CMP 14.11

WHAT’S NEXT IN PRIVATE LENDING?

Top broker Christine Xu on making new inroads in this growing space

GET SMART ABOUT SOCIAL MEDIA

MORTGAGEBROKERNEWS.CA ISSUE 14.11

Easy-to-implement strategies from a successful young broker

HOW TO FIGHT MORTGAGE FRAUD Brokers’ crucial role in eliminating fraud from the industry

2019

WOMEN OF INFLUENCE 60 of the mortgage industry’s most inspiring female leaders

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Need a creative solution?

(We lend resourcefulness).

viewlendingdifferently.ca

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ISSUE 14.11

CONTENTS

2019

22

WOMEN OF INFLUENCE SPECIAL REPORT

CMP celebrates 60 trailblazing women who are leading the Canadian mortgage industry to even greater heights

Granite? Glass? Steel?

All buildings are made with money.

License # 10172

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.

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

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ISSUE 14.11

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

Could a minority government be good news for Canada’s housing market?

PEOPLE

52

BROKER INSIGHT

58 56

Kevin Huynh reveals how he’s cultivating the next generation of mortgage brokers

FEATURES

18

10 News analysis

Why homebuyers are increasingly turning to condos

12 Alternative lending update

16 Opinion

Mortgages aren’t the real problem in Canadians’ debt burden

EMBRACING CHANGE

CMP checks in with Haventree Bank a year after its rebrand

60

FEATURES 50 Keeping it in the family

How Enza Venuto is building a family legacy within her brokerage

PEOPLE 62 Career path

From telemarketer to award-winning broker, Anne Brill has always been a hustler

64 Other life

Having a laugh with broker and standup comedian Adil Rahman

FEATURES

THE MODERN STORYTELLER

Chris Bargis of Mortgage Edge explains how brokers can best leverage social media

2

Should Canada allow US banks to cross the border?

14 Technology update

FEATURES

A desire to help people find solutions led Christine Xu to private lending, and now she’s reaping the rewards

08 Head to head

Are the cards stacked against innovation in Canada’s financial services industry?

A few simple things brokers can do to help the industry combat fraud

INDUSTRY ICON

Consumers aren’t sold on an onlineonly mortgage process

Home Capital Group backs residential mortgage-backed securities

HOW TO IDENTIFY AND ELIMINATE FRAUD

PEOPLE

06 Statistics

MORTGAGEBROKERNEWS.CA CHECK IT OUT ONLINE

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Helping you help your clients.

Visit HaventreeBank.com

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UPFRONT

EDITORIAL

A big opportunity for housing

T

he more things change, the more they stay the same, or so the saying goes.

In the Canadian mortgage space, however, there’s the possibility for quite a bit of change in the years ahead.

Housing affordability was front and centre in this fall’s federal election, as candidates of all parties pledged to help make it easier to buy and rent homes, and for homeowners to access better mortgage options. The result of a minority government means that we might just see a taste of all of the above.

Housing is a continuum, and the ideal is for Canadians to move from homelessness to rentals to homeownership as they so choose. There’s a need for social housing, affordable market-rate housing and rental housing – but there’s also a need to fix housing affordability so that no one gets stuck moving through that continuum. The more affordability continues to deteriorate in the biggest housing markets, the more pressure is exerted on other areas of the housing spectrum.

Since MPs may have more power in a minority government, now is the time for provinces and municipalities to advance local solutions The newly re-elected Liberal government plans to expand the first-time homebuyer initiative to include homes worth up to $789,000 in Victoria, Greater Vancouver and the GTA, as well as introduce a national speculation and vacancy tax. But other parties now have more leverage to influence policy and address their own housing priorities: reducing regulatory burdens in order to increase supply, bringing hundreds of thousands of affordable housing units to market and increasing the availability of purpose-built rental and co-housing models.

Politicians will undoubtedly have to compromise more than usual to have a shot at reaching their goals – which means maybe, just maybe, we could see the needle move in a number of different areas.

Federal governments have limited tools available to increase housing supply, and since MPs may have more power in a minority government, now is the time for provinces and municipalities to advance local solutions. It’s clear that what works for one market won’t work for the next, and there is no ‘one size fits all’ plan. Many approaches could be the way forward, and at this moment in time, everything’s on the table.

The team at Canadian Mortgage Professional

www.mortgagebrokernews.ca ISSUE 14.11 EDITORIAL Managing Editor Kimberly Greene Banks Writers Libby MacDonald Lucy Saddleton Ephraim Vecina Copy Editor Clare Alexander

CONTRIBUTORS Karen Boyne Ed Karthaus

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

SALES & MARKETING Associate Publisher Chris Anderson Vice President, Sales John Mackenzie Sales Executive Alan Stewart 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

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ADVERTISING INQUIRIES

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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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UPFRONT

STATISTICS

The virtual broker

NOT READY FOR AN ONLINE TRANSACTION Brokers fearful that their role is becoming increasingly obsolete in the digital age can take heart in the fact that almost half of Canadians remain uneasy about the prospect of arranging a mortgage online rather than with a human. Even in the age group that expressed the most comfort with the prospect (35- to 44-year-olds), 52% were still uncomfortable about navigating an onlineonly mortgage transaction.

Canadians have low levels of financial literacy – so are they ready to get mortgages entirely online?

CANADIANS ARE largely uninformed when it comes to mortgages. While 50% say they’re familiar with the kinds of mortgages available, six out of 10 admit that their knowledge of mortgages is low, and only 10% know how interest on a fixed-rate mortgage is charged.

This ignorance is likely part of the reason that most people say they’re uncomfortable with the idea of negotiating a mortgage online

rather than in person. That unease cuts across age groups: Only 37% of those aged 55 to 64 said they would be comfortable arranging a mortgage entirely online, but digital natives aren’t much more at ease with the idea of an online-only experience. Just 41% of those aged 18 to 24 and 39% of those between 24 and 35 said they were comfortable with the prospect of negotiating a mortgage online.

5%

ALL CANADIANS

40%

50%

of Canadians say they’re unfamiliar with their credit score

say they’re familiar with the types of mortgages available

90%

don’t know interest is charged semi-annually on a fixed-rate product

43%

51%

62%

of Canadians say their financial understanding of mortgages is poor Source: Rates.ca, October 2019

THE GENDER GAP

MIDDLING FINANCIAL LITERACY

While 50% of all Canadians say they’re familiar with the types of mortgages available, that knowledge is not evenly distributed between the genders; more men than women claim to know their mortgage options.

When asked to rate their financial literacy as it pertains to mortgages, 62% of all Canadians gave themselves average to poor marks. Those between 55 and 64 displayed the highest level of confidence in their mortgage knowledge – but over half of that group still gave themselves a low score.

80%

ARE YOU FAMILIAR WITH THE TYPES OF MORTGAGES AVAILABLE?

60%

Men

CANADIANS WHO RATED THEIR FINANCIAL LITERACY IN MORTGAGES BETWEEN ‘POOR’ AND ‘AVERAGE’

Women

40%

YES

57%

44%

20%

NO

43%

0%

54%

61%

63%

60%

61%

56%

67%

18–24

25–34

35–44

45–54

55–64

65+

AGE GROUP Source: Rates.ca, October 2019

Source: Rates.ca, October 2019

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HOW COMFORTABLE ARE YOU NEGOTIATING YOUR MORTGAGE ONLINE VERSUS IN-PERSON AT A BANK OR ANOTHER FINANCIAL INSTITUTION? Uncomfortable

Comfortable

18- TO 24-YEAR-OLDS

41%

59%

Not sure

25- TO 34-YEAR-OLDS

39%

55- TO 64-YEAR-OLDS

37%

52%

35- TO 44-YEAR-OLDS

48%

61%

45- TO 54-YEAR-OLDS

47%

53%

65-YEAR-OLDS AND OVER

63%

44%

56%

Source: Rates.ca, October 2019

LACK OF INTEREST

IN THE DARK ON DOWN PAYMENTS

Canadians’ knowledge of how mortgage interest works is especially low. Only one in 10 Canadians answered correctly that interest on a fixed-rate mortgage is charged semi-annually – and nearly 30% freely admitted that they had no idea how fixed-rate mortgage interest is charged.

More than 60% of Canadians are unaware that they need to pony up a 20% minimum down payment on a mortgage to avoid paying government insurance.

HOW DO YOU BELIEVE INTEREST IS CHARGED ON A FIXED-RATE MORTGAGE?

17%

28%

Bi-weekly

5% 11%

Monthly

10% 18%

Semi-annually

20% 39%

Annually

28%

Don’t know

10% 17%

WHAT DO YOU BELIEVE IS THE MINIMUM DOWN PAYMENT ON A MORTGAGE TO AVOID PAYING GOVERNMENT INSURANCE?

CORRECT ANSWER

25%+ 12% Don’t 20% know

CORRECT ANSWER

0% Source: Rates.ca, October 2019

10%

20%

30%

40% Source: Rates.ca, October 2019

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UPFRONT

HEAD TO HEAD

Should the Canadian market open to American banks?

Do the rules excluding US banks from setting up shop in Canada come at the expense of would-be borrowers?

Inam Qureshi Founder Syndicate Lending Corporation

Matthew Ablakan Broker of record Millennial’s Choice

Paul Meredith Mortgage broker CityCan Financial

“An influx of American banks with higher risk tolerances would grow the share of non-confirming lending, as the stress test measures laid down by OSFI have affected general lending.

The participation of American banks would definitely be a step forward for Canadian banking, but would surely need to have some checks and balances of the debt levels. Rising debt levels are a concern, as Canadians’ household debt is at an all-time high.

Keeping these concerns in mind, we can surely broaden the horizon and work on creating an ecosystem that would divide the risk to create a much more competitive environment.”

“Yes, yes and yes. More competition in the marketplace encourages lenders to become more competitive and innovative. While I understand the other side of the debate, especially when it comes to the fear of being replaced by the technological advances that some of these American banks have made, the reality is that more competition will force some agents and brokers to level up their game and do their best to stand out and bring value to their clients.

Better overall rates, programs and offerings from lending institutions will be some of the most important factors going forward in our real estate marketplace.”

“I think the Canadian markets should definitely be open to American banks, as it could potentially expand product availability to our clients. More competition for lenders can be a great thing for our industry. I think the big banks particularly could use more competition. Foreign banks such as ICICI and HSBC have presence in Canada; therefore, American banks should be allowed to compete here as well.

More choices for the borrower can also lead to more confusion, which means they are all that much more likely to hire a seasoned mortgage broker to guide them through the mortgage process.”

CROSSING THE BORDER Canada’s banking system is renowned for its stability – among other honours, it was deemed the soundest global banking system by the World Economic Forum for six consecutive years, starting in 2007. But while Canadian banks have made incursions into the US market, American banks face restrictions that forestall them expanding to the Great White North. This situation comes at the expense of Canadian consumers, argues GTA real estate expert R. Scott Davie in his new book, The GTA Affordable Home Ownership Crisis. Davie posits that if Ontario were to allow American banks in, they could “pick up the business Canadian banks are ignoring by leaving people out in the cold so that it puts the mortgage markets in balance.”

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UPFRONT

NEWS ANALYSIS

The surge in sky-high living As competition gets fierce for both building and buying detached homes, homebuyers are readjusting their expectations and moving on up to those deluxe apartments in the sky

CONDOMINIUMS ARE typically thought of as an affordable alternative for first-time buyers who can’t get into a single-family home, but the limited availability of detached properties is making condos attractive to buyers at both the top and bottom ends of the market.

In the 1950s, single-family homes accounted for 60% of new construction. Although that number decreased during the post-war economic boom and immigration swells of the mid- to late ’60s, by the 1980s, detached homes were once again all the rage.

As land has become increasingly limited in Canada’s hottest and most expensive markets, however, another shift in attitudes and options appears to be afoot. Since 2012, apartments and condominiums have had the highest

price rose 4.9% to $802,400, largely driven by gains in the condo apartment sector. In the second quarter, condo sales in the city surged 77% compared to the same period last year, according to market research firm Urbanation. That’s the second-highest level on record for the quarter.

In the first half of 2019, condominium sales over $1 million increased 10% year-over-year in the GTA, and in July and August, sales increased 13% and 16%, respectively, in the GTA and the city of Toronto, according to Sotheby’s International Realty. Condominiums remained the fastest-appreciating housing type nationally; the median price of both resale and new-build transactions rose 3.4% yearover-year to $457,911, according to the Royal

“In [Montreal’s] million-dollar condo market, we’re finding it’s particularly strong leading into the fall market” Don Kottick, Sotheby’s International Realty Canada construction intentions in Canada, which hadn’t occurred since 1973.

Condo markets have grown significantly this year in Toronto, Vancouver and Montreal, especially when compared to major cities in the US. In August, the Toronto Real Estate Board reported that Toronto’s benchmark home

10

LePage National House Price Composite.

By comparison, the traditionally hot Manhattan condo market has experienced a steady decline in sales activity over the past two years. During the third quarter, resale prices for Manhattan condos and co-ops shrunk by 8% annually.

Don Kottick, president and CEO of Sotheby’s International Realty Canada, highlights Montreal as a market to watch, noting that consumer confidence in Quebec’s largest city hasn’t been this high in years.

“The city is on pace for moderate gains, especially in the condo segment,” he says. “The economy is very robust right now. The problem is the lack of inventory; it’s a seller’s market, so the city is experiencing price gains. In the million-dollar condo market, we’re finding it’s particularly strong leading into the fall market.”

Smaller Canadian cities are seeing growth in their condo markets as well. In Victoria, the median condo prise rose by 6% year-over-year in the third quarter to $493,448. And condo sales propelled the Winnipeg housing sector’s very active summer, according to the city’s real estate association. Home sales in Winnipeg

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CANADIAN CONDO DWELLERS BY THE NUMBERS

16.6%

Growth in the number of households in metropolitan areas living in condos between 2011 and 2016

11.9%

Growth in the number of households outside metropolitan areas living in condos between 2011 and 2016

1.9

Average number of people per condo-dwelling household

$1,316

Average monthly shelter costs for condo residents

67%

Ownership rate among condo dwellers

Sources: Statistics Canada, 2016 Census

were up 13% year-over-year, and the total home sales value for the month was $411 million – the first time the city’s August dollar volume

“It’s not often, if at all, that we see condominium sales outperform single-family to the degree they did this month,” says Winnipeg

“It’s not often, if at all, that we see condominium sales outperform singlefamily to the degree they did [in August]” Kenneth Clark, WinnipegRealtors has exceeded $400 million.

Condos accounted for a significant portion of that strength, enjoying a 37% annual increase in sales and ending up 19% higher than the five-year average for August. By comparison, single-detached units saw a mere 4% year-overyear uptick.

Realtors president Kenneth Clark.

