CMP 14.07

2018 MORTGAGEBROKERNEWS.CA ISSUE 14.07 | $12.95

YOUNG GUNS 40 of the Canadian mortgage industry’s most promising young superstars

CRASH COURSE FOR NEW AGENTS

A new workshop aims to help agents get started on the right foot

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BACK TO THE FUTURE

CanWise head James Laird on bringing technology to the mortgage industry

REVERSE MORTGAGES 101 Four hidden benefits brokers should be aware of

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Not a fan of surprises?

(We lend consistency).

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ISSUE 14.07

CONTENTS

YOUNG GUNS 2019 SPECIAL REPORT

Meet 40 young professionals who are quickly climbing to the top of the Canadian mortgage industry

22 License # 10172

Unlocking value often requires special keys.

Romspen Investment Corporation is a non-bank mortgage lender specializing in commercial real estate across Canada and the United States. With over $2.7 billion under administration, we offer customized mortgage solutions for term, bridge and construction financing from $5M to $100M.

Blake Cassidy or Pierre Leonard 800 494 0389 | www.romspen.com

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ISSUE 14.07

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

The problem with the current brokerage model

UPFRONT

44 40

10

NEWS ANALYSIS A new workshop hopes to solve the problem of undertrained mortgage agents

PEOPLE

42

BROKER INSIGHT Looking at her brokerage through a business owner’s lens has been Claire Drage’s key to success

CanWise Financial and Ratehub.ca founder James Laird made his mark on the mortgage industry by blending technology with traditional service

FEATURES

12 Alternative lending update

One broker believes the push toward alternative lending is harmful for consumers

Why it’s time to read the fine print on your commission split

PEOPLE 47 Career path

Karen Matthey gets back to her mortgage industry roots

48 Other life

In the groove with guitarist and mortgage agent Andy Jeffery

44

HOW TO DO ONE THING AT A TIME Seven tips for honing your focus in today’s distraction-filled world

2

Does Canada need better legislation to stop money laundering through real estate?

16 Opinion

Often plagued by misconceptions, reverse mortgages have several unheralded benefits for Canadian seniors

18

08 Head to head

Is development in Vancouver starting to infringe on the city’s soul?

THE 4 HIDDEN BENEFITS OF A REVERSE MORTGAGE

INDUSTRY ICON

The prospect of saving for a down payment for decades is making would-be buyers anxious

14 Commercial update

FEATURES

PEOPLE

06 Statistics

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. 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

The brokerage model is broken

O

ne of the most common gripes in the mortgage industry comes from newer agents who don’t believe they have full support from their brokerages. In addition to feeling undertrained, they feel like they’ve been suddenly thrust into the deep end and told to sink or swim.

While there is, without doubt, some truth to their complaints, brokerages also feel short-shrifted by their arrangements with agents. When commission splits heavily favour the agent, brokerages don’t make enough money to reinvest in neophytes. The consequences are either that the unhappy agent jumps ship and finds a new brokerage willing to make the investment – and many brokerages do – or they become the latest in a long procession of erstwhile mortgage agents who just couldn’t hack it.

Meanwhile, brokerage owners tell CMP that the margins in this business aren’t favourable and that they survive on volume, especially in smaller cities and towns.

The line between success and oblivion is often razor thin at the best of times, but in areas where fewer mortgages are originated, brokerage owners must lie awake on many a night. One broker-owner told CMP that if a brokerage only makes 5%

The line between success and oblivion is often razor thin at the best of times, but in areas where fewer mortgages are originated, brokerage owners must lie awake on many a night to 10% off an agent’s commission, it’s hardly reasonable that it be reinvested in the agent’s marketing and training, despite that being the expectation among many new agents.

The current mortgage brokerage business model mirrors the realty brokerage model, but could a third model – that of the insurance brokerage – offer a panacea? Consider that insurance brokerages often split commissions three ways: A third goes to broker compensation, a third goes to brokerage overhead, and the remainder is brokerage profit.

Or perhaps to solution is to pay agents base salaries, which is still inherently risky for the brokerage because there’s no guarantee it will break even on the agent’s production. But, should agents blossom into high producers, both the agent and brokerage win. The agent could conceivably double or triple their salary in commissions and enjoy benefits, vacation time, and paid marketing expenses, while the brokerage no longer has to bear the brunt of a flawed business model.

The team at Canadian Mortgage Professional

www.mortgagebrokernews.ca ISSUE 14.07 EDITORIAL Writers Neil Sharma Joe Rosengarten Libby MacDonald Ephraim Vecina Darren Matte Copy Editor Clare Alexander

CONTRIBUTORS Sarah Colucci Aytekin Tank

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

SALES & MARKETING Associate Publisher Trevor Biggs Vice President, Sales John Mackenzie Global Head of Communications Lisa Narroway 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

neil.sharma@keymedia.com

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, 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 rebecca.pike@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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AT CENTUM,

family always comes first!

With family members across this country, we strive to make sure they are put first! CENTUM is more a of a broker family than a broker network and that is what makes us a little different than the rest! Join the family today!

thecentumnetwork@centum.ca | thecentumnetwork.ca ®/™ Trademarks owned by Centum Financial Group Inc. © 2019 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

Fear of missing out

SAVING AND SAVING AND SAVING …

In 1976, buyers putting 15% of their pre-tax income toward an eventual down payment only had to do so for five years to amass 20% of the cost of the average home. Today, young Canadians are facing the prospect of having to save twice, three times or even five times as long as their parents did in the mid-seventies. Those figures climb even higher in the country’s hottest markets – at current prices, would-be buyers in Metro Vancouver would have to sock away a chunk of their income for 29 years to reach that magic 20%.

Anxiety is high among would-be buyers, who are facing the prospect of saving for decades for a home ASPIRING CANADIAN homebuyers in 2019 face a different world than they did 40+ years ago – in 1976, a buyer only had to spend five years saving 15% of their income in order to accumulate a 20% down payment, according to a recent report by non-profit Generation Squeeze. Today, that timespan has grown by two, three or even six times in the most sought-after markets. That has 68% of

57%

Proportion of Canadians who fear their down payment might be inadequate

$93,400

Full-time salary needed to afford a home at the average price across Canada

buyers in Toronto (along with 60% in Montreal and 58% in Vancouver) feeling anxious that their down payment won’t be adequate for the property they want.

It doesn’t help that earnings have also dropped significantly since the late 1970s.

Based on inflation-adjusted figures, the typical 25- to 34-year-old working full-time is making roughly 10% less than their 1976 counterpart.

$223,000

Amount the average Canadian home price would need to fall to make it affordable*

CANADA

13 YEARS

35%

Percentage of buyers who said they’re willing to sacrifice space to be close to work

*Defined as no more than 30% of pre-tax income at today’s average wage; Source: Genworth Canada/Royal LePage survey, May 2019; “Straddling the Gap,” Generation Squeeze, June 2019;

LIVING IN FEAR

ANXIETY SPIKES IN THE CITIES

Albertans were the most likely to worry that their down payment won’t be enough to get them the house they want, but Ontarians weren’t far behind.

In general, city dwellers are far more anxious than those elsewhere in the province about their down payment holding them back from their ideal property.

Only Calgary bucked the trend; 49% of Cowtown buyers were worried about the size of their down payment, compared to 62% across Alberta.

ARE YOU WORRIED ABOUT MISSING OUT ON A PROPERTY BECAUSE OF AN INSUFFICIENT DOWN PAYMENT?

ARE YOU WORRIED ABOUT MISSING OUT ON A PROPERTY BECAUSE OF AN INSUFFICIENT DOWN PAYMENT?

80% 60% 40%

56%

62%

57%

51%

60%

44%

British Columbia

Alberta

Prairies

Quebec

Ontario (excluding Toronto)

Atlantic Canada

Source: Genworth Canada/Royal LePage survey, May 2019

6

60%

Montreal

20% 0%

68%

Toronto

58%

Vancouver

49%

Calgary 0%

20%

40%

60%

80%

Source: Genworth Canada/Royal LePage survey, May 2019

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NS YEARS NEEDED TO SAVE A 20% DOWN PAYMENT

7

PEI

6

SK

7 AB

NL

8

6

MB

8

BC

NB

5

19

QC

ON

9

15

Source: “Straddling the Gap,” Generation Squeeze, June 2019

DECADES OF SAVING AHEAD

THE WAGE EQUATION

Putting down 20% on an average house in the nation’s most sought-after cities would require buyers to spend a decade or more saving 15% of their income. In Toronto, would-be buyers are faced with the prospect of saving for 21 years, while Vancouver residents would have to save for nearly 30.

With no change in house prices, the average wage across Canada would have to almost double to make housing affordable (i.e. no more than 30% of pre-tax income).

KITCHENER CALGARY

10

HAMILTON

14

12

METRO VANCOUVER

29

KELOWNA

GTA

13

21 10

Typical earnings for a 25- to 34-year-old

Earnings needed to make housing affordable at current prices

ONTARIO ALBERTA

MONTREAL OTTAWA

QUEBEC

11

VICTORIA

17

BRITISH COLUMBIA CANADA $0

Source: “Straddling the Gap,” Generation Squeeze, June 2019

$20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 Source: “Straddling the Gap,” Generation Squeeze, June 2019

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UPFRONT

HEAD TO HEAD

Is anti-money-laundering legislation necessary?

Canadian real estate is a prime vehicle for money laundering – but is legislation the answer to the problem?

Dwight Trafford Owner Rock Capital Investments

Hernan Parada Co-owner and principal broker The Mortgage Professionals

Bill Nugent Mortgage broker/owner Neighbourhood Dominion Lending Centres

“Money laundering through real estate is estimated to be worth over $50 billion annually; some estimates put it at over $100 billion. These numbers dramatically affect the cost of homeownership for Canadians in the targeted areas.

We all expect to pay more in Vancouver and Toronto, but if housing prices are artificially high due to money laundering, legislation would be welcomed.

It is well-known internationally that Canada is a hot spot for this activity. A public registry of beneficial ownership is on the horizon, but our laws need to change to combat the effect on Canadians’ ability to purchase.”

“Money laundering is a reality in the real estate and mortgage industries, and legislation is therefore absolutely a requirement. As we dig deeper into Canadian real estate data, we are beginning to see increased trends of money laundering, especially in BC and the GTA. If legislation is weak or nonexistent and crimes go unpunished, then Canada could become a haven for money laundering. This could have long-lasting negative effects on Canadian real estate markets, leading to inflated prices and making homeownership unaffordable for law-abiding Canadians.”

“I do not believe that we need more legislation to prevent money laundering in the housing industry. We presently have FINTRAC, the country’s financial intelligence unit, to trace the origin of money given to Realtors as down payments on properties, and financial institutions are tracking the funds that are given to the seller in the form of money drafts or certified cheques to complete purchases.

What might be needed is greater enforcement on the part of the government – i.e. inspections of financial institutions to ensure that they are following the rules that stipulate establishing the origin of the funds.”

CLEANING DIRTY MONEY Money laundering has contributed to at least a 5% uptick in the cost of buying property in British Columbia last year alone, according to a report released in May by a panel led by former BC deputy attorney Maureen Maloney. The report revealed that $5 billion was laundered via real estate in the province in 2018 – 72% of the estimated $7.5 billion laundered in total in BC – but it also pointed out that money laundering activity in Alberta, Ontario, Saskatchewan and Manitoba outstrips what’s happening in British Columbia. The nationwide total, according to the panel, likely tops $40 billion. “Everybody thinks it’s a BC problem,” Maloney said. “It really is a Canada-wide issue that has to be dealt with.”

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UPFRONT

NEWS ANALYSIS

New agents, old complaints It’s common for those new to the industry to feel undertrained, but brokerages say they can’t be expected to shoulder all the blame. That’s inspired one industry veteran to offer a solution

MORTGAGE AGENTS new to the industry often complain that their brokerages don’t endow them with the support necessary to succeed, including training.

One agent who spoke to CMP on the condition of anonymity feels that brokerages don’t deliver on their promises to newcomers.

“I’ve talked to other newer agents who have voiced the same thing; a lot of them feel there’s a lack of support,” the agent says. “Mortgages are unique to each individual, and there needs to be proper training on how to navigate these waters. Nobody is asking to have their hand held, but for an agent to fully grasp what the job entails, there needs to be more support.”

Further distressing the agent is the trad-

Instead of them turning around and investing in you, it feels like you just hand them money without receiving anything adequate in return.”

Instead, the agent suggested, brokerages should give newcomers “as much training as you think it will take to represent your company exceptionally, because every agent is a representation of your company. You can’t hire en masse, hoping that only some will stick. No one fosters new agents; everyone just fights for deals.”

