CMP 16.07

SAMANTHA GALE

How the CMBA-BC CEO is fighting for brokers by speaking the language of regulators

MORTGAGEBROKERNEWS.CA ISSUE 16.07 | $12.95

THE LEGAL LANDSCAPE What brokers need to know about working with lawyers on transactions

ENOUGH INTERVENTION? Will a cooler market stave off further action from the government?

63 young professionals who represent the future of the mortgage industry

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ISSUE 16.07

CONTENTS

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FEATURES

CMP highlights 63 young professionals who are bringing new energy and fresh perspectives to the Canadian mortgage industry

Opportunity is often simply a matter of seeing it first.

With over $3 billion under administration and ready for immediate deployment, Romspen is a boutique non-bank mortgage lender specializing in commercial real estate in Canada and the US. For your financing of $10 million to $400 million we bring speed, agility, and a commitment to complex execution you will not find in larger institutions.

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

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ISSUE 16.07

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CONTENTS

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UPFRONT 04 Editorial

A moment of relief for brokers

06 Statistics

Key data that should be on your radar this month

08 News analysis

PEOPLE

KEEPING IT IN THE FAMILY

Lotus Loans & Mortgages’ Neil Pahuja on the advantages of running a family brokerage

FEATURES

THE LEGAL EXPERTS

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Now that the market has cooled, how likely is further government intervention?

10 Bank update

National Bank and M3 take their partnership to Ontario

12 Alternative lending update Will the new stress test rate lead to booming business in alt lending?

14 Opinion

To root out bullying and harassment in the industry, every mortgage professional needs to take an honest look inward

Lawyers are an integral and sometimes misunderstood cog in the mortgage machine. CMP explores what brokers need to know about their role in the process

FEATURES FEATURES PEOPLE

INDUSTRY ICON Samantha Gale’s legal and regulatory background has been an invaluable asset during her tenure as CEO of CMBA-BC

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THE NEGATIVE IMPACT OF AN URGENT CULTURE If urgency is a central theme in your workplace, you could be losing more than you’re gaining

Educating new agents is a top priority at TMG The Mortgage Group

34 New partnerships, new possibilities

M3 Ventures’ Michael Beckette on what the network’s latest fintech tie-ups will offer to brokers

PEOPLE 40 Other life

FEATURES

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WHEN TO GO FOR GOOD ENOUGH How to stop wasting time on the fruitless pursuit of perfection

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26 Going above and beyond for agents

School’s in session at mortgage associate Shelagh Sutherland’s off-the-grid homeschooling collective

MORTGAGEBROKERNEWS.CA CHECK IT OUT ONLINE

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UPFRONT

EDITORIAL

Time to take stock

A

fter barely being able to catch their breath during the frenetic first six months of the year, many Canadian mortgage professionals have experienced something of a welcome respite in recent weeks. While home-buying and refinancing are still taking place at a healthy pace, it seems clear that the red-hot market of the first half of the year has cooled noticeably during the early summer.

In a lot of ways, it’s been a positive development for all parties. Prospective homebuyers in many parts of the country no longer have to contend with the frenzied bidding wars that have, up until now, been a prominent feature of the market. While the trend of skyrocketing house prices has moderated slightly, those selling their homes can rest assured that a cooler market often means buyers will be more likely to secure funding and complete the deal.

The current slowdown in the market has been attributed to a range of factors, including the introduction of a higher mortgage stress test rate and general frustration among prospective buyers at being constantly frozen out during the bidding process.

The current pace of the mortgage industry has provided a long-awaited chance to take a step back and focus on parts of the job that were overlooked in the madcap first half of 2021 Many brokers are relishing the current pace of the mortgage industry, which has provided a long-awaited chance to take a step back and focus on parts of the job that were overlooked in the madcap first half of 2021. Still, brokers know the slower market could well be short-lived. There are still plenty of imponderables that could impact the housing market in the coming months, including a possible return to full levels of immigration and the country’s emergence from the COVID-19 pandemic as vaccinations continue and lockdowns ease.

Whatever the case, a slightly less hectic period of activity will undoubtedly stand the broker community in good stead as it gears up for a possible resumption of the red-hot market in the final months of the year.

www.mortgagebrokernews.ca ISSUE 16.07 EDITORIAL

SALES & MARKETING

Managing Editor Paul Lucas

Vice-President, Sales John Mackenzie

Editor Fergal McAlinden

National Account Manager Corey Bahadur

News Editor David Kitai

Sales Executive Alan Stewart

Writers Ephraim Vecina Mallory Hendry

Project Coordinator Jessica Duce

Copy Editor Clare Alexander

CORPORATE

CONTRIBUTORS Christine Buemann Dermot Crowley Lynne Cazaly

ART & PRODUCTION Designer Joenel Salvador Production Coordinators Loiza Razon Kat Guzman Client Success Coordinator Cole Dizon

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

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ADVERTISING INQUIRIES

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Key Media Canada (Mortgage) Ltd. tel: +1 416 644 8740 www.keymedia.com Offices in Toronto, Sydney, Denver, Auckland, London, Manila

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 claire.tan@keymedia.com T +61 2 8437 4772

AUSTRALIAN BROKER

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The team at Canadian Mortgage Professional

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

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COME SEE WHAT YOU’RE MISSING

gordon_ross@centum.ca | thecentumnetwork.ca ®/™ trademarks owned by Centum Financial Group Inc. (C) 2021 Centum Financial Group Inc. The intent of this communication is for informational purposes only, and is not intended to be a solicitation to anyone under contract with another mortgage brokerage operation.

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UPFRONT

STATISTICS RENOVATIONS TRUMP BUYING IN 2021

62%

of Canadian homeowners plan to renovate their homes this year

22%

of Canadians say homeownership is a financial goal this year

44%

say they plan to spend more on home renovations than they did last year

THE BEST AND WORST MARKETS FOR BUYERS The COVID-19 pandemic has helped push house prices in Canada to new heights, particularly in the country’s major urban centres. But it’s also heralded a work-from-home revolution that has expanded many buyers’ target locations. A recent study from MoneySense and Zoocasa pinpointed the most and least affordable markets in Canada, noting that “the ability to work from home has untethered many from living near business centres and has offered buyers the flexibility to relocate to markets they may not have previously considered.”

Fraser Valley, BC Average price (2020): $856,550

City of Vancouver, BC Average price (2020): $1,056,897

MOST AFFORDABLE MARKETS IN CANADA Lower Mainland, BC Average price (2020): $969, 233

LEAST AFFORDABLE MARKETS IN CANADA

HOMEOWNERSHIP FEARS CAST BLACK CLOUD ON CANADIANS’ FUTURE Seventy-one per cent of Canadians who don’t currently own a home worry about saving up for one, according to a recent survey by Manulife Bank – and 39% of those polled said they worry “a lot” about their chances of buying a home.