A significant driver of the condo trend is Canada’s population growth. According to Statistics Canada, the national population expanded by 531,497 to roughly 37.6 million in July – the greatest year-over-year increase registered since the 1970s.

In addition to first-time buyers attracted by new developments and investors capitalizing on the upswing in luxury condo sales in some markets, there’s a large contingent of baby boomers who are aging and want to downsize. However, even as condo living becomes more common, the popularity of condos can be a double-edged sword.

“The shrinking price gap between condominiums and detached properties in many areas of the GTA has encouraged some homebuyers to save for a bit longer and enter the market owning a bungalow or a two-storey home,” says Chris Slightham, president of Royal LePage Signature Realty. “We’ve also seen an increase in consumer confidence across the GTA, partly because of the recent decline in the benchmark five-year interest rate, which has made singlefamily homes more attractive.”

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UPFRONT

ALTERNATIVE LENDING UPDATE NEWS BRIEFS Haventree Bank introduces assistance for the jobless

Alternative lender Haventree Bank has announced its NextJob venture, which helps provide much-needed relief to Canadians who have just lost their jobs. The program offers a mortgage payment moratorium of four to six months, along with job search assistance and employment coaching. The setup benefits both consumers and the bank, as customers helped by a business often choose to remain with it for the long haul, explained Wilfred Pande, Haventree’s VP of mortgage servicing. “The average tenure of that customer increases when they go through NextJob,” Pande said. “It helps us by having the customer stay in their home.”

Ontario government mulling private lender registry

Amid steady growth in the private lending sector, the Ontario government has announced that it is considering implementing a registry for industry players. “Because these lenders are unregulated, governments have no clear line of sight on their activities and may not know the extent of their market participation,” a report by the province’s Ministry of Finance said. “This has resulted in a lack of understanding of the level of financial risk in the private lending sector.” The government is aiming to launch the registry sometime in 2020.

Non-bank lender steps up its humanitarian work

Fairstone Financial employees recently donated over 1,300 volunteer hours to Canadian charities. More than 350 of the lender’s employees participated in the venture, which spanned 40 charitable activities. “Fairstone has had lending operations in communities

across Canada for almost a century.

We are a part of the fabric of our local neighbourhoods, and volunteer involvement is an important way for us to contribute to the well-being of local communities,” said president and CEO Scott Wood, adding that the company’s full-time employees are each allocated a paid day off for volunteer work.

Mortgage lending conditions continued to ease in third quarter

Mortgage lending conditions experienced further easing in the third quarter of 2019, while non-mortgage lending conditions tightened, according to the Bank of Canada’s latest senior loan officer survey.

Easing in mortgage lending conditions took the form of price reductions as competition drove lenders to pass on more of their decreased funding costs to customers. Non-price conditions were unchanged. Lending conditions for low-ratio mortgages and HELOCs are also expected to remain unchanged, although high-ratio mortgage lending conditions are expected to ease in the fourth quarter, reflecting the September rollout of CMHC’s First-Time Home Buyer Incentive.

BMO’s private lending arm helps commercial entities

In its first full year of operations, BMO’s Business Xpress private lending solution has significantly cut down on the time it takes businesses to apply for loans.

Since its inception in October 2018, the service has assisted more than 4,500 small business owners, saving them an estimated 67,000 hours in total. In recent years, small businesses and retail chains alike have accounted for a significant portion of commercial real estate activity, especially in cities like Toronto and Vancouver. Easy access to funding is expected to further boost the prospects of these enterprises.

Return of the RMBS Residential mortgagebacked securities begin to shed their tarnished image as one major alternative lender makes a big play in the space Once considered a major factor in the global financial crisis, residential mortgage-backed securities might actually be key to buttressing the Canadian economy against a similar mortgage crisis, according to one academic.

“While lenders are very well equipped to manage normal market risks, I suspect they are rather unwilling to take on the additional risk of future government intervention in the housing markets,” Andrey Pavlov, a professor of finance at Simon Fraser University’s Beedie School of Business, told the Financial Post earlier this year. “Therefore, lenders are likely more interested today than they have ever been in hedging their residential real estate exposure, and mortgage-backed securities would be a good way to do so.”

Home Capital Group seems to agree with Pavlov – the alternative lender recently announced the sale of $425 million in uninsured mortgages to investors, its first since the financial crisis. All are residential mortgages to what Home Capital classified as near prime borrowers.

Home Capital CFO Brad Kotush said RMBS deals represent “an attractive funding option for us,” adding that Home Capital expects this issuance to be the first in multiple rounds of transactions with accredited investors. “We expect to be a serial issuer of these securities in the future,” he said.

Aside from being a potentially lucrative new channel for Home Capital and its ilk, RMBS sales can help counteract the weaknesses posed by the current system. Right now, the majority

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of the national housing market is supported by the federal government through CMHC. In essence, that leaves the tax-paying public bearing much of this burden – especially since CMHC offers mortgage-backed securities only for insured products.

The Bank of Canada also appears to be on board. In May, BoC governor Stephen Poloz urged lenders to improve access to and usage

“We expect to be a serial issuer of these securities in the future” of mortgage products with longer terms, as this would evenly distribute risk and help insulate the financing system.

“What [the BoC] is trying to do is open up Canada’s market so it isn’t always institutional or crown corporations buying them,” Ebury senior sales manager and foreign capital specialist Benjamin Sammut explained at the time. “The way you get mortgage involvement for an MBS market in Canada is by increasing product offerings. Canada is notoriously short for long-term mortgages, and with a larger product offering, it would create more demand for Canadian mortgage-backed securities, as well as spread the risk and create a safer structure for the Canadian mortgage space.”

Q&A

ITALO BRUNO President and broker of record Max Capital Financial

Years in the industry 20+ Fast fact When he entered the industry in the late ’90s, Bruno was one of Edmonton’s first special finance lenders

Thriving in the commercial space How has 2019 shaped up for Max Capital Financial?

Max Capital made a decision at the start of 2019 to focus more on private and alternative financing for the commercial market. In years past, we were doing 85% to 90% residential; this year, we changed our company direction and decided to focus 85% to 90% on the private and alternative commercial market, as we felt there was room for growth in this segment, more so than on the residential side. Plus, our commercial clients were requesting more private and alternative commercial mortgages.

For 2019, our funded mortgage volume will easily surpass the prior two years combined, and I am happy to say that it was the right decision. Max Capital will continue to grow our commercial side of the business and also maintain a presence on the private residential side.

How is the alternative market in Alberta right now?

For Max Capital, the commercial alternative market has been quite busy – not just in Edmonton, but all of Alberta. We are anticipating growing and adding additional staff to meet our Edmonton clients’ needs, and also expanding into the Calgary market next fall.

What impact have the B-20 changes had on your market?

One of the reasons we focused on doing more commercial than residential mortgages was because of the B-20 and mortgage stress test rules, which affected residential clients’ exit strategy and also their ability to qualify for new mortgage financing. We lost a segment of the market that was in that 80% to 85% LTV range with the new regulations, and it made it very difficult for them to obtain the take-out financing they required in paying off their existing second mortgages. Lenders couldn’t finance them if they were over 80% LTV, and also they had to qualify under the new stress test.

What are some of the most significant issues your clients struggle with, and how do you help them overcome these challenges?

Our clients struggle with obtaining a mortgage or bridge loan or refinancing their existing mortgage through conventional bank lenders. The Alberta economy has had a lot to do with the problems many of our clients are currently facing as well; with the improving economy and the possibility of relaxing the current stress test, some of these issues will be easier to solve for our existing clients.

Max Capital is able to offer various alternative and private mortgage options that our clients cannot get from their existing lenders or financial institutions. Max Capital has even been able to help clients when they were turned down by their existing lenders or mortgage brokers. Our experience in dealing with private and alternative lending is a huge benefit to our clients, and we can assess a loan and provide the client with various mortgage loan options instead of a decline.

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UPFRONT

TECHNOLOGY UPDATE

Is Canada stifling fintech innovation?

One observer argues that existing regulations favour the status quo of large financial institutions

slow to adapt and reluctant to experiment, and we don’t have the vibrant startup funding ecosystem the US does.”

And despite the US being more prone to the worst effects of regulatory fragmentation, it “has at least a slight edge in competition, which may pay off over time, given that country’s historically more aggressive approach to legislative change,” Clements wrote.

In fairness to the current system, disruptive technologies are inherently unstable, Clements admitted. “Fintech can expose customer data,

“Keeping up will require more experimentation in regulation”

Canada’s financial strength and stability could be a liability when it comes to integrating disruptive technology, according to University of Calgary law professor Ryan Clements.

In a recent contribution to the Financial Post, Clements argued that while current policies favour large financial institutions, ensuring the best possible long-term prospects would entail taking steps that bring about significant risk.

“Maintaining financial system stability is

NEWS BRIEFS

important, but unless Canada can increase competition in its financial services sector, it runs a real risk of falling further behind in the fintech world,” Clements wrote. “Keeping up will require more experimentation in regulation.

“There is undeniable interest in fostering fintech, and helpful steps have been taken – the Canadian Securities Administrators’ fintech ‘regulatory sandbox’ being a notable example,” he continued. “But our lawmakers are cautious,

US-backed tech firm acquires LenderSpotlight

Lendesk has purchased LenderSpotlight, the so-called “lender cheat sheet” that’s proven immensely popular with the broker channel since its 2017 launch. The acquisition came on the heels of Lendesk’s own purchase by the parent company of US lender Quicken Loans.

LenderSpotlight founder Jason Henneberry noted that “it’s important to make sure there is continuity when you transfer ownership of such an important technology” and said his team “will be working closely with Lendesk … to ensure a smooth handoff.”

increase systemic risk, create moral hazard in peer-to-peer lending and drive investor herds with robo-advisors. Money laundering is also a higher risk in virtual currency,” he said, but emphasized that “while fintech regulation is clearly needed, too much of it may restrict consumer-friendly innovation.”

He advised Canada to look to the US Office of the Comptroller of the Currency, which last year launched a fintech national banking charter, which indicates that “the US is open for business and willing to experiment with non-traditional banking to increase innovation and benefit consumers ... Canada lacks a special-purpose vehicle like the OCC’s.

Despite numerous government consultations, fintech-related legislative changes have been rare and slow-moving.”

Albertans now have easy access to housing data

The Alberta Real Estate Association has launched an interactive online portal, featuring more than 18 years of data on the province’s housing activity. The Statistics Dashboard tool, accessible on the association’s website, presents market data such as sales activity, price movements, supply-demand dynamics, regional and provincial trends, and detailed inventory in an easily comprehensible visual format.

Users can also draw comparisons between Alberta’s various regions and arrange the data in custom infographics.

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5/11/2019 3:13:48 AM

Q&A

Geoff Willis

Next-gen platform the “Match.com for mortgages”

President and CEO NEWTON CONNECTIVITY SYSTEMS

Years in the industry 30 Fast fact Willis has held multiple high-level positions in leading mortgage firms since 1995

What is Newton’s new Discovery platform?

Discovery is like a Match.com for mortgages. The idea is that, instead of a mortgage broker having to fan through various lenders and sheets that describe their rates and their product’s attributes, and match these against the client profile to make sure that the lender-client fit is right, Discovery actually takes all that and puts it in a digital environment. The system then matches up the client profile against that lender’s desired credit appetite and product attributes.

What impelled Newton to build Discovery?

We thought there was an important problem: Things were just becoming more complex in what lenders were sharing about access to their products. It used to be “Here’s my rate and here’s my term; send in your deal and we’ll see if we can do it.” Now it’s “Here’s my rate and here’s my term, but here’s my rate if it’s a refinance; here’s my rate if it’s insurable,” and so on. There’s a lot more complexity to selecting the appropriate deals.

We saw that this process was still mostly manual, with brokers and lenders left to figure things out. So we thought that there was a solution: to capture all of that into one portal, which ended up being Discovery. More importantly, all of the content is populated by the lenders themselves, not by third parties.

Were there any significant hurdles pre-launch?

I think it’s getting the lenders to buy in, to participate.

Also, when we started getting users on there, we tracked the most remote kind of deals – “I’m looking for this

Mogo Finance links up with major private lender

Canadian fintech Mogo Finance has announced a new partnership with non-prime lender Goeasy. Through the Mogo mobile platform, Canadians can secure personal loans of up to $15,000 with terms of up to five years, as well as no-obligation pre-approvals. The streamlined process allows applications to be completed in minutes. “The two companies have integrated technology that creates a seamless customer experience and enables Goeasy to only accept loans that meet their credit criteria,” Mogo said.

thing, and Discovery is not giving me the absolute answer I need” – and we came to realize that the system is a work in progress and that it will only get better in time. We continually get feedback from real users, and this helps us refine how our filters work.

Why is Discovery a must in every broker’s toolbox?

Discovery allows brokers to truly deliver on their value proposition to a consumer: the concept of choice. As opposed to just a couple of lenders that they know, brokers will have the whole market available to match their client profiles to.

Where do you anticipate Discovery heading?

We’ll definitely get more precise in how we stream the deals. There will probably be a prime lending stream and an alternative lending stream. The latter especially is a very robustly growing segment of our mortgage market, and it definitely needs special treatment. So we’ll make sure that these two segments have their own streams. Down the road, we’ll also see specialized filters – things like ‘new to Canada,’ ‘selfemployed,’ ‘net worth programs’ and the like. There will definitely be continuous refinement.

Most importantly, Discovery will be available on a number of different platforms, including mobile apps. In addition to being something used primarily with client profiles, we do think this system will replace the current rate sheet that lenders send out. Eventually, brokers will reference Discovery as their go-to rate and product engine, with or without a client.

Equifax Canada and M3 Group merge tech solutions

Equifax Canada and M3 Group have announced a tech-sharing partnership, intended to “drive faster mortgage credit decisions for consumers by automating employment and income verification.” This will be accomplished by incorporating the Equifax Verification Exchange database into M3’s MortgageBOSS platform. “We’re confident the Equifax solution will be widely used and become the new standard for income verifications in Canada,” said Éric Chamelot, M3’s VP of mortgage solutions and lender relations.

Altus and CREA announce national housing index

Altus Group has broadened its partnership with the Canadian Real Estate Association to expand CREA’s MLS Home Price Index nationally. The new agreement provides a framework to grow the MLS Home Price Index from the current 18 real estate boards to all of CREA’s 90 real estate boards and associations to provide a truly national home price index. “Providing all of our members with this level of analysis and visibility into the market trends is invaluable,” said CREA’s Michael Bourque.

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5/11/2019 3:13:50 AM

UPFRONT

OPINION

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

A nation of debtors Regulations designed to limit overleveraged mortgage borrowers are missing the larger point of Canada’s issues with debt, writes Karen Boyne A MORTGAGE is a pretty good debt to have – not only can you live and raise your family in the property you are paying off, but the chances of it appreciating in value are high. However, lines of credit, student loans, vehicle loans and recreational vehicle loans are terrible debts, yet few rules are in place governing this kind of debt as long as the borrower has a high credit score.