However, it’s not as simple as brokerages choosing not to invest in their new agents because they view them as afterthoughts. Gord McCallum, founder, president and CEO of Edmonton-based First Foundation, notes that most brokerages have commission splits that

“We give away 90% to 95% of the commission … and then agents expect software and marketing investments, training, compliance, and payroll” Gord McCallum, First Foundation itional brokerage model, which puts an undue financial burden on new agents. “It’s hard when you have to pay the brokerages every month.

Even when you don’t make money, you have to pay a ‘desk fee’ or ‘accommodation fee.’

10

are more favourable to the agents – even new, inexperienced ones – than the brokerage.

“As mortgage brokerages, we give away 90% to 95% of the commission before we even incur expenses, and then agents expect software and

marketing investments, training, compliance, and payroll,” McCallum says. “That’s coming off the 5% or 10% we have left as a brokerage.

Our gross margins are out of whack and so poor to start, and that’s why you see so much consolidation now. The only way the economics work is if you scale massively.”

Until the brokerage model evolves into one wherein both parties meet in the middle, a recently launched workshop aimed at neophytes could go a long way toward helping newer agents become acclimated with the brass tacks of mortgage funding. Launched in March and run by veteran agent Camille Robotham, the Mortgage Agent’s Guide to Underwriting workshop, which is accompanied by a workbook, was inspired by the countless questions Robotham has fielded from new agents in her 18-year career.

“The overall understanding of what lenders are looking for is problematic in the industry, especially for newer agents,” says Robotham,

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WHAT’S COVERED IN THE MORTGAGE AGENT’S GUIDE TO UNDERWRITING Intake/information-gathering

Data entry

Analyzing, placing, submitting and fulfilling a deal

Compliance documents

Appraisals

Lender conditions

an agent with Mortgages of Canada. “A lot of new agents are overwhelmed and flustered; they don’t know where to start. They often come to me with their new clients and say, ‘I don’t even know what questions to ask them.’ Whether a refinance or purchase, I’ll go over their deals

Robotham’s workshop covers everything from packaging deals for A, B and C lenders to the minutiae of pulling credit bureau information, how to order and review appraisals, how to fulfill lender conditions and compliance documents, and much more.

“The overall understanding of what lenders are looking for is problematic in the industry, especially for newer agents” Camille Robotham, Mortgages of Canada with them and tell them which questions they should ask, as well as which documents to ask for. When you know where to start and know what to ask, you develop confidence, which is something the client notices.”

As a former underwriter, Robotham can attest to the importance of getting submissions right the first time. “[Underwriters] don’t have time to piece together what you’re trying to say or what the

client is trying to do,” she says. “Underwriters don’t like to say it, but when you develop a reputation and they see your name on deals, they have already formulated what they’re doing with the deal and whether they’re going to over-condition it and whether they’re even going to look at it. You don’t want to have a negative reputation with an underwriter.”

Conversely, agents with exceptional reputations tend to get the breaks. Jelani Daniel, a mortgage agent who entered the industry in January, says Robotham’s workshop has helped him stay on the right side of that divide by providing a template to help him prepare submissions correctly.

“Before we even go to battle, we have to have taken all the necessary steps, which makes the relationship easier because there isn’t a lot of back and forth, which could potentially cause you to lose a deal because you might look unorganized,” Daniel says. “When you do a deal, nobody has been paid yet, so you want to be respectful of someone’s time by doing your due diligence and giving them what they expect, not what you imagine they’re asking for.”

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UPFRONT

ALTERNATIVE LENDING UPDATE NEWS BRIEFS Equitable Bank sees strong first quarter due to alt lending

In the first quarter of 2019, Equitable Bank achieved its highest market share so far in the Canadian lending space, fuelled by significant growth in its alternative mortgage business.

According to recent Bank of Canada data, the bank claimed a 6.3% share of the market in Q1 2019. During the quarter, “alternative and prime singlefamily mortgages grew 15% and 48%, respectively,” Equitable Bank CEO Andrew Moor said. The bank’s strong Q1 results came in the wake of a year of exceptional growth; Equitable Bank’s market presence increased by 1.9% in the 12 months to March 2019.

Romspen posts strong year-over-year growth

According to reports released in midJune, Toronto-based non-bank lender Romspen saw its net investment portfolio grow by 27% in 2018 to reach $2.6 billion.

Net earnings also rose by 62% to end the year at $185 million. Revenues for the year totalled $229 million, significantly above the $161 million seen in 2017. The lender attributed much of the growth to its considerably larger mortgage portfolio, which allowed Romspen to achieve a 7.5% net yield for investors, despite a year of “negative returns across most asset classes.”

RFA’s purchase of Street Capital a boon for the broker channel

Real estate investment firm RFA Capital has announced plans to acquire mortgage lender Street Capital Group in a deal worth approximately $85 million.

According to RFA, the move will give Street Capital access to an additional $5 billion worth of new mortgage funding. Brokers lauded the purchase as

a potential boon for the channel. “[RFA] can do things that Street could not,” said Ron Butler of Butler Mortgage. “They can do commercial mortgages, which is something Street wasn’t involved in.”

XMC Mortgage Corp. unveils student housing solution

Student housing has long been in high demand and short supply, which led alternative lender XMC Mortgage Corporation to launch a student housing program – a loan of up to $500,000 on a 30-year amortization with up to 70% LTV – to allow parents to buy second properties for their children to live in while in school, which they can either sell afterwards or retain as a rental property. “The primary goal here is to help parents and their children,” said XMC managing director Derek Serra. “Needs could evolve down the road, but we’re assuming there will be a scenario in which the property is rented out afterwards, or another scenario where it’s sold to another parent.”

Canada’s mortgage debt swelling despite muted growth

Canada’s total mortgage debt reached a new record high of $1.56 trillion in May, but the annual mortgage growth rate was among the lowest for that month in nearly three decades. According to the Bank of Canada, the country’s overall mortgage debt balance grew by 3.64% year-over-year. That figure was 22.2% weaker than the annual growth seen during May 2018 and the second slowest annual rate of growth for any May in 29 years. “There are a few signs mortgage growth may have bottomed, pending no external pressure,” real estate blog Better Dwelling said in its analysis of the BoC figures. “However, the traditional busy season for real estate sales has mostly passed. That could damper the current momentum.”

Taking on too much risk?

According to one broker, the B-20-led push toward alternative lending is more harmful than helpful for consumers The B-20 policy regime is producing the exact opposite result of its intentions, according to one broker. In a recent commentary on DLC’s blog, Quebec-based broker Terry Kilakos argued that the current regulatory environment is putting a growing proportion of Canadians at risk of predatory lending tactics.

Kilakos cited a recent survey by CIBC, which found that in terms of dollar volume, alternative mortgages now represent around 7% of the market – a noticeable increase from the sector’s 5% share just two short years ago.

The CIBC data also revealed that in Ontario, private lenders accounted for around 12% of the province’s new mortgages last year, up from 10% in 2017 and 8% in 2016. The proportion was even larger in the GTA, at around 15% of transactions.

“By pushing people to the alternative lending market, [consumers] are being pushed away from the safe harbour of high-quality lenders and into a less regulated and higher-interest area of the market,” Kilakos wrote. “What’s happened is the new rules, particularly the stress testing, have begun excluding many responsible Canadian homeowners who had previously qualified for mortgages, so many are unfortunately trying their luck with alternative lenders, either to handle their entire mortgage … or to top up a down payment.”

In doing so, Kilakos argued, borrowers are opening themselves up to higher interest rates and fees, along with potentially unsavoury terms and conditions.

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“Regulation is looser in the alternative market, so by letting debt-to-income ratios climb much higher, it makes it easier for people to qualify for a mortgage,” he wrote. “The catch is that by letting those ratios go higher, the homeowners are taking on more risk. And more risk means lenders need to get something from consumers to make it worth their while.

So they’ll charge higher interest rates. They’ll tack on fees. They’ll add clauses to your mortgage that make it difficult – and costly – to refinance or get out of your mortgage.”

“The catch is that by letting [debt-to-income] ratios go higher, homeowners are taking on more risk” Ultimately, while the growing popularity of alternative and private mortgage options indicates a demand that must be met one way or another, Kilakos believes that sidestepping the stress test presents long-term dangers.

“Someone who’s been denied a mortgage offered by a large bank or another first-tier lender and has been able to find a mortgage elsewhere may be relieved to be in their new home,” he wrote. “But they’re sitting on a growing pile of toxic debt.”

Q&A

SHANNON HILLMAN President BLUESHORE PACIFICA ALTERNATIVE MORTGAGE CENTRE

Years in the industry 25 Fast fact Outside of her responsibilities at BlueShore Pacifica, Hillman loves hockey and spending time with her three children

Onward and upward How has BlueShore Pacifica been doing so far this year?

We found the early part of the year challenging, but at this point, we are back on budget to reach our 2019 targets. We had a record May. This trend should put us at total funding since inception in 2015 of more than $750 million.

What do you attribute the May spike to?

A number of things, including an increase in the number of transactions in the residential real estate market during the month; the addition of new staff, including a BDM and a new underwriter; and new products to meet the market demands in the nontraditional and MIC space.

How have the B-20 changes affected your market?

We have indirectly seen an uptick in what would normally have been bankable deals coming through our alternative channels. In general, government intervention and policy changes in the real estate market have caused uncertainty and volatility.

What are the biggest challenges for brokers today?

One of the biggest challenges they face is managing borrower expectations with respect to loan amount and the price of alternative financing. Borrowers who may have qualified for a bank mortgage a year ago, and self-employed, new immigrants and non-residents are having to move to the alternative channel. Our challenge is to educate the brokers on the products available and help find exit strategies that work for the borrowers.

We give brokers access to two exceptional alternative mortgage products: Blueshore Financial’s non-traditional portfolio and Pacifica Mortgage Investment Corporation. Blueshore Financial is British Columbia’s fourth largest credit union. We have a wide selection of mortgage products available there – and if borrowers do not qualify for the BlueShore products, we are able to offer Pacifica Mortgage Investment Corporation, one of British Columbia’s premiere mortgage investment funds.

What do you bring to the table that helps magnetize brokers to your services?

Being able to offer two distinct mortgage options with one email, along with quick funding, highly competitive loan terms/pricing and exceptional service. As well, we are local, so we understand the current real estate environment and can work with brokers to get them the best option possible for their clients.

What accomplishment are you most proud of?

Since being established in 2015, people are already recognizing us as one of the premier alternative mortgage lenders in the market.

We are on track to fund $750 million, and our goal is to fund over $1 billion by 2020.

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UPFRONT

COMMERCIAL UPDATE

Vancouver development coming at a steep cost Newly built commercial and industrial space is cutting into the city’s cultural heart

“Smaller tenants like artists and community services can no longer afford to keep their Strathcona roots, and the artist’s community is not immune to that,” Lamb said. “It’s losing what feeds the community.”

Michael Gordon, a former senior planner for the City of Vancouver, agreed that the vigorous pace of industrial development has made space for independent artists scarce, adding that “they really can’t afford to be in areas where condos are being sold.”

“Real estate developers don’t understand the significance of these spaces”

Metro Vancouver’s urban enclaves are attracting significant investment volumes, according to a recent analysis by Avison Young, which pinpointed large shopping centres situated near existing public transport routes as the top draw.

“As land prices have risen and the availability of development sites declined, investor interest has grown exponentially in the redevelopment of typical low-rise shopping centres and the adjacent surface parking lots,” Avison Young’s report said. “Metro Vancouver and its constituent

NEWS BRIEFS

municipalities have encouraged developers to build along transit corridors and allowed higher densities at development sites that had long been established as commercial retail nodes.”

However, new developments are also encroaching into cultural spaces formerly dedicated to young artists and marginalized communities. Strathcona Business Improvement Association executive director Theodora Lamb described the situation as swiftly approaching “crisis levels.”

Toronto poised for prolonged profitability

Toronto’s status as a leading business destination should further drive its flourishing commercial property market. An analysis by Startup Genome found that as of 2018, Toronto is one of North America’s largest financial services hubs, playing host to 12,000 firms. Recent data from Colliers International showed that around 9.4 million square feet worth of new office projects is currently being developed in the GTA, largely fuelled by red-hot demand from tech-related firms. At present, the market’s office vacancy rate is around 1%.

For example, developer Low Tide Properties has rapidly purchased assets in East Vancouver over the past few years in pursuit of its goal to invest in “emerging neighbourhoods” and own $1.5 billion in real estate in the city by 2026.

