IT OUT ONLINE

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A 12-hour shift should be the HARDEST PART of anyone’s day. Susan is an electrician. But no matter how hard she works, some banks just see a single-parent widow. We don’t see it that way. We see Susan: someone who will stop at nothing to get the job done. So we worked directly with Susan’s mortgage broker to make it happen for her. How could we not? Susan’s awesome.

Helping you help your clients. Visit HaventreeBank.com

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UPFRONT

EDITORIAL

Making headlines for the wrong reasons

T

he Financial Services Commission of Ontario has come under fire yet again, this time for failing to investigate mortgage brokers it identified as risky. The regulator had planned on making five on-site visits to the brokerages in question; however, as of December 31, it had yet to complete any for the fiscal year ending March 31. Of the 50 planned desk reviews for the corresponding period, FSCO staff only conducted four. Furthermore, it has been revealed that over a nine-month period in 2017, FSCO only completed one out of 25 on-site examinations it had planned and only eight out of 15 planned desk interviews. The regulator cited a lack of resources as the reason for curtailing the investigations. Indeed, FSCO has been under considerable financial strain: Its 2017-18 annual report indicated that its $56.5 million annual budget represented a 40% decrease from its 2015-16 budget.

Over a nine-month period in 2017, FSCO only completed one out of 25 on-site examinations it had planned The news is the latest blemish for the Ontario regulator, which oversees mortgage brokerages. FSCO has recently, and perhaps most disreputably, been slammed for failing to protect investors in Fortress Real Developments projects. The investors have been vocal in criticizing the regulator for failing to adequately execute its mandate, arguing that the Ontario government bears at least some responsibility for the saga since FSCO, one of its agencies, proved itself impotent. In fact, a group of investors is considering legal action against FSCO if they can’t recover their losses. Sources have told CMP that they repeatedly warned FSCO about Fortress, but that complaints repeatedly fell on deaf ears. Ontario’s auditor-general had previously identified concerns about FSCO’s operational integrity, which, after the province arranged an independent review panel to study the regulator, led directly to the decision to supplant FSCO with a new independent regulator, the Financial Services Regulatory Authority [FSRA], which sources told CMP should execute its mandate with more teeth. While it’s too early to tell, there are plenty of reasons to believe FSRA will do what FSCO couldn’t. The team at Canadian Mortgage Professional

www.mortgagebrokernews.ca ISSUE 14.03 EDITORIAL Writers Neil Sharma Joe Rosengarten Libby MacDonald Ephraim Vecina Heather Turner Copy Editor Clare Alexander

CONTRIBUTORS Paul Taylor Brian de Haaff Molly Moseley

ART & PRODUCTION Designer Joenel Salvador Production Manager Alicia Chin Advertising Coordinator Ella Dayandante

SALES & MARKETING Associate Publisher Trevor Biggs Vice President, Sales John Mackenzie 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

EDITORIAL INQUIRIES

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SUBSCRIPTION INQUIRIES

tel: 416 644 8740 • fax: 416 203 8940 subscriptions@kmimedia.ca

ADVERTISING INQUIRIES trevor.biggs@keymedia.com

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, Seoul

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

MORTGAGE PROFESSIONAL AMERICA chris.anderson@keymedia.com T +1 720 316 7378

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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As a mortgage agent you love what you do, but do you love where you work?

We’ve got someone we can set you up with that might be a great match! Reach out today and we can connect you with one of our brokerages that will be the perfect fit.

thecentumnetwork@centum.ca | thecentumnetwork.ca ®/™ Trademarks owned by Centum Financial Group Inc. © 2018 Centum Financial Group Inc. The intent of this communication is for informational purposes only, and is not intended to be a solicitation to anyone under contract with another mortgage brokerage operation.

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UPFRONT

STATISTICS

Struggling to save

WHERE’S THE MONEY COMING FROM?

Stress tests and rising prices have made it harder than ever for buyers to put together a down payment AFTER MULTIPLE rounds of stress tests and years of rising house prices, the timeframe required for first-time purchasers to accumulate funds for a down payment has ballooned. Buyers earning the country’s average wage and hoping to save 20% of the average house price would have to spend 98 weeks putting away every penny. Almost half of those aged 18 to 34 who haven’t bought a home yet said it’s

because they need more time to save. So what are would-be purchasers to do? Increasingly, they’re turning to family members: The share of first-time buyers relying on a gift from family has risen 23% since 2005. Buyers are also tapping into more avenues for the funds; nearly 20% said they relied on at least three sources to cobble together their down payment.

The proportion of first-time homebuyers relying on gifts from family for their down payments has risen steadily, from 17% before 1990 to 45% in recent years. Buyers are also increasingly scraping together funds by taking out loans from financial institutions (up 8% since before 1990) and withdrawing from their RRSPs (up 26% in the same period).

DOWN PAYMENT SOURCES USED Personal savings Gift from parents or other family members Loan from parents or other family members Loan from a financial institution Loan from employer Withdrawal from RRSP (including Home Buyers’ Plan)

4.1%

Drop in homeownership rate among first-time buyers between 2011 and 2016

62%

Average proportion of first-time buyers with a down payment of less than 20%

20%

Proportion of average first-time buyers’ down payment that’s a gift or loan from family

1.9

Other

Average number of sources first-time buyers used for a down payment

Source: Annual State of the Residential Mortgage Market in Canada, Mortgage Professionals Canada January 2019

TAPPING MORE SOURCES

WITHDRAWING FROM THE BANK OF MOM AND DAD

First-time buyers looking to accrue an adequate down payment typically rely on more than one source of funds; almost one in five used three or more sources.

While personal savings still make up the largest chunk of first-time buyers’ down payments, gifts from family now account for a significantly larger share of the total than they did pre-1990 (15% versus 7%).

19% HOW MANY SOURCES DID YOU USE FOR YOUR DOWN PAYMENT? One source

37%

Two sources

Personal savings Gift from parents or other family members Loan from a financial institution Loan from my employer

Loan from parents or other family members Withdrawal from RRSP

Other

1990s 2000–2004

44%

Three or more sources

Source: Annual State of the Residential Mortgage Market in Canada, Mortgage Professionals Canada, January 2019

6

PROPORTION OF DOWN PAYMENT Before 1990

2005–2009 2010–2014 2015–2018 Source: Annual State of the Residential Mortgage Market in Canada, Mortgage Professionals Canada January 2019

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100% 90% 80%

% OF BORROWERS USING

70% 60% 50% 40% 30% 20% 10% 0%

Before 1990

1990s

2000–2004

2005–2009

2010–2014

2015–2018

Source: Annual State of the Residential Mortgage Market in Canada, Mortgage Professionals Canada January 2019

SPENDING MORE TIME SAVING

SITTING ON THE SIDELINES

The recent spike in house prices has made saving for a deposit all the more challenging. It now takes 98 weeks worth of Canada’s average weekly wage to stockpile 20% of the average house price, compared to around 60 weeks in 1990.

A third of those who don’t own a home yet said it’s because they need more time to save for a down payment – although for those under 35, that figure is closer to half.

110

NEED MORE TIME TO SAVE FOR A DOWN PAYMENT

Weeks of pay to save 20%

100

50%

90

40%

80 30%

70 60

20%

50 10%

40 30

1985

1993

2001

2009

2017 Source: CREA, Statistics Canada

0%

48%

33%

5%

33%

18-34

35-54

55 +

All ages

Source: Annual State of the Residential Mortgage Market in Canada, Mortgage Professionals Canada, January 2019

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UPFRONT

HEAD TO HEAD

Is Canadians’ debt reaching a breaking point? Household debt levels in this country continue to rise – but how much debt is too much?

Shawn Stillman Co-founder and mortgage broker Mortgage Outlet

James Laird President CanWise Financial

Ron Butler Mortgage broker Butler Mortgage

“No – I don’t think the current methodology is capable of accurately measuring household indebtedness, given that many workers in the ‘gig economy’ are either not reporting or under-reporting income. Given the increase in cash work, side jobs and such revenue streams as driving for Uber or renting out an apartment on Airbnb, income that was previously measurable might not be reported. If income is under-reported, it could appear that debt-to-income levels have increased, when in reality it could just be that reported levels of income have not kept pace.”

“It shouldn’t be a surprise to anyone that record low interest rates have led to record debt levels. When money is cheap, people borrow lots of it, which isn’t a bad thing as long households have used the money to secure real assets and build wealth, which generally they have. Any household that has spent borrowed funds on things like cars and travel will feel pinched when rates rise. Going forward, I think we should separate out and concern ourselves with the ratio of unsecured debt to income, as opposed to looking at total debt to income.”

“In British Columbia, mortgage origination has fallen 26%; I predict 2019 will be the lowest mortgage origination year in Canada in the last 20 years so. Household indebtedness is headed down, whether it wants to or not. I think if we wait to see the results of the second quarter of the current year, we will have confirmation. This may be the beginning of a big property value and real estate activity shift in this country, and we may have other things to worry about than household indebtedness over the next two years.”

WHERE HOUSE PRICES GO, DEBT FOLLOWS The debt-to-disposable-income ratio in Canada hit another high in the final months of 2018, climbing to 178% – an increase of 41% since 2006. This persistent uptick in the nation’s household debt can be attributed in part to cheap credit fuelled by a decade of low interest rates, but that’s only part of the story. Much of the nation has seen a relatively stable – or even downward – debt-to-income ratio trend, except for the two cities that also represent Canada’s two hottest real estate markets over the last few years: Vancouver and Toronto. Given that more than half of all outstanding debt in the country can be traced to mortgages, it’s hardly surprising that these two markets find themselves leading the way in debt levels, too.

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UPFRONT

OPINION

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

Make your voice heard The data shows that young Canadians are the most affected by mortgage rule changes – and it’s time for brokers to do something about it, writes Paul Taylor MORTGAGE PROFESSIONALS Canada recently issued a report on the residential mortgage market, which was created by surveying the opinions of more than 2,000 Canadians. The good news is that, by a very large margin, Canadian homeowners are happy with their decisions to buy their homes. For those who regret the decision to buy, the regrets are more about the particular property purchased (7%) rather than about homeownership in general (4%). This pattern holds for both recent buyers and those who purchased earlier. The not-so-good news includes the finding that stress tests have exacerbated the slowdown in the Canadian housing market that usually accompanies higher interest rates. The resale housing market was depressed at the end of 2018, and we do not expect an imminent recovery to normal levels. Meanwhile, rental vacancy rates have diminished (since fewer people can buy, more people require rental accommodation), and rental costs are increasing faster than wage growth. Housing starts are following the trend seen in the resale sector and have begun to move downwards. That slide will continue during 2019 and into 2020. The market data clearly shows that young middle-class Canadians are the most affected by mortgage qualification and insurance eligibility policy changes. Some policy changes are required to assist the long-term economic health of this primarily millennial cohort. The reduction in housing starts is also an early indication of possible unemployment

increases as construction professionals see less need for their skills in the coming months. Housing starts are generally a lagging indicator of housing activity, and as housing transactions fall, new supply begins to reduce accordingly. This only makes the issue of housing affordability more acute in regions like Toronto and Vancouver. Fortunately, Finance Minister Bill Morneau

stimulate markets and would improve the economic position of these buyers, strengthening Canada’s economy in the future. Regardless of your political affiliations, I encourage you to get involved in the election process. If we as a community want to see change, we have to make our desire for change known. Here is my call to action to you: First, find out who the candidate is for your chosen party in your riding and book an appointment to talk to this candidate about the housing market. At the meeting, outline the challenges the current policies are creating for the marketplace and clearly state our desired changes: a reduction to the stress test, 30-year amortizations for first-time buyers and encouraging housing supply in the private market – more people in homes they can afford will reduce the strain on governmentsupported affordable housing. Perhaps the most important part: make a donation to the candidate. I recommend $300 or $400. You will receive 75% back on all donations under $400 with your tax return. Your actual cost will be a maximum of $100.

“Given the housing activity slowdown, the increase in the overnight rate and the market dynamics creating considerable pressure on the young middle class, a reduction [in the stress test] is overdue” publicly stated on January 22 that housing affordability for millennials is a priority focus for the government. At the time of writing, the actual measures that will be implemented have not yet been revealed, but we must nonetheless be encouraged by this public stance. Mortgage Professionals Canada has been asking the government for some commonsense adjustments to the stress tests for some time. Given the housing activity slowdown, the increase in the overnight rate and the market dynamics creating considerable pressure on the young middle class, a reduction is overdue. It is also the right time to reintroduce insurance on 30-year amortizations for firsttime buyers. Such a move would not overly

If four or five industry members do this for each candidate in each riding, our issues will make the policy platform for all parties. The candidates will receive consistent messaging, and the collective financial support will reinforce attention to our issues. During an election campaign, candidates are much more likely to champion the issues of those who support them – and support them financially. Paul Taylor is president and CEO of Mortgage Professionals Canada, Canada’s national industry association representing mortgage brokers, lenders, mortgage insurers and industry service providers.