The mortgage industry has been hit hard over the last several years with new rules designed to save the consumer from themselves. While I believe that some changes had to be made, it seems we may have neglected the larger issues with respect to debt. At the heart of the problem is the lack of financial literacy among Canadians in general.

In my line of work, I have seen up close the damage that such ignorance and the lack of rules around unsecured consumer debt and vehicle loans can do.

It’s staggering how many times I have met a young couple who both have student loans, tens of thousands in credit card debt, a vehicle loan each, an RV loan and have borrowed their down payment from family. I wonder if young people have any insight as to how they will ever pay off their debts.

The situation in Alberta can be seen as a microcosm of what happens when the good times stop rolling. I’ve met many oil patch workers, or those in allied industries, over the past several years who have not saved the minimum 5% for a down payment and are hoping instead for a zero-down mortgage.

Pulling their credit shows me that many have borrowed to pay for toys. These are

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often high earners, but the loans for RVs, quads, snowmobiles, trucks and the like have their lines of credit stretched and their credit cards at the maximum. It’s not unusual to see in excess of $150,000 in unsecured debt for one family. And those lucky enough to qualify for a mortgage in the past have mortgages of around $400,000 to $500,000 on top of that $150,000 in unsecured debt.

What is the government doing to limit this kind of debt? Recently, I met with clients who had purchased a $65,000 travel

and use an envelope system, in which actual currency is divided up into envelopes with specific purposes so they can pay cash for everything in their budget. I find it is much more difficult to take your wallet out and part with real money than it is to tap a card and go further into debt.

When budgeting for a home, I ask my clients to try paying the differential between their current rent and their future mortgage payment, plus taxes, insurance and condo fees, into a separate account for six months to see if they can manage the financial burden of owning a home. For example, if their current rent is $1,100 and their new combined monthly mortgage obligation is $2,100, then I ask them to put an extra $1,000 in a separate account to ensure they can afford it. Also, I tell them they must have three months’ worth of payments already sitting in the bank as an emergency fund.

Finally, I ask them to prioritize their debt based on the lowest amount and just keep paying off each debt and closing that card.

This way, they’ll start to feel like something is changing and their sacrifices are paying off.

Setting up a realistic plan with prospective

“There should be some restrictions in place to ensure Canadians are not able to obtain unsecured debt without some sort of matrix that inhibits them from sliding further into financial quicksand” trailer with a bi-weekly payment of $264. I was curious, so I did the math. It worked out to $6,864 in annual payments toward principal and interest. Given the interest rate, the term of the loan appeared to be around 15 years, which doesn’t make sense on a depreciating asset.

I have several strategies I use when working with clients with debt. First, I challenge them to put their credit cards on ice in the freezer, thus ensuring the plastic is out of their wallets and not available for impulse purchases.

Second, I suggest they build a budget

homebuyers is an important step toward encouraging responsible homeownership.

But even more important, there should be some restrictions in place to ensure Canadians are not able to obtain unsecured debt without some sort of matrix that inhibits them from sliding further into financial quicksand.

Karen Boyne has spent 14 years working in the mortgage industry. She also coaches and trains Canadians on financial literacy, debt management and strategies to reach their dream of homeownership.

www.mortgagebrokernews.ca

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5/11/2019 3:14:12 AM

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5/11/2019 3:14:16 AM

PEOPLE

INDUSTRY ICON

PRIVATE LENDING AT WORK Christine Xu’s dedication to hard-to-qualify borrowers propelled her into the world of private lending, and today she’s positioned to grow with the channel

IT ALL started when Christine Xu couldn’t get a mortgage. She and her husband were self-employed at the time, and they couldn’t qualify for financing. She opened the trusty phone book to the ‘mortgage brokers’ section and found one who was able to help her and her husband buy their first home.

Xu had worked as one of the first Mandarinspeaking investment advisors in Toronto, but after her family began to grow, she was searching for a career change. It was something close to fate when she saw an ad in The Globe and Mail: “Mortgage broker wanted, no experience necessary!” She answered the ad, took the courses, and the rest was history.

Xu was named Alternative Lending Mortgage Broker of the Year at the Canadian Mortgage Awards in both 2015 and 2018, an accomplishment she’s incredibly proud of because she believes it speaks to the heart of what she does.

“The alternative broker [award] is the best award for the mortgage broker because we’re not trying to do something easy,” she says.

“We’re not just giving people the best rate. We try to provide people with solutions – that’s what we do.”

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When Xu immigrated to Canada from China 30 years ago, she initially spent most of her time in her new Chinese community, and she’s been an ardent supporter and community advocate ever since. Given her strong ties to

such as moving from being solely residential borrowers to those interested in small commercial and multi-unit residential properties. Xu has had to grow and evolve along with them, learning new things along the way.

“We’re not trying to do something easy.

We’re not just giving people the best rate.

We try to provide people with solutions – that’s what we do” that community, Xu has built a very large client base that’s geared toward people who need lots of help obtaining financing: those who don’t speak very much English, who are new immigrants and have very new or very weak credit, and who are newly self-employed.

Over the course of her career, her business evolved from the A side of lending to the B side in order to help clients who had difficulty qualifying for more traditional financing. Her client base also continues to evolve in other ways,

Going her own way Like a true leader, Xu says the differentiator between her business and that of her competitors is the strength of her team. Over the years, she has built a solid support staff, some of whom have now been with her for a decade. She has also developed extensive training processes and support systems for new agents, who can then feel comfortable learning the ropes as they go while still providing borrowers with the best service and options available.

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PROFILE Name: Christine Xu Title: President and principal broker Company: Moneybroker Canada Based in: Markham, Ontario Years in the industry: 20 Fast fact: Xu graduated from the University of Toronto, where she double majored in economics and East Asian studies

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5/11/2019 3:14:47 AM

PEOPLE

INDUSTRY ICON

“I’ve heard from the industry that we have one of the best back-office supports,” Xu says.

“Newer agents, if they don’t know the product too well, they can render each file to the office staff, who can get that file from the beginning to the end and get the file closed. The different approach I have [compared to] other brokerages is just having a strong back office.”

When the B side of Xu’s business grew to the point that the business she was closing on her own was comparable to that closed by entire brokerages, a colleague at Mortgage Architects

Meeting the demand This year, Xu tried something different altogether and launched Ready Capital Mortgage Investment Trust, a new mutual fund trust that’s solely for private mortgages. The anticipated annual minimum return is around 8.3%, but Xu says the annual return right now is close to 9.5%.

“It’s been doing great,” she says. “This is the eighth month, and we are past our first $10 million mark. Right now, we have over 120 investors.”

“It’s harder for people to qualify, so the private space is going to be much bigger and stronger.

And I think with the new mutual fund trust, we’re well prepared for that” urged her to go out on her own, which she did with a lot of trepidation.

“For the longest time, I was actually just a broker with assistants working for me and then later on, I become a team lead,” she says.

“I still didn’t want to set up my own brokerage because I hate the admin side: administrative, compliance – I just hate that paperwork. I like to deal with clients and sales, and I like to deal with products.”

But two years ago, Xu took the suggestion to start her own business and founded Moneybroker Canada – although the first thing she did was hire someone to deal with the administrative tasks. In her new venture, she’s continued with a few tried-and-true practices while also exploring new opportunities. A lot of Xu’s business comes from referrals from past clients and real estate agents, but she continues to pursue traditional marketing strategies such as advertising in community newspapers – and while those ads have gotten smaller over the years, they still result in business.

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She adds that private lending is “something we’re going to be focusing on because with the mortgage regulations, it’s harder for people to qualify, so the private space is going to be much bigger and stronger. And I think with the new mutual fund trust, we’re well prepared for that.”

As the private lending space grows, Xu is not only well prepared, but well positioned to advise and help even more newcomers navigate an increasingly arduous mortgage process.

Gone are the days when stated-income letters and no-money-down options were prevalent; the requirements are much stricter, and Xu is committed to helping her clients navigate the process in spite of the many difficulties they face.

“I think I’m so lucky I’m in the field and still learning every day,” she says. “That’s why I love to work, and that’s why I’ve been doing it for the past 20 years. I’m very lucky to be doing the things I love to do. And that’s why I’m doing well and enjoying it.”

CHRISTINE XU’S AWARDS AND ACCOLADES

Awarded the Queen Elizabeth II Diamond Jubilee Medal for community service in 2012

Named Alternative Lender Broker of the Year at the Canadian Mortgage Awards in 2015 and 2018

Received the Chinese Business Chamber of Canada’s Social and Community Contribution Award in 2015

Named to CMP’s Top 75 Brokers list every year since 2014

www.mortgagebrokernews.ca

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5/11/2019 3:14:49 AM

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5/11/2019 3:14:53 AM

SPECIAL REPORT

WOMEN WOMENOF OFINFLUENCE INFLUENCE2019 2019

2019

WOMEN OF INFLUENCE WOMEN OF INFLUENCE 2019 INDEX NAME

COMPANY

Lisa Abbatangelo

Community Trust

Ameera Ameerullah

NAME

COMPANY

NAME

COMPANY

Nikki Carew

East Coast Mortgage Brokers

44

Karen Gibbard

Gibbard Group Financial

34

Canada Mortgage & Financial 27 Group

Gita Cartwright

Real Property Solutions

47

Kathy Gregory

Paradigm Quest

36

Dalia Barsoum

Streetwise Mortgages

28

Barbara Cook

The Mortgage Centre

26

Meaghan Hastings

The Mortgage Coach

26

Chelsea Bedard

Mission35 Mortgages

28

Sherry Cooper

Dominion Lending Centres

31

Shannon Hillman

BlueShore Pacifica Alternative Mortgage Centre

46

Tawny Bley

Mortgage Architects oneSt. Mortgage

48

Sherry Corbitt

Mortgage Architects

46

Frances Hinojosa

Tribe Financial Group

30

Anne Brill

Centum Metrocapp Wealth Solutions

23

Rakhee Dhingra

Mortgage Savvy

36

Luisa Hough

Xeva Mortgage

42

Samantha Brookes

Mortgages of Canada

45

Michelle Drover

Premiere Mortgage Centre

44

Paula Hutton

VWR Capital Corporation

42

Janet Boyle

Scotiabank

47

Catherine Ellis

Xeva Mortgage

28

Iseela Ibrahimi

DLC Paragon Home Capital

32

Sabeena Bubber

Xeva Mortgage

45

Kelly Evans

Magenta Capital Corporation

45

Teresa Johnston

Canadian Mortgages Inc.

25

Amy Bruyea-Cherny

Home Trust Company

39

Janne Farias

Street Capital Bank of Canada

41

Kathy Kozak

Trez Capital

36

Christine Buemann

DLC Canadian Mortgage Experts

24

Suzy FernandesArruda

Haventree Bank

46

Kim Kukulowicz

Equitable Bank

38

Angela Canales

403Mortgages

24

Vivianne Gauci

HomeEquity Bank

32

Jamie Leamont

Merix Financial

47

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PAGE

PAGE

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CMP names 60 of the mortgage industry’s most ground-breaking, trend-setting women FROM THE first female CEO in the Canadian mortgage industry to women who have taken on leadership roles in technology, finance, marketing and more, there’s no shortage of impressive women in Canada’s mortgage world. For this year’s Women of Influence list, CMP received hundreds of nominations from path-paving women; the 60 individuals who made the final cut are true examples of what it means to be a leader in this field. Their stories, career trajectories, philanthropy and inspirational approaches not only embody what it means to be a Woman of Influence, but what it means to be a force for change – in the mortgage industry, the nation and the world.

ANNE BRILL Principal broker and owner

NAME

COMPANY

Laura Martin

Matrix Mortgage Global

Megan McDonald

NAME

COMPANY

32

Caroline Rapson

Centum Financial Group

38

MCAP Service Corporation

43

Kerri Reed

Premiere Mortgage Centre

38

Melanie McLister

intelliMortgage

44

Grace Reynolds

Northwood Mortgage

47

Kim Mercer

XMC Mortgage Corporation

40

Varsha Sharma

Syndicate Lending Corporation

48

Leanne Myles

Centum Home Lenders – Clinton Wilkins Mortgage Team

42

Eden Simari

Quantus Mortgage Solutions

30

Krista Valadao

Home Trust Company

40

SafeBridge Financial Group

44 Amanda Vandeyar

Merix Financial

24

Enza Venuto

Centum InTouch Mortgage Solutions

29

Karen Weaver

MCAN Mortgage Corporation/XMC Mortgage Corporation

34

Paula Needler Kelly Neuber

Invis Mortgage Intelligence

PAGE

36

PAGE

Jill Paish

Merix Financial

27

Livia Pellegrino

First National Financial

42

Anna-Marie Plessl

Mountainview Mortgage

28

Elizabeth Wood

CMI Group of Companies

30

Liz Prendergast

HomeEquity Bank

48

Kate Wybrow

FCT

34

Kendra Pyatt

DLC Forest City Funding

38

Christine Xu

Moneybroker Canada

27

Centum Metrocapp Wealth Solutions

In the financial industry since she was 19, Anne Brill opened her own company, Think Tank Financial, in 2001 at the age of 30.

Since then, she has established herself as one of the most well-known and soughtafter mortgage brokers. After joining Centum Metrocapp Wealth Solutions in 2012, Brill received Centum’s Optimus Platinum Award, as well as recognition for the 206% increase in business the company experienced. She received the Optimus Platinum Award again in 2013 and won the Optimus Emerald Award in 2015 and 2016. She has been a finalist for several Canadian Mortgage Awards and was named Mortgage Broker of the Year (More Than 25 Employees) at the 2018 CMAs. Brill shares credit for her success with her colleagues and family. “I have a team who has made me look like a superstar,” she says. “We stand as one and shine together. My family is my biggest support system, always there for me. This is what makes me do what I do: shine amongst all other beautiful women in this industry.”

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SPECIAL REPORT

WOMEN OF INFLUENCE 2019 ANGELA CANALES Founder 403Mortgages

With more than a decade of experience in the mortgage industry, Angela Canales takes pride in being able to pair every client with the perfect product for their financial well-being.

Canales has continually grown her business throughout her career, and her 403Mortgages team has won Invis’ Top Small Team Award for the Prairies for the last three years in a row. Canales actively seeks to assist others and sits on Invis’ Angels in the Night committee, which gives back to homeless shelters around Calgary.

With a drive to live every day as if it were her last, Canales says, “We are only allotted 86,400 seconds each day.

Regardless of how we choose to use them, they are gone at the end of each 24-hour period. We are blessed to have the option to use them as we wish. I live life to the fullest.”