Among these acquisitions is an industrial space at 1305 Powell Street, which is being shared by two arts venues called Merge and Index. The space is now being ‘renovicted’ by Low Tide.

“I think more than any space shutting down, this one is where the community is most affected by it,” said Betty Mulat, co-founder of the Nuzi collective, which focuses on the city’s black and queer communities. “These real estate developers don’t understand the significance of these spaces. These spaces give people purpose.

They give people meaning in their lives.”

Montreal a hot spot for skilled talent and wealthy investors

Montreal’s four top-rated universities and highly developed tech scene are attracting skilled residents and wealthy investors, setting up the city’s commercial property sector for sustained success, according to Devencore CEO Jean Laurin. In recent years, demand for office space in Montreal has been driven by the tech sector, and large-scale infrastructure projects should stimulate further construction. “Whenever you touch the infrastructure of a city, that by itself triggers development activity,” Laurin said.

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16/07/2019 3:58:49 AM

Q&A

Rena Malkah President and principal broker CYR FUNDING

Years in the industry 45 Fast fact Malkah served as the first female president of the Ontario Mortgage Broker’s Association in 1984

A guiding hand in an active market How has CYR Funding’s commercial business been so far this year?

So far, it’s been quite busy. People continue buying commercial properties, including plazas, apartment buildings, office buildings and commercial/residential condos. We also have a lot of financing for land, construction and commercial.

We have very good rates this year, even beating our clients’ own banks with low amounts and interest rates. Right now, we’re doing apartment buildings insured at 2.5% interest for 10 years. Plazas, if they’re good, hover between 3.5% and 4.5% interest. To compare, apartment buildings with the CMHC go for around 3.5%. We’re also doing a lot of private deals when the clients don’t meet the banks’ commercial requirements.

What significant challenges are your clients encountering?

The main difficulty is that the financial institutions are much more stringent these days regarding clients’ credit, net worth and experience. Those who are building their first condo buildings, for instance, are definitely not getting funding from the banks.

How do you help clients navigate these market realities?

We have more than 2,000 sources of private funds, so if a deal makes sense on an equity or cash-flow basis, we can usually provide funding if the banks refuse the transaction.

GTA vacancy rate lowest in North America

The Greater Toronto Area’s commercial sector is seeing some of the lowest vacancy rates in North America, according to a new market analysis by Marcus & Millichap. Net absorption is expected to approach 5 million square feet this year, pulling down the vacancy rate to 4.4%. “This has contributed to rent growth that has outperformed the national rate, rising almost 26% over the past five years,” the report said. “Another year of exceptional space demand will compress the market vacancy rate to its lowest point of the cycle.”

What commercial trends would you advise mortgage professionals and their clients to keep an eye on?

As far as commercial goes, there is growing risk in the retail sector because more and more people are shopping online, and retail outlets have scaled down their physical presence as a result. Plazas are definitely something the industrial sector needs to be concerned about.

If you’re buying an industrial property for your own use, though – say, an industrial building because you’re in the manufacturing business and you need warehousing or something in that vein – you shouldn’t be too concerned at present as long as you can cover all the payments.

Other things that people should look out for are environmental issues. The proper environmental reports should be secured if there’s any contamination. Also, brokers should not forget to include conditions in operative purchases that indicate that if there are any problems, the seller should be responsible for those.

What’s your advice for those who are looking to invest in the commercial market?

In the GTA or southern Ontario, I think it remains a good, strong market because we have a lot of people integrating here.

Also, the unemployment level is the lowest it’s ever been in around 40 years. More people now have stable jobs and can afford to buy property.

Vancouver’s commercial market largely sluggish

Aside from offices, investment in Vancouver commercial property has been consistently weak so far in 2019, according to Altus Group. In the first quarter of the year, 322 commercial sales took place, which marked the lowest level in several years, as well as a 49% decline from the same time last year. “The lowest transaction volume since Q1 2013 is reflective of the gap between vendor and purchaser price expectations and the lack of product, and has resulted in decreased market activity,” said Altus Group’s Paul Richter.

Edmonton’s prospects good for rest of 2019

In Edmonton, swift employment growth and steady economic recovery are drawing in more companies, according to Marcus & Millichap. This has led to a 1.6% boost in asking rents. “After falling 1.2% in 2018, rent growth returns to a positive trajectory, increasing the average asking rate to $30.46 per square foot,” the firm’s report said. In addition, the city should see the completion of around 1.2 million square feet of office space by the end of 2019, including the 800,000-square-foot Stantec Tower.

www.mortgagebrokernews.ca

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16/07/2019 3:58:52 AM

UPFRONT

OPINION

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

Are you being taken advantage of?

If you haven’t read the fine print, you might be getting shortchanged on your commission split and fees, writes Sarah Colucci IT MIGHT surprise you to learn that some of the top earners in this industry, who make up a large part of their own mortgage brokerage’s volume, have been losing thousands of dollars each year in otherwise earned commissions.

Over my career, I have learned that commission splits are genuinely dependent on what mortgage brokerages want to disclose to their agents about what lenders pay them.

As an agent, you might receive correspondence directly from the lender about what they are paying you on each completed mortgage transaction. What lenders often don’t advertise to agents is any other commissions they are paying the brokerage on the same deal.

Back-end commission models, and even some types of volume bonuses, don’t get paid to every agent. As a result, the commission split an agent thinks he or she has in place could be completely inaccurate.

For example, a well-known lender pays most brokerages 70 basis points on a specific mortgage transaction. However, most brokerages I’ve looked into only advertise the lender paying 50 basis points. Since the agents have no idea that the brokerage is earning an additional 20 basis points off the same deal, they think their split is right. However, the agent is earning less money than they think.

If the agent has a 90/10 split, for example, and believes their brokerage is getting 50 basis points only, then on a $500,000 mortgage, that 90/10 split is really a 79/21. The

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brokerage made an additional $900 (or 20 basis points) off the same deal, and they didn’t tell the agent.

It’s my understanding that the ‘total commission’ a brokerage receives gets negotiated by way of a split, but the definition of ‘total commission’ is a grey area – especially if agents don’t know about any other deals their brokerage has set up with the lenders

has a fully functioning site will tell you that ranking higher in Google search engines and retaining business from the web always entails some search engine optimization, branding and marketing. None of the brokerages that charge monthly fees for websites offer any service remotely close to this. What they offer is discount web hosting and an illusion that the agent is getting a slice of value in exchange for their mandatory monthly payment. There is no upkeep, no maintenance, no effort.

That’s what you get when you have a brandless website – and beware, that’s what you could be communicating to potential clients.

Mortgage origination is becoming automated, and big banks are spending millions on their web presence. No mortgage professional can afford to have a less than fantastic website. Could their money be better spent elsewhere? Yes. Customer relationship management systems – another justification for the monthly marketing fee – often go unused for the same reason as the generic website.

Services such as Salesforce require constant upkeep, customization and personal branding. No CRM program included with a mandatory monthly fee could compete.

“What [marketing fees] offer is an illusion that the agent is getting a slice of value in exchange for their mandatory monthly payment” independently. It’s becoming necessary for agents to take the time to probe more deeply into their commission splits and ask their brokerages about any other side deals they may have negotiated with lenders that could prevent them from earning more.

Marketing fees are another pet peeve of mine, mainly because they are a rip-off. Why do brokerages impose a marketing fee that includes a generic website and a crappy CRM system that most agents don’t use? Even if it did offer a hint of value, why is it mandatory? Could it be that it’s just another revenue stream that makes the brokerage millions at the expense of the agent?

When it comes to websites, anyone who

Monthly marketing fees are a hoax because they masquerade as a value-add to help agents get business, but in reality, they are empty shells for agents and treasures for brokerages.

It’s easy to not pay attention to everything going on around us, especially when we are busy closing deals and trying to retain new business, but we must look closely at every dollar spent. A small oversight can cost us big money.

Sarah Colucci is a mortgage agent with Mortgage Edge. She has generated most of her business via her own social media marketing, winning the firm’s Social Media Excellence Award twice.

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2019-07-09 1:28 PM 16/07/2019 3:59:18 AM

PEOPLE

INDUSTRY ICON

TECHNOLOGY MEETS TRADITION CanWise Financial head James Laird is driving change in the mortgage industry by combining technology with good old-fashioned service

A CAREER at PricewaterhouseCoopers isn’t anything to scoff at, but after receiving an offer of employment from the massive global accounting firm, James Laird instead decided to try his hand at entrepreneurship.

“I had run College Pro Painters franchises throughout my time at university, and it gave me a taste of being an entrepreneur,” he says.

“I was going down the path to becoming a chartered accountant at university, but I was making more money painting in the summer than my initial salary was going to be with PwC. I decided to defer my offer so I could try and find something more entrepreneurial to do.”

Laird’s first major venture was buying an Oxford Learning Centre with a partner, but the mortgage industry soon called. After doing his research, Laird bought into Calgary-based True North Mortgage, which he helped grow to more than a billion dollars in annual volume and from a single office into eight throughout Western and Central Canada.

“I liked how the mortgage industry affects almost every Canadian and is also a multibillion-dollar industry, so I made the deal to buy into True North and expand it into Ontario and Quebec,” Laird says. “The other thing that happened was that True North became the first

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customer of RateSupermarket, which was the first rate comparison site in Canada. We were very successful at turning online leads into closed mortgage transactions. To me, it was obvious that consumer behaviour was changing and that Canadians were looking for more financial resources online, but there was only one rate comparison site operating in the country.”

with Alyssa Furtado, has become one of the industry’s biggest success stories of the past decade. The site is an immovable fixture on the Technology Fast 50 list of the fastest-growing tech companies in Canada; it was most recently listed at 37th. The growth has attracted outside capital, too: In 2017, Ratehub raised $12 million from a US-based growth equity firm.

“[In 2010], there was only one rate comparison site in Canada, and consumer behaviour was changing. Consumers were educating themselves online, but there were very few opportunities for them in Canada” Tech support Laird’s understanding of consumer behaviour is the foundation upon which he’s built his success. In realizing that Canadians have wholeheartedly embraced technology, Laird has upended the mortgage industry and, in the process, become the face of its vanguard.

Ratehub.ca, which Laird founded in 2010

“There was only one rate comparison site in Canada, and consumer behaviour was changing,” Laird says. “Consumers were educating themselves online, but there were very few opportunities for them in Canada. When I looked at the US and UK, they had rate comparison sites operating there that were worth billions of dollars, yet we had very little of that here in Canada.”

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PROFILE Name: James Laird Title: President and co-founder Company: CanWise Financial and Ratehub.ca Based in: Toronto Years in the industry: 11 Career highlight: “Winning Mortgage Brokerage of the Year (25 Employees or More) at the Canadian Mortgage Awards in back-to-back years.”

Career lowlight: “The financial crisis occurred and the industry hit a rough patch, and I questioned whether this was a good industry to enter. It was my dad who talked me through that one.”

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16/07/2019 3:59:48 AM

PEOPLE

INDUSTRY ICON

Ratehub.ca encompasses more than just mortgages; it’s also the go-to site for insurance rates, banking, credit cards and investing. On the heels of the site’s success, Laird realized that the same principle was applicable to mortgage brokerages, so in 2014, he founded CanWise Financial, a brokerage with nary a storefront.

“The core of the True North model was to attract business through storefront locations in busy downtown areas, which is a reasonable model, but as time went on, it became apparent to me that Canadians were doing their mortgage research online, and fewer and fewer were interested in meeting in person,” Laird says.

“More consumers were comfortable getting

Brokerage of the Year (25 Employees or More) back-to-back in 2018 and 2019.

“We’ve grown 50% to 100% every year since we opened CanWise from a mortgage volume perspective, number of transactions and the size of our team,” Laird says. “Every measure of the business has been growing at 50% to 100% each year, and five years out, we have a team I’m really proud of, including my VPs, Bryan, Matt and Phil, who operate our three offices.”

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2009 Buys into Calgary-based True North Mortgage

2010 Co-founds Ratehub.ca

The way forward For Laird, that’s still not enough. A born entrepreneur, his pulse remains firmly on the consumer market. Moreover, his philosophy is predicated

“You have to continue thinking about how the Canadian consumer wants to get their mortgage and always be willing to change with the times” their mortgage by phone and email, and you don’t need a storefront to do that. That’s why CanWise doesn’t have any storefronts. The idea is you find us online, where you can complete your full application, and you will have an experienced mortgage agent to walk you through the process and provide advice.”

CanWise Financial has proven to be yet another stroke of brilliance on Laird’s part.

The brokerage enjoys astronomical year-overyear growth and, as a digital entity, has developed a reputation among the public for quick response times and great rates. That’s allowed the brokerage, in just a few short years, to generate nearly $5 billion in total mortgage volume, including $1.5 billion across 4,600 units in 2018.