33% of current owners needed parental help to make a purchase

47%

plan to use savings to pay for their home renovations Source: Real Financial Progress Survey, BMO

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67% of Canadians are worried about home prices in their local community

85% 75%

of parents are worried about their children’s homeownership prospects

of Canadians who don’t currently own a home want to buy one but can’t afford to

Source: Manulife Bank Debt Survey

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BABY BOOMERS LOOKING TO BUY

City of Toronto, ON Average price (2020): $915,001

Approximately 3.2 million baby boomers in Canada are considering a home purchase within the next five years, according to a new study by Royal LePage. Fully 90% of Canadian boomers reported that COVID-19 had no effect on their selling, purchasing and moving plans.

Greater Moncton, NB Average price (2020): $200,267

35%

of baby boomers say they plan to buy a home in the next five years Mississauga, ON Average price (2020): $922,750

Bancroft, ON Average price (2020): $292,733

Oakville/Milton, ON Average price (2020): $1,116,275

45%

of boomers believe now is a good time to sell their home

Huron/Perth, ON Average price (2020): $383,092

40%

Woodstock/Ingersoll, ON Average price (2020): $433,383

of boomer homeowners have at least half of their net wealth in real estate

Tillsonburg, ON Average price (2020): $394,617

London/St. Thomas, ON Average price (2020): $436,433

64%

of boomer homeowners are currently mortgage-free

Source: “Where to buy real estate in Canada in 2021,” MoneySense, Zoocasa

Source: Royal LePage

RENTAL RATES MAKE A COMEBACK

HOUSING STARTS COULD SLOW WAY DOWN

The average asking rent across all property types grew by 2% monthover-month in May, representing the first increase after six straight months of declines, according to the latest report from Rentals.ca and Bullpen Research & Consulting. Bullpen president Ben Myers called the upward movement the “first definite sign of a market turnaround.”

RBC Economics has projected a “sharp fall” in new housing starts later this year as investment tapers off, estimating that the slowdown will last until at least the third quarter of 2022. RBC CEO Dave McKay has called on the federal government to take more concrete steps to address the housing supply issue.

$1,900

NATIONAL AVERAGE RENT

$1,850

2020

NEW HOUSING STARTS IN CANADA 300,000

2021

250,000

$1,800

258,000 256,200

150,000

$1,750

194,000

199,500

End of Q3 2022*

End of 2022*

100,000 50,000

$1,700

0 $1,650

278,462 280,779

200,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Source: National Rental Report, Rentals.ca, Bullpen Research & Consulting

*Projected

April 2021

May 2021

End of Q2 2021*

End of 2021*

Sources: RBC Economics, CMHC

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UPFRONT

NEWS ANALYSIS

Is more intervention on the way?

The housing market has cooled noticeably – so how likely is the federal government to consider further action in the coming months?

IT WAS bound to happen eventually. After the housing market continued to shatter new records and home prices went through the roof during the first few months of 2021, things have gradually slowed. According to the Canadian Real Estate Association, home sales across the country fell by 7.4% from April to May, and nearly 80% of local Canadian markets experienced waning activity as the number of newly listed properties dropped by 6.4% nationwide.

Some of that cooling has been attributed to the hike in the mortgage qualifying rate on both insured and uninsured mortgages, which went into effect on June 1.

While the increases precipitated a relatively

the move didn’t have a huge impact on what people could qualify for, it was enough to result in a “tap on the brakes” for prospective homebuyers.

If the federal government had been planning to take further action on the housing market this year, the summer slowdown might give it pause. While a cooler market provides some indication that the policies to date have proven largely successful, there’s still plenty of uncertainty around the potential impact of developments later in the year, from the country’s gradual reopening to a possible return to full levels of immigration.

Samantha Gale, CEO of CMBA-BC, believes the government isn’t likely to revisit

“There’s speculation that the economy’s going to blossom. I think that will trigger some evaluation of the [stress test]” Samantha Gale, CMBA-BC mild reduction in most Canadians’ buying power, some observers have pointed out the symbolic effect they may have had on the housing market.

Chad Oyhenart, a broker with The Collective Mortgage Group, says that while

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the qualifying rate for the rest of the year – although it could come into play again at some point in 2022.

“I don’t think we’ll see any changes for the rest of the year, but certainly after this year, I think the government will be evaluating it as

[we move] out of the COVID economy,” she says. “There’s speculation that the economy’s going to blossom. I think that will trigger some evaluation of the rule and that it’ll be reviewed in conjunction with the progression of the economy pulling out of COVID. I think the rule will probably stay as it is for the balance of the year.”

In recent weeks, the prospect of a fall federal election appears to have gained traction, as many believe Prime Minister Justin Trudeau will seek to go to the polls in a bid to strengthen his administration, which is currently operating as a minority government. That developing plotline is likely to have a significant impact on further government intervention in the housing market in the near future. “[The current administration is] heading

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THE MARKET SLOWDOWN

BY THE NUMBERS

7.4% Decrease in home sales across Canada between April and May

6.4% Reduction in listings of new properties nationwide between April and May

76.2% National sales-to-new-listings ratio in April

75.4% National sales-to-new-listings ratio in May Source: Canadian Real Estate Association

into an election period,” says Dong Lee, chief operating officer at Dominion Lending Centres. “They don’t want to impact future voters who look at real estate as being one

on the housing market is likely not at the top of Trudeau’s priority list ahead of a fall election, as most Canadians are focused on the country’s post-pandemic reopening and

“The government doesn’t want to impact future voters who look at real estate as being one of their major asset classes” Dong Lee, Dominion Lending Centres of their major asset classes. I do think that once the new government is formed, there will be a renewed focus on this industry and what to do.”

Tracy Valko, principal broker and owner of Valko Financial, believes further action

getting businesses back up and running after months of closure.

“I think the election is probably going to be based on [Trudeau] opening everything up sooner than later,” Valko says.

“The Liberal Party will lose people on the

votes if they don’t open up these businesses.

Because there are so many pressing issues for the government right now, more people are looking at [reopening] than the rules on the housing market. We’re looking at that because we’re in the industry – so we’re living it every day.”

The stress test isn’t the only issue the government could address in the future. As attention turns to Canada’s post-pandemic economy, Lee feels the current $1 million limit for high-ratio mortgages should be revisited.

“All of the insurers’ portfolios in Toronto and Vancouver are made up entirely of condominiums – and that isn’t a healthy way for insurers to be insuring these properties,” he says. “That needs to change – that milliondollar cap needs to go to $1.5 million or $2 million to be a bit more realistic.”

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UPFRONT

BANK UPDATE NEWS BRIEFS Bank of Canada dampens fears around inflation spike

The Bank of Canada has emphasized that a recent spike in inflation is likely temporary. In April, inflation rose at its fastest pace in approximately a decade, reaching 3.4%. However, that jump was largely due to comparisons with the same month last year, when the economy was labouring under the first full month of the COVID-19 pandemic. “These base-year effects are, by definition, transitory – they will not persist beyond the next few months,” said Deputy Governor Tim Lane, adding that the BoC remains optimistic about the national economy’s outlook over the next few months.