AMANDA VANDEYAR Director of business development Merix Financial

Described by colleagues as someone who is eager to help others achieve their goals and always willing to go the extra mile to find solutions, Amanda Vandeyar joined Merix Financial in 2018 after spending seven years with RBC, where she worked her way up from mortgage specialist assistant to mobile mortgage specialist.

Energized by teaching and coaching others, Vandeyar now puts those skills to use as a director of business development for Merix. “I understand that a successful business can only happen with a team effort, not alone,” she says.

“I am passionate about educating clients about things that can make their lives better, whether it’s saving them money or simply showing clients online banking opportunities.”

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CHRISTINE BUEMANN Mortgage broker DLC Canadian Mortgage Experts

Christine Buemann started her career as a mortgage broker in 2010, just before giving birth to her first child, and she spent the next several years focused on being the best mother, mortgage broker and businesswoman possible. Today, Buemann is working toward expanding her business throughout BC, Alberta and beyond.

“My greatest joy comes from giving to others,” she says. “The foundation of my business was built on giving. I am so encouraged to see how business – in our industry as well as so many others – is changing. More people are coming to realize the power in collaboration and supporting each other.”

In 2018, Buemann was in the top 5% of DLC brokers and consistently ranks within her brokerage’s top three brokers annually.

Described by colleagues as “a rare mix of drive and execution” and “one of the increasingly small number of people who will deliver on exactly what they promise,” Buemann has made several appearances on CMP’s Young Guns list and Hot List.

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5/11/2019 3:15:45 AM

TERESA JOHNSTON Vice-president, investor relations Canadian Mortgages Inc.

A seasoned mortgage professional with more than 30 years of financial industry experience, Teresa Johnston has worked for some of the top Schedule I banks throughout her career. She was one of the first women to open up her own mortgage brokerage back when the industry was very male-dominated and has spent the last four years with Canadian Mortgages Inc.’s private lending division as vice-president of investor relations, helping to facilitate nearly $75 million in private mortgage placements nationwide.

Johnston has established a wide network of lenders and referral partners and has been a significant contributor to various initiatives in the company that have directly impacted overall revenue growth and market share. She is a strong believer in empowerment and philanthropy and has dedicated much of her time to organizations supporting women’s health and children, including the Sick Kids Foundation, World Vision, the Breast Cancer Foundation and Habitat for Humanity. She is currently involved in a project to raise awareness around human trafficking.

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SPECIAL REPORT

WOMEN OF INFLUENCE 2019 BARBARA COOK

‘Driven,’ ‘devoted’ and ‘determined’ are a few

into the business. In 2018, she oversaw the addition of 19 new brokerages and $1 billion to Verico.

In October 2019, Cook took on a new role as vice-president of franchise development

words frequently used to describe Barbara Cook and her 16-year career in finance.

The former vice-president of business development at Verico, Cook helped to double the network’s sales in 2017 and brought more than 26 new brokerages on board, injecting more than $1.3 billion

at The Mortgage Centre, where she’ll help implement improvements to drive results and grow the business. Also a proud member of WIMI, Cook says she’s “on a mission to help pave the way for other successful women in this industry by way of inspiration, mentorship and coaching.”

MEAGHAN HASTINGS

digital training. They are also given access to Alfred, a CRM system that enables them to manage every relationship within the entire mortgage process.

“My career as a mortgage agent has changed drastically since becoming a part of The Mortgage Coach,” one agent says. “I am supported and motivated by Meaghan in my daily pursuits of being an agent. Meaghan supports the culture of The Mortgage Coach through industry mentoring and motivational mentoring.”

Less than a year since it was founded, Hastings’ brokerage has grown by more than 500%. Its rapid success is testament to Hastings’ vision – and, she adds, “I’ve only just begun.”

Vice-president, franchise development The Mortgage Centre

Principal broker and founder The Mortgage Coach

When Meaghan Hastings founded her brokerage, The Mortgage Coach, at the beginning of 2019, she did so with a mission to improve upon the traditional mortgage process.

“Having already held a number of different roles within the mortgage brokerage industry, I knew that as good as it is now, it could be even better,” she says. “So I set out to create it.”

Agents at The Mortgage Coach get constant training and support, including an initial eight weeks of training followed by

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5/11/2019 3:15:52 AM

AMEERA AMEERULLAH Founder and CEO Canada Mortgage & Financial Group

Ameera Ameerullah has been in the mortgage industry since 2001 and has founded several companies, most notably Canada Mortgage & Financial Group [CMFG]. Known for her transparency, resilience and commitment to the highest ethical standards, Ameerullah quickly made a name for herself in the industry with CMFG, as well as CMFG Limited Partnership, a private fund managed by Ameerullah that invests in first and second mortgages.

To date, CMFG has maintained a blemish-free record with regulators, lenders and investors, and Ameerullah has received several accolades for her work, including being honoured this year with the JunCtian Community Initiative Award for Excellence in the Advancement of Women and Excellence in Economic Development. Outside of CMFG, Ameerullah volunteers her time working with victims of sex trafficking and sexual and physical abuse, the homeless, the elderly, and individuals living with addiction and mental illness.

CHRISTINE XU JILL PAISH Executive vice-president, sales and marketing Merix Financial

Instrumental in launching Merix Financial back in 2005, Jill Paish currently works to develop the lender’s strategic sales plans to promote growth and customer satisfaction. She’s known for her hands-on approach to building the team and providing motivation and inspiration.

“I am happy to be celebrating Merix’s 15th year in business and its success in helping over 200,000 Canadian families achieve the dream of homeownership. I believe in leading by example, actively coaching and providing mentorship, and identifying gaps and developing action plans to achieve optimum performance results,” says Paish, who attributes her success to her own mentors and her valued long-term colleagues and friends.

Outside of Merix, Paish is an active volunteer with Pawsitive Match, a rescue organization that saves dogs and cats facing life-threatening circumstances. She is an adoption processor and foster mom, taking in new dogs to ensure they receive enough love and attention to begin their rehabilitation.

President and principal broker Moneybroker Canada

Christine Xu has been in the banking and investment field since 1990. She started her mortgage career in 2000 and as since become owner of her own brokerage, Moneybroker Canada, which currently has 30 agents and 10 support staff members.

Xu has twice been selected as Alternative Lending Mortgage Broker of the Year at the Canadian Mortgage Awards, is a four-time member of CMP’s Hot List and has been ranked in the top 10 in CMP’s Top 75 Brokers every year since 2014. In recognition of her community volunteer work, Xu received the Queen Elizabeth II Diamond Jubilee Medal in 2012.

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SPECIAL REPORT

WOMEN OF INFLUENCE 2019 CATHERINE ELLIS Mortgage professional Xeva Mortgage

Making her second consecutive appearance on CMP’s Women of Influence list, Catherine Ellis has been in the mortgage industry since she was 18 years old. In 2016, she launched Mortgages by Catherine under the Xeva Mortgage banner and has won a slew of accolades, including being named a finalist Young Gun of the Year at the 2019 Canadian Mortgage Awards, being named Top WIMI for British Columbia in 2018, entering Verico’s Executive Club in 2018 and winning Xeva Mortgage’s Best Overall Growth Award in 2017.

This year, Ellis launched another new endeavour: Gallivanting Grape, which focuses on wine education and business development in the Okanagan, allowing her to connect her passion for wine with her mortgage business. She is also involved with several financial literacy education programs aimed at seniors and first-time home buyers.

ANNA-MARIE PLESSL Mortgage agent Mountainview Mortgage

Born and raised in Regina, Saskatchewan, Anna-Marie Plessl has nearly 20 years of experience in the financial industry, the last 14 of which have been in the GTA. Now an independent mortgage professional with her corporation Plessl Mortgages, Plessl has developed long-standing relationships and top status with numerous partner banks and lenders.

Plessl is consistently a top producer in her industry, earning the DLC Platinum Award in 2014 and 2015, as well as the MCC Executive Club Award in 2016 and 2017 and the MCC Presidents Club Award in 2018. Additionally, her brokerage was recognized as one of CMP’s Top Brokerages in 2018. “I love helping my clients realize their dream of homeownership, and make a tangible, long-term investment in their future,” she says.

Plessl is a mother of two and loves to mentor those new to the industry. In what spare time she carves out, she volunteers at her children’s school in Oakville and enjoys competitive cycling, hiking, swimming and traveling with her family.

DALIA BARSOUM President Streetwise Mortgages

Dalia Barsoum is an award-winning mortgage broker and finance advisor with more than 20 years of experience in the banking sector.

A thought leader on the topics of income property financing and optimizing capital and financing to acquire a portfolio of properties, Barsoum is a fellow of the Institute of Canadian Bankers Association and the author of Canadian Real Estate Investor Financing: 7 Secrets to Getting All the Money You Want. In 2011, she launched Streetwise Mortgages, a boutique brokerage that specializes in servicing real estate investors and self-employed clients.

In recent years, Barsoum partnered with fellow industry practitioners to launch the non-profit Property Investment Professionals of Canada, with the mandate of advancing and elevating the advisory standards of property investing for Canadians. Barsoum also participates in various charity initiatives, including 100 Brokers Who Care.

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www.mortgagebrokernews.ca

CHELSEA BEDARD Mortgage broker Mission35 Mortgages

Following a seven-year career in dental hygiene, Chelsea Bedard entered the mortgage industry in 2016 – the same year she was expecting her first child.

Committed to learning everything she could about increasing people’s wealth through residential mortgages and investment properties, Bedard launched into the mortgage world eager to put her clients’ goals first; to date, she has funded more than 200 mortgages.

“I thoroughly enjoy getting up early to complete some spiritual and financial reading,” she says. “I believe that giving my mind the mental reminder of positivity and financial growth will help me serve others in the best frame of mind.”

Bedard also regularly seeks out seminars to stay on top of the ever-changing mortgage industry. “It’s fun and really lets you learn your strengths and weaknesses in sales, leadership, team-building and customer service,” she says. “I strive for always doing better than I did yesterday, last month and last year – better for me and the wonderful clients I get to serve.”

ENZA VENUTO Principal mortgage broker Centum InTouch Mortgage Solutions

With more than 45 years of experience in the financial industry, Enza Venuto continues to thrive as a leading mortgage broker. Venuto began her career in banking and worked in finance until 2005, when she left to become an independent broker. She joined Centum in 2009 with the launch of Centum Finding the Right Mortgage, which she rebranded in 2017 to Centum InTouch Mortgage Solutions.

Venuto sets the bar high for her team and leads by example, ensuring every client gets sound advice and excellent financing solutions. Her commitment to service excellence and stellar customer service has earned her many awards, including being named a CMP Top 75 Broker earlier this year.

“I get excited about mentoring and helping new agents excel and grow their business,” Venuto says. “Having survived the challenges of running my own business, I am a strong supporter of women in business and local entrepreneurs.”

www.mortgagebrokernews.ca

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SPECIAL REPORT

WOMEN OF INFLUENCE 2019 ELIZABETH WOOD Executive vice-president CMI Group of Companies

EDEN SIMARI

Elizabeth Wood has been at the helm of the accounting and finance departments at CMI since 2015, serving as executive vice-president since early 2018. Wood’s experience in financial and budgetary analysis, strategic planning and resource allocation, organizational design and policy implementation, and internal assurance and auditing helped CMI rank 130th on Canadian Business and Maclean’s latest Growth 500 list.

Wood was designated a chartered manager by the Canadian Institute of Management, is a certified manager through the Institute of Certified Professional Managers and is a 2020 MBA candidate at Laurentian University. She has also received certification for the Exempt Markets Proficiency Program from the IFSE. Outside of the mortgage industry, Wood is the founder and operator of a bookkeeping and tax preparation firm in her hometown of Hamilton and an instructor with the McMaster University CCE business program. In her spare time, encourages and emphasizes mental health awareness, recently embarking on an initiative to increase access to medical and dental care for homebound and marginalized populations.

Mortgage broker Quantus Mortgage Solutions

FRANCES HINOJOSA Managing partner

An award-winning mortgage professional, Eden Simari has extensive experience in mortgage underwriting, risk management, business development and customer service. Her professional experience includes 13 years with First National Financial, where she was nominated three times for Canadian Mortgage Awards and received the Canadian Business Development Award in 2015. Now, as a broker with Quantus Mortgage Solutions, Simari continues to work closely with the lender and insurer community to ensure she finds the best possible solutions for her clients.

A passionate community and non-profit advocate, Simari serves as a board member of Community Key, a local charity that helps families carry their mortgage and rent costs while they care for critical or terminally ill children. She also volunteers regularly at the Alberta Children’s Hospital, the Terry Fox Foundation and the Ronald McDonald House.

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Tribe Financial Group

After spending two decades working in mortgage financing for a chartered bank, Frances Hinojosa decided it was time to become a mortgage agent.

“I felt an urge to help Canadians navigate the winding path toward homeownership and to help a market where borrowers were underserved,” she says. “I felt something had been missing from the mortgage industry.”

For Hinojosa, that “something missing” was the fact that new agents weren’t receiving adequate training, resulting in a steep dropout rate. To change this, she co-founded Tribe Financial in 2016 and instituted an internship program where participants shadow Hinojosa and her partners.

“We make ourselves available every day,” she says. “We sit down and coach them [on] how to guide the process through not only numbers, but emotion and empathy.”

Outside of her brokerage, Hinojosa is an active member of the Ontario chapter of Mortgage Professionals Canada; an advisory board member at Home Trust, Teranet and Lendesk; a founder and board member of Luxury Home Mortgage Advisor; and a board member of 100 Brokers Who Care.

www.mortgagebrokernews.ca

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SHERRY COOPER Chief economist Dominion Lending Centres

Dr. Sherry Cooper is a speaker, writer and advisor known for her ability to demystify the subjects of economics and finance. As chief economist of Dominion Lending Centres, Cooper seeks to help Canadians understand the issues surrounding their most important financial decision: buying a home. An award-winning authority on finance and economics, Cooper is also a professor at McMaster University’s DeGroote School of Business and regularly crisscrosses North America to speak at conferences, universities and other venues to offer her analysis of the mortgage industry and the economy in general.

Prior to coming on board at DLC, Cooper served as chief economist and executive vice-president of BMO Financial Group, where she was responsible for global economic and financial forecasting, as well as country and industry risk analysis. She began her career at the Federal Reserve Board in Washington, DC, where she worked very closely with then-chairman Paul Volcker and subsequently joined Fannie Mae as director of financial economics. Cooper is the author of three books, including the best-selling The New Retirement: How It Will Change Our Future.

www.mortgagebrokernews.ca

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SPECIAL REPORT

WOMEN OF INFLUENCE 2019 ISEELA IBRAHIMI Co-owner and mortgage broker DLC Paragon Home Capital

After spending 12 years with RBC in various sales, advisory and management roles, Iseela Ibrahimi joined National Bank as a mortgage development manager in 2008.