CanWise has been so successful, in fact, that it has become a staple at the Canadian Mortgage Awards. After winning the award for Best Newcomer Mortgage Brokerage in 2017, it won

JAMES LAIRD’S CAREER HIGHLIGHTS

on the marriage of technology with traditional customer service, ensuring that all parties to the transaction come out on top.

“You have to continue thinking about how the Canadian consumer wants to get their mortgage and always be willing to change with the times,” he says. “What that means today is providing consumers efficient technology but remaining cognizant that, with something as important as a mortgage, they also demand speaking with a full-service agent who’s experienced and knowledgeable.

“Marrying these two together is what Canadians are looking for in 2019,” he adds, “and, going forward, technology will continue to make getting a mortgage more efficient for all parties involved, from the mortgage agent to the lender and finally the consumer. There will always be a role – a demand, in fact – for a mortgage professional to guide the client to the finish line.”

2014 Starts CanWise Financial

2017 CanWise wins Best Newcomer Mortgage Brokerage at the Canadian Mortgage Awards

2018 and 2019 CanWise wins Brokerage of the Year (25 Employees or More) at the CMAs

www.mortgagebrokernews.ca

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16/07/2019 3:59:48 AM

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16/07/2019 3:59:53 AM

SPECIAL REPORT

YOUNG GUNS 2019

YOUNG 2019 GUNS

CMP talked to 40 of the industry’s young superstars to find out the biggest challenges they face and their views on success WHAT MAKES a mortgage professional a Young Gun? It is their contributions to the industry, the volume of loans they’ve funded, their innovations, the leadership roles they’ve taken on, the awards they’ve won? The answer is all of the above – and then some.

CMP’s 2019 Young Guns list aims to offer a snapshot of the most promising industry professionals under the age of 35.

While each of this year’s Young Guns has their own reasons for entering the industry, some common trends emerged. Many followed a family member into the field, got their start at a bank or were attracted to the broker channel’s prospects of a positive worklife balance. All of this year’s Young Guns are also acutely aware of the many challenges the industry is facing, from lending restrictions to rapid technological advancement.

Despite these challenges, the number of nominations for this year’s list, and the accomplishments of the 40 superstars who made the final cut, make it clear that the future of the Canadian mortgage industry is in good hands.

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YOUNG GUNS 2019 INDEX NAME

COMPANY

PAGE

Matthew Ablakan

Millennial's Choice Mortgages

34

Hashem Aboulhosn

Lendesk Technologies

30

Jason Anbara

Mortgage Alliance

30

Chase Belair

Nesto

25

Christine Buemann

DLC Canadian Mortgage Experts

26

Rebecca Casey

DLC Origin

36

Sarah Collins

Mortgage Intelligence

38

Samantha Comito

Verico Outline Financial

38

Josh Dumencu

Neighbourhood Dominion Lending Centres

33

NAME

COMPANY

PAGE

Steve Dyment

Verico Xeva Mortgage

39

Joseph Fooks

JV Capital and Mortgage Automator

31

Jason Geall

Corwin Mortgage Capital

28

Matthew Gottfried

Invis

35

Alan Harder

Tango Financial

23

Cole Hennig

Plan B Mortgage Services

24

Danielle Hill

Neighbourhood Dominion Lending Centres

29

Victor Ho

DLC Elite Lending Corp.

39

Dillan Kelly

DLC Mortgage Excellence

28

Emily Kiparisas

Mortgage Savvy

27

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ALAN HARDER Founding partner and vice-president of marketing TANGO FINANCIAL Age: 33 Years in the industry: 6

NAME

COMPANY

PAGE

Remi Korent

Rock Solid Mortgages, Quantus Mortgage Solutions

37

Jessica Labonte

Verico Xeva Mortgage

Ryan Lambert

As the founder of LenderSpotlight, Alan Harder helped changed the landscape for brokers in Canada. “When the B-20 rules were introduced, I saw an opportunity for us to build a tool to help mortgage brokers keep track of rate changes,” he says.

“We’ve since built LenderSpotlight into one of the most used tools in the Canadian mortgage industry with over 8,000 users.”

Getting to that point has been many years in the making for Harder. After earning his degree in accounting, he got into the mortgage industry, looking for a way to succeed as an entrepreneur.

He started as a broker for a small team before joining MortgagePal, where he hit it off with founder Jason Henneberry.

After working together to launch several products and services and merging with other brokerages, Harder and Henneberry formed Tango Financial.

Harder continues to innovate, recently launching MortgageMarketing.org, a step-by-step online course that teaches mortgage professionals how to build a six-figure business.

NAME

COMPANY

PAGE

Jill Moellering

Mortgage Architects

32

Carl Pereira

DLC The Westlake Team

34

32

Brad Plummer

DLC The Mortgage Source

24

FCT

38

Konstantin Polyakov

Centum The Pocket Mortgage

34

Chanele Langevin

DLC HT Mortgage Group

25

Inam Qureshi

Syndicate Lending Corporation

28

Alex Lavender

Centum Home Lenders

23

Luke Robinson

iBridge Capital

25

Brandon Lowi

The Mortgage Professionals

26

Christianne Saab

Mortgage Alliance Commercial and MultiPrets Commercial

26

Robert Malcolm

Equitable Bank

37

Jeff Sampson

Centum Financial Group

30

Laura Martin

Matrix Mortgage Global

33

Vincent Tong

DLC Clear Trust Mortgages

39

Lee-Ann McEllister

MCAP

32

Brennan Trenouth

Home Trust

24

Jon McKay

DLC Mortgage House

36

Norris Yu

DLC Elite Lending Corp.

36

ALEX LAVENDER Mortgage advisor CENTUM HOME LENDERS Age: 28 Years in the industry: 3

Having grown up in the restaurant industry, Alex Lavender was happy with the life he was carving out in the hospitality business – until he went to get a loan to purchase a rental property and was declined. After being offered no guidance, he took it upon himself to learn everything he could about mortgages, taking the mortgage broker’s course and eventually amassing enough knowledge to broker his own real estate deals.

That’s when he realized there was an opportunity in the space.

“The mortgage industry was the perfect fit for me,” he says. “I love problem-solving with numbers and finding solutions to complex problems that others can’t. It is very gratifying helping clients get approved who have been declined everywhere else and assisting them when they are in a time of need. That sense of accomplishment truly drives me.”

Lavender’s success has been duly rewarded: He was named Centum’s New Agent Entrepreneur of the Year for 2018 and reached Optimus Gold status in his second year as a broker.

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16/07/2019 4:00:23 AM

SPECIAL REPORT

YOUNG GUNS 2019

COLE HENNIG President PLAN B MORTGAGE SERVICES Age: 28 Years in the industry: 5

BRAD PLUMMER Mortgage broker DLC THE MORTGAGE SOURCE Age: 34 Years in the industry: 6

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Named Young Gun of the Year at the 2019 Canadian Mortgage Awards, Cole Hennig is making his third appearance on the CMP Young Guns list. The president of Plan B Mortgage Services, Hennig spent nearly four years in DLC’s Visa department prior to taking on his current role, where he was able to gain considerable knowledge from all of the individuals in the broker network’s head office.

“Being surrounded by so many accomplished individuals and being able to grow and develop skills with their guidance really helped to show me how fulfilling the brokering industry can be,” he says.

Being named Young Gun of the Year was definitely a career highlight for Hennig, who describes it as “probably my proudest professional achievement ... Winning was fantastic, but even just being a finalist with so many industry rock stars was very rewarding.”

Brad Plummer has been leveraging his mortgage experience to mentor his fellow agents at The Mortgage Source for the past several years. In addition to holding weekly webinars for his colleagues, he occasionally speaks at conferences and other industry-related events. Plummer also constructed a Mortgage Protection Plan training course to further aid his team’s sales. After just six years in the industry, Plummer has already received multiple recognitions from his brokerage.

In 2017, he established Town Financial with his wife, Katie, who maintains life insurance and investment licences, to provide a full suite of services. He says striking a balance between running the business and providing excellent customer service has been his biggest challenge.

“For me personally, it is finding a way to keep up with the business and how to continue to grow year after year without service levels dropping,” he says. “I think I will need to add some more people to my team outside of my wife, who has been instrumental in my success to date.”

BRENNAN TRENOUTH Business development manager HOME TRUST Age: 29 Years in the industry: 8

Brennan Trenouth got his start in mortgages straight out of university when he followed his father to Home Trust. “[My father] knew there would be a good opportunity for me to work at Home Trust and expand my business knowledge around mortgages,” Trenouth says. “I am always eager to learn something new, so it was a good challenge for me.”

Trenouth has grown considerably during his career, serving as an underwriter and team lead before taking on the role of business development manager in 2017. “This was an invaluable experience that ultimately equipped me with a comprehensive understanding of the mortgage industry, while also providing a deep understanding of the needs of the broker community and their clients,” he says.

Last year, Trenouth was recognized as one of CMP’s Top BDMs. Now, he’s focused on confronting some of the industry’s biggest challenges. “The most pervasive challenge we must deal with in our industry is the constantly changing landscape,” he says. “Whether regulatory, as we experienced with the B-20 guidelines, or economic, as we’ve seen more recently with Bank of Canada interest rate actions, there are many outside forces that can impact our industry.”

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CHASE BELAIR CHANELE LANGEVIN

Co-founder/principal broker

Mortgage specialist

Age: 28

DLC HT MORTGAGE GROUP

Years in the industry: 10

NESTO

Age: 29 Years in the industry: 1

After a successful career in sales and customer service, during which she was one of the top two sales reps for a local auto group for four years, Chanele Langevin completed a business degree in 2015 and subsequently seized an opportunity to transition into the world of mortgage financing.

“I was offered an outstanding mentorship with Gert Martens at DLC HT Mortgage Group here in Grande Prairie,” Langevin says. “I couldn’t pass on the opportunity.”

Now, 18 months into the industry, she’s focused on helping first-time homebuyers. “My target market is primarily new homebuyers,” Langevin says. “Daily, I coach new buyers on building/rebuilding their credit, resulting in their first home purchase. Closing a transaction for new homeowners is one of the most rewarding feelings in the world.”

LUKE ROBINSON Mortgage broker IBRIDGE CAPITAL Age: 26 Years in the industry: 3

Chase Belair entered the mortgage industry in 2009 with DLC Smart Debt, following the path forged by his mother.

“My mother has been helping Canadians with their finances since 1981,” Belair says. “As my role model, mentor and best friend, she made it easy to want to follow in her footsteps.”

Belair originally started his career in Ottawa but made the tough decision to move to Montreal in order to start Nesto, something he now regards as his greatest accomplishment. “I took a leap of faith when I left the family business, and Ottawa, in May of 2018 for Montreal to help build what is now Nesto,” he says. “This was the hardest decision I’ve had to make in my career to date, and I have no regrets.”

Today, Belair is focused on dealing with the ever-changing landscape of the industry and serving customers in their preferred manner. “Whether it’s mortgage rules, economic factors or consumer behaviour, there’s so much out of our control in this business,” he says, “so being able to adapt quickly and efficiently is crucial.”

Luke Robinson originally set out to become a financial advisor, but when he learned about the mortgage broker industry, he fell in love. “When I joined iBridge Capital and learned the benefits of private equity lending, they really helped me realize my full potential, and my business has taken off faster than I ever anticipated,” he says.

“I find the deals extremely interesting and really enjoy putting together creative financing solutions.”

As for the biggest challenges in the mortgage industry, Robinson points to government intervention in the market.

“The housing market should be more accessible than it is today,” he says. “All brokers are seeing clients that really should qualify for an A rate but just can’t.

The tough mortgage rules were meant for Toronto and Vancouver, but unfortunately have heavily impacted the rest of Canada and have made it particularly tough for first-time buyers.”

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SPECIAL REPORT

YOUNG GUNS 2019 CHRISTINE BUEMANN Mortgage broker and director of broker relations DLC CANADIAN MORTGAGE EXPERTS Age: 34 Years in the industry: 9

CHRISTIANNE SAAB Operations and business development manager MORTGAGE ALLIANCE COMMERCIAL AND MULTI-PRETS COMMERCIAL Age: 33

Christine Buemann has always had a passion for real estate. She purchased her first house at the age of 20 and soon had multiple properties in her investment portfolio. After seeing the service her own broker provided, she was inspired to join the industry herself. “I have always loved real estate and passionately believed in the value of using an independent broker, so choosing it as a career was a natural fit,” she says.