HomeEquity Bank rolls out optimized lending model

Reverse mortgage giant HomeEquity Bank has introduced a new optimized lending model aimed at making the company more competitive in Canada’s largest markets. Under the new model, clients in major city centres across the country can now access up to 25% more of the equity in their homes. Steve Ranson, the bank’s president and CEO, said Canadians in their 60s would see the greatest potential increase in the amount they qualified for. “That’s the demographic where we didn’t feel quite as competitive,” he said, adding that the equity increase is “a pretty significant differential.”

Scotiabank donates $2.5 million to microlender

Scotiabank has committed $2.5 million to Windmill Microlending as part of a partnership aimed at helping professionally skilled female immigrants

with career mentoring and financial support. The bank said the donation reflected its commitment to supporting newcomers to Canada “by helping them feel at home through meaningful employment, which enables them to add to the prosperity and social fabric of their communities.” The bank’s commitment to Windmill Microlending is part of ScotiaRISE, its 10-year, $500 million initiative to promote economic resilience among disadvantaged groups.

Study reveals the best banks for customer satisfaction

RBC topped the list of Canadian banks providing the greatest levels of customer satisfaction, according to a new study from J.D. Power. In a survey of more than 2,000 retail bank customers, RBC received a score of 603 for customer satisfaction with retail banking advice, putting it above the other Big Five banks and well ahead of the industry average of 572. BMO ranked second with a score of 583, while TD, Scotiabank and CIBC came in third, fourth and fifth, respectively.

CIBC economist on what will drive economic recovery

The approximately $230 billion in cash accumulated by Canadian households and businesses during the pandemic will be the main driver of the country’s economic recovery, according to CIBC deputy chief economist Benjamin Tal. “Most of this money, when it’s going to be spent … will be in services – exactly where the pain is and exactly where you need the jobs,” Tal said in an interview with the Financial Post. “That’s why I see economic recovery being very strong in the second half of the year, because this money will be targeted exactly where it should be going.”

National Bank looks westward The bank has revealed plans to expand its partnership with M3 beyond Quebec and into Ontario It was an announcement that made brokers across the country sit up and take note: National Bank and mortgage giant M3 revealed their intention to expand their alliance beyond Quebec, with a foray into the Ontario market set to begin in October. The expansion will initially be limited to targeted markets and select brokers in the M3 network, as caution is seemingly the name of the game for both parties.

Still, the news led to a flurry of speculation that Ontario would be merely the starting point for the partnership’s launch in other provincial Canadian markets. Speaking with CMP, representatives from M3 and National Bank emphasized that while the possibility of further expansion was certainly on their radar, it would only take place in the same measured, prudent manner that had typified their relationship to date.

“It’s a step-by-step approach,” says Éric Chamelot, M3’s vice-president of lender relations and lending. “Starting in Quebec, where National Bank already has a strong presence, was the natural step one. Step two is expanding it into Ontario. When we were secure about the process we put in place and the technology, all the different pieces were working well – that was one of the requirements to be able to move on to the next step.”

The companies’ disciplined approach to widening the partnership means that any potential expansion into other provinces is

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likely to only take place down the line, after careful consideration.

“There’s a possible expansion beyond Ontario, but we’ll see when this time comes,” says Nadine Labbé, National Bank’s vicepresident of retail financing solutions. “It’s too early right now to give any specification about other markets.”

“There’s a possible expansion beyond Ontario, but we’ll see when this time comes” Details on the targeted markets and brokers that will be selected to pilot the program in Ontario are still relatively thin on the ground, but more news on the expansion is expected to emerge in the coming months.

To date, though, the partnership appears to have gone swimmingly for both M3 and National Bank.

“We’re very happy with the effort that both organizations have put together to engage with our clients and cross-sell our products,” Labbé says. “I think this is a new, changing process here, and that’s key to our success and to our strategy at National Bank.”

Meanwhile, Chamelot described the partnership as “a strategic recruiting tool” for M3.

“It’s always good that your brokers are well equipped on the supply side,” he says, “so having one of the top six banks available to our brokers is a tremendous advantage.”

Q&A

Ramy Dimitry Chief revenue officer TANGERINE

Years in the industry 12+ Fast fact Dimitry has lived and worked in seven countries across four different continents

Taking stock of mortgage trends with Tangerine What’s new with Tangerine in 2021?

We’re excited to have recently launched our new mortgage campaign – with the unparalleled boom in the housing market, it’s a great time to let Canadians know that Tangerine is a flexible and simple bank to get a mortgage with. We know paying back a mortgage feels like a daunting and slow task, making freedom feel out of reach. And while paying down a mortgage won’t be fast, it will be faster with a Tangerine mortgage.

What do you see as Tangerine’s unique value proposition in the mortgage space?

As a client-centric bank, we are focused on helping clients reach their financial goals, including homeownership. We know prospective homebuyers are interested but overwhelmed by the prospect of being tied into a mortgage for the next 20 to 30 years.

We focus on the ways Tangerine can help you become mortgage-free – starting with an easy online application and quick approvals, as well as low upfront rates, with the option of upping your regular payments and making lump-sum prepayments of up to 25% each year. You also get a dedicated mortgage account manager to help you every step of the way.

How has Tangerine approached customer service during the COVID-19 pandemic?

Knowing that the pandemic brought more hardship and challenges for many Canadians, our client support team made countless COVID-19 relief calls, offering clients relevant support programs to help understand and ease their financial burden.

What are some of the main mortgage trends you see coming down the line in the future?

The impact of the pandemic has greatly influenced what we need from our space. Our homes turned into a gym, office, theatre and restaurant all in one. We also have a greater reliance on and expectation of a seamless digital experience, including from banks, so you are able to access more and get more with the click of an app.

What should be top of mind for Canadians seeking to enter the market this year?

The most important factors a prospective buyer considers when getting a mortgage include affordability and rate, simplicity and convenience, expert advice, and ongoing support, as well as a sense of control and reassurance. Tangerine can help Canadians as they undertake this big financial milestone.

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UPFRONT

ALTERNATIVE LENDING UPDATE

The future of alternative lending Between the pandemic and a higher mortgage stress test rate, what’s on the horizon for alt lending?

and other alternative lenders to be able to look at non-traditional forms of income with the flexibility we provide,” he says. “The selfemployed segment has grown in Canada, and that requires adaptation.”