Four years later, she opened her own mortgage brokerage with DLC and, in 2018, rebranded her business to Paragon Home Capital. As co-owner and managing partner, she is involved in every aspect of the business, from business development to operations.

“While always reaching well over 100% of my personal sales targets, helping my clients and colleagues was an early passion that continues today,” Ibrahimi says. “In fact, I credit this approach for helping me reach a higher level of success, year after year.”

Outside of Paragon, Ibrahimi is involved with CMBA and is a member of the Oakville Chamber of Commerce. She also participates in workshops and feedback groups, providing financial support, education and advice on how women can improve their skill set in the workplace while simultaneously achieving a better quality of life.

LAURA MARTIN COO Matrix Mortgage Global

A true thought leader in the mortgage and lending landscape, Laura Martin has been driving the charge toward the technological and cultural evolution of the industry during the 12 years she’s been in the business. Martin has been published more than 20 times in the past year; her content has been featured across the Verico network in Canada, as well as internationally at the Mortgage Professional Australia Broker Business Exchange.

Along with the leadership team at Matrix, which has funded more than $1.1 billion in mortgages and has been ranked on the Growth 500 list of Canada’s fastest-growing companies for two consecutive years, Martin has worked to foster a growthfocused organizational culture that combines the company’s marketing and technology platform with a virtual training and development program that sets up individual agents for success.

Using what she proudly calls her “warrior spirit,” Martin, a mental health activist, also stands up to predatory lending practices and cyberbullying in the industry, as well as exclusionist policies in areas like association memberships and appraisals.

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VIVIANNE GAUCI Vice-president, marketing HomeEquity Bank

As vice-president of marketing for HomeEquity Bank, Vivianne Gauci is responsible for increasing brand awareness and affinity, driving growth through digital and direct-to-consumer channels, and supporting sales teams as they expand the bank’s reach.

Gauci joined HomeEquity in 2015, bringing more than 20 years of experience in global financial services companies. Leveraging her past experience, Gauci has spearheaded the company’s efforts to expand the awareness of reverse mortgages in Canada and to help advocate for the unique financial needs of Canadians over the age of 55. This includes partnering with various research organizations, including a neuroscience research firm, to explore the language used to address people in this age range and to uncover unconscious age bias in the media.

Gauci’s many accomplishments include being a presenter at the 2019 Aging in Place Conference, the 2018/2019 Zoomer Show and the 2018 Digital Marketing for Financial Services Conference.

She also served as chair of the financial services interest group for the American Marketing Association.

www.mortgagebrokernews.ca

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SPECIAL REPORT

WOMEN OF INFLUENCE 2019 KATE WYBROW Vice-president and chief revenue officer FCT

Kate Wybrow joined FCT soon after graduating from university, and her career has been on an upward trajectory ever since. Over her 15-plus years at the company, Wybrow has taken on roles in product management, fulfillment, operations, sales and business development. She now manages strategic corporate partnerships and national head-office lender relationships, and leads the Ontario sales team for FCT’s residential lending solutions division.

“I have always been passionate about creating value for my customers and am grateful for the support of my FCT team members, who are equally dedicated and driven by customer-centricity,” she says.

A member of the FCT President’s Club, which recognizes top sales performance across the organization, Wybrow strongly believes in giving back to the industry and is a frequent speaker at national events and conferences.

KAREN GIBBARD President Gibbard Group Financial

Having held numerous positions within the lending realm before becoming a mortgage broker, Karen Gibbard has a solid understanding of lending and creative mortgage solutions. Throughout her 30 years in the industry, Gibbard has maintained top sales achievement awards and was named Mortgage Broker of the Year (Fewer Than 25 Employees) at the 2012 Canadian Mortgage Awards. In 2017, she received the MBABC Pioneer Award for Lifetime Achievement, and she is the only woman to be inducted into the Billion Dollar Club, recognizing mortgage brokers who have individually funded more than $1 billion in mortgages throughout their careers.

Outside of her work as a broker, Gibbard is dedicated to training in karate; she has her black belt and helps run one of the largest karate tournaments in BC. She is also a sought-after panelist, speaker and trainer within the mortgage industry and has been voted multiple times as Top Mortgage Broker on the North Shore through the People’s Choice Awards.

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KAREN WEAVER President and CEO MCAN Mortgage Corporation/XMC Mortgage Corporation

Karen Weaver has nearly 30 years of experience in real estate, technology and financial services. She has served as CFO for numerous North American financial institutions, including Brookfield and First Capital, where she developed deep insights into how emerging markets, trends and technology impact the Canadian real estate markets.

Weaver was named the first female president and CEO of MCAN earlier this year and helped to launch XMC, MCAN’s residential mortgage channel, which has quickly become a broker favourite for partnership and client experience. “We want to be the preferred mortgage lender and investor in our chosen markets,” Weaver says.

She is focused on cultivating a positive and collaborative team culture – an approach that has earned her the trust and respect of team members. “She consistently seeks feedback on how to make things better, [and] you can take her ‘open door policy’ literally,” a colleague says.

Outside of MCAN, Weaver serves as a trustee and audit committee member of the NorthWest Healthcare Properties REIT board. She also serves on the board of MCAP Commercial LP and MCAN Mortgage Corporation.

www.mortgagebrokernews.ca

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5/11/2019 3:16:35 AM

LISA ABBATANGELO Vice-president, mortgage operations Community Trust

Lisa Abbatangelo joined the team at Community Trust in 2014 and has since established herself as a central pillar in the company’s culture and strategy. Serving as VP of mortgage operations, Abbatangelo plays a key role in the company’s strategic and business planning process, with direct oversight over the residential mortgage, residential mortgage retention and mortgage servicing departments.

Prior to joining Community Trust, Abbatangelo worked for more than 25 years in the financial sector, starting as a part-time bank teller at the age of 16 and moving into areas such as retail banking, mortgage underwriting, mortgage servicing and project management. She is known for her team spirit and takes great care to support and encourage her diverse team of professionals.

In her spare time, Abbatangelo is an avid blood donor, has participated in the OneWalk to Conquer Cancer for nine years and is working with her puppy toward a therapy dog designation.

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SPECIAL REPORT

WOMEN OF INFLUENCE 2019 KATHY KOZAK Vice-president, strategy and corporate finance Trez Capital

For the past two years, Kathy Kozak has applied her background in securities and investment management to the mortgage industry. Kozak brings more than 20 years of financial services expertise to her role at Trez Capital, where she has helped expand the company’s relationships with commercial real estate financing partners in both Canada and the US. Kozak credits much of her success to the mentors and colleagues she has worked with over the years. “I’ve been incredibly fortunate to work with amazingly talented and driven individuals and have had exceptional mentors who were invested in my development and advancement,” she says. “I am thankful to be able to work with such great people every day, both inside Trez and across the mortgage industry.”

Outside of Trez, Kozak is involved with Women in Capital Markets and the Vancouver Association of Women in Finance, as well as the CFA Society of Vancouver.

KATHY GREGORY Founding president and CEO

RAKHEE DHINGRA CEO and mortgage broker Mortgage Savvy

Rakhee Dhingra started Mortgage Savvy in 2015, making it her mission to challenge the transactional nature of the mortgage industry and focus on building relationships instead.

Dhingra spent years climbing the corporate ladder in the financial industry before taking time off to start a family. After a negative experience applying for a mortgage with her husband, she dedicated herself to building a business that focuses on teaching all homebuyers how to purchase a home within their true affordability and pave a path toward financial well-being. From her very first deal, Dhingra built a financial concierge service and uses that mentality today to partner strategically with Realtors and industry leaders to deliver unparallelled service.

KELLY NEUBER Vice-president, marketing Invis Mortgage Intelligence

Kelly Neuber has been a member of the Invis management team for eight years and has developed a solid reputation for the marketing team, which has been rated by brokers as one of the company’s most valuable programs. Twice a year, Neuber hits the road to give educational presentations to Invis brokers, and she “willingly helps new brokers find their niche and develop their voice,” a colleague says.

“What I love most about being the VP of marketing for Invis Mortgage Intelligence is that each broker is so different,” Neuber says. “This isn’t a one-size-fits-all business, and that’s what makes my job so challenging and fun.”

Prior to joining the mortgage industry, Neuber was a financial planner and co-author of the book The Financial Advisor at the Epoch: Success Strategies from the Inside. In her spare time, she volunteers at Charlotte’s Freedom Farm, a sanctuary for farm animals, and works with the Beagle Freedom Project, which rescues dogs from laboratory research and the dog meat trade.

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Paradigm Quest

The first female CEO in the Canadian mortgage industry, Kathy Gregory started Paradigm Quest in 2005 with $3 million in capital; today, Paradigm employs more than 300 people and boasts over $27 billion in assets. “I am proud of the culture I have created and foster at Paradigm, and I consistently put the Paradigm family first,” Gregory says.

“Employee satisfaction rates continue to exceed 95% every year since inception.”

Gregory’s many philanthropic endeavours include founding and chairing the Canadian Mortgage Industry Women’s Networking Golf Tournament and founding the BC Women in Mortgages Leadership Summit. To date, these two events have raised more than $300,000 to support the Canadian Women’s Foundation, Canada’s only national public foundation dedicated to improving the lives of women and girls.

In 2013, Gregory was inducted into the Canadian Mortgage Hall of Fame, and for Canada’s 150th anniversary in 2017, she was featured in Paulina Cameron’s book, Canada 150 Women. She also received the Lifetime Achievement Award at last year’s Canadian Mortgage Awards and was appointed as an honorary chair for the 2018 and 2019 Princess Margaret Cancer Centre OneWalk campaign.

www.mortgagebrokernews.ca

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5/11/2019 3:16:44 AM

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SPECIAL REPORT

WOMEN OF INFLUENCE 2019 KERRI REED Executive vice-president Premiere Mortgage Centre

A staple of the mortgage industry for almost 20 years, Kerri Reed is a passionate coach and mentor who strives to lead agents and brokers toward continued success. “I thrive on helping others become successful and building their confidence so they can achieve anything,” she says.

Reed has been with Premiere Mortgage Centre since January 2007, and her goal from day one has been to create an environment of excellence, leadership, support and sharing. She is constantly encouraging her team to work as a united front to continue to grow market share.

“Kerri leads with hard work and professionalism and treats people at the brokerage like family,” a colleague says. “I know she always has our best interests at heart. The quality of the people at the brokerage and the amount of business the brokerage does speaks for itself.”

KIM KUKULOWICZ Senior vice-president, residential sales and partner relations Equitable Bank

Kim Kukulowicz has more than 25 years of leadership experience and is the longest-standing employee at Equitable Bank. Kukulowicz has comprehensive knowledge of sales management, underwriting and mortgage administration and, since 2010, has overseen the national sales team for the single-family residential division.

Also in 2010, Kukulowicz began overseeing Equitable Bank’s marketing department. By seeking out new acquisitions and strengthening existing partnerships, Kukulowicz is consistently working to expand the reach and impression of the Equitable Bank brand.

In November 2017, Kukulowicz spearheaded Stnce, a new initiative to promote financial confidence for women. Stnce aims to educate, inspire and empower women with a mission to create a community that’s self-reliant, self-assured and well-informed. With the support of an internal committee of enthusiastic ambassadors, Kukulowicz has brought together a group of knowledgeable financial experts and advisors to share their personal finance stories and inspire others to take financial ownership.

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KENDRA PYATT Mortgage agent DLC Forest City Funding

Kendra Pyatt got her start in the mortgage industry when she was 16 years old. By 20, she had gotten her own licence and has been an agent with DLC Forest City Funding ever since. “I am passionate in my career and, outside of work, encourage others and motivate them to reach their goals,” Pyatt says.

“As long as you try your best, that’s all that matters.”

Her colleagues have benefited from Pyatt’s positive attitude. “She motivates people daily [and] has built a rapport with her clients to the point that they call prior to renewal just to ensure they can see her again,” a co-worker says.

In addition to her work as a mortgage agent, Pyatt is active with the Autism Canada Foundation and volunteers with Community Living Algoma, which is committed to supporting people with intellectual disabilities.

CAROLINE RAPSON Director of operations Centum Financial Group

Caroline Raspson is passionate about working in an ever-changing industry. As Centum’s director of operations, Rapson specializes in overall coordination, communication and management of the franchise services team. She is also responsible for developing and maintaining strategic partnerships with lenders, partners and suppliers, working to enhance the experience for Centum’s brokers and the consumer. “My interactions and relationships with my colleagues, the Centum network and other industry professionals are what I thrive on,” she says.

Outside of Centum, Rapson is a member of 100 Brokers Who Care, an active supporter of MPC and has been a director on the CMBA-BC board since 2016. She is the current CMBA-BC representative for the Mortgage Awards of Excellence.

www.mortgagebrokernews.ca

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5/11/2019 3:16:55 AM

AMY BRUYEA-CHERNY Senior vice-president, human resources Home Trust Company

Passionate about people and the power of employee engagement, Amy Bruyea-Cherny believes that “a diverse and empowered workforce is more innovative, inspired and ultimately more creative in driving corporate strategy and business results.” Before joining Home Trust in 2017, Bruyea-Cherny was the senior vice-president of operations at Paradigm Quest, where she led underwriting and servicing teams across Canada.

She credits her success to the network of powerful and supportive industry leaders she has surrounded herself with throughout career.

“Amy has been a leader in the cultural transformation of [Home Trust], which has been key to the company’s HR strategy in finding and retaining talent,” a colleague says. “She is a respected senior leader who acts as a trusted advisor to the board and is a sought-after advisor and mentor to many of her executive colleagues. She is a champion for female equality in the workplace.”

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SPECIAL REPORT

WOMEN OF INFLUENCE 2019 KIM MERCER When Kim Mercer returned to Ontario last year

the XMC rebrand and launch. Her influence in updating the company’s messaging and renewing its focus on the client experience helped XMC achieve 200% year-over-year growth.

Mercer credits her colleagues with the

after 10 years in Vancouver, she knew it would be a challenge. “It was scary, uprooting our lives to move again after working in a different space for more than a decade,” she says. “It could have been a galactic mistake.”

It turned out to be just the opposite. Mercer has played a large role in XMC Mortgage Corporation’s success over the past 12 months, including being one of the key people behind

success. “Everyone’s all in, all the time,” she says.

“Our team is amazing. That commitment has resonated with our broker community – they’re looking for a more personal experience for their clients and a true lender partnership.”

Outside of her daily responsibilities, Mercer is active within her local community hockey association and helps plan culture-building initiatives for XMC.

KRISTA VALADAO

“I have been in this role for 18 months and feel overwhelmingly fortunate to have a job I absolutely love,” Valadao says. “Spending my days providing mortgage professionals with the knowledge and tools they need to help their clients overcome financial hardship is my passion. From assisting clients in the call centre to helping brokers find the best mortgage solutions for said clients, the last eight years have been extremely rewarding.”