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UPFRONT

NEWS ANALYSIS

The foreign capital effect As the debate about the impact of foreign capital on housing affordability rages on, a Statistics Canada report is helping paint a clearer picture about who’s buying and where

THE PHENOMENON of buyers from abroad speculating on Canadian properties has been downplayed by the real estate and mortgage industries for years. While their impact on housing prices remains the subject of much debate, new data has confirmed that these recent arrivals spend more money on housing than Canadian-born residents. According to a Statistics Canada report published in late January, immigrants who arrived in Metro Vancouver between 2009 and 2016 own 5% of the region’s detached homes. The average value of these properties is $2.3 million – 54% more than the average $1.5 million price tag of Canadian-born residents’ homes. The chasm shrinks considerably when looking at long-term immigrants, who only spent 17% more for their homes than their Canadian-born

to purchase houses with an average price of more than $3 million. At last month’s Canadian Mortgage Brokers Association conference in Vancouver, Eric Bond, a CMHC market analysis principal, provided further insight on the presence of non-resident buyers in the local housing market. “The data shows that 4.8% of residential properties in Metro Vancouver are owned by people who don’t live or work here, so they’re non-residents,” Bond said. “In general, these properties have much higher assessment values and also tend to be newer, so this has been a growing phenomenon in the region the last couple of years.” Broken down by market segment and geographical region, the numbers illustrate the reach non-resident property owners have in Metro Vancouver. “For condominium apart-

“Non-residents are an important component of housing demand, and the question for society then becomes ... whether we want to do anything about it” Eric Bond, CMHC compatriots. For those who purchased in Canada through incentives such as the now-defunct federal Immigrant Investor Program or the Quebec Immigrant Investor Program tended

10

ments, non-resident ownership is higher,” Bond said. “It’s 10% for Metro Vancouver as a whole, and for condominium apartments built in the last two years, the share of the stock owned by

non-residents is 15%. It’s 20% in the City of Vancouver, and it increases to 25% in Richmond and Coquitlam. “So if every one in five to one in six new condominium apartments are owned by people who don’t live or work here,” he added, “non-residents are an important component of housing demand, and the question for society then becomes whether this matters and whether we want to do anything about it.” In its report, Statistics Canada noted that the data it gathered doesn’t provide enough evidence to definitively conclude whether recent immigrants’ buying habits contributed to price inflation throughout the Toronto and Vancouver markets. However, mortgage broker Iain Macfadyen of Vanderkamp Vancouver believes that the market activity immediately following the implementation of the city’s foreign buyer and vacancy taxes suggests that wealthy international buyers were responsible for

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DETACHED HOME VALUES BY DEMOGRAPHIC VANCOUVER $4m $3.11 million

$3m

$2.34 million $1.77 million

$2m

$1.51 million

$1m $0

Immigrant Recent Long-term Investor immigrants* immigrants Program participants

Canadianborn residents

TORONTO $1.5m $1.37 million

$1m

$892,600

$829,800

$849,300

$500k

$0

driving prices skyward. “When the new taxes came in, they stopped coming as much as they had before,” Macfadyen says. “But at first the taxes didn’t go as far as Abbotsford and Squamish, and those markets stayed buoyant when the rest of the detached

Vancouver’s west side.” Ron Butler of Butler Mortgage agrees that the impact of foreign capital – largely driven by wealthy investors’ desire to move their money from more volatile countries – is obvious, despite the real estate industry’s efforts to downplay it.

“Before the non-resident tax, certain markets [like Vancouver’s west side] were supported by non-residents or new-to-Canada buyers” Iain Macfadyen, Vanderkamp Vancouver market plateaued. Before the non-resident tax, certain markets were supported either by non-residents or new-to-Canada buyers. We saw that with certain neighbourhoods, like

“If you’re a market cheerleader, you want to say that it’s just because this place is so good, or other things like there’s not enough supply,” Butler says. “But in reality, it’s two things: low

Immigrant Recent Long-term Investor immigrants* immigrants Program participants

Canadianborn residents

*Those who immigrated after 2009 Source: Immigrant Ownership of Residential Properties in Toronto and Vancouver, Statistics Canada, 2019

interest rates and foreign capital. People who have citizenship and PR cards receive monies from offshore. They’re less concerned about the price they pay and more concerned about getting money out of the country they want to get it out of. In terms of the transfer of foreign capital to people here in Canada to buy houses, it’s a significant number.” Butler doesn’t believe there’s anything untoward about the capital inflow, “but that doesn’t change the fact that it has distorted the pricing in our key marketplaces,” he says. :We shouldn’t try to parse the people; we should parse where the money came from. It’s foreign capital, and the conduit it comes through doesn’t matter. It has been distorting prices for the best part of eight years.”

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UPFRONT

ALTERNATIVE UPDATE NEWS BRIEFS B-20 changes have decreased amount of insured mortgages

An analysis by the Bank of Canada has found that the B-20 stress test is the main factor fuelling the decline in highly leveraged insured mortgages and the resultant growth of uninsured mortgages. In 2018, the proportion of insured mortgages fell to 14%, down from 20% in late 2016. “The most pronounced decline has been in the number of new mortgages extended to highly indebted borrowers, which fell by 39% year-over-year,” the central bank said.

Alternative lender backs open banking framework

Mortgage industry players are betting on open banking’s ability to create an environment that would promote healthy competition in Canada’s highly centralized financial services industry. Among those offering support for the government’s recent consultation on the open banking framework was Equitable Bank, which said open banking would encourage consumers to look around for the best services, as the “competitive intensity” would push banks to provide the greatest value for their customers’ money. “We don’t really think that that’s necessarily provided by one institution,” Equitable president and CEO Andrew Moor told the Financial Post.

Toronto mortgage investment corporation sees steady growth

Private lender Firm Capital Mortgage Investment Corporation saw its profits rise at a consistent 3.7% clip over 2018, reaching $25.8 million. The Toronto-based organization’s income from interest and fees went up by 2.1% annually, settling at $11.5 million. Year-

to-date, this figure was significantly higher, increasing 16.4% to $47 million. The increase illustrates the growing importance of non-bank mortgage providers, which now comprise a growing share of loans in Toronto and across Ontario.

More regulatory transparency needed in alternative space

What Canadian consumers need the most right now is greater transparency in the alternative mortgage sector, Taylor Little, CEO of private lender Neighbourhood Holdings, argued in a recent editorial in the Vancouver Sun. “A better approach to increasing the regulation of alternative lenders is to promote transparency through existing regulatory frameworks that apply to alternative lenders,” Little wrote. “As the industry evolves and the role of alternative lenders becomes more institutionalized, we should recognize that they serve as a backstop for borrowers who no longer meet today’s conventional mortgage criteria.”

Technology can re-energize syndicated mortgage space

Diligent compliance – facilitated by using state-of-the-art algorithms to assess potential investors – can lead to the revival of the syndicated mortgage sector while keeping lenders and brokers safe, according to Toronto-based bridge financing firm Fundscraper. “The way to make syndication safer for investors is through objective technology,” said founder and CEO Luan Ha. “We use technology to enhance our ability to drive data out of our suitability assessments and therefore produce more holistic and accurate suitability assessments. We use our data models to figure out whether a project fits within the time horizon or risk tolerance or investment concentration threshold of this one particular investor.”

Making further inroads in Ontario The province’s non-bank lenders continue to grab market share from the major banks

The Big Five’s market share in the Ontario mortgage sector continues to decline, according to a Teranet report released in early March. The major banks represented 72.6% of the Ontario market’s new mortgages last year, compared to 75.3% in 2017 and 73.7% in 2016. Meanwhile, non-bank lenders – credit unions and private lenders in particular – both enjoyed an annual increase of 0.8% in their market shares last year, ending up at 6.1% and 6.7%, respectively. These results squared with recent findings by the Bank of Canada, which indicated that the alternative lending sector now represents approximately 8% of all mortgages nationwide – virtually double its market share in 2015. The growing popularity of non-bank options was especially apparent in Toronto, where private lenders held an 8.9% market share in 2018. Teranet’s analysis also found that there’s a growing number of borrowers moving away from the major institutions come renewal time. The proportion of mortgage holders who switched from a Big Five lender to a non-bank lender went up by 2.1% in 2018, while the proportion of those moving from an alternative lender to a bank fell by 5.5% during the same period. “It’s becoming a more competitive

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space – there’s a lot more money in the marketplace than there ever was,” says Chris Nichilo, founder of private lender Magnetic Capital Group. Nichilo adds that his firm has observed a “massive uptick” in demand from consumers pushed out of the market by the stress test.

“It’s becoming a more competitive space – there’s a lot more money in the marketplace than there ever was” In Ottawa, where prices have grown by nearly 15% from 2016 to 2018 to land at an average of $433,500 by the end of December, bank-rejected consumers are increasingly opting for alternatives. According to Michael Hapke of Ottawabased private lender Advanced Mortgage Investment Corp., there has never been a better time for non-bank lenders in the city. “We turn down more, but all of the good stuff that all of the rule changes have left behind is where we really step in and earn our keep, so to speak,” Hapke told the Ottawa Business Journal. “These mortgage rule changes have made it more difficult, and what we’re seeing on the private lending side is the quality of business that is coming over to us is second to none. It’s fantastic.”

Q&A

Bryan Jaskolka COO CANADIAN MORTGAGES INC.

Years in the industry 14 Fast fact Since he co-founded CMI, Jaskolka has supervised more than $1 billion in mortgage financing

CMI expands its reach What are you most excited about at Canadian Mortgages Inc. for 2019? We are very excited about a number of major improvements to our lending program, which we are launching in the coming months, including an industry-leading broker portal and additional payment options for borrowers. We have substantially increased the size of our underwriting team and are expanding geographically to serve more jurisdictions across Canada, including British Columbia.

What has been the biggest struggle for your clients? Many of the borrowers we see are going through some form of transition. That may be a past credit event, such as debt consolidation or bankruptcy, which they are looking to overcome. Other situations include repairs needed on their home, money for investments or even self-employed borrowers who are not yet at a point where they have verifiable income.

Amid this much tighter regulatory regime, how can CMI help borrowers? Our program is designed around ‘makes sense lending.’ That’s something that used to be synonymous with the brokerage channel and many trust companies over the years, but recent rule changes have challenged this. We are very flexible around credit, income and offer a great second mortgage product that starts as low as 7.99%, so we have a lot to offer the mortgage brokerage community.

What is CMI’s advantage over the competition? We want to remind those in the broker community still sending their mortgages to co-brokers that CMI never charges a broker split, and we are a direct lender with our own proprietary capital, not an agent who is going to take your deal and shop it around to other lenders. We are a multi-jurisdictional private lender that can look at first mortgages, second mortgages or renovation financing and offer rates in line with risk, ranging from 5.99% and up on first mortgages and 7.99% and up on second mortgages. There aren’t too many lenders that offer such a wide range of lending locations and price points, which helps make CMI a one-stop shop. In addition, we have a dedicated underwriting department that provides fast approvals, same-day commitments, quick closing, and SFOO, SFR and BFS are all acceptable. We have multiple new products upcoming and service improvements also underway, launching in Q2 and Q3 of 2019.

What can brokers look forward to from CMI in 2019? Our partners can expect to see a continued expansion of our lending areas, more new products and services – including PAD servicing and an enhanced broker portal – and an increasing use of technology to facilitate incredibly fast and smooth closings.

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UPFRONT

BROKER NETWORKS UPDATE

DLC economist says rate hikes less likely Cooper and other experts believe muted housing performance will prevent further increases in 2019

achieved in previous years. “Sluggish sales and modestly rising prices nationally are likely in prospect for 2019,” Cooper wrote. “While there will still be some significant regional divergences, there is no need for further policy actions to affect demand. Indeed, a growing chorus has been calling for lowering the mortgage qualification rate from the posted five-year fixed rate, currently 5.34%, to closer to the actual conventional rate, about 200 basis points lower.”

“A growing chorus has been calling for lowering the mortgage qualification rate”

On March 6, the Bank of Canada held its benchmark rate at 1.75%, amid a struggling economy and a tepid real estate market – and Dominion Lending Centres chief economist Dr. Sherry Cooper believes the economic realities of weak trade and housing will continue to factor into the Bank of Canada’s interest rate decisions for the remainder of 2019. “Although job growth has been stronger than expected, wage gains have moderated and

NEWS BRIEFS

inflation pressures are muted,” Cooper wrote in a recent analysis. Statistics Canada reported at the beginning of March that the Canadian economy grew by only 0.1% during the fourth quarter of 2018, pulling down the annualized pace to 0.4%, its lowest point in two and a half years. And while the most in-demand housing markets will continue to see price growth, such increases will be relatively meek compared to the highs

M3 Ventures division now in full swing

M3 Mortgage Group’s recently launched Ventures arm has begun expanding the organization’s reach by building and securing traditional and non-traditional partnerships. “I am thrilled to lead this new division as we look to take advantage of this great window of opportunity to continue our momentum in today’s thriving ecosystem,” said M3 Ventures president Michael Beckette. M3 chairman and CEO Luc Bernard added that “there has never been a greater opportunity to perfectly position M3 for growth and success.”

Aubrey Basdeo, head of Canadian fixed income at asset manager BlackRock, likewise predicted that the BoC will keep its interest rates static until at least next year, “given increased market volatility and more restrictive financial conditions.” “The bank has latitude to go on an extended pause,” he said. “What’s the rush to get to neutral if inflation’s not an issue?” Lower petroleum prices will also play a major role, according to TD Bank economist James Marple. “With some of the volatility we’ve seen in the financial markets and the lower oil prices’ impact on economic activity in Western Canada,” he said, “the Bank of Canada can afford to be cautious and will be in no rush to their next rate hike.”

Dominion Lending Centres reshuffles top management

Dominion Lending Centres has restructured its hierarchy, naming former Mortgage Centre Canada president Eddy Cocciollo as president and moving Gary Mauris into the role of CEO for DLC Group. “Having Eddy in Ontario is strategic,” said DLC VP Dave Teixeira. “We’ve added to our bench strength while increasing our presence in the east and still maintaining our DLC Group head office out west. We see that as balancing out our talent as well. Ontario is an important market for us, so it makes sense to have someone there.”

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Q&A

Chris Turcotte

Centum hits the ground running in 2019

President and COO CENTUM FINANCIAL GROUP

Years in the industry 10 Fast fact Turcotte has more than 46,000 followers on his inspirational Instagram account, @chris_turcotte_hustle

How has Centum been doing over the past few months? The last few months are my favourite time of year. It’s a time to reflect on the prior year’s wins and losses and lock in a plan for the upcoming year. It’s then a time to celebrate the past year’s successes, which took us on the road to six cities in nine days, coast to coast. It was great seeing everyone. Aside from that, we’ve seen record growth for Centum in the last 90 days, which is a fantastic way to start the year.

What are you most looking forward to in the year ahead? Continuing to stand behind our value proposition that we’re for brokers, by brokers. No fees for tech or marketing while outdoing those ‘other guys’ in both categories. I’m also excited to watch our growth over the next six to eight months – the current industry landscape has positioned us well, given that we’re not charging high fees, nor are we implementing technology to own or solicit our broker databases. These events have really provided a pipeline of brokers looking to protect or shelter themselves from these changes.

What industry issues have the greatest impact on your network? I think the larger broker brands have lost sight of what made them superpowers in the first place; you’ve got to put the interest of brokers first. As a former broker and franchisee myself, it pains me to see these

TMG inks deal with real estate brokerage

Prompted by recent changes to Quebec’s Real Estate Brokerage Act, TMG The Mortgage Group has announced a strategic alliance with Quebec real estate brokerage L’Expert Immobilier, designed to facilitate the growth of both parties. “We are delighted to be working with this real estate group, whose values are particularly geared to the customer experience,” said TMG Quebec VP Claude Girard. “They will be able to benefit from the excellent reputation of TMG at the national level. We are confident that this will be a win-win partnership.”

brands creating tech where the primary goal is to either harvest basis points for themselves off the back end for facilitating the deal or to market a broker’s database or take ownership of it. It’s really sad, but therein lies our opportunity.