Uppal believes the rule changes are likely to cause many people with multiple sources of income to consider alternative lending. That could represent a sizeable boon for a sector that has already witnessed dramatic change since

“The self-employed segment has grown in Canada, and that requires adaptation”

As the new qualifying rate for both insured and uninsured mortgages takes root, one of the consequences could be a significant swing toward alternative lending. OSFI’s decision to increase the mortgage stress test rate from 4.79% to 5.25%, or two percentage points above the contract rate (whichever is higher), means that many Canadians will be unable to qualify for a conventional bank mortgage and might consider alternative options to

NEWS BRIEFS

finance their purchase.

That’s a possibility that many alternative lenders have already recognized. Sarb Uppal, a business development manager at Community Trust, says that in addition to a flurry of activity before the June 1 change to the qualifying rate, the company was attuned to the increasing importance of the alternative lending space in light of the hike.

“There’s this need for Community Trust

Home Capital reports strong first quarter

Home Trust parent company Home Capital Group has reported positive numbers for the first quarter of 2021, including net income of $64.5 million – a 138.5% year-over-year increase. The lender’s growth was also reflected in adjusted net income of $65.7 million, a 13.5% improvement on its Q4 2020 results and a 125% year-over-year increase. Its mortgage originations for the first quarter totalled $1.6 billion – in line with its results from the same time last year, but slightly down on the $1.88 billion from Q4 2020.

the beginning of the pandemic – and since the mortgage stress test was first introduced in 2018.

With further growth in alternative lending a distinct possibility, Radius Financial CEO Ron Swift says it’s a promising time to be involved in this dynamic, flexible space.

“One of the things I think is exciting is how we might be able to fund mortgages in the future versus how we have historically funded mortgages here in Canada,” he says. “The world is getting smaller, not bigger, and I think the ability to tap into funding sources globally is going to be critical going forward. We’re going to have consumers coming in from all over the world as they immigrate into Canada – and having mortgage solutions that people might be used to where they’re from is going to be important.”

Radius Financial makes high-profile appointment

Radius Financial has named industry veteran Alfonso Casciato as its new EVP of strategic initiatives. Casciato previously served as SVP of national sales for Street Capital Bank of Canada, which he co-founded. At Radius, he will be focused on accelerating the company’s evolution into an industry-leading fintech company.

Casciato told MortgageBrokerNews.ca that one of his main goals is to strengthen the company’s presence in the broker channel, noting that brokers “will be a key segment for the company moving forward.”

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Q&A

Bryan DeVries

Going beyond what the banks can offer

SVP, alternative lending NPX

How has 2021 been for MERIX/NPX so far?

Years in the industry 28 Fast fact Having started his career in alternative lending, DeVries took on his current role with MERIX’s alt lending arm in March 2021

It’s shaping up to be a fantastic year for NPX. We have realigned our products and programs to provide brokers with simple, easy-to-understand features that appear to be making an impact. Every day, new broker clients are reaching out to us, asking to sign up and work with NPX.

Do you have any exciting news you’d like to share?

Yes, we do! Throughout the changes in qualifying rates this year, NPX continues to approve most of our mortgages at contract rates. This approval process has provided borrowers an increase of over 30% in buying or equity release power.

We are also very excited to announce that we will be expanding our NPX program to British Columbia in July.

In your view, what sets NPX apart in the alternative lending sector?

NPX offers products and programs that meet the needs of a customer segment that can afford mortgages yet needs a little assistance in their debt service ratios or level of their credit score. NPX provides a very fair mortgage rate and uses that rate to qualify the borrower.

NPX also has programs that allow up to 40-year

Dorr Capital launches new mortgage fund

Dorr Capital has launched the RealAlt Investments mortgage fund to give Canadians the opportunity to invest in Ontario development. The company said the fund will allow investors “to benefit from a large network of developers that are building communities in the GTA and Ontario urban centres.” With a target return of 7.5%, the fund will focus primarily on land and construction development in the GTA, Barrie, Kitchener-Waterloo and other urban centres in Ontario that have higher-thanaverage population and economic growth.

amortizations and rental add-backs. The combination of these three approval attributes provides borrowers the funds they need to enter the real estate market or release equity from their home when perhaps this did not seem to be the case with other lenders.

What factors are likely to influence the performance of alternative lending for the rest of the year?

Alt-A is somewhat susceptible to some of the same issues as A lending. Increasing mortgage rates may remove the opportunity for some borrowers to finance to their needs, and real estate supply will continue to create pressure on values, resulting in fewer people able to qualify or some concern over the long-term value of properties. However, Alt-A lenders are prepared for these challenges and have traditionally provided more solutions for borrowers who want to realize their homeownership aspirations or home renovation requirements.

How important are mortgage brokers to NPX? NPX survives through our strong broker relationships.

Brokers are our origination channel and will always be the best choice for consumers and their mortgage needs. We are proud to serve mortgage brokers and look forward to the growth of our broker relationships in the years to come.

Community Trust forms mortgage advisory team

In an effort to provide top-notch service to brokers, Community Trust has introduced a new mortgage advisory team. Made up of mortgage professionals with underwriting, sales and service expertise, the team will “provide real-time, immediate support for our incredible brokers,” said Community Trust’s Grant Armstrong. The team will be available via email, the Community Trust Café and a dedicated contact line to immediately respond to inquiries on specific files, as well as to discuss updates and solutions.

CMLS Financial unveils automated online tool

CMLS Financial has rolled out ami, an automated online tool that aims to streamline the mortgage approval process. Designed to improve precision, ami can offer deal updates to brokers while enabling conditional commitments to be available within minutes. It can also identify gaps in applications, analyze the best rates for a particular borrower and ensure that applications fulfill all required criteria. CMLS said ami will give its affiliate brokers “the ability set new standards of service in the industry.”

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13/07/2021 2:41:59 am

UPFRONT

OPINION

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

It’s not ‘just business’ Recent allegations of harassment and bullying show that it’s time for a frank discussion on some of the industry’s shortcomings, writes Christine Buemann THE PRESSURE on our industry to evolve has become vividly apparent. How we have traditionally engaged, behaved and succeeded in business is quickly becoming less effective.

Creating a safe work environment has become a priority, along with the required pillars of transparency, trust and integrity.

The promotion of a zero-tolerance culture must come from an authentic desire to focus on inclusivity, not simply for the purpose of external validation. The actions required for change will vary drastically by individual, environment and relationship; however, I believe they can all start from within ourselves.

The first step is to acknowledge the issues. Whether you can identify with someone’s experience or not should be irrelevant in extending them grace as they navigate through their journey. I feel extremely fortunate to not have had to endure the sexual misconduct that has been highlighted in the industry recently, but that doesn’t discount the compassion I feel for those who have.

Regardless of whether you can relate to someone’s experience, you can still choose empathy.

I believe our subjective realities are created through not only a series of life events, but also our individual interpretations of those experiences. We subliminally justify our actions to align them with our narrative. To change our actions, we need to challenge and change our narratives. Whether it is actively identifying your unconscious biases or simply setting an intention to be more mindful of the impact your words have on others, it is important to hold ourselves accountable.