Valadao is also passionate about dance and does choreography for the Toronto Rock cheerleading team, a group she was a member of for four years and coached for three.

Director of marketing XMC Mortgage Corporation

Business development manager Home Trust Company

“Home Trust has felt like a second home to me since I graduated from university in 2011,” says Krista Valadao. She started at Home Trust in the call centre; after nine months, she began working directly with the company’s lawyers to prepare discharge statements and eventually worked her way into an underwriting role with Home Trust mortgage brokers, some of whom she still works with today as a business development manager.

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JANNE FARIAS Chief internal auditor Street Capital Bank of Canada

Since joining Street Capital Bank of Canada (soon to be RFA Bank of Canada) in 2015, Janne Farias has made several meaningful contributions to the bank’s internal controls, risk management and governance. As the chief internal auditor, she is tenacious in collaborating with and consulting across a broad range of financial services functions. She also leads the bank’s internal audit strategy, which she built from scratch, and played a key role in the bank becoming a federally regulated financial institution. Keeping in mind the challenges faced by small banks, Farias works closely with management and the board to strengthen the bank’s brand and reputation.

Outside of work, Farias is an active member of the small and mid-size banking forum within the financial services and internal audit communities and sits on the board of directors of a successful fintech firm. She is also an active participant in the Ride to Conquer Cancer and a mentor for the Schulich School of Business.

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SPECIAL REPORT

WOMEN OF INFLUENCE 2019 LEANNE MYLES Senior mortgage advisor Centum Home Lenders – Clinton Wilkins Mortgage Team

Leanne Myles has been part of Atlantic Canada’s financial services industry for 13 years. In 2018, she joined the Clinton Wilkins Mortgage Team at Centum Home Lenders in Halifax, where she is currently ranked in the top 10 for mortgage sales and top five for mortgage insurance sales in Canada.

Myles is known for her dedication to helping clients with bruised credit. By digging deeper to uncover the root cause of what got a client into credit trouble in the first place, she says, she can better understand their relationship with money and help with day-to-day decision-making.

She also works with real estate investor clients to help them grow their rental portfolios, often planning months in advance to ensure mortgage funding success.

In addition to her work as a broker, Myles has served as director for Nova Scotia on the CMBA Atlantic board of directors. She also sits on the board of Chebucto Wind Farms and is an active member of Business Network International.

PAULA HUTTON Business development manager VWR Capital Corporation

Paula Hutton’s philosophy is simple: “You have to be there for your clients.” Hutton has been a BDM for VWR Capital Corporation since 2014 and seeks to be there not just for her clients, but everyone in the mortgage business. “I love bringing people together and organizing joint events with multiple industry partners and brokers,” she says.

Most of Hutton’s events have a charitable component, whether picking up food bank donations or Christmas gift donations for the children’s hospital. “The best part about my job is the people I get to interact with, as they are caring by nature and genuinely want to help others,” she says.

Her industry involvement led Hutton to receive the AMBA Volunteer Award in 2014 and the WIMI Alberta Woman of the Year Award in 2016.

LIVIA PELLEGRINO Account manager First National Financial

Prior to her current role at First National Financial, Livia Pellegrino worked as a mortgage agent for more than a decade, which she says gives her “a tremendous amount of empathy and genuine care for brokers. My brokers have come to know that they can rely on me as their lender partner to provide them with support and guidance in all aspects of their mortgage business.”

Pellegrino has been part of the First National team since 2014 and has been the top national producer there for the past few years. Recently, she shifted her focus from traditional sales to educating brokers on the new lending environment, government rule changes and sales tools.

“I coach [my brokers] to feel confident to discuss with their clients that mortgages go beyond rate,” she says. “I encourage them to use their time with their clients to sell the value that they bring and caution their clients on the long-term consequences of interest rate fixation.”

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LUISA HOUGH Mortgage broker Xeva Mortgage

Luisa Hough established and has maintained her reputation for excellence since 1989, when she first got into the mortgage business while working for a real estate law firm. She says that experience gave her valuable insight that she uses to her clients’ advantage as a broker.

Hough has been a broker for more than 15 years and is a co-owner of Xeva Mortgage, an award-winning brokerage that, thanks in part to Hough’s leadership, has become one of the largest brokerages in Canada in its six-year existence. Described by a colleague as being “well-respected for her extensive knowledge, her warm professional manner and for the outstanding service and support she provides to her clients, peers and partners,” Hough seeks to pass on her expertise whenever possible to continue to elevate the professionalism of the industry.

“My passion in this industry is watching my clients get into their dream homes and reach their financial goals,” she says. “I focus on the longevity of my clients and am truly with them for the life of their mortgage.”

www.mortgagebrokernews.ca

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5/11/2019 3:17:21 AM

MEGAN MCDONALD Vice-president of sales MCAP Service Corporation

Described by a colleague as “the voice of reason and very well-respected and known in the industry,” Megan McDonald is a salesperson, corporate executive, sales coach and speaker. As vice-president of sales for MCAP Service Corporation, she brings a depth and breadth of knowledge to her role from her experience in mortgage servicing, sales and strategic development. During her career, McDonald has earned recognition as a leader and mentor, regularly engaging in initiatives that support the promotion of women in the mortgage industry. She is a significant contributor to WIMI, a mentor for the Women In Leadership Foundation and a three-time member of CMP’s Women of Influence list.

A distinguished industry speaker, McDonald is considered an authority on the Canadian mortgage market, regularly giving talks at conferences nationwide, including the MPC National Conference, MPC Symposiums and other broker events. Above all, McDonald says she is driven by her enthusiasm for the mortgage industry. “I am passionate about our industry and hold a steadfast commitment to its evolution and growth,” she says.

www.mortgagebrokernews.ca

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SPECIAL REPORT

WOMEN OF INFLUENCE 2019 MELANIE MCLISTER Co-founder and broker of record intelliMortgage

A former equities trader, Melanie McLister began her mortgage career 12 years ago. Early on, she recognized a growing demand among tech-savvy borrowers for an online mortgage transaction. That prompted her to launch MyVirtualMortgageBroker.com and, in 2011, to co-develop intelliMortgage, Canada’s first DIY mortgage brokerage.

“Underlying the business model for intelliMortgage was my desire to deliver a product in full transparency that referred clients to the product best suited for them, even if it came from a non-broker-channel lender,” McLister says. That approach helped build the business from one employee in 2007 to a dozen in 2019, culminating in a 35% year-to-date growth rate in 2019.

Earlier this year, McLister led the sale of her brokerage and rate comparison website, RateSpy.com, to Kanetix; she remains broker of record with the mandate of doubling business output in 2020. “My proudest accomplishment is that my efforts have directly advanced the self-directed mortgage model,” she says.

PAULA NEEDLER Director of operations SafeBridge Financial Group

After 20 years in the mortgage industry, Paula Needler says she still gets excited about helping brokers meet and exceed their goals. Needler started her career with CIBC, then moved to Mortgage Alliance as a consulting support manager before joining SafeBridge Financial Group as the director of operations and compliance, where she has helped support more than 400 mortgage agents. At SafeBridge, Needler puts a priority on ensuring the best practices and processes are in place to allow team members to focus on building their mortgage practice.

Needler says her favourite part of her role at SafeBridge is the ability to wear many different hats at one time. “Whether I’m focused on coaching, operations, marketing, team planning or sales, I love the challenge of constantly learning and growing in order to better serve my agents,” she says. “Watching our team and team members reach and exceed targets year over year is a gift, and one that I take very seriously. Seeing the team grow and succeed in a competitive industry is as satisfying as it is challenging.”

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MICHELLE DROVER Vice-president – Atlantic Canada Premiere Mortgage Centre

Michelle Drover’s 30-plus years of experience in the financial services industry has encompassed a wide range of roles in both sales management and leadership, as well as working as both a lender and a broker. Her enthusiasm to maintain and elevate the integrity of the industry is contagious, and she shares this energy as an industry advocate and mentor to her peers and clients.

Outside of her work at Premiere Mortgage Centre, Drover is a committee member for the Mortgage Awards of Excellence and MPC’s Atlantic chapter. She received the WIMI Ambassador Award in 2018 and recently received the Dave MacVicar Memorial Award, which recognizes individuals who exemplify outstanding leadership, professionalism and commitment in Atlantic Canada’s mortgage industry. She also serves as director and VP of the nonprofit Adventure CAMP and Challenge, which helps at-risk children and teens.

NIKKI CAREW Mortgage broker East Coast Mortgage Brokers

Nikki Carew began her career in the financial services industry in 2005 with President’s Choice Financial. She joined the broker channel six years ago and has grown her business to an annual volume of more than $30 million.

She also serves as the Newfoundland director of CMBA Atlantic Canada and was a 2018 WIMI ambassador and chairperson for the Brokering Wishes Gala for the Make-a-Wish Foundation.

“The mortgage industry is definitely one that is challenging; however, life this year decided to challenge me in a completely different way – with breast cancer,” Carew says. She encourages her peers to “ensure you are putting your health first. Get your screenings, and if you don’t feel like something feels right, go to have it checked and don’t take no for an answer. And have those discussions with other women in your life; you could save theirs.”

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5/11/2019 3:17:29 AM

SABEENA BUBBER Mortgage broker Xeva Mortgage

After a successful 11-year career in corporate finance, Sabeena Bubber decided she wanted to be her own boss and became an independent mortgage professional in 2004. Now an awardwinning broker with Xeva Mortgage, working from her branch office in West Vancouver, Bubber has helped fund more than $750 million in mortgages for over 2,900 clients in the last 15 years.

Bubber has been recognized numerous times in CMP as a Woman of Influence, and this year received the Inspiration Award from WIMI. She also received the award for Outstanding Philanthropy and Community Service at the CMAs for her work with 100 Brokers Who Care, which by the end of 2019 will have contributed over $100,000 to Canadian families and charities.

SAMANTHA BROOKES Founder and CEO Mortgages of Canada

KELLY EVANS Chief financial officer Magenta Capital Corporation

Kelly Evans has played an integral role in Magenta Capital Corporation’s success since she joined the team in 2012. At that time, the company had eight employees; today, there are more than 30.

While her official title is CFO, Evans also fills the role of CHRO and CIO, setting the vision and strategy for all corporate operations. She is directly involved in evolving the company’s culture and works to scale teams in a people-focused way. She has developed recruitment and onboarding programs, provided professional development opportunities, and promoted employee health and wellness. “She has her finger on the pulse of day-to-day operations,” a colleague says.

Finding ways to increase efficiency and cultivating a motivated, ambitious culture are just two ways Evans seeks to serve her team – “and yet I still get excited to use a spreadsheet,” she says.

As the founder and CEO Mortgages of Canada, one of the fastest-growing brokerages in the country, Samantha Brookes leads a team of individuals with in-depth experience working with purchases, refinances and home equity loans. Her vision is to “offer flexible solutions tailored to meet people’s needs,” and she is motivated by sharing her professional knowledge and experience to help others benefit from her expertise. Mortgages of Canada opened five years ago and, in that time, has generated just under half a billion dollars in business.

Beyond her brokerage, Brookes is a former contributor to Huffington Post, appears as an expert in various media outlets, is a sought-out motivational speaker and has gained a following with her YouTube Channel, Samantha TV – and she recently added published author to her list of accomplishments.

“Diligence is a key contributor to all of my success and a theme woven into my new book, Cash is Queen: 11 Life-Altering Wealth Principles for Entrepreneurs & Trailblazers,” Brookes says. “This book offers insight on the required actions to define a person’s success as an entrepreneur and shares strategies on how to blaze trails that ignite opportunity.”

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5/11/2019 3:17:34 AM

SPECIAL REPORT

WOMEN OF INFLUENCE 2019 SHERRY CORBITT Mortgage broker Mortgage Architects

SHANNON HILLMAN President BlueShore Pacifica Alternative Mortgage Centre

In 2015, Shannon Hillman was appointed president of BlueShore Pacifica Alternative Mortgage Centre. Since then, the company has funded more than $1 billion in alternative mortgages and become recognized as one of the premier alternative lenders in Canada.

Hillman has more than 30 years of real estate finance experience. In addition to her role at BlueShore Pacifica, she is a founding partner and director of Capital West Mortgage, which provides funding, mortgage brokerage solutions and real estate investment management services.

She has served as a director of the BC MIC Managers Association for five years and is a member of CMBA and the Mortgage Investment Association of BC. “I love working on the alternative side of residential lending because it means the deals that come across my desk are very diverse,” Hillman says. “My work is fresh and interesting, which in turn keeps me consistently challenged.”

Hillman supports many charities within her community, including the Ronald McDonald House, Delta Hospital Foundation, Vancouver Resource Society, Big Sisters of BC, the Jewish Family Service Agency and Angels in the Night.

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www.mortgagebrokernews.ca

An entrepreneur for 19 years, Sherry Corbitt was a Realtor, journalist and marketing manager before finding her calling as a mortgage broker. Corbitt’s positive energy permeates all aspects of her life, and her knowledge and compassion for her clients drive her to get them the best mortgage to suit their lifestyle. In line with this philosophy, Corbitt recently earned a Divorce Financial Analyst certification to lend support to her clients going through a traumatic time.

Corbitt is also passionate about sharing her mortgage experience and marketing ideas with others through speaking engagements. She has travelled across Canada with Mortgage Professionals Canada and is the founder of Zenith Coaching Group, which aims to help mortgage agents attain higher levels of excellence and sales by integrating smart business practices. In 2019, Corbitt published two books, both of which landed on Amazon’s bestseller list.

As an active member of her community, Corbitt hosts annual community yard sales and charity galas and is a strong supporter of the Durham Humane Society.

SUZY FERNANDESARRUDA Business development manager Haventree Bank

Suzy Fernandes-Arruda has been working in the financial industry for more than two decades. For the last five years, she’s been with alternative lender Haventree Bank, and she says she feels “extremely gratified to work with a financial institution that keeps the well-being of their clients at the forefront of their core values.”

Fernandes-Arruda also keeps the well-being of her clients – and employees – front and centre. Described by colleagues as dedicated, positive, kind and a leader both within and outside of Haventree Bank, she works closely with brokers to help them make the best choices for their clients and goes out of her way to encourage a collaborative team environment.

Outside of Haventree Bank, Fernandes-Arruda is an active member of WIMI and supports the United Way, Walk for the Cure and several other community programs to fight cancer.

GITA CARTWRIGHT Senior manager, broker solutions Real Property Solutions

Dedicated to infusing her work with an uplifting attitude, Gita Cartwright is all in on the mortgage industry. “I often say how very passionate I am about this business and how fortunate I feel to know and work with some of the most creative, entrepreneurial and inspiring people in the industry,” she says.