What sets Centum apart from the competition? I think the number-one thing is that Centum thinks like brokers, from their perspective, because I was a broker. Everything we do stems from what I would have wanted or needed from a brand when I was running my offices. How do we support them in things they genuinely need based on their agendas, not our own?

What advice would you give to new brokers who are still looking for a network partner? Don’t get caught up in the hype. So much of what’s offered is overvalued fluff from people who are selling things they’ve never done themselves. If anyone new ever wants to talk, I’m always available and easy to find – all talks are confidential, of course.

What should your members be excited for in the near future? More and more support, tools, and yet another tech update for even more powerful features to run their business, and – you guessed it – all for no fees. Our marketing is going to hit a whole new level this year as well. We’re always in the mortgage lab looking for the next big deliverable.

Two Mortgage Alliance operations join forces

Two Ontario-based Mortgage Alliance brokerages have announced a merger aimed at broadening the network’s reach in the Golden Horseshoe region. Karen Monteiro, owner of Maximum Results Financial Services in Cambridge, and Lisette Amalfi, owner of OAC Mortgages in Dundas, are uniting their franchise operations under the banner Mortgage Alliance Greater Golden Horseshoe. Monteiro and Amalfi are both among the top 5% of the network’s agents based on volume and have a combined 40 years of industry experience.

M3 Group forges partnership with major bank

M3 Mortgage Group has partnered with National Bank to offer the latter’s suite of mortgage products. The distribution agreement is set to formally begin in April in Quebec, with an eventual nationwide roll-out. “All the applications will be going directly from our BOSS system to [National Bank’s] adjudication system,” said M3 Group VP Eric Chamelot. “One strong element for us is that we’ll be the only ones connected in that way to National Bank, so in the mortgage broker space, we have de facto exclusivity.”

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PEOPLE

INDUSTRY ICON

RAISING THE BAR Since co-founding Canadian Mortgages Inc. 14 years ago, Bryan Jaskolka has made great strides in revamping the private lending landscape

BRYAN JASKOLKA has always had entrepreneurship coursing through his veins. While in high school, he and a friend started a company, Nevidia Internet Solutions, which eventually grew to be so successful that the two were able to sell it. “We built it into a large business by university, so we turned around and sold it,” Jaskolka says. “When I did that, I learned a lot about technology, websites and business development. So I moved into a similar role in my next job – marketing, direction, all matters technology.” By this time – the early 2000s – the internet was part of the fabric of everyday life, and it didn’t take much sleuthing for Jaskolka to realize that the Canadian mortgage industry was woefully behind the times. While he had no previous experience working with mortgages, he recognized an opportunity. “It seemed to me that, at the time, the mortgage industry was quite backwards technologically,” he says. “People barely had websites when I got into the business, which is crazy considering that it was only 10 to 15 years ago. The question then became: How do we bring mortgages to the 21st century with websites, online applications, digital files and other things that are commonplace today but at the time were groundbreaking? I started as a traditional mortgage agent trying to help borrowers in the

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subprime space, and I managed to build a lot of experience off the bat. Fortunately, I also saw how I could do what everyone else was doing, but make it more efficient not just for us, but for our borrowers, too.”

Going private In 2005, Jaskolka co-founded Canadian Mortgages Inc. with his father, and for the first

“I had some money left over from the financial crisis, and we bought a few private mortgages with it and got some experience,” Jaskolka says. “As we did that, I felt that it would be a good direction forward for the business. To some extent, from that time forward, we began a pivot to focus exclusively on the private sector, where we deal with borrowers and service the mortgage broker community. Over 95% of our business

“Our philosophy is, just because you borrow from a private lender, it doesn’t mean you shouldn’t get the same service as you would from a bank. You pay a certain risk premium based on your situation, but we always try to do right by our investors, brokers and borrowers” five years of the company’s existence, he worked as an agent and had a hand in more than 1,000 mortgage transactions in multiple jurisdictions. During this period, Jaskolka had started investing his money in mortgages and quickly realized that the yields on private mortgages were extraordinary. As a result, in 2012, Canadian Lending Inc. was born.

comes from mortgage brokers. We’re a direct lender to the mortgage wholesale community, like Home Trust, for example, but just in the private space. We work with all networks, large and small brokerages.” The private channel is a hodgepodge of lenders with an equally vast array of standards, something Jaskolka acknowledges can be worrisome.

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PROFILE Name: Bryan Jaskolka Title: Co-founder and COO Company: Canadian Mortgages Inc. Based in: Toronto Years in the industry: 14 Career highlight: “We’ve done over $250 million in private mortgage investments in the last three years.” Career lowlight: “The financial crisis. It was a big setback, and we had to let the majority of people who worked for us go.”

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PEOPLE

INDUSTRY ICON

“Honesty and integrity, not to be cliché, are things that certainly were, and to some degree still are, lacking in the private mortgage space, generally speaking,” he says. “Our philosophy is, just because you borrow from a private lender, it doesn’t mean you shouldn’t get the same service as you would from a bank. You pay a certain risk premium based on your situation, but we always try to do right by our investors, brokers and borrowers. If we’re ethical and people start using us more, we’ll start attracting even more

the scariest things is when I talk to an investor and they say they’ve never seen an investor/ lender disclosure or some form of due diligence and paperwork for the mortgages they’re buying. We’re all in favour of regulatory action, and we think it should be applied to the people who are not doing things correctly, especially.” If new regulations for the private channel come to fruition, Jaskolka isn’t worried because the existing protocols at Canadian Mortgages Inc. are already quite stringent.

“I think the regulators who are involved in within the mortgage space are looking more closely at private mortgages, as they should be … We’re all in favour of regulatory action, and we think it should be applied to the people who are not doing things correctly, especially” clients. That’s always been our philosophy, and it’s been our secret for success. People like working with us because they know we treat their clients with care from start to finish.”

The role of regulation Regulators have had their sights set on the mortgage industry for years now, and it seems naïve at best to believe more regulatory changes aren’t coming down the pipeline. While the industry is largely resistant to change, Jaskolka believes that anything that protects its integrity can only be a good thing – and that’s especially true with respect to the private channel. “I think the regulators who are involved in within the mortgage space are looking more closely at private mortgages, as they should be,” he says. “There have been a lot of private mortgages done over many years that don’t come remotely close to following the regulatory guidelines that exist out there. As an operator, one of

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“I have no doubt that a lot of people are very concerned, but it doesn’t concern us that much because we’re not one of those private lenders that takes an appraisal and lends you at 90% value with no questions asked,” he says. “We do our due diligence and don’t just buy random mortgages that are thrown our way. We aren’t far off from the regulatory requirements that I’ve seen.” As the government has taken steps to tighten lending guidelines at traditional financial institutions, mortgage originations in the private channel have exploded. But despite the myriad lenders in the space, Jaskolka knows CMI will stand out. “For a smaller segment of the mortgage industry,” he says, “there’s larger share of market share distribution [among private lenders], and we believe our model and our approach will continue allowing us to gain more market share.”

A BRIEF HISTORY OF CANADIAN MORTGAGES INC.

2005 Canadian Mortgages Inc. is co-founded by Bryan Jaskolka and his father

2012 Canadian Lending Inc., CMI’s underwriting arm, is established

2015 CMI Mortgage Investment Corporation launches

2018 Jaskolka is nominated for Mortgage Broker of the Year (More Than 25 Employees) at the Canadian Mortgage Awards

2019 CMI reaches $100 million in assets under administration

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SPECIAL REPORT

TOP 75 BROKERS

TOP BROKERS The market might have been challenging, but this year’s Top 75 Brokers still managed to fund an average of more than $102 million last year – and several far surpassed that threshold. Find out how they did it

EVEN A down market couldn’t hold back the industry’s top brokers. The mortgage professionals who made CMP’s annual Top 75 Brokers list all surpassed the $59 million mark in volume last year by finding ways to roll with the punches – or in this case, rising interest rates and stress tests. Having made it to the top of the pack during one of the industry’s most challenging years, many of this year’s Top 75 foresee brighter roads ahead. On the following pages, they share with CMP the keys to their success and their thoughts on where the market might be headed in 2019.

METHODOLOGY To qualify as a Top 75 Broker, applicants had to be employed and licensed as a mortgage broker in 2018, and had to have personally initiated all the deals they submitted. Brokers also had to provide a breakdown of their deals with verifiable lender contact information. All deals had to be residential, and while back-office support in processing the loans was acceptable, no other parties could receive commissions. To shine the spotlight on brokers in more limited markets, CMP also rounded up the Top 20 Small Market Brokers, highlighting the top brokers in markets with an average home value of $365,000 or less.

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BY THE NUMBERS

15

257

$102.9 million

Average number of years in the business

Average number of deals done in 2018

Average funded volume in 2018

THE TOP 75 BY PROVINCE

38

Ontario

29

British Columbia

3

Alberta Nova Scotia

2

Quebec

2

Manitoba

1

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72 JORDAN D’HAESE

75 WYATT TUNNICLIFFE Company: DLC Gold Financial Services Location: British Columbia Total volume: $59.7 million Loans funded: 157 CMP: What was your primary strategy for growing your business in 2018? Wyatt Tunnicliffe: Learning new programs and products.

Company: Jayman Financial Location: Alberta Total volume: $60.78 million Loans funded: 165 CMP: What was your primary strategy for growing your business in 2018? Jordan D’Haese: Reaching out to our client base for renewals, referrals and repeat business. CMP: What can lenders do to help brokers achieve even higher volumes in 2019? JD: Make additional products available to accommodate the changing lending landscape.

71 DEB WHITE Company: DLC White House Mortgages Location: British Columbia Total volume: $61.21 million Loans funded: 195

Total number of deals

Total funded volume

74 MATTHEW O’NEIL Company: Mortgage Intelligence Location: Ontario Total volume: $59.77 million Loans funded: 123 CMP: How did you navigate regulatory changes in 2018? Matthew O’Neil: By opening a mortgage administration company to handle private requests.

CMP: How did you navigate regulatory changes in 2018? Deb White: Disputing the media was the biggest curve in our area, as they kept advertising that the market was slow, but it’s not. I don’t discuss [the rule changes] much with clients ... I tell them what they can afford and they accept it. CMP: What can lenders do to help brokers achieve even higher volumes in 2019? DW: Be proactive rather than reactive. Many times, [I’ve heard of] lenders approving deals without income documents and then the deal fails. I always ask for income documents upfront, and I think the lender should as well.

19,281

18,889

$7.71 billion

$7.78 billion

73 PHIL CRAGG

2018

2017

2018

2017

Company: Mortgage Outlet Location: Ontario Total volume: $60.29 million Loans funded: 160 CMP: What can lenders do to help brokers achieve even higher volumes in 2019? Phil Cragg: Lenders can help brokers achieve even higher volumes in 2019 by providing excellent underwriting and a fast turnaround time.

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SPECIAL REPORT

TOP 75 BROKERS

70 JAMES DE VUYST

67 PHILIPPE SIMARD

Company: Verico Xeva Mortgage Location: British Columbia Total volume: $61.59 million Loans funded: 96

Company: CanWise Hypothèques Location: Quebec Total volume: $63.39 million Loans funded: 209

CMP: What can lenders do to help brokers achieve even higher volumes in 2019? James De Vuyst: Become more streamlined in the underwriting and document review process. By doing this, they will be able to determine if they can do the mortgage or not, allowing us to look for alternative solutions.

CMP: What are your thoughts on consolidation in the industry? Philippe Simard: There are pros and cons, but certainly it gives more brokerages and agents bargaining power with lenders.

69 RAKHI MADAN Company: DLC Key Mortgage Partners Location: Ontario Total volume: $62.39 million Loans funded: 148 CMP: What was your primary strategy for growing your business in 2018? Rakhi Madan: My primary strategy has been to keep my focus solely on doing the very best for the customers while protecting my lenders.

66 CHRISTIAN AMURAO Company: DLC Canadian Mortgage Experts Location: British Columbia Total volume: $63.45 million Loans funded: 154

Company: Verico Ultimate Mortgage and Finance Solutions Location: Ontario Total volume: $63.54 million Loans funded: 171 CMP: What was your primary strategy for growing your business in 2018? Cecilia Ramos: Educating consumers on current mortgage policies that may affect [them] now and in the future. CMP: How did you navigate regulatory changes in 2018? CR: By providing alternative solutions to consumers who don’t qualify with prime lenders under current mortgage policies.

CMP: What can lenders do to help brokers achieve even higher volumes in 2019? Christian Amurao: With all the changes and lenders seemingly changing the way they approve deals, it is a real struggle. We would love if the lenders would give us clarity on how we can package the deal in the best way possible.

68 KELLY WILSON Company: Invis The Wilson Team Location: Ontario Total volume: $63.24 million Loans funded: 195 CMP: What can lenders do to help brokers achieve even higher volumes in 2019? Kelly Wilson: Increasing staff and having more underwriter accessibility with proper escalation, not burning them out, [getting] on similar systems for integration and [allowing] electronic signatures.

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65 CECILIA RAMOS

64 ROBERT CAGNIN Company: Mortgage Architects Location: Ontario Total volume: $64.7 million Loans funded: 183 CMP: What can lenders do to help brokers achieve even higher volumes in 2019? Robert Cagnin: Bring back some self-employed and equity programs where possible, and continue to push and innovate with products.

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63 ISEELA IBRAHIMI Company: DLC Paragon Home Capital Location: Ontario Total volume: $65.18 million Loans funded: 130 CMP: What’s your prediction for the state of the mortgage industry in 2019? Iseela Ibrahimi: I feel that 2019 will be a great year. Real estate continues to be a good investment, and rates are still low by historical figures. If you were able to overcome the challenges that 2018 regulatory changes brought, 2019 should be an easier transition.

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SPECIAL REPORT

TOP 75 BROKERS 2 0 19

62 DION BEG

58 LUISA HOUGH

Company: Butler Mortgage Location: Ontario Total volume: $65.64 million Loans funded: 164

Company: Verico Xeva Mortgage Location: British Columbia Total volume: $66.26 million Loans funded: 170

CMP: What was your primary strategy for growing your business in 2018? Dion Beg: Creating deals for my Realtor partners by showing them how to engage with the 90% of their database of homeowners who don’t need to buy or sell now. We show that segment of their database how to access equity to purchase an investment property. It’s a win for everyone: The client starts/grows their investment portfolio, the Realtor gets extra transactions, and we fund more mortgages.