I encourage everyone to become curious

14

about how they define ‘business.’ For years, we have isolated unacceptable conduct and justified it as ‘just business’ or some variation of that excuse. What if we can challenge that mindset and hold ourselves to a higher standard in all areas of our lives, including while earning a living?

For us to accurately understand the depth of the issues, it is vital for those who have been impacted to have a safe space to share their experiences. We need to create an environ-

the desired result, eventually this behaviour becomes normalized. Those who consistently witness the result being achieved without consequence will rationalize the negative implications by highlighting the effectiveness.

They will typically default to self-preservation mode and justify the actions witnessed to align with their personal narrative. For that behaviour to change, the desired result needs to become unattainable or less attainable through that specific behaviour.

The anticipation of change is often more uncomfortable than the actual process itself.

Once we acknowledge and appreciate the need for change, we can shift our energy to embracing a viable solution. Change will happen in an environment where people feel safe enough to confidently articulate their boundaries and learn to appreciate and respect the boundaries of others.

As we all know, actions speak louder than words. We can choose to celebrate and encourage kindness and respect in leadership through our actions. Our industry is mostly composed of exceptional humans who are eager to support growth. We have strength in

“For years, we have isolated unacceptable conduct and justified it as ‘just business.’ What if we can challenge that mindset and hold ourselves to a higher standard?” ment that’s free of judgment and founded in empathy. Being open and honest with others about our struggles implicitly grants them permission to do the same. By removing conditions and criticism from our support, we can begin to shine a light of love and acceptance into the dark corners of shame and fear.

The willingness to reflect honestly on our shortcomings and weaknesses allows us to more deeply explore the roots embedded in our core belief system. The personal growth we can achieve through raw vulnerability is impactful beyond measure.

We cannot control the actions of others.

However, we can control how we react. If a specific behaviour continually achieves

numbers, so as the tolerance for aggressive and inappropriate behaviour lessens, I am hopeful that these incidents will become obsolete.

As we resurface from the current pandemic restrictions and find our footing within society’s new normal, my hope for everyone is this: Be strong enough to choose kindness.

Be smart enough to see the effectiveness of empathy in leadership. Be brave enough to set and respect boundaries..

Christine Buemann is a broker at The Collective Mortgage Group and also sits on the Northern British Columbia Real Estate Board and Street Capital’s broker advisory board.

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13/07/2021 3:57:40 am

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PEOPLE

INDUSTRY ICON

THE VOICE OF EXPERTISE As the CEO of CMBA-BC, Samantha Gale has established herself as one of the industry’s leading sources of knowledge on all things regulatory ON THE PRESSING topics in the Canadian mortgage industry, there are few more knowledgeable figures than Samantha Gale, CEO of the Canadian Mortgage Brokers Association of British Columbia. Gale’s legal background and innate grasp of complex policy issues give her a level of understanding that not many can match, and her expertise shines through in every conversation.

Much of that mastery stems from her 15-year stint with the BC Financial Institutions Commission (FICOM), a regulatory agency of the province’s Ministry of Finance, which Gale says gave her the opportunity to take a “deep dive” into various statutes and legal issues. One of her most significant undertakings during her time at FICOM was modernizing mortgage broker regulation in the province – an area she describes as “woefully neglected” at the time.

“We started an education program for regulators, and I went around and met with mortgage brokers, delivering education sessions for them in my government capacity,” Gale says. “It was a really valuable learning experience, and it gave me an opportunity to really understand some of the compliance issues, which generally revolve around disclosure and fraud.”

Industry advocacy That role paved the way for Gale’s move to CMBA-BC, then known as the Mortgage Brokers Association of BC. She took the

16

considerable expertise she’d amassed on the regulatory side and used it to advocate for the mortgage broker community in government relations.

One of her most notable endeavours has been revisiting the Mortgage Brokers Act, with possible reform presenting an “exciting opportunity to fix some of the problems in that statute.” She also featured prominently in the Cullen Commission, an investigation into money laundering through BC’s real estate industry, advocating for modernized

and Realtors are an example. What we need to do is carve that out in statute and legislation. It assists the mortgage broker community because they can get a structure, where they can arrange their income for tax purposes, that suits them.”

Such a measure would benefit the consumer as well as the broker, Gale argues, providing clarity and simplicity in the organization of mortgage broker entities to replace the current “messy” array of relationships between those entities.

“One of the things that I’ve been able to do is offer practical support to our members if they have questions about how to accomplish something. Maybe it’s corporate restructuring; maybe it’s compliance with disclosure rules or perhaps navigating a disciplinary matter” legislation with balanced rules that serve the intended purpose.

“The number-one priority that I’ve heard from the mortgage broker community across Canada is that they want to have mortgage broker professional corporations for tax purposes,” Gale says. “This concept exists with other regulated professionals – lawyers

“[The current structure] is a mess,” she says. “It’s inconsistent, confusing, and I don’t think it serves the consumer well.”

Legal power Gale holds a law degree from the University of British Columbia, and that legal background has been an invaluable asset

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13/07/2021 2:51:13 am

PROFILE Name: Samantha Gale Title: CEO Organization: Canadian Mortgage Brokers Association – BC Based in: Vancouver Years in the industry: 23

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13/07/2021 11:30:09 pm

PEOPLE

INDUSTRY ICON in navigating the often complex regulatory web facing brokers, allowing her to advocate for mortgage professionals in a range of different ways.

“One of the things that I’ve been able to do is offer practical support to our members if they have questions about how to accomplish something,” she says. “Maybe it’s corporate restructuring; maybe it’s compliance with disclosure rules or perhaps something very serious, such as navigating a disciplinary matter.”

When it comes to policy analysis, Gale takes a detailed approach, seeking first to understand the statutory authority in order to determine if it’s being interpreted correctly or whether other problems may have arisen from different interpretations.

in financial law and regulation. The program promises to provide her with an even stronger command of the various structures and challenges that underpin the regulation of the broker profession.

“So far, it’s been incredibly valuable,” she says. “I’ve had an opportunity to dive into some really interesting areas of financial regulation, including bankruptcy priorities, and I’ve even looked at issues impacting the industry relating to civil forfeiture [laws that allow provincial governments to transfer ownership of property suspected of having been used or acquired illegally] and criminal interest rate issues. It provides a really good opportunity to understand where things are, what the current state of the law is and also to do policy analysis around these areas.”

“I think you need to talk the same language as our government. You need to understand how statutes work, how some things are managed under a statutory regime and what the provisions are impacting that particular issue” “I think you need to talk the same language as our government,” she says. “If you’re going to be talking about statutory change, you need to understand how statutes work, how some things are managed under a statutory regime and what the provisions are impacting that particular issue.

“You always ask what the purpose of a statutory requirement is and analyze the policy or the intended policy against the statute to determine if the statute’s actually doing the job that the policy is meant to accomplish. I think that sometimes the lawmakers need to be reminded about that.”