Those traits, paired with her 25 years of mortgage experience, make Cartwright a valuable asset to clients and colleagues alike. In her current role at Real Property Solutions, which she has held since May 2018, Cartwright’s mission is to build brand awareness, increase market share, and provide brokers with choice and dedicated support and service.

Outside of the office, Cartwright is the current chair of Northern Ontario Lending Partners, an organization committed to bringing value to broker partners while supporting local charities.

She is also an active WIMI member, providing weekly instalments of Broker Bytes, speaking at WIMI events, and advocating for and supporting other women in the industry.

GRACE REYNOLDS Mortgage agent Northwood Mortgage

Grace Reynolds began her mortgage journey when she and her husband moved to Peterborough, Ontario. “I had no connections, gave birth to our first child and started a new career in an industry where I had no previous experience,” she says. With “a dogged need to take care of my clients,” Reynolds was quickly recognized as Best Newcomer Agent – Individual by the Mortgage Awards of Excellence, followed by an appearance on CMP’s Young Guns list and the Peterborough Chamber of Commerce Business Excellence Award for 4 Under 40.

Outside of the industry, Reynolds serves as president of the Women’s Business Network of Peterborough, president of the Peterborough Kawartha chapter of Business Network International and finance chair for The Mombassadors, which helps bring awareness to and raise funds for the labour and delivery unit and NICU at Peterborough Regional Health Centre.

JAMIE LEAMONT Vice-president, Western Canada Merix Financial

Jamie Leamont has worked at Merix Financial for 12 years, starting as a director of business development, servicing Manitoba and Saskatchewan. During her tenure with the lender, she has been instrumental in developing strong relationships and creating recordbreaking results, which led to her being promoted to her current senior leadership role.

Leamont is enthusiastic about the mortgage industry and prides herself on working for a company that encourages growth and talent, regardless of gender or geography. “Living in Manitoba while coaching, mentoring and growing a high-performance Western sales team is more than a career for me; it’s my passion,” she says. “What drives me is seeing my team’s personal and professional growth, and I feel strongly that discovering new talent while fostering existing relationships is essential in my role.”

JANET BOYLE Senior vice-president, real estate secured lending Scotiabank

Janet Boyle strives to embody three words in all she does: dynamic, dedicated and driven.

Over the past six years, Boyle has brought her out-of-the-box perspective to the mortgage business at Scotiabank. This year, she led the team that launched Scotiabank eHOME, Canada’s first fully digital end-to-end mortgage customer experience.

“As the senior vice-president of real estate secured lending, I never stop thinking about what’s next,” Boyle says. “I am proud to be part of a team that is constantly looking for new ways to add value to the industry and the broader mortgage community.”

One of Boyle’s personal mottoes is “You have to give to get,” and she advocates for the advancement of women by sponsoring and leading committees, mentoring, and consistently making herself available to give career advice and support. A cancer survivor, Boyle is also a committee member for the Wellspring Cancer Support Foundation’s Well Dressed for Spring Fashion Show fundraiser and a regular participant in the Princess Margaret Ride to Conquer Cancer.

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SPECIAL REPORT

WOMEN OF INFLUENCE 2019 VARSHA SHARMA Senior lending analyst Syndicate Lending Corporation

Varsha Sharma always wanted a career in which she could help others.

While studying to become a doctor, she began working part-time as a mortgage broker. Upon graduation, she decided to pursue a full-time career in the industry. “I had found a way to help people through a different means; my passion had grown for mortgages,” she says. “Helping people financially and providing sound advice with one of the potentially biggest purchases of their lives was a different but still effective way to help people.”

Sharma worked as a director and managing broker for a Mortgage Alliance franchise before moving in 2018 to Syndicate Lending Corporation, where she has grown her business exponentially over the past year.

Recently, Sharma became a board member of the Fiji Canada Professional Women’s Network Society, a group dedicated to empowering women in business. “Being someone who started young in the real estate and mortgage industry, I find that it’s easy for women to be undermined,” she says, “which is why I feel it’s important to provide professional businesswomen an outlet to be able to support and empower one another.”

TAWNY BLEY Mortgage broker/partner Mortgage Architects oneSt. Mortgage

Throughout Tawny Bley’s 23-year career in the financial industry, her vision has remained consistent: Take care of people, and success will follow.

“I have a passion for helping people and making sure they know I truly care about them,” Bley says.

Together with two business partners, Bley opened oneSt. Mortgage in 2015. In addition to being a top-performing broker, Bley is recognized as one of the industry’s top MPP supporters and “is a mentor to anyone who desires to one day achieve her level of success,” a colleague says. Bley spends much of her free time volunteering with industry associations and within her community for organizations and events such as Care and Share and the Saskatoon City Hospital Foundation.

“I am very thankful to all my clients, referral partners, past clients, friends and family for trusting me, referring me and allowing me to assist with their financial needs,” Bley says.

“Receiving a referral is the biggest compliment I can receive.”

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LIZ PRENDERGAST Regional vice-president – Eastern Canada HomeEquity Bank

Liz Prendergast started at HomeEquity Bank as a business development manager in 2012 and quickly exceeded her targets, achieving President’s Club status. Her success led to her promotion to regional sales director in early 2017, followed by her recent promotion to regional vice-president. Prendergast has taken the reins of the bank’s new sales strategy, coaching and mentoring the sales team to adopt a unique way of positioning the bank’s product to its partners. She is currently taking a course on coaching so she can continue to hone her skills to be the best possible manager to her team.

Prior to joining HomeEquity Bank, Prendergast spent more than 25 years working in sales management in the financial services industry, including three years as a VP of sales at Dundee Bank and 11 years at AIM Trimark as both a regional vice-president (wholesaler) and a regional sales manager.

www.mortgagebrokernews.ca

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5/11/2019 3:17:49 AM

CMP

Canadian Mortgage Professional is the leading business magazine for the mortgage industry

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Find out more and subscribe at mortgagebrokernews.ca CMP subs ad 2018.indd 1 2019-SUBBED.indd 49 22-49_Women of Influence

14/03/2018 PM 5/11/2019 10:55:11 3:17:52 AM

SPECIAL PROMOTIONAL FEATURE

BROKER NETWORKS

Keeping it in the family Enza Venuto, owner of Centum InTouch Mortgage Solutions, explains why working with her sons enhances her business and enables her to leave a legacy for the future

CENTUM FINANCIAL GROUP prides itself on being a family-owned business that is franchised by families. Its first offices opened their doors in 2002, and today, with more than 1,800 family members and 175-plus locations, the Centum family is stronger and growing faster than ever before.

One successful franchise, Centum InTouch Mortgage Solutions, is a boutique brokerage based in Woodbridge, Ontario, with a focus on providing quality customer service and a simplified mortgage experience.

Franchise owner Enza Venuto joined Centum as a mortgage agent in 2006 after building an extensive knowledge of finance during her 30-year tenure at CIBC. Venuto chose to join Centum to focus on her passion for client care and building long-term relationships, initially as the franchise owner of Centum Finding The Right Mortgage and subsequently as the principal owner of Centum Streetwise Mortgages, where she developed a strong team and a successful business focused on real estate investing. In 2017, Venuto relaunched her franchise as Centum InTouch Mortgage Solutions with a focus on wider finan-

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cial products and a plan to develop an exit strategy and pave the way for her sons to continue the business after her retirement.

“I wanted to be an entrepreneur and grow my own brokerage with a quality versus quantity approach,” Venuto says. “I never wanted to run a large brokerage. I was always focused on running a small brokerage that can provide the right solutions and strategies for clients.”

This also allows her “to pick and choose who I want in my team,” and Venuto has carefully selected team members who fit the InTouch philosophy of building relationships, simplifying finance, and educating and positioning clients to achieve their goals.

In recent years, Venuto’s two sons have joined her as brokers to help develop the business and plan for the future. Anthony Venuto has taken a strong lead in marketing and the operational management of the business, as well as coaching new mortgage agents, while Claudio Venuto focuses on underwriting and compliance.

Together with four mortgage agents, Venuto and her sons have achieved steady growth year over year, and they work

together in their goal to increase the business by 10% to 15% each year through referrals and partnerships with Realtors and financial planners, in addition to passing ideas back and forth among the team to make sure clients are 100% happy. The brokerage has a proven track record, boasting more than $2.1 billion in funded mortgages.

Working with her sons has allowed Venuto to adopt a succession planning strategy with Centum’s support so she can keep the business in the family when she retires.

“It’s a legacy that my brother and I want to carry forward because we love what we do,” Anthony says, “and we also think it’s important for a family business to continue.”

He adds that he greatly values the family connection and the support he gets from his mother and brother.

“The best part of working for family is knowing that we have each other’s back in making sure that nobody drops the ball with a client,” he says. “We have three heads thinking about something versus just one person.

“I’ve learned everything I know about this industry from my mother,” he adds. “I come from a banking background myself,

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From left: Claudio, Enza and Anthony Venuto

“The best part of working for family is knowing that we have each other’s back in making sure that nobody drops the ball with a client” Anthony Venuto, Centum InTouch Mortgage Solutions but having someone with that level of expertise at my fingertips is fantastic. My mom is my coach, my leader, my mentor and my mother, all in one.”

Venuto’s other son, Claudio, recently became a father, so he values the flexible nature of the mortgage business, which enables him to work remotely and spend more time with his family. That’s facilitated by the systems and technology Centum offers to its franchises, including new websites, new CRM

systems, engaging marketing, education, branded products and other tools.

Venuto hopes her clients regard her as a financial guru. Her passion for finance and commitment to serving the needs of her clients have earned her many accolades, including Centum’s Top Mortgage Brokerage Award in 2017 and regular spots on CMP’s Top 75 Brokers and Women of Influence lists. With Centum’s support, Venuto and her sons have been able to pursue their passion and develop

the business in line with the Centum model.

“I love the Centum family, and I feel that they have provided me with the right strategy solutions for my business,” Venuto says. “I haven’t looked at any other [networks] at all.

I’m loyal to Centum, and they are loyal to me.”

“Any time you have a multi-generational brokerage, it’s a special relationship,” adds Centum president and COO Chris Turcotte.

“I have respected Enza as a fellow franchisee and broker and then in my current capacity, and now I have the pleasure of working with Claudio and Anthony for years to come. They have grown up with one of the best mentors someone could ask for in this industry, and they get to call her mom. That foundation, combined with their entrepreneurial spirit and marketing strength, makes the Venuto family a mortgage force to be reckoned with for years to come.”

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PEOPLE

BROKER INSIGHT

Paying it forward Kevin Huynh tells CMP why mentoring young brokers and giving back to his local community are some of the greatest rewards of a successful career

CMP: How did you get into the mortgage industry?

Kevin Huynh: Growing up, I always had a passion for real estate. My father did some real estate investing and had a couple of rental properties, so I developed an interest in it. With my background in financial planning, it was a natural progression to combine the two areas together and go into the mortgage industry.

CMP: What areas of the industry do you focus on?

KH: We have a very diverse portfolio. We work with everyone from first-time homebuyers and investors looking for rental property to savvy business owners looking to build a commercial property through financing. We service them all.

CMP: You’ve earned various awards for your work, including being named to CMP’s Young Guns list in 2017. To what do you attribute your success at such a young age?

KH: I love networking. I’m passionate about meeting new people wherever I go. I like learning from others about their business models and how they care for their clients, and then implementing what’s worked for

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them in my business. I think that’s turned me into who I am today and expedited the growth of my business.

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

KH: It’s been a roller-coaster. It was tough for me when I first started. I didn’t know much about the rules and regulations or the products and terms, so I had to lean a lot on the people around me. But due to mentorships and putting the work in, it paid dividends for me.

What’s come full circle is I’ve been able to educate the next generation of brokers and share my experiences and hope they don’t make the same mistakes that I made when I first started. I have one young broker under me right now who has been working with me for over a year, and two or three more are starting in the new year.

Now that we’ve got a sustainable business, I’m taking on more of a mentorship role and trying to grow the team that way.

It’s great to give back to that next generation of future leaders.

CMP: What advice do you give to brokers who are new to the industry?

KH: What I tell all the new brokers is to listen and learn. Listening is such an underrated skill. When you hear about the trials and tribulations that other people have gone through, take the positives from those experiences.

Don’t be afraid to get out there and network. Meet new people. Learn about their business and tell them about yours.

CMP: What are your career goals for the next five years?

KH: The goal is to expand the business on

HUYNH ON HIS LATEST CHARITABLE VENTURE “We recently ran our first charity event for Food4Kids. They are feeding over 1,300 inner-city kids in Hamilton every weekend, so we’ve teamed up with them to make sure kids don’t have to go hungry through the weekend. There’s a growing waiting list of kids who need food, so we’re working towards eliminating the waiting list.”

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5/11/2019 4:07:48 AM

FAST FACTS: KEVIN HUYNH

COMPANY Mortgage Financial Corporation

POSITION Mortgage broker

LOCATION Hamilton, ON

YEARS IN THE INDUSTRY 9

“What I tell all the new brokers is to listen and learn. Listening is such an underrated skill” the personnel side by bringing on good people to help make sure all our clients are taken care of, and we also want to grow so we can service a wider spectrum geographically. I’m sure you’ll be hearing a lot more from us over the next five years.

CMP: What do you get up to in your

AREAS SERVED Hamilton, Brantford, Burlington and St. Catharines

spare time?

I have a three-month-old baby girl, so she takes a lot of my time, and I wouldn’t trade that for the world. I love food and drink, so I’m always supporting local restaurants and trying their cuisine. If I ever have time outside of work and my family, I’m a huge golf enthusiast.

ACCOLADES Was named a Young Gun by CMP in 2017

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31/10/2019 5/11/2019 10:37:24 3:19:09 PM AM

SPECIAL PROMOTIONAL FEATURE

ALTERNATIVE LENDING

Embracing change for brokers’ success CMP sat down with Haventree Bank’s John Bourassa to find out more about the changes that have occurred in the year since the lender’s rebrand IN JUNE 2018, Equity Financial Trust was reborn as Haventree Bank, marking its transformation from a trust company to a Schedule I bank. The year since has been an exciting one, and the bank has gone from strength to strength, solidifying its relationships with existing broker partners and forming new partnerships with many others.

The transition from trust company to Schedule I bank has enabled Haventree Bank to fund more mortgages and introduce new solutions to the marketplace, all of which has been made possible by its commitment to embracing innovation and change.

“The bank is able to innovate only when systems are accommodated,” says John Bourassa, vice-president of sales and marketing at Haventree Bank.

As an important ingredient of Haventree Bank’s strategy, Bourassa says digitization is a subject of discussion at every level of the bank, and it’s striving to translate that progress directly to the mortgage broker channel.

According to Bourassa, digitization is a prerequisite for the bank. For instance, the loyalty program created for brokers last year was not launched until it had the capability

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to be fully digital.