61 JAMES LAI Company: DLC Clear Trust Mortgages Location: British Columbia Total volume: $65.89 million Loans funded: 119 CMP: What was your primary strategy for growing your business in 2018? James Lai: Complete focus on existing clients and referral sources to strengthen the relationship.

CMP: What can lenders do to help brokers achieve even higher volumes in 2019? Luisa Hough: If we can have more unique products from the lenders and if lenders can relax a bit on the amount of documents required. It would be great to see lenders increase their technology to speed up the approval process. [I] would love to see more lenders with better products.

59 GERT MARTENS Company: DLC HT Mortgage Group Location: Alberta Total volume: $66.21 million Loans funded: 253 CMP: What’s your prediction for the state of the mortgage industry in 2019? Gert Martens: I think we will see some continued challenges due to the mortgage rule changes. Throughout the downturn in the oil & gas sector, Grande Prairie and Northern Alberta have remained fairly strong economically, and the housing market and mortgage industry have remained steady. Alberta has a provincial election coming up, which could bring some big changes to our province, hopefully restoring small businesses and investor confidence in Alberta. This will, in turn, strengthen our housing market and mortgage industry.

60 PHILIPPE BREAULT Company: CanWise Hypothèques Location: Quebec Total volume: $65.9 million Loans funded: 220 CMP: What can lenders do to help brokers achieve even higher volumes in 2019? Philippe Breault: Better products for conventional refinancing and rental properties.

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57 KEN LANKIN Company: The Mortgage Centre Your Mortgage Professionals Location: Ontario Total volume: $66.9 million Loans funded: 240 CMP: What was your primary strategy for growing your business in 2018? Ken Lankin: [Focusing] more time on the explanation and full breakdown of the new mortgage rules. Local Realtors, financial planners and law firms were brought up to speed.

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SPECIAL REPORT

TOP 75 BROKERS 56 CHAD OYHENART Company: DLC Canadian Mortgage Experts Location: British Columbia Total volume: $67 million Loans funded: 142 CMP: What are your thoughts on consolidation in the industry? Chad Oyhenart: Consolidation is inevitable, but I think the industry needs to be concerned about over-consolidation. The major networks are squeezing lenders on profits and commissions, which could lead to lenders moving out of the industry if the trend continues. Lenders also need to be profitable for them to remain in the mortgage space through the broker channel.

55 WILLIAM R. MACKLEM Company: DLC Macklem Mortgages Location: British Columbia Total volume: $67.8 million Loans funded: 173 CMP: How did you navigate regulatory changes in 2018? William Macklem: [We] worked closely with our lenders, their underwriters, our Realtor partners and especially our clients to ensure they were informed of the changes and the implications to them.

52 BRANDON WOODWARD Company: Mortgage Financial Corporation Location: Ontario Total volume: $71 million Loans funded: 218

53 CHRIS ALLARD Company: DLC Smart Debt Location: Ontario Total volume: $68.39 million Loans funded: 227 CMP: What can lenders do to help brokers achieve even higher volumes in 2019? Chris Allard: While mortgage regulations continue to be more and more challenging, it is imperative that lenders continue to find ways to be fast at reviewing files and providing approvals. Equally important is the turnaround time on the documentation review. The real estate market doesn’t care whether mortgage qualification is more difficult. As mortgage brokers, we must continue to offer a speedy service to win business. This means we need our lender partners to be quick as well.

54 MICHAEL WANG Company: The Mortgage Centre Focal Mortgage Location: Ontario Total volume: $68 million Loans funded: 166 CMP: What’s your prediction for the state of the mortgage industry in 2019? Michael Wang: The volume of all brokerages in Ontario will fall into a downturn because of the government’s tightened stress test policy. It will deeply hurt the real estate market as well.

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CMP: What can lenders do to help brokers achieve even higher volumes in 2019? Brandon Woodward: Make sure their policy is available through online portals for reference to avoid back-and-forth with underwriters and BDMs. This also keeps consistency with policy across all levels within an organization.

51 ZACH SILVERMAN Company: Silverman Mortgage Group Location: British Columbia Total volume: $71.5 million Loans funded: 130 CMP: What’s your prediction for the state of the mortgage industry in 2019? Zach Silverman: I think 2019 will be a very strong year for those who are strategic and a very difficult year for those without a plan. There are a lot of headwinds facing us, but with that, there is a huge amount of opportunity.

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2 0 19

50 SABEENA BUBBER Company: Verico Xeva Mortgage Location: British Columbia Total volume: $71.62 million Loans funded: 145 CMP: What can lenders do to help brokers achieve even higher volumes in 2019? Sabeena Bubber: Better programs and rates for clients with values over $1 million, more favourable rates for conventional borrowers with equity, and better programs for refinance, such as a line of credit on top of a transferred mortgage. CMP: What’s your prediction for the state of the mortgage industry in 2019? SB: I believe that 2019 will be a challenging year for many brokers, and in other ways, it’s an opportunity for us to shine as an industry. Borrowers are challenged to find information on the mortgage market from their banks, and educated mortgage brokers will retain clients for their knowledge and for understanding borrower needs and selling beyond just rate.

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SPECIAL REPORT

TOP 75 BROKERS 2 0 19

49 NICK KAAKI

45 KURT HENRY

Company: DLC The Mortgage Source Location: Ontario Total volume: $73.79 million Loans funded: 254

Company: The Mortgage Centre Durhammortgage.com Location: Ontario Total volume: $76.52 million Loans funded: 242

CMP: What can lenders do to help brokers achieve even higher volumes in 2019? Nick Kaaki: Eliminate the stress test for firsttime homebuyers to increase their buying power and help to lower the barriers to entry in the housing market.

CMP: What was your primary strategy for growing your business in 2018? Kurt Henry: Revamping our client experience and our team structure.

44 JEFF ATTWOOLL Company: Verico Equity Care Mortgages Location: Ontario Total volume: $77 million Loans funded: 227

46 LENA OHANJANIANS 48 VARUN CHAUDHRY Company: Kraft Mortgages Canada Location: British Columbia Total volume: $75.12 million Loans funded: 150 CMP: What was your primary strategy for growing your business in 2018? Varun Chaudhry: I like to explore the different programs of local credit unions, as they have some great options that can assist the clients.

Company: Ultimate Mortgage and Finance Solutions Location: Ontario Total volume: $75.42 million Loans funded: 147 CMP: How did you navigate regulatory changes in 2018? Lena Ohanjanians: We adapted to the changes in the marketplace by developing closer relationships with alternative lending partners to better assist our clients. We also aligned with some great private lenders who have helped bridge the gap for some of our clients.

47 GEOFF LEE Company: DLC Entrust Mortgage Services/ GLM Mortgage Group Location: British Columbia Total volume: $75.37 million Loans funded: 164 CMP: What was your primary strategy for growing your business in 2018? Geoff Lee: Our primary strategy for growing our business in 2018 was working on our existing database and having a strong team to work together.

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CMP: What are your thoughts on consolidation in the industry? Jeff Attwooll: Consolidation is good. Banks have widened their moat; therefore, brokers need to gather forces in order to compete with a coordinated effort.

43 PEARL KWAN Company: Dominion Lending Centres Origin Location: British Columbia Total volume: $77.46 million Loans funded: 104 CMP: What can lenders do to help brokers achieve even higher volumes in 2019? Pearl Kwan: [Lenders should] expand the scope of their lending programs. [The stress test] has already taken away 20% of everyone’s borrowing power. If lenders, through the broker channel, can resume some of the special lending programs they used to have, that would surely help brokers get higher business volumes. Those programs include, but are not limited to, business-for-self and high-net-worth applicants.

www.mortgagebrokernews.ca

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SPECIAL REPORT

TOP 75 BROKERS

42 JAMES LOEWEN Company: Loewen Group Mortgages Location: Ontario Total volume: $78.56 million Loans funded: 228 CMP: What was your primary strategy for growing your business in 2018? James Loewen: Customer service is a huge priority for us. We pride ourselves on the large [number] of referrals from our satisfied clients and business partners. That, along with ensuring the team is well educated and up to speed with this changing industry, allows us to provide the best service to our clients.

40 SUSIE INGLIS

39 JANNA DAWDY

Company: DLC Mortgage Evolution Location: British Columbia Total volume: $80.77 million Loans funded: 141

Company: JCMortgages.ca Location: Ontario Total volume: $81.82 million Loans funded: 247

CMP: What was a key driver of business for you in 2018? Susie Inglis: My B lending and credit union lending increased significantly.

CMP: What can lenders do to help brokers achieve even higher volumes in 2019? Janna Dawdy: I think lenders should focus more on supporting and offering niche products to brokers. This would allow us more flexibility and higher benefits over traditional mortgage sources. Allowing the child tax credit, for example, would open up the options for dozens more mortgages to be constructed.

41 SCOTT H. BENTLEY Company: Verico Premiere Mortgage Centre Location: Nova Scotia Total volume: $79.08 million Loans funded: 264 CMP: How did you navigate regulatory changes in 2018?

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Scott Bentley: Learned to adapt swiftly and target client demographics that are not materially impacted by the stress test rules. CMP: What can lenders do to help brokers achieve even higher volumes in 2019? SB: Continue to support key broker partnerships and industry initiatives and reward efficiency.

CMP: What’s your prediction for the state of the mortgage industry in 2019? JD: I see the industry becoming stronger, growing broader in some senses, but also leaving traditional methods behind. I think we will see even more of a boom in alternative lending, but a lot of the mortgage industry will be heading in a digital direction as well. I am excited for the upcoming changes and challenges.

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38 ENZA VENUTO Company: Centum InTouch Mortgage Solutions Location: Ontario Total volume: $83 million Loans funded: 110 CMP: What can lenders do to help brokers achieve even higher volumes in 2019? Enza Venuto: I know that lenders’ hands are tied, but working together and communicating to us and helping each other understand what is needed to make the deal work is very important. It’s not about relationships with the lenders; it’s about taking the time to understand the story and how the story works in the lenders’ eyes.

37 TRACY LUCIANI PRICE

36 ALEX MCFADYEN

Company: DLC Forest City Funding Location: Ontario Total volume: $83.9 million Loans funded: 318

Company: DLC Canadian Mortgage Experts Location: British Columbia Total volume: $84.53 million Loans funded: 199

CMP: What’s your prediction for the state of the mortgage industry in 2019? Tracy Luciani Price: Continued retraction of mortgage business.

CMP: What can lenders do to help brokers achieve even higher volumes in 2019? Alex McFadyen: Get much more creative and act on feedback.

Email lender notes, application, and credit bureaus to:

deals@vwrcapital.com D IMITRI K OSTUROS

Chief Operating Officer dimitri@vwrcapital.com

P AULA H UTTON

BDM - Prairies paula@vwrcapital.com

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SPECIAL REPORT

TOP 75 BROKERS

32 CLINTON WILKINS Company: Centum Home Lenders Location: Nova Scotia Total volume: $87.83 million Loans funded: 402

35 DEREK MACLEAN Company: Verico Capital Mortgages Location: Ontario Total volume: $85 million Loans funded: 211 CMP: How did you navigate regulatory changes in 2018? Derek MacLean: By keeping clients well informed and continually helping to educate referral sources and clients on how the changes will affect their current and future finances and mortgage transactions. CMP: What are your thoughts on consolidation in the industry? DM: Although many find it disconcerting, I believe that the consolidation in the industry will ultimately open up a lot of doors to niche lenders, better pricing and the development of new technologies.

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34 MAX AFZALIMEHR Company: Syndicate Mortgages Location: Ontario Total volume: $85.75 million Loans funded: 153

CMP: What can lenders do to better serve broker partners in 2019? Clinton Wilkins: Lenders can continue to be great partners to their existing brokers. I think the focus will be more and more about what lenders can do to differentiate themselves from the offerings of bank branches, and a huge driver will be around rate.

CMP: How did you navigate regulatory changes in 2018? Max Afzalimehr: Regulatory changes have made brokers step outside of our comfort zone. We have leveraged programs with credit unions to increase borrowers’ purchasing power. CMP: What can lenders do to help brokers achieve even higher volumes in 2019? MA: Standardizing the underwriting and escalation process is key to the success of quality deals that are being rejected by certain lenders.

33 HARRY TOOR

31 (TIE) SERGUEI TOTROV

Company: Mortgage Wisdom Corporation Location: British Columbia Total volume: $86 million Loans funded: 136

Company: DLC Your Mortgage Choice Location: Ontario Total volume: $87.89 million Loans funded: 200

CMP: What was your primary strategy for growing your business in 2018? Harry Toor: Being consistent with [our] reputation of understanding clients’ needs and delivering the best [of] their expectations.

CMP: How did you navigate regulatory changes in 2018? Serguei Totrov: [Worked] with different financial institutions, A and B banks, insurance companies, and credit unions.

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31 (TIE) ANGELA CALLA Company: DLC Angela Calla Mortgage Team Location: British Columbia Total volume: $87.89 million Loans funded: 218 CMP: What was your primary strategy for growing your business in 2018? Angela Calla: Taking care of families first – when you proactively show up passionately, the rest takes care of itself. A little appreciation goes a long way.

29 BRYAN JASKOLKA Company: Canadian Mortgages Inc. Location: Ontario Total volume: $88.22 million Loans funded: 456 CMP: What’s your prediction for the state of the mortgage industry in 2019? Bryan Jaskolka: [We anticipate] the mortgage market will continue to tread water in the A and B segments while the private sector continues its growth surge. As private lending becomes more sophisticated, we believe that consumers will continue taking to this sector, and some historical aversion to private financing will be replaced by professional [companies] that are nonregulated entities but otherwise operate like institutional lenders. This is certainly the approach we are taking.

28 JAMES HARRISON Company: Mortgage Architects Brokerage Location: Ontario Total volume: $90 million Loans funded: 199 CMP: What was your primary strategy for growing your business in 2018? James Harrison: My primary strategy was to hire a client care manager to help with scheduling and client management so every client has one more contact to help them with any and all questions. CMP: What can lenders do to help brokers achieve even higher volumes in 2019? JH: Provide better rates, equity programs and mortgages for those who are self-employed.

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SPECIAL REPORT

TOP 75 BROKERS

v 2 0 19

27 EITAN PINSKY

24 RAMIN NAZARADEH Company: DLC A Better Way Location: British Columbia Total volume: $93 million Loans funded: 45

Company: DLC Origin Pinsky Mortgages Location: British Columbia Total volume: $90.04 million Loans funded: 203

CMP: How did you navigate regulatory changes in 2018? Ramin Nazaradeh: By knowing the policies and knowing the market, as well as clients’ needs and alternative financing.