Buemann considers growing her business over the last nine years while also raising a family to be her greatest accomplishment. She also gives back to the industry by serving as a public director on the Northern BC Real Estate Board. In

addition to making her second appearance on the Young Guns list this year, Buemann was also named to CMP’s Hot List in 2019 and Women of Influence list in 2018.

Years in the industry: 9

Christianne Saab has always had a passion for real estate development and was able to find her niche in the mortgage industry by helping developers and promoters secure financing for their projects. “The constantly evolving market creates challenges that fuel my passion,” she says.

Now, as operations/business development manager with Mortgage Alliance Commercial and Multi-Prets Commercial, Saab sees her biggest challenge as “staying current with the constantly changing/evolving lender underwriting requirements so that brokers can continue to be effective at meeting borrowers’ expectations.”

While raising her daughter takes the top spot on Saab’s accomplishment list, her top professional highlight has been helping to create different platforms that facilitate the process of originating and securing commercial loans.

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BRANDON LOWI Mortgage agent THE MORTGAGE PROFESSIONALS Age: 33 Years in the industry: 7

Seven years ago, Brandon Lowi left a position with a financial institution to pursue a career in mortgages. “After working at a bank, I quickly discovered I could offer more and better solutions as a mortgage agent,” he says, adding that helping people who aren’t able to secure traditional financing has been his greatest accomplishment.

Today, Lowi is an agent with Eastern Ontario’s largest mortgage brokerage, The Mortgage Professionals, which has been a finalist for a number of Canadian Mortgage Awards, including Mortgage Broker of the Year and Industry Employer of Choice.

As a young agent, Lowi sees the industry’s greatest challenge as the battle between advice and technology. “I believe we’re always looking for better and more efficient ways to do things,” he says. “But I believe this has also created a divide where advice isn’t being given, and it becomes more of a transaction business based on rate rather than expertise.”

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16/07/2019 4:00:34 AM

EMILY KIPARISAS Mortgage agent MORTGAGE SAVVY Age: 26 Years in the industry: 2

Emily Kiparisas began her career working for one of Canada’s major banks, where she learned a lot about how to navigate the corporate banking world. Yet she felt limited in what she was able to offer, so in 2017, she joined Mortgage Savvy, where she helps to mentor new recruits in addition to her day-to-day responsibilities as a mortgage agent.

For Kiparisas, the biggest challenges in the industry are “the competition of the big banks and the bad names that mortgage brokers sometimes have due to bad brokers. They give the rest of us a bad name.”

Despite her short time in the industry, Kiparisas has already been recognized for her work – she was among the finalists for Young Gun of the Year at the 2019 Canadian Mortgage Awards.

www.mortgagebrokernews.ca

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16/07/2019 4:00:42 AM

SPECIAL REPORT

YOUNG GUNS 2019

DILLAN KELLY Mortgage associate DLC MORTGAGE EXCELLENCE Age: 23 Years in the industry: 4

JASON GEALL Vice-president CORWIN MORTGAGE CAPITAL Age: 34 Years in the industry: 3

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His father has been in the mortgage industry for 30 years, so at the age of 18, Dillan Kelly took his advice and pursued a career as a broker. “I have always had an interest in finance but was undecided as to which field in finance to pursue a career in,” Kelly says. “Now, almost five years later, I am happy to be working in such a rewarding industry where I can assist people in achieving their goal of homeownership.”

Kelly says realizing such success at a young age – he received his office’s Highest Funding Ratio Award last year and is the youngest member of this year’s Young Guns list – is one of his proudest accomplishments. “I felt very intimidated and worried that because of my age, I wouldn’t be able to gain the trust of clients,” he admits. “I soon came to realize that my knowledge of mortgages, and not my age, is all that clients are concerned with.”

Kelly believes filtering through the noise for clients is the biggest challenge for brokers today. “There are a lot of mortgage myths and incorrect information online,” he says. “As mortgage professionals, it’s our job to educate clients and referral partners as to the facts.”

In 2015, Jason Geall sold his health club, Harmony Fitness, to get into lending and has never looked back.

“After selling my business, I wanted to try something new,” he says. “I’ve always been intrigued by real estate, but the financing side of the business always made more sense to me. I enjoy helping people who might be in a credit-comprised situation or could be having their home taken by another lender. If I can lend them funds to get them back in their house and bring back some normalcy to allow them to get back on their feet, then I’ve done a good job.”

As a lender, Geall knows the strength of his business relies on good mortgage brokers and agents. “I appreciate and adore all the agents and brokers who send me deals,” he says. “They are the reason we have a business.”

INAM QURESHI Founder SYNDICATE LENDING CORPORATION Age: 32 Years in the industry: 4

After spending more than a decade in the banking industry, working for three of Canada’s major banks, Inam Qureshi observed a need for commercial mortgage brokers who weren’t tied to a single institution. So, in 2015, he founded Syndicate Lending Corp. with the goal of making a difference in the lives of his clients.

Qureshi received confirmation that he was on the right path earlier this year when he was named a finalist for Commercial Broker of the Year at the 2019 Canadian Mortgage Awards. “This was a truly a testament that we have now made it in the commercial space and our efforts are being recognized,” he says. “For a first-generation immigrant who came to Canada back in 2006 as an 18-year-old on a one-way ticket, this is indeed the ‘yay!’ moment.”

Qureshi attributes his success to his mother, “who applied for Canadian immigration back in 2004, only to see me realize my dream. I dedicate my story to this strong lady for what she has gone through to make us what we are today.”

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DANIELLE HILL Mortgage broker NEIGHBOURHOOD DOMINION LENDING CENTRES Age: 31 Years in the industry: 10

Danielle Hill has always had a passion for finance, which led her to begin her career at a major bank. But she felt clients weren’t being served to the highest level, so after being introduced to the broker channel by her father, she was immediately sold.

During the course of her 10-year career, Hill has established herself as a force in the GTA, both in Barrie and in

Toronto itself, where she spent five years as the in-house broker at a real estate office.

“Not only did I create friendships, but it built an incredible base that continues to be my core business today,” she says.

Hill, who also was featured on CMP’s 2016 Young Guns list, is now working on finding the right balance between technology and in-person communication with clients.

“I think in today’s world, there’s a fine line between building organic face-to-face relationships with clients and delivering a convenient experience by embracing technology,” she says. “I think every agent and broker will need to continue to evaluate their own processes and systems to ensure there is a happy medium.”

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

www.mortgagebrokernews.ca

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16/07/2019 4:00:46 AM

SPECIAL REPORT

YOUNG GUNS 2019

HASHEM ABOULHOSN Chief financial officer LENDESK TECHNOLOGIES Age: 32 Years in the industry: 4

JEFF SAMPSON Director of national sales CENTUM FINANCIAL GROUP Age: 33 Years in the industry: 10

After starting his career at RBC Capital Markets, Hashem Aboulhosn entered the mortgage industry when he joined Alex Conconi, a former CMP Young Gun, as a partner at Conconi Growth Partners [CGP].

In 2015, Aboulhosn assumed the role of chairman of Neighbourhood Holdings, one of the many companies under the CGP umbrella, which he still holds. Three years later, he took on the role of CFO of Lendesk, a mortgage system designed to help brokers to streamline their processes, documents and applications.

Aboulhosn pinpoints his proudest professional accomplishment as “being able to learn from talented teams and perform well in many different settings like mortgage lending, mortgage technology and venture capital.”

JASON ANBARA Mortgage agent MORTGAGE ALLIANCE Age: 33

During his 10 years in the mortgage industry, Jeff Sampson has risen through the ranks, becoming director of national sales for Centum Financial Group in July 2018. Charged with growing Centum’s brand across Canada, Sampson has been elated by the growth he has witnessed.

“One of my proudest moments is seeing how quickly our network is growing and receiving compliments as it relates to our sales approach,” he says.

“Taking on the role of national sales for an entire network is no easy task, but it’s a wonderful feeling to know that you were a part of the decision-making process and part of a winning team.”

Sampson looks back fondly on what he has been able to accomplish over the past decade. “It’s been an incredible ride over the past 10 years, and I couldn’t be more thankful for all the experiences and friendships made,” he says. “It’s hard to believe a whole year has gone by already [since becoming national sales director], but the saying is true: ‘When you love what you do, it’s not work, it’s a passion.’”

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Years in the industry: 3

Like many of this year’s Young Guns, Jason Anbara was motivated to enter the mortgage industry by a desire to help people. “I really enjoyed the financing world and soon realized that helping individuals get financing approval on their dream home was an ideal mix,” he says. “My love for this industry grows daily, and I have met so many fantastic people along the way.”

Anbara has also had no shortage of success. In less than two years in the industry, he was among the top 1% of Mortgage Alliance agents in Canada.

He was also a 2019 CMA finalist for Alternative Broker Specialist of the Year – Business for Self. “It is truly inspiring to see my ability to grow while doing what I love,” he says.

Anbara believes that to be successful under the new mortgage rules, industry professionals must maintain a high level of creativity. “Whether it be through private lending or understanding the

individual lenders’ specific guidelines, the ability to get clients approved takes lots of persistence and unique case-by-case solutions,” he says.

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16/07/2019 4:00:51 AM

JOSEPH FOOKS Owner JV CAPITAL AND MORTGAGE AUTOMATOR Age: 34 Years in the industry: 15

Joseph Fooks has always been passionate about financing, and after seeing how difficult it was for people to obtain it, he felt he could really make a difference. Originally starting out as a broker, Fooks eventually decided to enter the private lending sector and then went one step further by developing Mortgage Automator, software that aims to simplify all aspects of the process for lenders.

As the owner of both JV Capital and Mortgage Automator, Fooks has plenty of accomplishments under his belt, but there are two that stand out for him. “My first was reaching $100 million in funded private mortgage volume for JV Capital last year,” he says.

“Mortgage Automator won the 2019 MAE Innovator of the Year Award. Being recognized by the industry in our first year of operation was a fantastic professional accomplishment.”

Fooks says the need to differentiate his business is his greatest obstacle in the industry. “There is more competition than ever before,” he says, “and it is imperative that you provide as consistent and reliable of a product as possible, both on the lending side and the software side.”

www.mortgagebrokernews.ca

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16/07/2019 4:00:55 AM

SPECIAL REPORT

YOUNG GUNS 2019

JILL MOELLERING Mortgage planner MORTGAGE ARCHITECTS Age: 35 Years in the industry: 1

After working in finance roles for 18 years, Jill Moellering took the leap transitioned into brokering. “I wanted to put that experience into a more rewarding career where I could help people with structuring debt and finances, as well as improve my work/life balance,” she says of her decision.

Despite her short time in the industry, Moellering has been able to build strong connections with her clients and fellow brokers. “I love building a bond with my clients and being there to help them through what is a high-pressure/high-stress time,” she says.

Moellering’s Edmonton location has added an extra layer of challenge to the job. “Being an Alberta-based broker, I don’t face the same challenges as brokers in Toronto or Vancouver,” she says. “We have been in a tight market the last couple of years, which has seen a dramatic reduction in the number of homebuyers. Reduced wages, high cost of living and increased consumer debt have a lot of Albertans in a tough spot financially, so we have been doing a lot of refinances and debt reduction/credit coaching.”

LEE-ANN MCELLISTER Business development manager MCAP Age: 32 Years in the industry: 2

With more than a decade of experience in financial services, Lee-Ann McEllister got a glimpse into the broker side of the industry and instantly became fascinated by the wide range of products and services available to mortgage brokers.

Two years ago, she made the switch.

“I was so scared taking the leap from retail banking to the broker industry,”

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she says. “I am proud that I pushed myself outside of my comfort zone into unknown territory.”

Now, as a BDM for MCAP and a member of the board of the BC Lenders Group, McEllister is working on raising awareness of what brokers can bring to their clients. “The biggest challenge today is Canadian consumers’ awareness of a licensed mortgage broker’s true value proposition,” she says. “Brokers have specialized expertise, tremendous support behind the scenes and the ability to structure tailored solutions.”

JESSICA LABONTE Mortgage agent VERICO XEVA MORTGAGE Age: 33 Years in the industry: 5

Jessica Labonte’s entry into the mortgage industry was something of a surprise. “I went to a well-known broker to obtain a mortgage, and by the end of our meeting, I agreed to be her assistant,” Labonte says. “Within a year, I was licensed myself and working as a full-time broker by year two.”

Success came just as quickly for Labonte, who had reached $17 million in volume by her third year. Today, she gives back through 100 Brokers Who Care and by using her expertise to offer free credit counselling to the Kelowna community.