“I think anybody who doesn’t consider digitization as part of their strategy is missing an opportunity,” Bourassa says.

One of Haventree Bank’s main areas of focus is the business-for-self segment.

Just last month, the bank soft-launched its Business for Self 2.0 initiative, which is designed to provide self-employed individuals with a streamlined way to apply for a mortgage.

“With that launch, we are now able to provide the self-employed applicant with a much faster and easier way to get a mortgage,” Bourassa says.

Another area of focus is the bruised credit segment. The bank wants to make sure that the process of repairing people’s credit is as smooth as it can be.

“Haventree Bank is the empathetic brand for mortgage brokers; we work hard with brokers to learn enough about their customers’ situations, be that a sudden loss of income, illness or divorce,” Bourassa explains. “We want to help solve those problems. Obviously, the first step of solving problems is knowing a little bit about what has happened, so we’re trying to find better

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ways to communicate with mortgage brokers to be able to harvest that information in such a way that the process is made easier.”

This segment is growing and is expected to continue to expand in the coming years, which Haventree Bank sees as an opportunity for all mortgage professionals.

“Many Canadians suffer life events that cause blemishes on their credit history, and I think it’s at that time that we can help deliver access to credit to improve consumers’ ability to repay debt,” Bourassa says.

Historically, many mortgage brokers have built their businesses with a solid base of prime borrowers, but having a full book of clients who qualify with A lenders is largely a thing of the past. While navigating the non-prime space is a bit more challenging – especially the KYC part of the transaction – Bourassa encourages brokers to consider the business-for-self and bruised credit segments as areas of focus as they grow their books of business. For Haventree Bank, these segments are not a niche, but rather part and

parcel of everyday life.

Haventree Bank’s strategy has two distinct parts: One is to bring an empathetic brand to the mortgage broker channel, exhibiting care in both the customer service and origination sides of the business. The other is to digitize the bank to the extent that it can provide customers with the products and services they’re looking for in a secure way. The bank’s strategy is reflected in its goal to “change the face of alternative lending.”

It seems that brokers are reaping the

“Haventree Bank is the empathetic brand for mortgage brokers; we work hard with brokers to learn enough about their customers’ situations” John Bourassa, Haventree Bank benefits. Haventree Bank performed well in several categories in CMP’s most recent Brokers on Lenders survey, and Bourassa is thankful for the recognition.

“It’s certainly gratifying, in particular to our underwriting teams,” he says. “It’s very gratifying to know that the long hours that they are working and the empathetic approach they are taking to lending is being recognized by our broker partners. Because of the results we’ve seen in the survey, we can’t be more thankful to our broker partners across Canada.”

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SPECIAL PROMOTIONAL FEATURE

FRAUD PREVENTION

How to identify and eliminate fraud Home Trust’s Ed Karthaus shares how brokers can help identify and mitigate the risk of misrepresentation and fraud at various points along the mortgage journey

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MORTGAGE FRAUD – and its precursor, misrepresentation – should be a concern to all stakeholders in the mortgage industry. In November, I will have the privilege of speaking on this topic at Mortgage Professionals Canada’s 2019 National Mortgage Conference in Toronto.

In advance of the conference, I want to emphasize the importance of a united effort among mortgage professionals and industry stakeholders to identify and eliminate the opportunities for misrepresentation and fraud at every point in the mortgage journey.

When I refer to the mortgage journey, I mean the cumulative sequence of processes required to obtain a mortgage – origination, processing, underwriting and closing – although to be clear, misrepresentation and fraud can take place prior to origination and after closing. Everyone in the industry has a role to play in minimizing opportunities for misrepresentation and fraud.

Mortgage originators are on the front lines, serving as an intermediary between lenders and borrowers, and are key to prevention efforts.

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As a result, it is prudent to equip them with knowledge and training to carry out their role as the first line of defence against this threat.

To that end, I have identified several common areas of fraud that can serve as red flags at points in the mortgage journey where these harmful actions are most likely to occur.

At origination, we may see evidence of fraud for shelter, in which falsified documents are provided to qualify for a higher mortgage amount or a lower interest rate. One of the conditions leading to a rise in misrepresentation and mortgage fraud is the perception among many Canadians – 16%, according to a recent Equifax report – that it is a victimless crime.

According to the same report, 12% of Canadians believe it is acceptable to inflate one’s annual income when applying for a mortgage.

Since some mortgage applicants don’t view misrepresentation as harmful, it is incumbent upon originators to be aware of the danger it poses to our industry and to implement stringent measures to verify the information they receive.

One technique is to conduct an internet search and make use of publicly available information to validate application information. Be mindful of discrepancies in a borrower’s age or experience and their reported job title and income.

Once an application is accepted and the mortgage moves on to processing, the potential for misrepresentation and fraud can arise from the activities of other industry members. For example, at this stage, an intentionally inflated value from a complicit appraiser can lead to a mortgage amount that is in excess of the amount that would be prudently lent against the property.

Combating inflated values helps to support the stability of Canada’s housing market.

Another indication that something may be amiss at the processing stage is a last-minute

same property from different originators. To protect against discovering it late in the mortgage journey, brokers can ask their clients at the first interaction if they have worked with other brokers and why they chose not to move forward. Perhaps it’s simply because the client was shopping around to find the best fit, but it could also be a sign of an underlying problem with the application details.

One might believe that once the mortgage reaches the point of closing, there is no further risk of misrepresentation and fraud, but identity fraud can still take place at this point. One noticeable sign to watch for is last-minute changes to the purchasers listed on the mortgage. It’s unusual for changes to be requested at this late stage, and all parties should scrutinize

One of the conditions leading to a rise in misrepresentation and mortgage fraud is the perception among many Canadians that it is a victimless crime change to property details or the agreement of purchase and sale. Originators should take the time to ensure that these types of revisions make sense in the context of the transaction. All participants must do their part to minimize the risk of misrepresentation and fraud by adhering to high professional standards.

Careful examination during the underwriting process is another crucial element in the fight against misrepresentation and fraud.

One frequent and persistent concern that is discovered during underwriting is occupancy fraud. This occurs when a mortgage application lists a home as a rental property that generates income when it is actually occupied by the owner, or when a tenanted property is misrepresented as owner-occupied to qualify for a lower interest rate or insurance premium.

Occupancy fraud is frequently only discovered when there are multiple submissions for the

any identification or documentation changes that are submitted at closing.

The potential for misrepresentation and fraud exists throughout the mortgage journey, but by gaining a better understanding of where and how fraud occurs, brokers have an opportunity to prevent it. Ultimately, fraud prevention is a shared responsibility, and anything stakeholders can do to help address this problem will benefit the entire mortgage industry. If you are attending the 2019 National Mortgage Conference, be sure to attend my presentation to learn more about the risks of misrepresentation and mortgage fraud and how we can prevent it.

Ed Karthaus has more than 30 years of experience in financial services, technology and telecommunications and currently serves as executive vice-president of sales and marketing for Home Trust Company.

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SPECIAL PROMOTIONAL FEATURE

MARKETING

The modern storyteller Being a mortgage broker is all about relationships, and Chris Bargis of Mortgage Edge has found a way to start those relationships online CHRIS BARGIS didn’t set out to be a mortgage broker. He graduated from Wilfrid Laurier University with a degree in finance, preparing to go the corporate finance route.

Upon graduation, however, he got a job with Home Trust. Even though he still planned to pursue his CFA, once he started working

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in the mortgage industry, he never looked back. Bargis found that he could interact with clients while still using the financial education he’d acquired, and that led him to follow in his father’s footsteps and begin his career as a mortgage broker.

Last year was his first full year in the

business, and he closed around $14 million.

This year, he’s on his way to hitting $35 million.

He owes a lot of that growth to social media.

“When you don’t come from the banking sector and you don’t have a database of clients, you kind of just have to take advantage of the online platforms and solicit everybody that’s in your social sphere that you possibly can,” Bargis says.

Instagram is where Bargis first focused his efforts. Initially he had a business page, but it didn’t get much traction. Once he married his business page with his personal page, however, things really took off. He started including educational mortgage and housing videos on his feed, alongside pictures of him with his friends, family and colleagues, as well as other aspects of his personal life. It’s this kind of juxtaposition, he says, that allows people to see who you really are and feel comfortable with reaching out to you, even before a meeting takes place.

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“At the end of the day, you’re selling a product second, and you’re selling yourself first,” he says. “People – even though they won’t necessarily say this – have to like you in order to want to do business with you. That’s what I’ve found.”

Bargis has also started using Google Reviews, which he requests from his clients upon the close of a transaction. These reviews serve as a personalized way of showing his connection with clients, and he’s gotten cold calls because of them. Reviews aren’t just a way to pat yourself on the back, he points out – even when people have been referred, the first thing they’re going to do is to search online and see what others have to say. When

those reviews are front and centre, they work just as well as a personal referral.

One way for a broker to increase the likelihood of being successful on any social media platform is to understand that various mediums have different strengths and weaknesses. The key, Bargis says, is for brokers to understand how they can best showcase their individual personality and interact with their audience accordingly.

Twitter, for example, moves at the speed of light and is best for people who are always on the go. Instagram is all about the visual appeal and is good for those who enjoy being in the spotlight. Videos on any platform are great for people who are animated and active, but who

“At the end of the day, you’re selling a product second, and you’re selling yourself first” Chris Bargis, Mortgage Edge

otherwise might not be able to convey that aspect of their personality.

Even forward-thinking mortgage brokers can be at a loss when it comes to building a robust digital platform. There are plenty of industry veterans who know they should have a stronger online presence, but they don’t necessarily know how to use the various platforms effectively. Bargis knows the type of content younger borrowers want to see because he’s one of them, and as such, he’s been able to relate to them very easily.

“Those who have been around in the mortgage space much longer than I have typically have already developed those lasting relationships with clients,” he says. “Maybe they have a book of business that recycles and feeds itself, so perhaps there isn’t a need – or at least a perceived need – to go and explore social platforms. But for someone such as myself, who’s looking to build relationships with those clients – especially those within my age bracket – and grow with them over time, it’s certainly paramount.”

While many seasoned brokers view having a digital presence and being strong in social media as an add-on to more traditional business practices, younger brokers are using social media as a core part of their business.

They’re finding ways to cut through the noise and connect with prospective borrowers in the places where they naturally spend their time.

“If you’re not on social media,” Bargis says, “you’re either not going to be nearly as successful, or your business is just not going to grow at the rate that it could have if you had a social presence. It’s a necessity.”

The mortgage business is predicated on service, he adds, but people need to be reached earlier in the process.

“Our industry’s become increasingly commoditized, and you really have to stand out somehow,” he says. “That is through servicing your clients, getting to know them and what is it they want to do, and just making yourself present as much as possible.”

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PEOPLE

CAREER PATH

SELLING YOURSELF Anne Brill has long known that the door to success is marked ‘push’ Although Brill held a variety of jobs from the age of 14, it was a full-time summer gig in telemarketing that allowed her to zero in on her core talent.

“They gave me a phone book, and I cut out pages; it was cold-calling, and I excelled at it. I was making more money a week telemarketing typewriters than my cousin, who was working full-time in construction. It was mostly commission – I was a hustler.”

1985

DISCOVERS A TALENT FOR SALES

1996 TAKES ON A NEW CHALLENGE Brill was headhunted from her management position at Scotiabank to an estate insurance financial planning company.

“Four months in, I told the owner, ‘The biggest problem is getting business,’ and I submitted a business plan to send me to Scottsdale, Arizona, to put together a telemarketing company to source more clients. I hired four telemarketers, and for years it ran well.”

1990

STARTS IN FINANCIAL SERVICES Hired by Scotiabank as a teller for the summer while at university, Brill was offered a permanent position two weeks later.

“I’ve always moved up – once I get hired, a few months later, I pitch myself for the next level. I put together a business plan and submit it to my job to let them know how it could benefit them to promote me” 1999

2001

FORMS A PARTNERSHIP On her 30th birthday, Brill celebrated by leaving CIBC to open up Think Tank Financial.

“A client who was an established accountant who said, ‘Let’s do business together.’ He had a huge database of clients from 25 years of business, and he wanted me to do his clients’ financial planning. We had a 50/50 partnership. He taught me a ton. The first year, I did three mortgage deals and fell in love with the mortgage industry.”

2018

STEPS INTO THE LIMELIGHT Having earned a spot among CMP’s Women of Influence, Top 75 Brokers and Hot List for several consecutive years, Brill was thrilled to take home the award for Mortgage Broker of the Year (More Than 25 Employees) at the 2018 Canadian Mortgage Awards.

“It was the highlight of my career – in the past, I had to hold my head down and just do my work; now my face is plastered everywhere. I have a little bit of limelight, and I like it.”

MOVES TO CIBC Recruited to CIBC to work as a senior financial advisor, Brill spent two years learning her trade, taking the CSC course and selling across a raft of products.

“I can sell myself well; I learned to sell in a broader sense while I was at CIBC. I had my own portfolio; I was very successful at it.

My work covered mortgages, credit cards, bank accounts, lines of credit.

Mortgages wasn’t a world I knew at all.”

2010

GETS AN IMPORTANT PHONE CALL A fateful phone call from a successful brokerage owner opened up a new path for Brill.

“She had two clients she was trying to do financing for, and both gave her my card. She asked if I could underwrite for her, which I did for two months, and then she offered me a partnership. I opened a brokerage on my 40th birthday.”

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PEOPLE

OTHER LIFE

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

Although Rah ma n writes new material every day, putting his first set together took three months

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Size of Rahman’s largest audience

FUNNY MAN He started doing stand-up comedy as a way to improve his public speaking skills, but now broker Adil Rahman is hooked IT WAS a desire to improve his public speaking that led Adil Rahman to his new sideline in comedy. “I thought, instead of Toastmasters, perhaps I could take a

course on stand-up comedy,” the Ottawabased mortgage broker says. “To graduate, you had to do a 10-minute set onstage in front of 60 to 70 strangers.”

10

Minutes in Rahman’s set

0

Number of hecklers he’s had to date

Since then, Rahman has made a point of stepping up at open mic comedy nights to refine his craft and has even gone as far as trying out a Toronto audience on a business trip. He plans to extend his hobby even further by doing a French language set in Montreal.

“It’s about conquering your fears of speaking up,” Rahman says. “Performing is very therapeutic for me: having the audience looking at me, hearing my point of view and laughing along with me. It’s a great stress reliever.”

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It’s not about credit scores.

It’s about life scores.

Life happens. When challenges like personal or family member’s illness or disability occur, they can affect your client’s credit and confidence in their future. Let’s partner to look beyond the credit score and ask the right questions to understand the story. Together, we can find the right financial solution to help deserving clients focus on the scores that matter most. Visit hometrust.ca/lifehappens to learn more. Home Happens Here.

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