CMP: What was your primary strategy for growing your business in 2018? Eitan Pinsky: We continued to reach out to Realtors and past clients. Also, [we’ve put] more strict systems and processes for lead generation in place, and we’re going to keep ourselves accountable to our plan.

22 VIKTOR SCHAEFER Company: VS Solutions Location: Manitoba Total volume: $94.4 million Loans funded: 344 CMP: How did you navigate regulatory changes in 2018? Viktor Schaefer: More than ever before, we had to consider alternative options to finance clients. B options became part of the conversation often, and we were forced to expand our standard lenders.

23 PAUL MEREDITH Company: CityCan Financial Corp. Location: Ontario Total volume: $93.65 million Loans funded: 240

26 ASIM ALI Company: DLC Royalty Financial, powered by Producers West Financial Location: British Columbia Total volume: $90.67 million Loans funded: 176 CMP: What can lenders do to help brokers achieve even higher volumes in 2019? Asim Ali: Lenders need to extend their ratios for high-net-worth and self-employed borrowers.

CMP: How did you navigate regulatory changes in 2018? Paul Meredith: I took the time to educate my clients on the new mortgage regulations to ensure they fully understood them and how this affected their options. With how complex rate quoting has become, I think it’s important to review a client’s options before quoting rates in order to ensure accuracy.

25 TRACY VALKO Company: DLC Valko Financial Location: Ontario Total volume: $92.12 million Loans funded: 301 CMP: What’s your prediction for the state of the mortgage industry in 2019? Tracy Valko: Broker business will increase, as more clients are being pushed into the subprime market due to the past three years of rule changes. Our AAA clients are now A- or B clients, and as brokers, we can assist them with financing options that the banks aren’t able to accommodate.

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CMP: What’s your prediction for the state of the mortgage industry in 2019? VS: My prediction is that mortgage brokers in general will continue to struggle if they don’t find ways to generate leads through social media and client information sessions. Successful agents will remain, but new agents will find it hard to establish themselves when the push grows to offer volume and high funding ratios.

21 DREW DONALDSON Company: SafeBridge Financial Group Location: Ontario Total volume: $95.2 million Loans funded: 151 CMP: What can lenders do to help brokers achieve even higher volumes in 2019? Drew Donaldson: A common-sense approach for successful business owners with good cash flow and competitive rate options for uninsurable conventional mortgages and jumbo loans. Have your business development managers find the big producers and take good care of them.

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v

TOP

Explore what it’s like to be at the top of your game with a company that supports you at every turn.

Alex McFadyen DLC Canadian Mortgage Experts Angela Calla DLC National Angela Calla Team Asim Ali DLC Royalty Financial Barry Baboolal DLC National BMB Mortgage Partners Inc.

Bill Macklem DLC Macklem Mortgage Chad Oyhenart DLC Canadian, Mortgage Experts Chris Allard DLC - Smart Debt Christian Amurao DLC Canadian, Mortgage Experts Collin Bruce DLC Mortgage Mentors Dave Griffin DLC Griffin Financial Group Deb White DLC White House Mortgages Eitan Pinsky DLC Origin Pinsky Mortgages Elvis Hui DLC Guaranti Mortgages Geoff Lee DLC GLM Mortgage Group Entrust Mortgage Services

Gert Martens DLC HT Mortgage Group Iseela Ibrahimi DLC Paragon Home Capital James Lai DLC Clear Trust - Finance One Mortgage Kyle Green DLC Homeline Mortgages Nick Kaaki DLC The Mortgage Source Pearl Kwan DLC Origin Rakhi Madan DLC Key Mortgage Partners Ramin Nazaradeh DLC A Better Way Scott Travelbea DLC Travelbea & Associates Serguei Totrov DLC Your Mortgage Choice Susie Inglis DLC Mortgage Evolution Tracy Luciani Price DLC Forest City Funding Tracy Valko DLC Valko Financial Vikram Sran DLC Sandhu & Sran Mortgages inc. Vu Le DLC Clear Trust Mortgages Win Lui DLC Clear Trust Mortgages Wyatt Tunnicliffe DLC Gold Financial Services

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SPECIAL REPORT

TOP 75 BROKERS

16 JASON FRIESEN 20 VIKRAM SRAN

Company: Outline Financial Location: Ontario Total volume: $125.34 million Loans funded: 223

Company: Sandhu & Sran Mortgages Location: British Columbia Total volume: $96.78 million Loans funded: 222

CMP: What can lenders do to help brokers achieve even higher volumes in 2019? Jason Friesen: Consistency in underwriting policies – given the complexity of regulations, approvals can sometimes vary from underwriter to underwriter within the same lender, which can be a challenge and a frustration.

CMP: What was your primary strategy for growing your business in 2018? Vikram Sran: Building relationships with Realtors and getting referrals from existing clients.

17 DALIA BARSOUM

19 BARRY BABOOLAL

Company: Streetwise Mortgages Location: Ontario Total volume: $110 million Loans funded: 258

Company: DLC BMB Mortgage Partners Location: Ontario Total volume: $105.46 million Loans funded: 266 CMP: What’s your prediction for the state of the mortgage industry in 2019? Barry Baboolal: I am expecting 2019 to be a strong year in the broker Industry. With the regulatory changes affecting self-employed borrowers and the completion of many builder purchases from the previous few years where there were strong sales, I can see 2019 being a good year.

18 KYLE GREEN Company: DLC Homeline Mortgages Location: British Columbia Total volume: $106.13 million Loans funded: 255 CMP: How did you navigate regulatory changes in 2018? Kyle Green: We made a push towards commercial lending, which helped us dodge a lot of the issues that primarily affected the residential lending

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CMP: How did you navigate regulatory changes in 2018? Dalia Barsoum: We invested a significant amount of time in 2018 educating our clients about the new changes, helping them restructure their portfolios to open up borrowing power and, in many cases, consolidate debts that are standing in the way of borrowing under the new rules. We also increased access to private funds as a tool to supplement traditional financing under the stricter rules.

15 DAVE GRIFFIN Company: DLC Griffin Financial Group Location: Ontario Total volume: $126.49 million Loans funded: 484 CMP: What was your primary strategy for growing your business in 2018? Dave Griffin: Putting in the extra time required to get the job done.

environment. We also focused on lowering some of our costs and increasing efficiencies as well. CMP: What’s your prediction for the state of the mortgage industry in 2019? KG: I expect mortgage volumes in 2019 to increase slightly overall. I also expect lenders to finally feel like they have figured out the OSFI requirements and to reintroduce some new programs that align with their risk tolerance and OSFI’s regulations.

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14 DANIEL PATTON Company: Butler Mortgages Location: Ontario Total volume: $133.52 million Loans funded: 390 CMP: How did you navigate regulatory changes in 2018? Daniel Patton: By networking and finding different ways to get clients approved. Whether it be co-signers, B lenders, etc., we try to find a solution for every client. Having different lenders that offer different products can help save some deals you might otherwise turn away.

10 MACKENZIE GARTSIDE Company: Select Mortgage Group Mackenzie Gartside & Associates Location: British Columbia Total volume: $155.7 million Loans funded: 497 CMP: What can lenders do to help brokers achieve even higher volumes in 2019? Mackenzie Gartside: Add more products and utilization of more income types – like the child tax benefit, for example.

13 NICHOLAS L’ECUYER Company: Verico The Mortgage Wellness Group Location: Ontario Total volume: $148.62 million Loans funded: 465 CMP: What can lenders do to help brokers achieve even higher volumes in 2019? Nicholas L’Ecuyer: Brokers are in a position where they need to constantly adapt to change. Many of our lending partners have been great at also adapting to these changes and launching products that serve the current needs of brokers and their partners. This will be what continues to help brokers achieve growth in 2019.

11 PAUL GAZZOLA Company: Guelph Mortgage Architects Location: Ontario Total volume: $152.3 million Loans funded: 512 CMP: What can lenders do to help brokers achieve even higher volumes in 2019? PG: Lenders can continue to educate brokers and agents. Our office greatly appreciates when lenders take time out of their day to come in and talk about their products and services. This ultimately allows us to understand all of our options in order to better serve our clientele.

12 VU LE Company: Clear Trust Mortgages Location: British Columbia Total volume: $149.84 million Loans funded: 285 CMP: What can lenders do to help brokers achieve even higher volumes in 2019? Vu Le: If the regulators cannot loosen the guidelines, lenders

can provide more unique products – not only for the A side target market, but also for the B side. CMP: What are your thoughts on consolidation in the industry? VL: The industry will continue to consolidate, as more brokerages’ goal is to increase their volume for name and brand recognition.

9 WIN LUI Company: Clear Trust Mortgages Location: British Columbia Total volume: $171.27 million Loans funded: 334 CMP: What was your primary strategy for growing your business in 2018? Win Lui: I knew, with all the rule changes and going into a declining market, I had to go back to the basics. I tried to meet with every client at the beginning and at the end of each mortgage application. Providing constant updates to my Realtors for every deal and following up with clients were key in 2018.

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SPECIAL REPORT

TOP 75 BROKERS 2 0 19

6 SHAWN STILLMAN Company: Mortgage Outlet Location: Ontario Total volume: $194.41 million Loans funded: 373 CMP: How did you navigate regulatory changes in 2018? Shawn Stillman: The changes this year really helped our brokers gain an advantage on the major banks, allowing us to do collateral transfers at competitive rates.

8 JOANNA LANG Company: Outline Financial Location: Ontario Total volume: $174.63 million Loans funded: 266 CMP: What can lenders do to help brokers achieve even higher volumes in 2019? Joanna Lang: I think lenders could consider additional bps or perks for mortgage originators who do exceptional work with their submission – increased accuracy, most of the docs upfront, least number of rewrites, etc. This would motivate some less organized people in our industry to get it right the first time and not clog up the pipeline.

7 CHRISTINE XU Company: Moneybroker Canada – Mortgage Architects Location: Ontario Total volume: $189.33 million Loans funded: 293 CMP: What are your thoughts on consolidation in the industry? Christine Xu: Economies of scale make sense for the network owners. However, monopoly is not good for the individual brokers and lenders. I think the ultimate healthy situation [will be] a handful of similar-sized superbrokerages out there to balance the industry forces.

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5 LEV KESELMAN Company: Verico Paragon Mortgage Location: British Columbia Total volume: $201.31 million Loans funded: 389 CMP: How did you navigate regulatory changes in 2018? Lev Keselman: With the new regulatory changes, we have learned to work within the confines of what has been presented to us. In my opinion, most successful brokers have embraced these changes and are working around them. Overall, I have found that the new regulations have created more business for those of us who are working with alternative and private lenders.

4 SCOTT TRAVELBEA Company: DLC Travelbea & Associates Location: British Columbia Total volume: $225.61 million Loans funded: 483 CMP: What can lenders do to help brokers achieve even higher volumes in 2019? Scott Travelbea: Lenders could make a significant impact by securing better funding in the uninsurable space. More specifically, there is a real opportunity in the rental market, as there are so few lenders that favourably account for rental income. CMP: How did you navigate regulatory changes in 2018? ST: I developed a clear and concise communication strategy for my clients to help them understand what was happening with the government’s changes, how these changes would affect their specific situation and the different options that would [be] available to them. I always provide my clients with alternate options and help them weigh the pros and cons of each so that ultimately they can decide what feels most comfortable moving forward.

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GET IN THE DRIVER’S SEAT OF YOUR CAREER What are you waiting for? Contact us today. www.mortgagecentre.com

www.joinmcc.ca

1-800-201-1258 The Mortgage Centre is a registered trade mark of MCC Mortgage Centre Canada Inc. © Copyright 2019 The Mortgage Centre.

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SPECIAL REPORT

TOP 75 BROKERS

3 ELVIS HUI Company: DLC Guaranti Mortgages Location: British Columbia Total volume: $254.22 million Loans funded: 390 Focused on the customer experience, Elvis Hui is making his fourth consecutive appearance on CMP’s Top 75 Brokers list. Even in a market that has slowed down, Hui has always considered the needs of the customer to be his top priority, and his commitment to customers has led his team upstream, with increases in both volume and loans funded. Hui’s strong relationships with Realtors and customers bring him lots of referrals, and he also actively participates in community and charity events, including sharing his knowledge at many industry forums and seminars. He created a column called “Bi-Weekly with Guaranti Mortgages” on his WeChat platform, where he shares important and interesting real estate and economic news. Working alongside him is an energetic team who work closely together and service customers with sincerity.

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1 DAVE BUTLER Company: Butler Mortgage Location: Ontario Total volume: $385.1 million Loans funded: 1,024

2 COLLIN BRUCE Company: DLC Mortgage Mentors Location: Alberta Total volume: $369.29 million Loans funded: 1,190 CMP: How did you navigate regulatory changes in 2018? Collin Bruce: The increase in regulatory changes actually helped our business grow. It brought the banks onto a level playing field with brokers, and I think it drove more customers to the broker market. With more confusion regarding mortgages and the increasing difficulty to qualify, this is where an experienced broker can really step up. CMP: What was your primary strategy for growing your business in 2018? CB: We placed a large focus on social media to continue to push our brand. Plus, we are advertising on additional radio stations with different music genres to help get our ads in front of new people. CMP: What can lenders do to help brokers achieve even higher volumes in 2019? CB: I think the lenders did an excellent job this year. They need to continue to be innovative, which allows mortgage brokers to be more competitive.

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CMP: What’s your prediction for the state of the mortgage industry in 2019? Dave Butler: My prediction is that 2019 is not likely to be a great year for mortgage originations. I believe we will see another negative year in terms of overall units and volume. I believe we are in a much-needed phase of real estate market consolidation, and this will likely be parallelled with rising interest rates, thus making it more difficult to qualify for a mortgage. But much like any consolidation phase in a major market like real estate, there will be a bounce, and that bounce will likely be predicated by easier mortgage qualification rules, increased alternative programs for mortgage customers, etc. Markets move in cycles, and you can try and fight that, or you can accept it and adapt accordingly. CMP: What are your thoughts on consolidation in the mortgage industry? DB: Consolidation in any industry is always necessary. Likewise, consolidation in markets is always necessary. The stock market doesn’t just go up all the time. There are always going to be winners and losers. The real estate market in Canada has been on an absolute rocket ship since the early 2000s. And much like any market, we are now likely entering a much-needed consolidation phase. Having real estate values increase in such a short period of time like we saw from 2014 to 2017 is not good for any country’s economy. What are we leaving our children if they can’t afford housing when they’re at the age of buying their first home? Consolidation is needed, as it forces industries to face questions of efficiency, and in turn, positive changes are made for the next cycle of the market.