Gale’s approach and expertise in legal matters is constantly evolving. She has returned to school, enrolling in York University’s Osgoode Hall Law School to pursue a master of laws degree with a specialization

18

Crucially, her expanded education will also allow Gale to continue advising and advocating for the mortgage broker community as the industry evolves. She envisages a “very, very different” set of challenges in the future, as financial technology could potentially have a significant impact on the profession’s licensing structure.

While others might find the challenge of balancing a law degree with a high-profile role as CEO of an industry association to be a daunting one, Gale has coped well. In typically self-effacing fashion, she attributes her success to the quality of the staff that surrounds her.

“I have a fantastic staff, and we have a really brilliant team across the country,” she says. “Everybody makes a contribution – and it works really well.”

SAMANTHA GALE’S CAREER HIGHLIGHTS

1991

Earns a bachelor of laws degree from the University of British Columbia Law School

1998

Becomes manager of mortgage broker regulation/real estate at FICOM

2013

Moves to CMBA-BC to become CEO of the organization

2020

Is named to CMP ’s Women of Influence list and Hall of Fame

2020

Enrolls in York University’s Osgoode Hall Law School for a master of laws degree in financial law and regulation

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13/07/2021 2:51:20 am

SPECIAL REPORT

CMP spotlights 63 up-and-coming young professionals who are making waves in the Canadian mortgage industry

CONTENTS

PAGE

Feature article .............................................. 20 Methodology ................................................ 21 Rising Stars 2021 ......................................... 23 Profiles .......................................................... 24

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SPECIAL REPORT BUSINESS STRATEGY

RISING STARS 2021

THE LEADERS OF TOMORROW STARTING OUT in the mortgage industry can be daunting for young professionals at the best of times. While potentially hugely rewarding, the industry can also be intense and demanding, with an often-heavy workload and a plethora of complex concepts to grasp within a short period of time. Those finding their feet in the industry right now have also had to overcome the hurdle of COVID-19, which has upended the conventional workplace and introduced a host of new difficulties into the mortgage space.

“You’re dealing with a lot of clients, and on top of a global pandemic, it can be very consuming. You have to balance your day; you can’t spend endless hours in work” Stefan McMillan, Mortgage Alliance

THE 2021 RISING STARS BY AGE

25 and under

3

26 to 30

31 to 35

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Against that backdrop, the young professionals who made CMP’s annual Rising Stars list went above and beyond, adapting to the changing landscape and serving as a knowledgeable source of advice for their clients.

Indeed, among this year’s cadre of Rising Stars, the ability to provide detailed counsel to customers was commonly listed as one of the most important skills a young mortgage professional must have.

Maya Kaaki, a mortgage agent at DLC The Mortgage Source and one of last year’s Rising Stars, says that during the pandemic, mortgage professionals of all stripes realized that their clients were counting on them to provide reassurance and guidance during an unprecedented period of uncertainty.

“I think the first issue we were seeing was that so many people were worried,” she says.

“With all of the issues of mortgage deferrals, we really had to educate as many people as

possible about those … and all about taking CERB: how that’s going to affect you, are you eligible, things like that. It’s been interesting to navigate those changes and try to keep our clients educated at the same time so that they’re making the best decisions they can.”

More than just a job Those looking in from outside the mortgage industry often don’t grasp just how time-consuming it can be for agents and brokers, whose workday doesn’t necessarily end when they leave the office. Kaaki says her profession is a “different world” than that of many of her friends.

on top of a global pandemic, it can be very consuming,” he says. “You have to balance your day; you can’t spend endless hours in work. You’ve got to include some type of life balance – walking, cycling or whatever you like to do – to kind of balance that so you don’t burn out.”

Among this year’s Rising Stars, another indispensable asset was the ability to listen attentively – whether to borrowers or lenders – to make sure clients are matched with the right mortgage solution.

“I am responsible for helping borrowers to find suitable products according to their needs and budget, and helping lenders to find the right borrower for their type of prod-

“One of the most important things to do is to ask a lot of questions and be open to learning. Being able to ask for help, listening and taking that advice is super important” Maya Kaaki, DLC The Mortgage Source

“It’s a nonstop job – it’s not a 9-to-5 or an 8-to-4,” she says. “I work all day, every day, weekends. If a client needs me, I’m available.

It’s much more intensive than my non-industry friends’ jobs. It gets exhausting, but luckily we are a good strong team [at the brokerage], and we’re able to pick up for each other if you need some time or a break. But for the most part, we’re all available 24/7.”

The intensity of the mortgage industry makes it essential to seek out meaningful work-life balance, particularly during the challenges posed by COVID-19, says Stefan McMillan, a mortgage agent with Mortgage Alliance and another 2020 Rising Star.

“You’re dealing with a lot of clients, and

ucts and service,” says 2021 Rising Star Hasty Kiamehr, a broker at The Mortgage Coach.

McMillan stresses that meeting clients’ expectations is a key part of the role, which means demonstrating empathy and establishing a rapport with clients, rather than simply treating the relationship as a transactional one.

“A new skill [I] had to learn [was] dealing with clients – reassuring them and just listening,” he says. “All clients are different and have different types of personality traits.

That was one of the things that I found I had to develop a skill on – human behaviour, psychology and balancing the sales and the psychology.”

METHODOLOGY Starting in March, CMP invited professionals from across the Canadian mortgage industry to nominate their most exceptional young talent for the annual Rising Stars list. Nominees had to be age 35 or under (as of March 31, 2021) and have committed to a career in mortgages with a clear passion for the industry. To maintain a focus on new talent, only nominees who hadn’t previously been recognized as a CMP Rising Star were considered.

Nominees were asked about their current role and responsibilities and their key achievements over the past 12 months. Recommendations from managers and senior industry professionals were also considered.

The CMP team reviewed all nominations, narrowing the list down to 63 of the industry’s most outstanding young professionals.

8th Year of CMP’s Rising Stars list (formerly Young Guns)

200 Total number of nominations received

30 Average age of this year’s Rising Stars

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SPECIAL REPORT BUSINESS STRATEGY

RISING STARS 2021

THE 2021 RISING STARS BY PROVINCE

British Columbia Alberta Saskatchewan Manitoba Ontario Quebec

9

8

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He adds that another crucial component of the job is to avoid “focusing on making a dollar and not really caring about the individual themselves.”

Developing expertise One of the most challenging tasks when starting out in the mortgage industry can be absorbing relevant information and learning quickly on the job – but it’s a challenge this year’s Rising Stars have mastered. Kiamehr emphasizes the value of presenting an expert opinion to clients so they know they’re

22

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in safe hands.

“My goal is to make sure that I educate my clients and help them understand how they can achieve financial freedom through real estate,” she says. “I take the time to educate myself with lenders’ products and guidelines.”