Labonte, like many in the industry, was challenged by the need to adapt to the new lending guidelines rolled out last year. “Conforming to the new B-20 rules and learning all of the new policies that the B-20 rules have triggered was a challenge,” she says. “It took a while to implement the rules to the point where I don’t have to remind myself of them anymore.”

www.mortgagebrokernews.ca

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16/07/2019 4:00:59 AM

LAURA MARTIN

JOSH DUMENCU

Chief operating officer

Mortgage agent

MATRIX MORTGAGE GLOBAL

NEIGHBOURHOOD DOMINION LENDING CENTRES

Age: 32 Years in the industry: 12

Given that her parents are involved in Toronto real estate, it seemed natural for Laura Martin to work in the industry in some capacity. She got her start as a mortgage broker 12 years ago and has been thriving ever since.

As chief operating officer at Matrix Mortgage Global, Martin and her team have a long list of accomplishments under their belt, but she’s most proud of her ability to evolve.

“The only constant is change,” she says. “If you keep this in mind and maintain an adaptive business model, challenges become opportunity. My professional accomplishments are not static events, but rather a culmination of sustained effort to improve our processes, conversions and reach through the use of fintech, training and delegating.”

The constant innovation at Matrix Mortgage Global landed the brokerage a spot as the number-one fastest-growing brokerage in Canada on the 2018 Growth 500 List from Maclean’s and Canadian Business. Martin is also no stranger to personal accolades: She was named one of CMP’s Women of Influence in 2018 and was a finalist for Broker of the Year (25 Employees or More) at the 2019 Canadian Mortgage Awards.

Age: 28 Years in the industry: 3

After owning and operating a home renovation company for five years, Josh Dumencu made the transition into the mortgage industry. “I have always had a passion for real estate, and it has played a role in my family for many years,” he says. “It has given me the opportunity to meet many amazing people and be a part of my clients’ home-buying journey.”

In just three years, Dumencu has already made waves in the industry. In 2017, he won DLC’s Excellence Award and followed it with the Gold Award in 2018. He was also a finalist for Best Newcomer at the 2018 Canadian Mortgage Awards.

Now, Dumencu is committed to sharing his experiences with his community. He is a founding member of a local networking group in Sudbury, Ontario, that connects local business owners to build strong relationships. The group also raises funds for scholarships to help students in the community attend local colleges and universities.

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SPECIAL REPORT

YOUNG GUNS 2019 CARL PEREIRA Vice-president, business/agent development DLC THE WESTLAKE TEAM Age: 31 Years in the industry: 2

The opportunity to become an entrepreneur and improve his work-life balance pushed Carl Pereira to pursue a career in the broker channel. When he entered the field two years ago, he brought experience from his previous role at RBC Private Banking, which “gave me the confidence to foster and grow strategic relationships,” he says.

Pereira hit the ground running. Within his first year, he had funded $10 million and had helped grow and mentor a team of more than 15 agents. “This is especially

KONSTANTIN POLYAKOV Principal broker CENTUM THE POCKET MORTGAGE Age: 29 Years in the industry: 7

Involved in construction sales from a young age, Konstantin Polyakov quickly realized the value of good credit. To close more deals, he knew he needed to learn how credit worked, so he pursued a mortgage licence. “It didn’t take long for me to figure out how much opportunity the mortgage and credit industry had to offer,” he says, “so I made the move.”

Since entering the industry, Polyakov has grown tremendously. In 2018, he formed Centum The Pocket Mortgage, which was named New Brokerage of the Year at the 2019 Canadian Mortgage Awards. In addition to running his brokerage, Polyakov is a partner in a consulting firm, RECI, that specializes in helping people re-establish credit; hosts a business/entrepreneurship podcast called PRsonalities; and teaches Brazilian jiu jitsu.

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MATTHEW ABLAKAN Broker of record/owner MILLENNIAL’S CHOICE MORTGAGES Age: 27 Years in the industry: 5

rewarding because I’m able share my experiences, which will aid in the success and development of our team,” he says.

Another rewarding initiative for Pereira has been fundraising and supporting Canadian Paralympic athletes. He and his mentor, Scott Westlake, have hosted events that allow people to test out Paralympic sports. This has been an important fundraising initiative for the Westlake Team, as Westlake’s brother, Greg, is a four-time Paralympian with the Canadian para ice hockey team.

After entering the industry as a real estate broker, Matthew Ablakan realized he could better serve his clients by offering mortgage-related services. Ablakan launched Millennial’s Choice in 2017, where he continues to broker real estate and insurance in addition to mortgages. “I don’t come from a family that has any sort of wealth or experience in finance and real estate, so this is a big deal for me and my family,” he says Since its inception, Millennial’s Choice has received numerous awards and accolades, including being named Brokerage of the Year – Diversification at the 2019 Canadian Mortgage Awards.

Ablakan was also a finalist for the Excellence in Philanthropy and Community Service Award at this year’s CMAs and was featured on CMP’s 2019 Hot List.

In terms of the biggest challenge for brokers in the current market, Ablakan feels it’s “the inability to adapt quickly enough to the changing environment, whether that is the market, legislation or another factor. The key for long-term success is adapting to the changing environment around you.”

www.mortgagebrokernews.ca

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16/07/2019 4:01:08 AM

MATTHEW GOTTFRIED Mortgage agent INVIS Age: 32 Years in the industry: 3

Matthew Gottfried started his career as a financial advisor for a major bank and managed to form strong relationships with local real estate agents during his six years there, which helped him when he decided go out on his own and enter the mortgage industry.

The change was a big risk for Gottfried, whose wife was expecting twins at the time.

“Leaving the bank, where I had a steady paycheck, to create something bigger was a big risk, and failure was not an option,” he says. “The risk has paid off, and it’s allowed my family not only more financial freedom, but also freedom with our time so I can be with the kids and watch them grow up.”

Gottfried’s approach revolves around educating his clients so they can make the best decisions for their situation. “Education is something that I focus on with each and every one of my clients,” he says. “I find that the more I can teach my clients about their mortgage options, the easier my job is, and eventually the question is no longer, ‘What is your best rate?’ but becomes, ‘What is the best mortgage for me?’”

www.mortgagebrokernews.ca

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16/07/2019 4:01:16 AM

SPECIAL REPORT

YOUNG GUNS 2019

JON MCKAY Mortgage agent DLC MORTGAGE HOUSE Age: 30 Years in the industry: 6

NORRIS YU Sales director DLC ELITE LENDING CORP. Age: 32 Years in the industry: 4

After spending seven years in the banking industry, Norris Yu followed his mentor to start Elite Lending Corp.

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After following his father into the mortgage business six years ago, Jon McKay has built a niche in helping homeowners who have been turned down by the banks.

“The government stress test that was introduced roughly a year and a half ago is a big challenge,” he says. “Borrowers who would have normally qualified with the major financial institutions a few years back unfortunately don’t meet the same qualifications today. As a result, we have seen a large increase in homeowners who are looking for an alternative solution.”

McKay, a two-time member of the Young Guns list, is driven by his ability to make a difference in his clients’ lives. “My proudest moment would have been a little under a year ago, when I helped saved my clients’ home the day before the sheriff was coming to change the locks,” he says.

“Hearing my client’s sadness turn to tears of joy, it really made me feel proud about what I do.”

While Yu struggled in his first few months, the feeling he got when he succeeded reaffirmed his decision to leave the bank.

“In moments where I did succeed and got my client that mortgage, their dream home, I felt the exhilaration of a successful mortgage broker,” he says. “It was through these initial successes where I found my confidence to strive for my own business and brand.”

Four years in, Elite Lending has found tremendous success. The brokerage was a finalist for Best Newcomer Mortgage Brokerage and Excellence in Philanthropy and Community Service at the 2018 Canadian Mortgage Awards, as well as for Brokerage of the Year (25 Employees or More) at the 2019 CMAs. CMP also named Elite Lending one of Canada’s Top Brokerages in both 2017 and 2018 and a Top Mortgage Workplace in 2019.

Yu is also active in Elite Lending’s charitable foundation, Elite Cares, which contributes to numerous causes, including a local soup kitchen, Habitat for Humanity and the BC Children’s Hospital.

REBECCA CASEY Mortgage professional DLC ORIGIN Age: 33 Years in the industry: 2

Rebecca Casey entered the mortgage industry after spending 10 years as a residential conveyancer and two as a sales associate for a legal real estate software company. When she started, she set a goal of funding one file in her first year. Within six months, she had funded 15 and hasn’t looked back since.

“I was looking for something more challenging, more fulfilling and something with limitless potential,” Casey says. “Every job I held before this had a ceiling. After having two daughters, I realized I wanted them to see that anything is possible and that they have the power to draw up the plans for their own life. Before this business, I didn’t know what was possible or what I was capable of.”

Outside of her day job, Casey works on a number of initiatives in her community, including raising funds for the BC and Surrey Women’s Cancer Centres. She is also part of a group of entrepreneurs that hosts networking and marketing events to boost brand awareness for local businesses.

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16/07/2019 4:01:16 AM

REMI KORENT Mortgage broker ROCK SOLID MORTGAGES, QUANTUS MORTGAGE SOLUTIONS Age: 34 Years in the industry: 11

Remi Korent went from building houses to helping people buy them. After watching friends get their mortgage broker licences in their early 20s, only to leave the industry shortly thereafter, Korent knew he needed to take a more calculated approach. He completed the mortgage broker course and went to work at First National.

“I knew that if I wanted to be a mortgage expert, I would have to work in the industry,” he says. “I started in the funding department, which gave me baseline knowledge, then moved to the underwriting side and did document fulfillment.”

Korent has been a broker for the last five years, and his success landed him a spot on CMP’s 2019 Hot List. Still, he says his top achievement has been establishing Rock Solid Mortgages.

“Creating a brand rather than marketing just my own name was an accomplishment,” he says. “I wanted to create something bigger than just me with a sharp, iconic and edgy look.”

Using his experience, Korent recently created a broker group that meets bimonthly to discuss challenges, tough deals, successes and failures. “With the group, I’m trying to foster a community of ethics and the sharing of ideas, technology and best practices,” he says. “It’s for brokers in the same stage of growth to enhance our day-to-day operations.”

ROBERT MALCOLM Business development manager EQUITABLE BANK Age: 34 Years in the industry: 8

Working in the financial services industry, Robert Malcolm knew he loved creating outside-the-box solutions and helping people find solutions to problems. When he wanted a change, he was encouraged to take a look at the mortgage industry, which he found “most promising due to the dynamic field and the agility to adapt to change.”

Now, as a BDM for Equitable Bank, Malcolm has been able to combine his knowledge of the broker channel with a commitment to customer service. Earlier this year, he was recognized for his efforts as a finalist for BDM of the Year at the 2019 Canadian Mortgage Awards.

Malcolm considers some of the biggest challenges in the mortgage industry to be “keeping up with the multitude of alternative qualifying sources that consumers have for financing and clients being unprepared for the new reality of obtaining financing due to B-20. Using a mortgage broker is more important than ever when purchasing a home.”

ud to support the CHEO ProudFoundation to support the CHEO Foundation their dedication to youth and their dedication mental to youthhealth. mental health.

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SPECIAL REPORT

YOUNG GUNS 2019 SAMANTHA COMITO Partner/mortgage broker VERICO OUTLINE FINANCIAL Age: 34 Years in the industry: 10

RYAN LAMBERT Head of product development and innovation FCT Age: 34 Years in the industry: 8

Ryan Lambert began his career as a consultant; after working on a project with his current employer, FCT, he gained an appreciation for the mortgage industry. “I was drawn in by the raw opportunity to think differently about financial services,” he says, “and FCT provided me with the white space and support so that my teams and I could bring it to life.”

That was eight years ago, and Lambert has been thriving ever since. “I loved the tangibility to actually owning all aspects of the product development life cycle, from initial conceptualization to shipping a product and subsequently growing it,” he says. “Each time we’ve launched a new product, I’m proud of the work my teams and I have completed, bringing new innovation to the mortgage industry that creates real value for our users.”

Lambert sees the biggest challenge in the industry as the disjointed experience it presents to borrowers. “Right now our industry is stuck in this weird half-digital, half-offline state,” he says. “There are slick front-end applications and pre-approvals, but condition fulfillment and closing is still rooted in paper. I’m not sure this hybrid state is actually creating the right experience for anyone.”

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Samantha Comito began her career at a major bank and earned a Personal Financial Planner designation so she could help clients with financial planning, investments, mortgages and credit financing. “I decided to focus exclusively on mortgages after experiencing the positive impact I was having on people’s lives by helping them secure the right mortgage product and advice for their needs,” she says.

In 2014, Comito entered the broker channel with the Lang Team at Outline Financial, where she’s now a partner.