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SPECIAL REPORT

TOP 75 BROKERS

TOP 20 SMALL MARKET BROKERS URBAN CENTRES might get all the media attention, but mortgage agents and brokers in other areas of the country are still pulling in impressive volumes. CMP’s Top 20 Small Market Brokers list recognizes brokers and agents with the highest total funded volumes in markets where the MLS-identified average home price was less than $365,000.

BY THE NUMBERS

$909 million

14 STEVE RYAN Company: TMG The Mortgage Group Regina Location: Regina, SK Total volume: $33.7 million Loans funded: 119

$1.04 billion

13 DEREK LOOSE 3,534

4,006

Total number of deals, 2018

Total number of deals, 2017

20 CASSANDRA CASSIDY Company: The Mortgage Centre Hometown Financial Location: Walkerton, ON Total volume: $22.7 million Loans funded: 99

19 DEANNE WHELAN Company: Verico East Coast Mortgage Brokers Location: St. John’s, NL Total volume: $23.5 million Loans funded: 102

18 MITCH THIBODEAU Company: Verico The Mortgage Professionals Location: Kingston, ON Total volume: $27.2 million Loans funded: 95

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Company: DLC Mortgage Excellence Location: Lethbridge, AB Total volume: $34.6 million Loans funded: 119

Total funded volume, 2018

Total funded volume, 2017

17 YVES CORMIER Company: Verico Cormier & Cormier Consultants Location: Edmundston, NB Total volume: $29 million Loans funded: 221

16 CHASE COOPER Company: DLC Mortgage Excellence Location: Fort St. John, BC Total volume: $29.4 million Loans funded: 94

15 NIKKI CAREW Company: Verico East Coast Mortgage Brokers Location: St. John’s, NL Total volume: $30.2 million Loans funded: 117

12 MATTHEW WHEELER Company: Verico Premiere Mortgage Centre Location: Halifax, NS Total volume: $38.3 million Loans funded: 169

11 CHRISTINE BUEMANN Company: DLC Canadian Mortgage Experts Location: Prince George, BC Total volume: $43 million Loans funded: 146

10 GRAHAM REIMER Company: DLC Mortgage Excellence Location: Lethbridge, AB Total volume: $43.6 million Loans funded: 181

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2 0 19

9 ROBERT JENNINGS

3 KEN LANKIN

Company: Verico East Coast Mortgage Brokers Location: St. John’s, NL Total volume: $45.4 million Loans funded: 170

Company: The Mortgage Centre Your Mortgage Professionals Location: Niagara, ON Total volume: $67 million Loans funded: 240

2 SCOTT H. BENTLEY Company: Verico Premiere Mortgage Centre Location: Halifax, NS Total volume: $79.1 million Loans funded: 264

8 TODD PAYZANT Company: Neighbourhood Dominion Lending Centres Location: Sudbury, ON Total volume: $56.8 million Loans funded: 240

7 JANET MACDONALD Company: Mortgage Alliance Kingston Mortgage Solutions Location: Kingston, ON Total volume: $57.1 million Loans funded: 230

6 TYLER YATES Company: Verico The Mortgage Wellness Group Location: Sarnia, ON Total volume: $57.5 million Loans funded: 227

5 RIEL SYRENNE Company: TMG The Mortgage Group Airport Drive Location: Saskatoon, SK Total volume: $57.7 million Loans funded: 206

1 VIKTOR SCHAEFER Company: VS Solutions Location: Steinbach, MB Total volume: $94.4 million Loans funded: 344

4 GERT MARTENS Company: DLC HT Mortgage Group Location: Grande Prairie, AB Total volume: $66.2 million Loans funded: 253

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SPECIAL PROMOTIONAL FEATURE

REVERSE MORTGAGES

Tap into a growing market HomeEquity Bank’s Eric Bisaillon outlines four ways brokers can take advantage of the growing interest in reverse mortgages THE DEMAND for reverse mortgages, which allow homeowners aged 55 and up to take up to 55% of the equity out of their home, is at an all-time high. This growth hasn’t gone unnoticed, and increasing numbers of savvy mortgage brokers are targeting this growing niche as an opportunity to boost their business. HomeEquity Bank, the leading provider of reverse mortgages in the country, reported $767 million in reverse mortgage originations for 2018, led by 40% year-over-year growth in the referred partner channel. Eric Bisaillon, EVP of sales at HomeEquity Bank, tells CMP that “2018 was a great year for us, a record year. The public is now starting to hear more about reverse mortgages, specifically to help bridge the gap in their retirement savings – our partners play a key role in driving this awareness and popularity.” Bisaillon champions change and seeks to empower others to do the same. The key to his success is his ability to identify opportunities and bring solutions to the table. It might sound like a straightforward mindset, but all of the most effective philosophies are. Bisaillon shared with CMP four ways mortgage brokers

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can leverage this approach to grow their own business.

1. Taking a new sales approach Bisaillon has been the driving force behind a new sales approach and culture that have led to 120% growth of HomeEquity Bank’s mortgage broker channel over a three-year period. And he’s not keeping those sales secrets to himself: HomeEquity Bank’s BDMs are actively working with broker partners to share this innovative strategy for growing business. Another factor that has contributed to the bank’s success, according to Bisaillon, is that HomeEquity Bank has doubled the size of its sales team over the last three years. That means the bank’s mortgage broker partners have been receiving an increased level of service, more guidance and more touchpoints with their reverse mortgage experts. HomeEquity Bank has also prioritized its focus on this distribution channel and has seen exponential growth. “We focus on supporting mortgage brokers in being proactive with their business development efforts, which has helped us increase our

repeat business by over 400% in the last three years,” Bisaillon says. “Half of our business is coming from mortgage brokers with multiple deals, and 850 mortgage brokers financed their first deal with us last year.” Changing the conversation to focus on asking thought-provoking questions about retirement solutions instead of focusing on promoting product features is just one of the ways HomeEquity Bank is shaking things up.

2. Differentiating yourself in the market Bisaillon has seen the benefits of doing things differently from other salespeople, and he’s determined to help mortgage brokers tap into the same tactics. “We have equipped our team with the most effective tools and strategies for the modern marketplace, which they can then pass on to mortgage brokers,” he says. Bisaillon is certain that by tapping into a new way of doing things, mortgage brokers can begin to recognize the blind spots they might have about their business and identify the opportunities they might be missing. It’s a competitive market, and Bisaillon urges brokers to be proactive in their sales approach and to differentiate themselves from others by becoming true experts on retired Canadians’ financial needs. Canadians are living longer than ever before, and traditional retirement planning is no longer meeting the needs of most people. The CHIP reverse mortgage represents an effective retirement tool for the majority of homeowners, and Bisaillon has been instrumental in repositioning reverse mortgages as a strong option for Canadian retirees.

3. Capitalizing on the market opportunity Canada’s retiree demographic is growing at a rapid rate – the number of Canadians over age 60 will expand by 19% between 2016 and 2022. Although the

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majority of media talk and sales focus is now on the millennial cohort, Bisaillon is adamant that mortgage brokers who ignore the 55+ market are “leaving money on the table.” Bisaillon advises brokers to be openminded and learn more about what a reverse mortgage can accomplish for them and their clients. Despite its impressive year-over-year growth, the reverse mortgage niche remains relatively untapped. The majority of mortgage brokers are, according to Bisaillon, competing for the same market – the 25- to 54-year-old demographic – and investing heavily in trying to attract them. “There’s this vast sea of Canadians 55+,” Bisaillon says. “The time is now to take advantage, differentiate yourself from the competition and capitalize on tapping into the 55+ market – you will see the results reflected in your sales.”

4. Reward and recognition Bisaillon outlines two ways mortgage brokers can do business with HomeEquity Bank. “Either they refer their clients and we take over and manage the sale and file,” he says, “or they can go directly to our platform and keep control of that deal, meet

“We have equipped our team with the most effective tools and strategies for the modern marketplace, which they can then pass on to mortgage brokers” Eric Bisaillon, HomeEquity Bank with their own clients and self-manage the process of funding – for which they will receive a higher commission rate.” Brokers can also take advantage of HomeEquity Bank’s Peak Rewards, a longterm loyalty program that rewards brokers and gives them the opportunity to increase their commission. To qualify for a particular tier

and receive an increased commission under this program, mortgage brokers are required to meet a minimum number of funded deals in a given year. Compensation starts at 65 basis points and goes up to 130 basis points; as brokers fund more, they earn more. “We’re now starting the third year with the Peak Rewards program,” Bisaillon says.

“We’re getting more and more traction with that program from mortgage brokers who are benefiting from its value, and we have seen the number of mortgage brokers who qualify triple.” Going forward in 2019, Bisaillon says HomeEquity Bank will continue building on the foundations it has established over the last few years. The bank is focusing on strengthening its mortgage broker relationships by helping brokers enhance their sales strategy, in addition to leveraging technology to facilitate a great user experience for both brokers and their clients. To learn more about HomeEquity Bank or to connect with one of their dedicated BDMs, visit chipadvisor.ca.

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SPECIAL PROMOTIONAL FEATURE

ALTERNATIVE LENDING

Taking flight Launched just a few months ago, Falcon Ridge MGMT has already gained a foothold in the alternative lending space. President and founder Pino Decina spoke to CMP about what’s behind the company’s breakout success 46

FEW PEOPLE would look at recent history and choose 2018 as the year to make a splash in the Canadian mortgage market. Home sales, particularly in Canada’s two largest markets, were less than staggering, due largely to the fact that the B-20 guidelines remained an uphill battle for most prospective buyers. But that flux in the market, along with the increasing awareness of Canadian homebuyers, has been nothing but good news for alternative lenders. According to a

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joint report released by Realosophy Realty and Teranet in November, the number of mortgage refinancing transactions carried out through private lenders in the Greater Toronto Area rose from 12% in the second quarter of 2016 to 20% last year. For Pino Decina, founder and president of Falcon Ridge MGMT, 2018 was the perfect time to enter the market and bring a fresh approach to the alternative lending space. “When we identify an underserved market, there’s certainly the opportunity to mitigate investor risk by assembling a very sound portfolio,” Decina says, “which is what we’ve seen so far in the six or so months that we’ve been operating. As a lender, there’s the opportunity, through a more robust, hands-on underwriting model, to navigate your way through this segment and offer good mortgage products to these borrowers.” By targeting a surging segment of the market, Falcon Ridge has also taken important steps to ensure its stability and long-term success. All of the company’s business takes place in the highly stable, highly active GTA market, and more than 90% of the company’s portfolio consists of firstpriority residential mortgages. The weighted average LTV is below 70%, and the average Beacon score of Falcon Ridge borrowers is well over 700. “When you consider these two metrics, they look similar to those of a prime mortgage lender,” Decina says. The numbers are impressive, but Decina insists that the key to Falcon Ridge’s success is something far more fundamental: a deep understanding of the real estate assets in play. “At the end of the day, no matter what the mortgage rules are, as an alternative lender, the one thing you’ll always have to hang your hat on is the real estate,” he says. By properly assessing the marketability of the properties involved and combining that with a robust, unique underwriting model, Falcon Ridge has been able to mitigate risk for both its clients and its investors.

Decina also credits Falcon Ridge’s network of mortgage brokers for helping the company get off to a quick start in a sluggish market. “Partnering with established mortgage brokers that we’ve known for many decades has certainly made it much easier for us in assembling our portfolio,” he says. “There are opportunities for mortgage brokers who continually educate themselves, who stay relevant and who really are the experts in the space to continue helping consumers with suitable mortgage solutions.” Decina has been in the mortgage industry for nearly three decades, starting out in the prime mortgage space at a major bank straight out of university. He soon shifted to a consumer finance company’s Canadian division, where he spent the next decade. “That’s where I was able to really understand the hands-on underwriting approach

During his time in the industry, Decina has had a front-row seat whenever OSFI has implemented guideline updates. While the regulator’s recent B-20 changes remain controversial a year after their implementation, Decina applauds them. “I know the mortgage rules were a lot for individuals to come to terms with and understand, but it certainly created a more stable real estate environment,” he says. “When the market is stable, property valuations are more stable and borrowers go through more stringent qualifying rules, making it easier from a lending standpoint to assemble a strong, low-risk residential portfolio.” Rising interest rates and tightening lending guidelines have led more Canadians to the alternative market in the past few years, but Decina notes that the demand has always been there. He says that, historically,

“At the end of the day, no matter what the mortgage rules are, as an alternative lender, the one thing you’ll always have to hang your hat on is the real estate” Pino Decina, Falcon Ridge MGMT for alternative-type borrowers,” Decina says. “I became accustomed to the everchanging mortgage environment we have here in Canada. Today, we talk about the new rules that consumers are facing, but the reality is that mortgage rules have always been changing.” Decina then spent 14 years at Home Capital Group, where he led the company’s national residential mortgage division and worked alongside industry heavyweights such as Gerald Soloway, Nick Kyprianou and Brian Mosko. “There are countless names I worked with who truly helped shape my career in the residential mortgage space,” he says.

roughly one in five Canadians has required an alternative route to financing; today, the figure is “probably getting closer to one in four.” But Decina knows this doesn’t mean those borrowers don’t deserve a mortgage. They often just need a year or two before they can graduate back to the prime space – and the lowest rate possible. “We’ve been operating since the summer of last year, and we’ve already seen a portion of our clients making their way back to their main bank,” he says. “That’s great for the economy, it’s good for the borrower, and it’s good for the markets.”

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PEOPLE

BROKER INSIGHT

Working around the clock Scott Nazareth tells CMP how he achieved early success as a broker and how he keeps up with multiple business ventures

CMP: How did you get into the mortgage industry? Scott Nazareth: I started in 2014 with the company I’m still at now. One of my best friends was in real estate at the time, and he asked me to look into the mortgage business so that we could work together. I got my mortgage licence and was hired while I was studying at the University of Toronto. I was working at a call centre at the time, selling life insurance over the phone and managing a team of about 30 people. When I started doing a few mortgage deals, I decided to leave that job to do this full-time. By the beginning of 2015, I was full-time as a mortgage rep.