Fellow 2021 Rising Star Natasha Ali, an account manager at First National Financial, was similarly described by a peer as being “extremely knowledgeable about products, as well as what the competition offers” and someone who “works well in finding solutions to challenges.”

Kaaki acknowledges that the abundance of information mortgage professionals are required to master from the outset can prove “potentially overwhelming,” but she says a strong guiding figure – in her case, her father, an industry veteran – can be a particularly valuable asset.

“It’s so important to have a good mentor who can really help and guide you,” she says.

“There’s so much to know in this industry that sometimes you need someone to help you out a little bit and guide you in the right direction.”

It’s also perfectly fine, Kaaki adds, for young mortgage professionals to be open about the fact that they’re still learning on the job; after all, everybody has to start somewhere.

“One of the most important things to do is to ask a lot of questions and be open to learning,” she says. “It’s always super important to have that transparency – but also be willing to learn and ask for help from people around you. Being able to ask for help, listening and taking that advice is super important.”

Many of this year’s Rising Stars were singled out for their ability to innovate and find new ways to increase their volume or all-round efficiency as a mortgage professional. McMillan advises newcomers to set out a clear strategy for how to succeed in the industry from the beginning.

“One piece of advice I would give a young agent is definitely to create a business plan that gives you an idea of how much you want to earn, whether you want to build a team and things like that,” he says. “Do your due diligence and research behind the whole industry, speaking to principal brokers and brokers. Take 15 minutes of your time, and you can acquire a bit of insight and information into how this industry operates and how you can be successful.”

Claudia Etwyse Mortgage agent Mortgage Alliance

Liane Moskal Mortgage agent KeyRate Corp.

Phone: 613-698-0600 Email: cetwyse@mortgage alliance.com Website: mortgagealliance.com/ en/claudiaetwyse

Phone: 613-794-4028 Email: liane.moskal@keyrate.com Website: keyrate.com/index.php /agents/lianemoskal

Alfred Zheng Mortgage broker Mortgage Architects Amar Hayre Senior partner Syndicate Lending Corporation Amit Chavda Director of business development MERIX Financial April Williams Mortgage agent The Mortgage Coach Ashleigh Simpson Mortgage broker Creative Mortgage – VERICO Compass Mortgage Group Blaire Borle Mortgage broker Mortgage Architects Bradyn Anderson Mortgage agent TMG The Mortgage Group Brendan Woodfull Mortgage agent Edison Financial Brenna Charles National director, business development FCT Brieanne Doucet Mortgage broker Flare Mortgage Group – VERICO Paragon Mortgage Caily MacGregor Mortgage broker/owner VERICO One Link Mortgage and Financial Chantelle Vercammen Mortgage agent TMG The Mortgage Group Claudio Venuto Mortgage broker CENTUM InTouch Mortgage Solutions Colin Byrne National director, brand development Paradigm Quest

Daniel Webster Mortgage agent Maple Mortgage Group, powered by Oriana Financial Deidre Wise Personal account manager MERIX Financial Edwina Curran-Sills Business development manager Home Trust Emily Sabatowski Manager, residential underwriting Home Trust Hasty Kiamehr Mortgage broker The Mortgage Coach Jacky How Mortgage broker DLC Elite Lending Corp.

Jacob Perez Mortgage agent and partner Synergy Mortgage Group Jarek Piwowarczyk Mortgage agent Mortgage District Jason Hoang Mortgage agent Smart Debt Mortgages JC Hasko Mortgage broker Mortgage Architects Experts Jeff Dinsmore Mortgage agent TMG The Mortgage Group Jeff Ruston Mortgage agent Mortgage Intelligence Jessalyn Brown Mortgage broker TMG The Mortgage Group

Hartley Ruch Underwriter HomeEquity Bank Email: hruch@heb.ca Website: chipadvisor.ca Jorge Giron Residential mortgage underwriter Equitable Bank Katelyn Smith Mortgage broker TMG The Mortgage Group Konstantin Seroshtan Mortgage broker BlueTree Mortgages West

Robyn Oliverio Mortgage agent Smart Debt Mortgages Rose Blankenagel Mortgage broker The Mortgage Minds Samantha Garrod Mortgage agent Rock Capital Investments Sarah Collins Mortgage agent Mortgage Intelligence Scott Wittrup Regional manager Invis/Mortgage Intelligence

Luca Quintieri Account manager – Excalibur First National Financial

Shabnam Gill Mortgage agent Mortgage Outlet

Luke Meadows Birch Mortgage specialist Castle Mortgage Group

Stefanie Codsi Mortgage agent Premiere Mortgage Centre

Manpreet Pabla Mortgage consultant Invis

Stephen Cross Vice-president, mortgage lending and operations First Circle Financial Services

Matthew Pique Mortgage agent Anthem Mortgage Group Max Rafael Mortgage agent Clear Trust Mortgages Michelle Farrugia Mortgage agent Mortgage Outlet Miguel Oliveira Mortgage agent Clear Trust Mortgages Monica Falco Mortgage agent VERICO Capital Home Lending Myles Nowik Mortgage broker Universal Mortgage Architects Natasha Alli Account manager – Excalibur First National Financial

John Burke President and CEO Burke Financial

Rachel Major Director of business development MERIX Financial

Jordan Fulcher Mortgage agent VERICO Capital Home Lending

Riley Machacek Mortgage agent DLC Mortgage Excellence

Steven Boodoo Lead broker EDM Mortgage Group – Mortgage Architects Sunny Bal Mortgage broker VERICO Superior Mortgage Taylor Lewis National director, brand development Paradigm Quest Taz Zaide Mortgage agent 6ix Mortgage Group – Mortgage Architects Tristan Kirk Managing partner Citadel Mortgages Vanessa Maglioli Business development manager Home Trust Varsha Sharma Senior partner Syndicate Lending Corporation Varshan Thavarajah Broker Mortgage Edge

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SPECIAL REPORT BUSINESS STRATEGY

RISING STARS 2021

CLAUDIA ETWYSE

LIANE MOSKAL

Mortgage Agent

Mortgage Agent

Mortgage Alliance

KeyRate Corp.

T

he key factor behind Claudia Etwyse’s success has been consistency. “Consistency creates accountability,” says Etwyse, a licensed mortgage agent and team leader at Mortgage Alliance. “The work that we do consists of more than just finding a mortgage; it’s a lot more than finding the lowest rate. It’s understanding the client’s needs and profile. To all my potential clients and referral partners, we work for you and not the bank.”

After earning a bachelor’s degree in economics, Etwyse joined Mortgage Alliance in 2019. Last year, she became a team leader, heading up a team with in-depth knowledge and experience in residential and commercial mortgages, including purchases, refinances and home equity loans. Under Etwyse’s leadership, the team has tripled its sales growth in a single year.

She has regularly ranked in the top 20% of agents at Mortgage Alliance over the past year and is one of the top-producing Black female agents in Canada.