Outline Financial was named one of CMP’s Top Mortgage Workplaces in 2019 and was a finalist for both Outstanding Customer Service and Mortgage Industry

SARAH COLLINS Mortgage agent MORTGAGE INTELLIGENCE Age: 33 Years in the industry: 8

Community is a big driver for Sarah Collins, who entered the mortgage industry so she could enhance people’s lives and strengthen her small community of Teeswater, Ontario. “I wanted to build a career where I could

Employer of Choice at the 2019 Canadian Mortgage Awards.

Comito says staying on top of regulatory changes is her top challenge. “Complexity is not only making it more difficult for young Canadians to purchase their first home, but is presenting new obstacles for even the most experienced clients,” she says. “While we can’t control the regulatory changes, I do stay as up-to-date as possible on all changes – and potential changes – so I can update clients accordingly and deliver a seamless customer experience.”

really make a difference,” she says. “There is no better way than guiding a first-time homebuyer to the home of their dreams.

Being in this industry allows me to meet some amazing people who aren’t just my lifetime clients, but soon become my friends and neighbours. It allows me to support my community in ways that I didn’t think were possible.”

Collins has been putting efforts into building her book of business through referrals and word of mouth. She also set out to be listed on Invis/Mortgage Intelligence’s Top Gun monthly report as a top 10 individual agent and achieved the honour last fall.

Outside of the mortgage industry, she continues to work on community initiatives, supporting local organizations such as the South Bruce Minor Hockey Association and volunteering for the Teeswater Old Boys and Girls Reunion. She also donates a percentage of each commission to Ronald McDonald House charities.

www.mortgagebrokernews.ca

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16/07/2019 4:01:24 AM

VINCENT TONG Team lead and mortgage consultant DLC CLEAR TRUST MORTGAGES Age: 28 Years in the industry: 5

Fresh out of university, Vincent Tong was encouraged by his mother to look at the mortgage industry. “I would’ve never thought to pursue a career in lending; I had no previous banking experience,” he says. “Banking policy and mortgages were very foreign to me. However, my natural interest in real estate and communication led me to tackle this challenge, and I have never looked back.”

Now, five years after making the decision to pursue mortgages, Tong has seen considerable success. In addition to co-managing a team of 28 mortgage brokers, he has captured numerous awards, including repeat appearances on CMP’s Young Guns list.

One of the biggest challenges for

STEVE DYMENT Mortgage professional VERICO XEVA MORTGAGE Age: 35 Years in the industry: 9

VICTOR HO Tong has been the tightening of lending requirements, which he feels should be loosened so more people can enter the market. “The stress test of 200 bps is far too high and prevents a lot of first-time homebuyers from entering the market in the main hubs like Vancouver and Toronto,” he says. “A slight reduction of the stress test would be more suitable.”

Steve Dyment entered the mortgage industry after being introduced to a broker while building a spec house. “I immediately thought that the blend of numbers, sales, real estate and self-employment would be a great fit for me personally and decided to make the career move,” he says. “I’m so glad I did, as I find it challenging, exciting, varied and fulfilling.”

Dyment was recognized with Verico’s Veris Award in 2016 as top three broker in BC by units. The following year, he made his first appearance on CMP’s Young Guns list. Now he’s using his prestige in the industry to help other brokers and loan officers in both Canada and the US by providing coaching and training.

Dyment also keeps himself busy working with multiple charities. He is president of his local Toastmasters International group, a World Vision and Compassion Canada advocate and sponsor, and a member of 100 Brokers Who Care.

Regional sales manager DLC ELITE LENDING CORP. Age: 33 Years in the industry: 3

Like many other Young Guns, Victor Ho began his career in the banking industry, but felt limited professionally. “It didn’t offer me any flexibility in making business decisions, nor an opportunity to build my own identity,” he says. “I felt restricted, and ultimately, it didn’t give me the satisfaction I was seeking in a career.”

Ho decided to take the advice of a former colleague and transition to the broker channel. He joined Elite Lending in 2016 and has been instrumental in helping the brokerage earn repeat appearances on CMP’s Top Brokerages list, in addition to being named one of CMP’s Top Mortgage Workplaces for 2019 and a finalist for Best Newcomer Mortgage Brokerage, Outstanding Philanthropy and Community Service, and Brokerage of the Year at the Canadian Mortgage Awards.

In addition to his daily responsibilities, Ho has taken a mentorship position within his team and works on initiatives to help others in the industry, including an online community where mortgage brokers can share ideas and support. He also hosts webinars through his side project, Elite Success Institute, giving new mortgage brokers strategies and techniques to jump-start their careers.

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16/07/2019 4:01:30 AM

SPECIAL PROMOTIONAL FEATURE

REVERSE MORTGAGES

The 4 hidden benefits of a reverse mortgage CMP sat down with Sue Pimento from HomeEquity Bank to discuss the key features of reverse mortgages and find out why more clients are using them

DESPITE THE clear benefits they bring – and the financial flexibility they create – reverse mortgages remain the subject of misplaced skepticism.

In reality, a reverse mortgage is an effective retirement tool for the majority of homeowners. Canada’s 55+ demographic is growing at a rapid rate; the number of Canadians over age 60 is projected to grow by 19% by 2022.

Canadians are living longer than ever before, and traditional retirement planning is no longer meeting the needs and lifestyle of the 55+ demographic.

A reverse mortgage is not simply a tool for paying down debt, as some people believe.

Many clients use the money they receive to create retirement income, buy a second property, do major renovations, travel or simply stay in the home they love.

“There are a lot of misconceptions surrounding reverse mortgages; two of the most common are that people will end up owing more than the property is worth and/or lose ownership of their home, but this is 100% untrue,” says Sue Pimento, VP of referred sales for Eastern Canada at HomeEquity Bank.

Here, Pimento highlights four hidden benefits inherent in HomeEquity Bank’s

40

reverse mortgages that ensure every client’s equity is kept safe and secure.

1

Your client retains title and ownership of their home – period

While your client’s home is used to secure the loan – and HomeEquity Bank is registered as a standard charge on title – the client does not transfer ownership to the bank.

There are also no monthly payments required with a reverse mortgage – once a client is advanced the money, their loan will not be called until they move, sell and no longer live in the home, as long as they maintain the condition of their home and pay their property taxes and insurance. Once approved for a reverse mortgage, a client is approved for life.

2

Lending amounts are conservative

HomeEquity Bank lends up to 55% of the value of the home, while factoring in the homeowner’s age, property type and property location. “The older the client, the higher the loan amount they can qualify for,” Pimento says. “This is done so that the reverse mortgage never exceeds the value of the home.”

This fact hasn’t gone unnoticed by a

growing number of Canadian brokers and their clients. HomeEquity Bank, the leading provider of reverse mortgages in the country, reported $767 million in reverse mortgage originations in 2018, marking a 26% yearover-year growth. The demand for reverse mortgages has recently hit an eight-year high as increasing numbers of savvy brokers turn their focus to the 55+ demographic to build and grow their portfolios.

3

Homes typically appreciate in value

The total value of the home is likely to appreciate over time, especially if it is located in a major city. As the property increases in value and the client ages, the client can refinance for more money through a reverse mortgage, which can be used to offset increasing healthcare costs over time.

“Based on that differential, even a modest home appreciation allows for equity preservation with a CHIP Reverse Mortgage in place,” Pimento says. “According to the Canadian Real Estate Association’s 10-year national house appreciation average from May 2019, home appreciation is an average of 6%, much higher than the conservative 3% we typically

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“Even a modest home appreciation allows for equity preservation with a CHIP Reverse Mortgage in place” Sue Pimento, HomeEquity Bank use for our financial illustrations. This is why over 99% of homeowners have money left over when their loan is repaid.”

Another important consideration is the way a reverse mortgage works when one partner dies. Although certain products and lines of credit currently in the market might seem attractive on the surface, many require the spouse to requalify if their partner passes away. When a spouse has passed away, the remaining spouse’s debt service ratio will be severely impacted, and if this situation arises, many other financial institutions can be quick

to call the loan or line of credit. However, with a reverse mortgage from HomeEquity Bank, there is no impact to the loan if one of the borrowers dies.

No negative equity guarantee means the loan can never be more than the sale price of the home

4

Many people think that if their home equity depreciates at the time of sale, they or their heirs will end up owing more than the house is worth. This is simply not true.

HomeEquity Bank guarantees* that if the

home depreciates in value and the mortgage amount due is more than the gross proceeds from the sale of the property, the bank will cover the difference between the sale price and the loan amount as long as the property taxes and mortgage obligations are met.

“HomeEquity Bank is focused on preserving your clients’ equity,” Pimento says. “That’s why we have built these safeguards into our CHIP Reverse Mortgages to ensure that your clients will not be at risk of losing their home when accessing their home equity. In fact, a reverse mortgage is actually a great way to improve cash flow while allowing them to stay in their home for as long as they like.” *The guarantee excludes administrative expenses and interest that has accumulated after the due date.

To find out how much home equity your clients can retain in the long term, visit HomeEquity Bank’s Financial Illustration tool at chipadvisor.ca/financial-illustration.

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16/07/2019 4:02:03 AM

PEOPLE

BROKER INSIGHT

Down to business Claire Drage tells CMP why she’ll always consider herself a business owner first and a mortgage broker second

CMP: How did you first get into the mortgage industry?

Claire Drage: The first job I got was as a mortgage broker’s assistant back in Calgary in ’98 when we first arrived in Canada. I was a new immigrant, brand-new to the country, and I figured I had to get an admin position just to get in somewhere. Even though I speak English and am from a European country, so many employers want Canadian experience.

I also had a really bad experience with a mortgage when I first arrived in Canada. We put in an offer on a home and went to a major bank for the mortgage. No one explained anything. We put a large deposit down with the Realtor, and then we couldn’t get financing, but no one really cared or educated us, so we lost the home and our large deposit and ended up having to rent. A few weeks later, I got the role as the broker’s assistant and as I shared the story, I realized the importance of a good mortgage broker and how they can really help people.

CMP: How do you feel when you reflect on your 20-year career in the industry?

CD: It’s been a journey. I am constantly evolving, and I love being able to pass down knowledge. I even started an educational

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company called Lion’s Share Group to help share best practices with other mortgage brokers who weren’t on my team.

It seems that our industry doesn’t really believe in individuals. I am a business owner first, mortgage broker second. The brokerage is there to support the broker, but it has to be the broker’s responsibility to go out and get that continuing education, to question where the rates come from and to get to know the bond market. Go beyond what we are taught in the course.

generation and marketing. That involved meeting Realtors, going to the chamber of commerce, networking, speaking to financial planners. I spent the first 30 days figuring out their challenges. There were some days when my phone didn’t ring, so I would print off flyers and walk the streets and put them in mailboxes. I got to understand my community and my end user. Every client I spoke to was an opportunity to see what other added value they didn’t even know they needed. You can’t just sit back and wait for the business to come.

CMP: You funded $11 million in your first year as a mortgage broker. How did you do that?

CD: I had a plan on how to spend every

CMP: You have handpicked a group of mortgage brokers and agents for your team. What do you look for when recruiting new agents?

CD: I look for accountability. I shouldn’t be

minute of my working week. I decided I needed to spend 80% of my time on lead

more vested in your business than you are,

DRAGE’S ADVICE FOR OTHER BROKERS “You are a business owner first. You need to be customer-centric and have a solid plan. Too many people get into this industry without having a business plan and a clear idea of what they’re going to do. When you’re brand-new in the business, you need to spend 80% of your time on marketing and lead generation, 5% on deals, and 15% on infrastructure and the technical side of the business, like going to meet with lenders. You have to get out there and meet people.”

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CLAIRE DRAGE’S CAREER HIGHLIGHTS

1998 Lands her first job as a mortgage broker’s assistant

2000 Becomes a licensed as a mortgage agent

2007 Leaves the corporate world to start from scratch as a mortgage agent in Ontario

2007 Funds $11.2 million in her first year as a broker

2015

“It has to be the broker’s responsibility to go out and get that continuing education, to question where the rates come from and to get to know the bond market” so I’m looking for that entrepreneurial spirit and discipline. Learning how to do a mortgage is easy, but you do need to be focused and customer-centric.

I have also put in place a no-show fee. If I have a lender come in, and you say you’re coming but don’t show up, you have to pay $100. I don’t care if someone is part-time

or full-time, but I expect people to work as if they’re going on vacation tomorrow for a month.

CMP: How do you juggle family and your career?