CMP: How would you describe your time in the industry? SN: It has definitely been a roller-coaster. The mortgage landscape has been changing drastically and rapidly within a short time period. When I started, things like 0% down were still around, qualifying at contract rate before the stress test, and then property values went through the roof. It’s really difficult to keep on top of things if you’re not full-time. For me, the first couple of years were about attending lender presentations and learning the ins and outs of different products, but all that turned on its head when the stress test came into effect and impacted all the model lines. We had to figure out a proper rate and explain to clients the difference between

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insurable and uninsurable. So in a way, it’s definitely been a challenge, but it also kept me engaged and interested in the industry because it’s a constant learning experience.

CMP: How has business been for you over the past few years? SN: I have definitely achieved some solid growth over the last couple of years. I saw my first decline last year – a lot of real estate agents I’ve worked with left the industry. But prior to that, I’ve always had steady increases year-over-year and have been consistently doing high-volume work.

CMP: You’ve enjoyed success in the industry at a young age. What do you attribute that to? SN: A lot of mortgage brokers might have started off at a bank and then moved to the broker channel. I started off in the broker channel directly. In the beginning, there’s

a lot of excitement around not having a schedule, a boss and any restrictions on what you do from one moment to the next. That really allowed me to get creative and figure out what I wanted to achieve in the business, and that translated into me developing technology, building out websites and marketing myself as more of a problem-solver within the industry than an agent.

CMP: What advice would you give to brokers coming into the industry? SN: Have about six months of income saved before you dive in. Join a good team. Have a good lead broker who’s going to spend time with you and allow you to shadow them during some deals. Pick up the phone and contact your BDMs, as opposed to sending an email. The more they get to know you, the more you’re able to have a dialogue. Try to reach out to family and friends, not necessarily for business, but for introductions

NAZARETH ON JUGGLING TWO BUSINESSES “I have team of people I work with, both here and in Dubai. My cousins, who are my business partners, have a blockchain company based in Dubai, and they have web developers and software developers on board. The time zone difference allows me to effectively focus my efforts on my mortgage business during regular business hours, and in the evening, I switch into development mode. If you’re willing to put the work in and you can effectively separate your businesses with time zones, it is possible to juggle the workload.”

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FAST FACTS: SCOTT NAZARETH

BROKERAGE Mortgages.ca

JOB TITLE Mortgage agent

YEARS IN THE INDUSTRY 5

LOCATION Ajax, Ontario

“Anything you can do to make the process easier for clients in an environment that requires more documentation than ever will definitely be a competitive advantage” to real estate agents. Get the warm introductions to different referral partners. Finally, be well-versed with the technological changes that are happening in the industry – anything you can do to make the process easier for clients in an environment that requires more documentation than ever will definitely be a competitive advantage.

ACCOLADES Has been named to CMP ’s Hot List and Young Guns list and was a finalist for Best Newcomer Mortgage Broker at the 2017 Canadian Mortgage Awards

CMP: What do you get up to in your spare time? SN: I like to spend time with family and friends, and I like to travel. I went to Spain, London and California last year. I like to go to at least two or three places outside the country, and maybe one or two road trips within the country to unwind a little bit.

OUTSIDE THE INDUSTRY Volunteers with the Knights of Columbus and has launched his own web development company

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CANADIAN MORTGAGE AWARDS FINALISTS 2O19

Friday, April 26, 2019 The Liberty Grand | Toronto CMP presents all the finalists across 22 categories for the 13th annual Canadian Mortgage Awards Canadian Mortgage Professional received more than 2,500 nominations from all over the nation in our quest to find the mortgage industry’s most dedicated, diligent, and diverse organizations, teams, and professionals – and now it’s time to reveal the finalists for the 13th annual Canadian Mortgage Awards, brought to you by the Coalition of Independent Mortgage Brokers of Canada [CIMBC]. Together with our title sponsor, CIMBC, and our publisher, Key Media International, CMP would like to thank the mortgage and real estate communities and our fantastic sponsors, whose support in the pursuit of mortgage excellence continues to make this event a huge success every year. Join 600 of the industry’s top professionals and organizations at the awards gala itself on Friday, April 26, 2019 at the Liberty Grand Toronto. The black-tie gala will be hosted by ET Canada’s Cheryl Hickey. Don’t miss out! Make a table reservation today at canadianmortgageawards.com or contact events@keymedia.com.

Canadian Mortgage Professional

@CMPMagazine

Canadian Mortgage Professional

#MortgageAwardsCA

OFFICIAL PUBLICATION

TITLE SPONSOR

AWARD SPONSORS

50 www.mortgagebrokernews.ca

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Brought to you by

THE CIMBC AWARD FOR

LENDER BDM OF THE YEAR

yy Brian Mason

Street Capital Bank of Canada

yy Chris Hoeppner HomeEquity Bank

yy Chris Woodhouse

Street Capital Bank of Canada

yy Derek Serra

XMC Mortgage Corporation

yy Ed Wells

Community Trust

THE CANADIAN MORTGAGES INC. AWARD FOR

THE MANULIFE BANK AWARD FOR

(25 EMPLOYEES OR MORE)

OUTSTANDING CUSTOMER SERVICE BY AN INDIVIDUAL OFFICE

LIFETIME ACHIEVEMENT IN THE MORTGAGE INDUSTRY

yy Anne Brill

yy CanWise Financial

This is the highest honour at the Canadian Mortgage Awards. This award recognizes an individual who has made outstanding contributions to the industry throughout his or her career. This award will acknowledge the industry icon with an established history of distinguished service to the mortgage profession and who has exhibited leadership and provided inspiration to others in the sector while putting the interests of the industry at the top of their priorities.

BROKER OF THE YEAR

Centum Metrocapp Wealth Solutions

yy Chad Oyhenart

DLC Producers West Financial

yy Collin Bruce

DLC Mortgage Mentors – The Collin Bruce Mortgage Team

yy Derek MacLean

Verico Capital Mortgages

yy Centum Mortgage Choice Corp. yy Centum Professional Mortgage Group yy DLC GLM Mortgage Group yy JCMortgages.ca

yy Jessica Fitzpatrick

yy Kelly Wilson

yy Livia Pellegrino

yy Laura Martin

yy Mike Ayoub

yy Lev Keselman

yy Randy Binstock

yy Nick L’Ecuyer

yy Verico Benchmark Mortgages

yy Todd Payzant

yy Verico Streetwise Mortgages

Merix Financial

First National Financial Home Trust Atlantic Home Trust Company

yy Reaza Ali

Fisgard Asset Management Corporation

yy Robert Malcolm Equitable Bank

yy Suzy FernandezArruda

THE TRANSUNION AWARD FOR

Invis The Wilson Team Verico Matrix Mortgage Global Verico Paragon Mortgage Verico The Mortgage Wellness Group

Neighbourhood Dominion Lending Centres

yy Loewen Group Mortgages yy Mortgage Architects – City Mortgage Group yy Outline Financial

yy Vu Le

DLC Clear Trust Mortgages

The award recipient will be revealed and celebrated during the awards gala on Friday, April 26, 2019.

Haventree Bank

yy Tim Hurlbut

Alta West Capital

yy Ut Yue CMLS

AWARD SPONSOR

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Official Red Carpet Sponsor

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CANADIAN MORTGAGE AWARDS FINALISTS 2O19 THE DOMINION LENDING CENTRES AWARD FOR

WOMAN OF DISTINCTION

THE CENTUM AWARD FOR

INDUSTRY SERVICE PROVIDER OF THE YEAR

yy Angela Calla

yy Bendigi Technologies

yy Barbara Cook

yy DocAssist

yy Carmen Costa

yy Filogix

DLC Angela Calla Mortgage Team

Verico Financial Group Neighbourhood Dominion Lending Centres – The Costa Group

yy Darlene Vilas

The Mortgage Centre – MOS Mortgageone Solutions

yy Hali StrandlundNoble

Fisgard Asset Management Corporation

yy Kyra Wong

Manulife Mortgage Protection

yy Lisa Pellerin

Mortgage Architects – Claystone Mortgage Team

yy Pamela Pikkert

Mortgage Alliance – Regional Mortgage Group

yy GoMax Solutions

THE HOME TRUST AWARD FOR

THE COMMUNITY TRUST AWARD FOR

BROKER OF THE YEAR – ALTERNATIVE LENDING

ALTERNATIVE BROKER SPECIALIST OF THE YEAR (BUSINESS FOR SELF)

yy Alec Bowes

yy Akash Sharma

Champion Mortgage

yy Alexander Yusuf LM Financial Services

yy Ameera Ameerullah Canada Mortgage & Financial Group

yy Lendesk

yy Asim Ali

yy MCAP

yy Christine Xu

yy Mortgage Automator yy myBrokerBee.com yy Newton Connectivity Systems yy Paradigm Quest yy Teranet

yy Rachelle Gregory Merix Financial

DLC Producers West Financial Mortgage Architects – Moneybroker Canada

yy Darlene Vilas

The Mortgage Centre – MOS Mortgageone Solutions

yy David Clarke

TMG Clarke Mortgage Group

yy Graeme Moss

Verico Fair Mortgage Solutions

yy Robert Jennings Verico East Coast Mortgage Brokers

yy Anthony Venuto

Centum InTouch Mortgage Solutions

yy Anthony Spadafora The Mortgage Centre – Mountainview Mortgage

yy Darren Robinson Oriana Financial

yy Jason Anbara Mortgage Alliance – Ottawa Mortgages

yy Jason Georgopoulos DLC Estate Mortgages

yy Jason Sohl

Verico Fair Mortgage Solutions

yy Paul Gazzola

Guelph Mortgage Architects

yy Rakhi Madan

DLC Key Mortgage Partners

yy Reza Ghazi

yy Reza Ghazi

AWARD SPONSOR

AWARD SPONSOR

GreenFlow Financial Corp.

yy Rakhee Dhingra

Mortgage Architects – Able & Remarkable Mortgages

GreenFlow Financial Corp.

Mortgage Savvy

yy Veronica Love-Alexander Merix Financial

AWARD SPONSOR

AWARD SPONSOR

52 www.mortgagebrokernews.ca

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Brought to you by

THE CANADA MORTGAGE & FINANCIAL GROUP AWARD FOR

BROKER OF THE YEAR (FEWER THAN 25 EMPLOYEES)

BROKER OF THE YEAR – COMMERCIAL

BROKER OF THE YEAR – PRIVATE LENDING

yy Cindy White

yy Clinton Wilkins

yy Brennan Wood

yy Adam Coultish

yy Chiu Yeh

yy Dave Butler

yy Inam Qureshi

yy Brad Vokins

yy Jeremy Leung

yy Bryce Coates

yy Michel Durand

yy Christine Xu

yy Nick Karamitsos

yy David Clarke

yy Omid Jalili

yy James Li

yy Ramin Nazaradeh

yy Leanne Myles

yy Rena Malkah

yy Malcolm Driver

yy Sokha Kim

yy Shawn Allen

LENDER UNDERWRITER OF THE YEAR Equitable Bank

XMC Mortgage Corporation

yy Dave Tett

Home Trust Company

yy Elliot Gardiner

Street Capital Bank of Canada

yy Franca TostiBulthuis

Canadian Mortgages Inc.

yy Kara Kinakin Bridgewater Bank

yy Leah Wilson VWR Capital

yy Nune Mirabyan RMG Mortgages

yy Rob Orban Scotiabank

yy Stefano Tarantino First National Financial

yy Thanna Leah Marques

Bespoke Mortgage Group

yy Thomas Squires

CWB Optimum Mortgage

yy Traci Merkel MCAP

AWARD SPONSOR

Centum Home Lenders Butler Mortgage

yy Dave Griffin

DLC Griffin Financial

yy Eitan Pinsky DLC Origin – Pinsky Mortgages

yy Elvis Hui

DLC Guaranti Mortgages

yy Enza Venuto

Centum InTouch Mortgage Solutions

yy Jason Friesen

Verico Outline Financial

yy Joanna Lang

Verico Outline Financial

yy Luisa Hough

Verico Xeva Mortgage

yy Paul Meredith

Verico CityCan Financial

yy Ramin Nazaradeh

Foundry Mortgage Capital Corp. Syndicate Lending Corporation

CT Green Financial Mortgage Alliance Commercial SGE Capital

OMJ Mortgage Capital Gold Capital Corp. CYR Funding

Sherwood Mortgage Group

DLC Canadian Mortgage Experts – CL Capital Group Neighbourhood Dominion Lending Centres TriLend

Mortgage Architects – Moneybroker Canada TMG Clarke Mortgage Group DLC Elite Lending Corp. Centum Home Lenders OGI Capital

Verico Matrix Mortgage Global

yy Tina Mu

Mortgage Alliance – Acer Mortgage Lending Corp.

Gold Capital Corp.

yy Scott Travelbea

DLC Travelbea & Associates

yy Shawn Stillman Mortgage Outlet

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CANADIAN MORTGAGE AWARDS FINALISTS 2O19 ALTERNATIVE BROKER SPECIALIST OF THE YEAR

YOUNG GUN OF THE YEAR

BROKERAGE OF THE YEAR

BROKERAGE OF THE YEAR

yy Canada Mortgage & Financial Group

yy CanWise Financial

(FEWER THAN 25 EMPLOYEES)

(25 EMPLOYEES OR MORE)

(NEW TO CANADA)

yy Ingrid Bjel McGaughey

Invis CanadianMortgage Pro.com

yy Kuljit Singh

Mortgage Alliance – AKAL Mortgages

yy Michael Hapke

The Mortgage Centre – Mortgage Brokers Ottawa

yy Alex McFadyen

DLC Canadian Mortgage Experts

yy Asim Ali

yy Centum InTouch Mortgage Solutions

yy Catherine Ellis

yy DLC HT Mortgage Group

yy Chris Allard

yy DLC Smart Debt

DLC Producers West Financial Verico Xeva Mortgage DLC Smart Debt

yy DLC Supreme

yy Rakhi Madan

yy Cole Hennig

yy Suyan Ge

yy Eden Simari

yy Jayman Financial

yy Emily Kiparisas

yy Loewen Group Mortgages

DLC Key Mortgage Partners DLC City Wide Mortgage Services

Plan B Mortgage Services Quantus Mortgage Solutions Mortgage Savvy

yy James De Vuyst

Verico Paragon Mortgage

yy Kurt Henry

The Mortgage Centre – Durhammortgage.com

yy Matthew O’Neil Mortgage Intelligence

yy IMI Financial Group

yy MortgagePal

yy Canadian Mortgages Inc. yy Centum Metrocapp Wealth Solutions yy DLC Canadian Mortgage Experts yy DLC Clear Trust Mortgages yy DLC Elite Lending Corp. yy Sherwood Mortgage Group

yy Mortgage Savvy

yy True North Mortgage

yy Mortgage Wise Financial

yy Verico Matrix Mortgage Global yy Verico Xeva Mortgage

yy Ryan Dennahower Bespoke Mortgage Group

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Brought to you by

BROKERAGE OF THE YEAR (DIVERSIFICATION)

NEW BROKERAGE OF THE YEAR

NATIONAL BROKER NETWORK OF THE YEAR

MORTGAGE INDUSTRY EMPLOYER OF CHOICE

yy Blue Pearl Mortgage Group

yy Approved Financial Services

yy Axiom Mortgage Partners

yy Blue Pearl Mortgage Group

yy DLC Expert Financial

yy Capital Lending Centre

yy Broker ONE

yy Bridgewater Bank

yy DLC Mortgage Mentors – The Collin Bruce Mortgage Team

yy Centum The Pocket Mortgage

yy Centum Financial Group

yy Canadian Mortgages Inc.

yy CIMBC

yy Millennial’s Choice Mortgages

yy Community Trust

yy Millennial’s Choice Mortgages

yy Dominion Lending Centres

yy Mission35 Mortgages

yy CWB Optimum Mortgage yy Equitable Bank

yy Mortgages of Canada

yy Invis Mortgage Intelligence

yy Mortgage Architects – City Mortgage Group

yy Mortgage Architects

yy North East Mortgages yy Verico Northwood Mortgage yy Safebridge Financial

yy The Mortgage Centre – Divine Mortgage Group yy The Mortgage Centre – Shirl Funk Mortgages

yy Mortgage Centre Canada yy TMG The Mortgage Group yy Verico Financial Group

yy First National Financial yy Haventree Bank yy Matrix Mortgage Global yy Merix Financial yy Mortgage Edge yy Outline Financial

yy Mortgage Scout yy OGI Capital

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CANADIAN MORTGAGE AWARDS FINALISTS 2O19 EXCELLENCE IN PHILANTHROPY & COMMUNITY SERVICE

DIGITAL INNOVATOR OF THE YEAR yy Approved Financial Services

yy Ameera Ameerullah

yy Blue Pearl Mortgage Group

yy Angela Calla

Canada Mortgage & Financial Group DLC Angela Calla Mortgage Team

yy CanWise Financial

yy CME Cares

yy Capital Lending Centre

DLC Canadian Mortgage Experts

yy Corina Murphy

yy Centum Financial Group

Verico Premiere Mortgage Centre

yy intelliMortgage

yy Janna Dawdy

yy Mortgage Architects – Mortgage InGenuity

yy Jolene George

JCMortgages.ca Mortgage Alliance – 4Front Mortgages

yy Nesto

yy Matthew Ablakan

yy The Mortgage Centre – MOS Mortgageone Solutions

Millennial’s Choice Mortgages

yy Sabeena Bubber Verico Xeva Mortgage

yy Shubha Dasgupta Capital Lending Centre

yy Stacey Doran DLC Origin – Doran Finance Group

yy Tracy Axford The Mortgage Centre – Durhammortgage.com

The winners will be selected by our esteemed panel of judges:

Tahani Aburaneh

Rachel Oliver

Walter Traub

Founder, Tahani International

Managing partner, Clover Properties

Counsel, Goldman Sloan Nash & Haber

Thomas Davidoff

Associate professor, real estate and strategy and business economic groups, Sauder School of Business, UBC

Tom Lebour

Former director, Ontario Real Estate Association; real estate broker, Royal LePage

Larry Cerqua

Regional director, Canadian Real Estate Association; past president, Toronto Real Estate Board; real estate broker, Re/Max Ultimate Realty

Reuben M. Rosenblatt

Chair and senior member of the real estate group, Minden Gross LLP; adjunct professor, Osgoode Hall Law School’s Real Estate Transaction course

Don’t miss the live reveal of winners at the stellar Canadian Mortgage Awards gala on Friday, April 26, 2019 at the Liberty Grand Toronto. Guarantee your place among 600 top mortgage professionals and industry leaders by reserving your table today at canadianmortgageawards.com or contact us at events@keymedia.com 56 www.mortgagebrokernews.ca

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THE MORTGAGE MARKETPLACE Respond to new business opportunities quickly, with unrivaled f lexibility and control over your data.

Contact brokerservice@f inastra.com to learn more. Š 2018 Finastra. All rights reserved.

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FEATURES

WORK-LIFE BALANCE

Busy is not a badge of honour Being busy isn’t the same as doing meaningful work. Brian de Haaff explains how to do less of the former and more of the latter

THE PERSON in the grocery store tapping out messages between two cell phones at once. The jogger whose eyes keep darting to the notifications blipping on their smartwatch. The dinner party conversation that turns into a one-upping competition over who has less free time. Calendars doublebooked! Overwhelmed at work! I get it – we’re all busy. I often tell people who ask for some of my time that I am, unfortunately, oversubscribed. But is all this activity leading to anything real? Are we actually doing anything meaningful? There is a difference between busy work and meaningful work. As Thomas Edison once wisely put it, “seeming to do is not doing”. You need to check in with yourself and see which one you’re giving your time to – that is, unless you want to claim an overinflated sense of importance as an achievement. Let me explain. Research from Columbia

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Business School shows that busy-ness is often perceived as a status symbol. The key word here is ‘perceive’. That’s because the findings have everything to do with the image of being busy and nothing to do with the results. Busy is not a badge of honour. It only leads to greatness if you are working for a purpose and making progress towards goals that serve it. Of course, projecting the appearance of being out of time might be coming from a place of self-preservation rather than selfaggrandizement. It may be that people are afraid of not looking busy. In the absence of solid direction, they scramble to fill the day with tasks and meetings: “What would happen if people actually knew how little I have to do? Or worse, if they knew how little I have to do and how little I actually accomplish?” There’s only so much time – it’s a precious

resource, and we can’t buy more of it. So it would behove us all to use our time as efficiently as possible, giving it to what matters most. This is especially important if you are a leader, in title or in action, at your company. However, this concept applies to all of us, regardless of our specific profession or title. Here’s what I have found is essential to create an environment for doing meaningful work each day:

Show purpose Busy work happens when people don’t have clear goals. Eliminate the waste by giving work purpose. Create a clear visualization of the goal and plan – one that’s accessible to everyone – and meet regularly to discuss how you’re progressing against your goals. This should be an active document that is shown and referred to often, not something that’s seen once at a kick-off meeting and quickly forgotten.

Prioritize value Check in often. Are there tasks that are taking too much time (and not adding much value)? Is meaningful work getting pushed aside in favour of easy to-dos with no impact? Prioritize the team’s workflow so they are focused on what will deliver the most value. And don’t be afraid to set aggressive deadlines for that work. Keep everyone zeroed in on meaningful achievement.

Create transparency One way we do this at Aha! is by having teammates document their “progress, planned and problems” each week. Not only does it keep people accountable for what they’re working on, but it also provides total transparency. By adopting this in your own organization, you can create an environment where people really are busy

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There’s only so much time – it’s a precious resource, and we can’t buy more of it. So it would behove us all to use our time as efficiently as possible, giving it to what matters most doing meaningful work, not just cultivating perception.

Let go Sometimes the need to be busy stems from a need for control: do all the work (and get all the credit). But

remember that being a leader is not about grandeur – it’s about helping others grow. Delegate when you can and give people meaningful opportunities that will grow their responsibilities and skills. If you want to be a great leader, you need to create an environment that is buzzing with

purpose. When you fall back on ‘busy’ as your go-to status, it signals to your team that they should do the same – and, worse yet, that you’re too busy to guide and provide input into their work. Distracted bosses are some of the most frustrating ones to work with. So take steps to reject busy-ness as badge of honour. Choose real purpose instead, and it will be clear where to invest your time. Brian de Haaff is the co-founder and CEO of Aha! and the author of Lovability. His two previous companies were acquired by well-known public corporations. De Haaff writes and speaks about product and company growth and the adventure of living a meaningful life. For more information, visit aha.io. Author photo by Chris Yeh

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FEATURES

COMMUNICATION

Good internal communication doesn’t just happen Molly Moseley explains why you need to devote just as much thought to communicating with those inside your organization as you do to communicating with clients

COMMUNICATING WITH clients is a daily discussion by company leaders across the globe. What often doesn’t get as much attention – yet can be equally important to business success – is communication between employees. Good internal communication has countless benefits. It fosters a strong culture, improves collaboration, streamlines results and can even improve morale. In today’s diverse business landscape, creating clear communication channels can help overcome generational, gender and cultural differences to create cohesive teams – and ultimately successful outcomes. Good internal communication doesn’t just happen. It must be deliberate. Consider these five ideas to supercharge your communication efforts.

Build trust with small talk The daily banter around the water cooler is more than just casual

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socialization. Company leaders can better know their employees by participating in idle conversation from time to time. A pleasant greeting and genuine interest about an employee’s interests outside of work can provide amazing insight and bring teams much closer together.

Be mindful Strive to be present and focused when in conversation. Listen more carefully so you can respond more thoughtfully. It’s important to think about who you’re talking to even before your conversation so you feel prepared and can minimize misunderstandings. Respect should be at the heart of all communication.

Invest time in training Communication training is a worthwhile investment. Many nuances of communication are unclear, and specialized training will help all employees

understand each other better while clearly laying out expectations. This is important when onboarding employees, but it’s also valuable from time to time as a refresher for everyone. Cater lunch, incorporate some team exercises and make it fun.

Use modern collaboration tools Most co-workers use legacy methods of communication, which can cause confusion – it’s incredibly easy to misinterpret an email or text. However, emails, phone calls and texts make up 75% of all communications with co-workers, according to market research firm Technalysis Research. Bring teams together with modern communication tools like Skype, Google Hangouts or other video conferencing technologies. Even better, ask teams how they prefer to communicate and adopt the methods that work best.

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Good internal communication has countless benefits. It fosters a strong culture, improves collaboration, streamlines results and can even improve morale Keep the door open for feedback Constructive criticism is important for maintaining effective internal communication plans. Employees should feel comfortable communicating their concerns to their supervisors and HR. Maintain an open-door, no-judgment policy. Develop a process for evaluating any issues and developing solutions. Not only does this help build companywide trust, but it also can provide valuable insight into improving the workplace. Research shows that companies with strong communication are rewarded in many ways. Employees who feel respected through solid, open communication are loyal, engaged and even more innovative. The bottom line: Good communication is good business. Molly Moseley is a marketing strategist and brand evangelist. She serves as part of the cross-functional leadership team at LinkUp in developing, managing and positioning products that capture new market share and expand existing relationships. For more information, visit linkup.com.

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PEOPLE

CAREER PATH

PIONEERING SPIRIT

Carmen Alpaerts has blazed plenty of trails in her career – and she’s not stopping anytime soon Alpaerts’ work ethic showed itself early. The youngest of seven kids, she began baby-sitting at age 10, took a job at a car wash at 14 and had started her own car reconditioning business by 19. “We all contributed to the household. I quit school early, in grade 11. The counsellor told me I had to choose between school and work, and I chose independence.”

1970

GETS AN EARLY START

1977

GETS THE BOOST SHE NEEDS Even after being laughed out of her first office call, Alpaerts was determined to stick with it.

“I drove two blocks and started crying. It had such an impact on me; I thought ‘I can’t quit now!’ All it took was one deal, though, and word got out – it gave me the boost I needed” 1992

RETURNS TO MORTGAGES While still in Toronto, Alpaerts plotted her return to mortgages by taking a correspondence course from UBC. “There was only one course; you had to take that to be a broker. I had to do the exam in London in 1992. I ran into a mortgage broker who was the teacher and knew me from Calgary, and he offered me all of London if I wanted to get into the business.”

2014

RECOGNIZED AS A WOMAN OF INFLUENCE

Being named to CMP’s Women of Influence list was proof for Alpaerts that her approach as a broker was working. “That kind of recognition is very nice – I’ve built a major reputation by being honest, transparent and ethical. My clients are forever. For me, it’s about doing those tough deals no one wanted. I think of it as doing mortgages with love. That’s what I believe in.”

1976

DISCOVERS MORTGAGES Invited to lunch with mortgage brokers who had brought in their Mercedes for detailing, Alpaerts left the meal with a job offer. “They said, ‘We think you’d do well in this business.’ They liked the way I handled the public, my work ethic, how I got along with people. At the lunch I thought, ‘I’d like to be driving one of those Mercedes myself!’”

1980

MOVES TO ONTARIO When a moving company she worked with in her mortgage business approached her with an opportunity, Alpaerts found herself relocating to Ontario – only to find herself missing mortgages. “[The moving company] made me an offer I couldn’t refuse. I won the Gulf Oil account and was the main partner negotiating the big move when they closed down their headquarters in Toronto and moved to Calgary. I missed being a mortgage broker – I started contacting people in the industry to see where I would fit in.”

2002

STRIKES OUT ON HER OWN Alpaerts made the decision to go out on her own, engaging in a bold marketing strategy to reach new clients. “I incorporated, got an accountant and opened up my company, partnered with Mortgage Architects. If a client likes you, they will follow you. I put out a big sign that said, ‘No money? Buy a house!’”

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PEOPLE

OTHER LIFE

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

WATER WORLD Outside of the office, Jerry Schindelheim can most often be found with a paddle in his hands JERRY SCHINDELHEIM’S love of kayaking began on the trip he took to Newfoundland in the late ’90s, when he spent more than two weeks kayaking in the wake of icebergs by day and camping at night, which he describes as “the best vacation I’ve ever had.”

2–3

Days each week that Schindelheim goes out in his kayak

$2,000

Amount Schindelheim spent on the priciest of his four kayaks

Perhaps it was the skills he’d developed during a childhood spent canoeing, but the Ottawa-area mortgage agent took to the sport almost immediately. Upon his return from Newfoundland, picked up his own kayak for $200. In the years since, kayaking has become

a part of life that Schindelheim fits wherever he can: in the hour between dropping the kids at school and arriving at work, between client meetings, and at lunch. “Other people go to the gym during lunch; I kayak,” he says. “My kayak is on the roof of my car the whole summer.”

5

Age at which Schindelheim’s son began kayaking with him

Schindelheim pla ns to build a 17-foot, 20-pou nd skin-on-fra me wood kayak this su mmer

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