CMP: I am super lucky to have my husband, Marcus, who is my soul mate. We have been

Makes her first of three appearances on the CMP Women of Influence list

2017 Is named to the CMP Hot List

together since ’84. Back in 2002, he got sick, and he hasn’t been able to work since, so he has taken on the house-husband role. It has been amazing to have his support in helping with the children and the house stuff that we take for granted. Having him alongside me has been huge, and I couldn’t do what I do without him.

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16/07/2019 4:02:33 AM

FEATURES

PRODUCTIVITY

How to do one thing at a time In today’s distraction-fuelled world, multitasking seems to be a way of life. Aytekin Tank explains how narrowing your focus can actually allow you to achieve more

IN HIS 2013 book, The ONE Thing: The Surprisingly Simple Truth Behind Extraordinary Results, author Gary Keller reminds us that everyone has 24 hours in a day. So why do some people earn more, achieve more and get more done? They “go small.”

“When you want the absolute best chance to succeed at anything you want, your approach should always be the same.

Go small,” Keller wrote. “‘Going small’ is ignoring all the things you could do and doing what you should do. It’s recognizing that not all things matter equally and finding the things that matter most. It’s a tighter way to connect what you do with what you want.

It’s realizing that extraordinary results are directly determined by how narrow you can make your focus.”

Going small to follow one path sounds easy, but there are fresh opportunities and shiny objects around every corner. Distraction is everywhere. There are times when you want to test the waters, and creativity often

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requires sampling. But if you truly want to move the needle, that demands a narrow field of vision.

For example, at JotForm, we always choose an annual focus area. Last year was about data. Across all our teams and functions, everyone worked to boost user productivity by leveraging data. That task looked different for each employee, but we’re aligned with a single, shared goal. When you focus on what’s important, the results can be incredible.

Lay out all the options and pick what really, truly matters. Set your focus area and stick to it.

Start as small as possible The advice to “go small” works on multiple levels. Choosing your goal or main project is the first step. Then, once you know what you’re trying to achieve, zoom in closer.

When we’re working on a major project, I always try to step back and ask: “What’s the smallest version we could create that would

still produce results?” Once you have that mini version, gather feedback. Refine and work your way up to a bigger, better model.

Keep going, and you’ll achieve more than you thought was possible.

Create automated systems Technology is far from foolproof, and until recently, our admins were constantly tackling server issues at 3 a.m. Every time it happened, I reiterated the need to find a real solution – one that didn’t require midnight wake-ups.

Eventually, we installed automated tools that tell us, for example, when our servers are 80% full. They notify us again when the servers reach 85% capacity. Now we never hit that 95% panic zone. We’ve automated an issue that drained our focus.

Systems aren’t exciting, but they are essential. Create efficient processes and automate as many steps as possible. You’ll free up valuable time and energy to stay focused on your “one thing.”

Designate a leader Sports teams need coaches and captains.

Orchestras need conductors. Group activities almost always function better when someone’s leading the way, even if the work is highly collaborative. At JotForm, all of our cross-functional product teams have leaders – and good ones dramatically increase both focus and productivity.

So what makes a strong leader? In my experience, it’s someone who can make quick, smart decisions. They listen closely, gather information and make choices that move the group closer to its goals.

If you’re working solo, it’s equally important to step back from your daily tasks and measure what matters. Be your own leader. You can always reach out for help, too.

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when everyone checks in and shows what they’ve done. If a team has gone off the rails, we can gently bring them back on track.

Usually, though, we’re excited about what they’ve accomplished.

You can set up markers on your own as well. Think of your project as a large circle that contains lots of smaller circles or checkpoints. Once you have those boundaries in place, you’re free to wander.

Set tech limits In a 2010 study published in the journal Science, Harvard University psychologists Matthew A. Killingsworth and Daniel T. Gilbert discovered that people spend almost 47% of their waking hours thinking about something other than what they’re currently doing.

Even more striking? Distractions make us unhappy. As Killingsworth explained, “Mind-wandering is an excellent predictor of people’s happiness. In fact, how often our minds leave the present and where they tend to go is a better predictor of our happiness Whether it’s a friend, colleague, mentor or advisor, a different perspective is often highly valuable – but remember that the final decisions are always yours.

Explore – within your boundaries All this talk of single-minded focus can sound really dull, especially if you’re a creative person. I get it. But doing one thing at a time isn’t about boring yourself into efficiency.

There can still be room for exploration if you create clear boundaries. Build your sandbox, and then you can play in it.

Because we spend a full year chasing one big goal, our teams are welcome to follow some tangents along the way. There’s no rush

Doing one thing at a time isn’t about boring yourself into efficiency. There can still be room for exploration if you create clear boundaries. Build your sandbox, and then you can play in it to the finish line. I also realize that off-thewall ideas can spark innovation, so we encourage experimentation.

If your team is eager to explore, set some markers so you don’t get lost. For example, our Friday ‘demo days’ are the time

than the activities in which we are engaged.”

That’s a stunning thought: being focused can actually make you feel better, regardless of what you’re doing. From starting a business to finishing a spreadsheet (without checking Instagram), single-tasking will not

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FEATURES

PRODUCTIVITY

only help you achieve great results, but you’ll enjoy the process a lot more.

Startup gurus and productivity experts have endless suggestions to help you stay focused, but here’s what consistently works for me: Box your time. Creating time limits is oddly motivating (and effective). Whatever you want to do, try ‘boxing’ it into a set time period and ignore distractions, including emails, calls, texts, making coffee, alphabetizing your bookshelf or grooming the cat. Get laser-focused for that set period of time and then take a break. Repeat as needed. You can apply this same principle to projects, teams,

meetings. I get more sleep. I eat more leafy greens and do what I can to stay relaxed. I’m ‘boxing’ my energy toward an important goal.

Make a clean break In 2018, the makers of a message board app surveyed more than 11,000 employees at 30 of the biggest technology companies. They asked: Are you currently suffering from job burnout? More than 57% of participants said yes.

Many people are struggling to stay on what can feel like a treadmill without a ‘stop’ button. The tech-fuelled blur between work and personal time can be difficult – and

Even if you’re working hard to accomplish great things, downtime is not optional. Your body needs to recover, your brain needs to consolidate all those inputs, and you’ll be infinitely happier and more productive if you give yourself a break products or just about anything else that requires true focus.

Box your energy. We all have energy limits. Even the so-called “sleepless elite” (high performers like Pepsi CEO Indra Nooyi and fashion designer Tom Ford) will eventually run out of fuel. Doing one thing at a time will preserve your precious energy.

And just like time-boxing, you can get even more intentional about shifting your energy toward what matters.

For example, if I have a big interview or presentation on my calendar, I’m careful about what I schedule around it. I try to avoid

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confusing. And if you’re an entrepreneur or business owner, it’s all in your hands.

The solution? Create as many boundaries as you can within your sphere of influence.

As much as possible, separate work from your personal life. I know this might sound overly simple, but it’s up to you to create real limits.

Set office hours, for example, and don’t clock in outside those periods. When I leave the office, I do everything I can to leave work there, too. I want to be present for my family.

I want to enjoy my time with them – and I need to rest and recover. I don’t work on the

weekends, either. If I do have a new idea on Sunday afternoon, for example, I’ll send a quick note to myself (but I won’t dig into it).

If I want to share something with a team member, I will send them an email, but I’ll write ‘FOR MONDAY’ in the subject line. If I see emails at night, I remind people that they should wait until the next morning (and then I try to take my own advice).

Take real time off I can’t say it enough. Even if you’re working hard to accomplish great things, downtime is not optional. You need to rest. Your body needs to recover, your brain needs to consolidate all those inputs, and you’ll be infinitely happier and more productive if you give yourself a break.

The data confirms it: After taking time off work, 64% of people say they’re “refreshed and excited to get back to [their] job.” Hiking in nature and staying disconnected from all devices for four days can lead to a 50% spike in creativity. If employees in the US took just one extra day of paid leave each year, the result would add $73 billion in output to the economy.

So, whether you’re crafting a business plan, writing a novel, lifting weights or perfecting your Bolognese sauce, give it everything you have. Do that one most important thing and then move on. It’s that simple – and that powerful.

Aytekin Tank is the founder and CEO of JotForm, an online form creation software with four million users worldwide and more than 100 employees. A developer by trade but writer by heart, Tank shares stories about how he exponentially grew his company without any outside funding. For more information, visit jotform.com.

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PEOPLE

CAREER PATH

THE LONG WAY ROUND Karen Matthey was born into mortgages – but she scaled the heights of international banking before finding her way back Starting at age 12, Matthey was answering phones and giving out rates from the faxed-in rate sheet at her father’s mortgage brokerage after school and over the summers.

“That was not my only job. We had an understanding that working hard led to rewards, and not just money: pride, success, reputation.

You can’t just expect money or success to flow to you.”

1992

LEARNS THE VALUE OF HARD WORK

2002

MOVES ABROAD During her time as an exchange student in Budapest, Matthey got in touch with her Merrill Lynch contacts to ask about a summer internship in London.

“They put me in the candidate pool. I had to get myself to London on a certain date for the interview – and later got the email offering me the internship. London was where I got hooked on banking as a career choice.”

SNAGS AN INTERNSHIP In her second year as a commerce student at Queen’s, Matthey sought to gain experience by participating in internship interviews typically reserved for third-year students – and found herself with a job.

“I was invited to interview in Toronto. I borrowed my mom’s suit – country bumpkin goes to the city! While I was on the phone to my parents telling them how it went, Merrill Lynch called to offer me the intern position.”

2003

2010

GETS PULLED BACK IN Matthey was contemplating leaving banking when she was headhunted to join Goldman Sachs in an even more demanding position.

“I initially said no because I was about ready to move home. People in my office worked from 7 a.m. to 9 p.m.; if you look around and don’t see someone you want to emulate, you might be in the wrong job.

I thought, ‘I’ll give Goldman Sachs a year.’ I’m glad I did; it cemented the fact that I did want to go home.”

2017

TAKES OVER THE BROKERAGE Having returned to work four weeks after the birth of her first child, Matthey was ready to juggle the responsibilities of motherhood and running a brokerage.

“The two years since have been amazing – everything I wanted when I left Europe I now have.”

2001

TRAINS AROUND THE WORLD A chat with a colleague in London resulted in Matthey setting her sights on the HSBC global graduate initiative, an 18-month program broken into six-month rotations in major banking centres around the world.

“I graduated in May and started in June; I remember because I had to buy a plane ticket upfront to get myself there. My first rotation was in Paris, then Hong Kong, then London, where I remained.”

2012

SWITCHES TO MORTGAGES Matthey’s initial plan to take some time off upon returning to Canada was derailed when she discovered her dad needed help at his mortgage brokerage. She soon found herself in a new career.

“The family connection [to mortgages] was in some ways incidental. Mortgages aren’t that different from what I used to do: take an incredibly complex product and explain it to clients”

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PEOPLE

OTHER LIFE

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

“When I was a kid, I drea med of having lot of guitars,” Jeffery says.

“I just didn’t realize I would have to do mortgages to get there.”

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The most gigs Jeffery ever played in a single year

20

Number of guitars Jeffery owns – 16 electric and four acoustic

1,000+

Size of the largest audience Jeffery played to while on tour

THE MUSIC MAN In the midst of his busy life as a mortgage agent, Andy Jeffery still finds time to rock out ANDY JEFFERY credits his start in music to looking the part: As a teenager, the Calgary-based mortgage agent was waiting for a bus with his guitar when a passing driver stopped to invite him to audition for a band. Soon, Jeffery was playing in bars he couldn’t legally drink in

before dropping out of school to continue tilting at stardom in Toronto.

These days, his life as a working musician might be just a memory, but the room full of guitars in his home remains, as does his love of playing.

“I very rarely miss a day – the drive to

play is endless,” Jeffery says. “It’s like meditation. I might be about to press a shirt and play for 30 seconds while the iron warms up, or I might learn a new song. Once I woke up from surgery and reached for a guitar; I thought it was insane that they didn’t have one for me.”

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YOUNG GUNS OF DLC BRAD PLUMMER DLC The Mortgage Source CARL PEREIRA DLC National Ltd. CHANELE LANGEVIN DLC HT Mortgage Group CHRISTINE BUEMANN DLC Canadian Mortgage Experts COLE HENNIG Plan B Mortgage Services DANIELLE HILL Neighbourhood Dominion Lending DILLAN KELLY DLC Mortgage Excellence JON MCKAY DLC Mortgage House JOSH DUMENCU Neighbourhood Dominion Lending Centres NORRIS YU DLC Elite Lending REBECCA CASEY DLC Origin VICTOR HO DLC Elite Lending Corp.

VINCENT TONG DLC Clear Trust Mortgages

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