Etwyse is well known for her competitive nature, her driving ambition, her thirst for knowledge, her appetite for real estate, and her unwavering respect for loyalty and strong relationships. “It is simply the level of commitment that sets me apart,” she says. “Without solid sales skills and lasting relationships, success is almost impossible.”

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L

iane Moskal simplifies the mortgage process by using a step-by-step approach to create different options and outcomes for her clients. “My success starts with paperwork,” says Moskal, a mortgage agent and team lead at KeyRate Corp. “If you aren’t organized or don’t know your client, then every deal is a mess. It’s so important to understand the full picture in order to put the client with the correct lender for their needs.”

Thanks to her collaborative approach with Realtors and financial planners, as well as her emphasis on client education, Moskal has become a top producer within KeyRate. She was named Top Loan Originator and Top Social Influencer at KeyRate in 2020 and has doubled her mortgage volume in 2021.

“When working with me, I won’t just give you a mortgage – I will give you advice and do it all over again at renewal,” she says.

“I want every client to know their true borrowing potential so their money works for them.”

A working mom of two, Moskal credits her family and the support she has received from KeyRate for her success, adding that the outlook for 2021–22 also appears strong, with buyers anxious to get into the market and current owners refinancing.

“Knowledge is power,” she says, “and that’s what KeyRate is about – building relationships with financial planners, Realtors, appraisers, lenders and clients.”

HARTLEY RUCH Underwriter HomeEquity Bank

T

o his colleagues at HomeEquity Bank, Hartley Ruch’s selection as a CMP Rising Star for 2021 comes as no surprise. A top performer month over month throughout this year, Ruch is described by teammates as an “inspirational” figure who constantly demonstrates his ability to push the bar for the company and take on additional tasks for the good of the team.

Beginning his career at HomeEquity in 2016 as a mortgage officer, Ruch eventually worked his way into an underwriting role with the company, making a name for himself with a consistent work ethic and a strong focus on achieving the best result for colleagues and clients alike.

For Ruch, the secret to success as a young professional in the industry is simple: giving your best and making sure that dedi-

cation to the customer shines through.

“The way I’ve made an impression is just through plain hard work and treating others the way I’d like to be treated,” he says. “The way to demonstrate value to clients is by always trying to do what is in their best interest. Clients and brokers know when you’re truly focused on what’s best for them, and doing the right thing always wins in the long run.”

It’s important for newcomers to the industry to have the support and guidance of more experienced colleagues, and Ruch says he benefited hugely from the backing of the HomeEquity team during his early years in mortgages.

“Learning on the job means constantly asking questions – a lot of questions,” he says. “Fortunately, I have fantastic colleagues who always found time to help

me and still do to this day. The best thing about working at HomeEquity Bank is that the company truly cares about their employees. Many companies say they do, but HomeEquity truly takes our opinions into account and acts on them. You aren’t just a number here.”

Ultimately, the ability to profoundly change people’s lives means a career in the industry was the right choice for Ruch.

He says hearing the stories of clients HomeEquity has helped is the most rewarding aspect of the job.

“As underwriters, we don’t directly interact with clients, so it’s easy to detach yourself from the human side of the business,” he says. “HomeEquity always makes a point to share success stories, and it always feels rewarding to know that we’ve truly made a difference in someone’s life.”

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SPECIAL PROMOTIONAL FEATURE

TRAINING

Going above and beyond for agents CMP caught up with TMG The Mortgage Group’s Veronica Love to find out how the company has taken its training and education for new agents to the next level THE DIFFERENCE between the most successful mortgage brokers and the chasing pack often comes down to one simple factor: comprehensive training and education. TMG The Mortgage Group has long placed broker education at the forefront of its culture and strived throughout its 31-year history to provide the best training possible.

That culture is led from the top, says Veronica Love, the company’s SVP of

“There’s no hierarchy here – you can take a deal to Debbie, and she’ll give you advice on packaging it, where she thinks you could put it and how to tell the client’s story effectively,” Love says.

The area vice-presidents for each province also provide support, as do four full-time dedicated underwriters in the company’s Deal Centre. Love herself plays a central role in educating new agents, with an emphasis on

“The faster we can convert a new agent to a confident and proficient mortgage expert, the stronger TMG gets” Veronica Love, TMG The Mortgage Group corporate development. TMG founder Debbie Thomas is still centrally involved in educating new agents, using her decades of experience to deliver specialized training that covers everything from understanding a credit report to submitting an application. President and CEO Mark Kerzner also often helps agents with deals, support and coaching, and the entire management team is committed to the full-support model created

by Grant and Debbie Thomas over the years.

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building their confidence from the get-go.

That’s achieved through live training, which allows brokers to follow up on areas of uncertainty. These sessions are recorded and posted on TMG’s intranet training library.

“All of our management team attends the training as well, because everybody’s got their own area of expertise,” Love says. “We all chime in with answers throughout the training, like a live help desk the whole way through.”

In addition to TMG’s regular intensive

six-week training program, its Hurricane deal processing system is designed to make the mortgage process as manageable as possible by ensuring that clients can upload documents with ease. “Many clients say that it’s the easiest mortgage transaction they’ve ever done,” Love says.

Integrated within Hurricane is Lender Spotlight, an invaluable aid for brokers that allows them to immediately view the lenders that will do a deal – along with their policies and guidelines – simply by entering the deal’s parameters.

“The biggest obstacle for brokers is often learning all the lenders and their everchanging policies,” Love says. “You’re always learning new programs and policies, so having Lender Spotlight built into Hurricane is a great advantage for agents.”

TMG has always prided itself on its sense of community, which is on full display via its #tmgfamily hashtag. It’s a quality that Love says is clear in TMG brokers’ and agents’ support for each other on a daily basis through private Facebook pages provincially and nationally. These allow brokers to seek answers related to obstacles with a deal, aligning them with specialists in the relevant area.

“We have a really good community,” Love says. “At TMG, we firmly believe that we’re only as strong as our newest agent, and the faster we can convert that new agent to a confident and proficient mortgage expert, the stronger TMG gets.”

Ultimately, what’s good for TMG’s broker community is good for the company. Love says the training is an essential way of getting mortgage professionals up to speed with the industry so they can focus as quickly as possible on building their business with confidence and skill.

“As a new agent entering this industry, it has to be really comforting to know that there’s a full-service support brokerage out there that’s willing to take on new agents and really give them the support they need – and not at a high price,” she says. “At TMG, we’re in this with you – and we only benefit if you fund mortgages. So we’re fully invested to make sure that we get the new agents up and running, connecting with clients and funding mortgages as quickly as possible.”

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FEATURES

SECTOR FOCUS: LEGAL PARTNERS

The legal experts CMP spoke with prominent legal practitioners in the mortgage space to find out what brokers should expect from lawyers involved in the home-buying process – and vice-versa WHEN EXPLAINING the role of lawyers in the mortgage process, Jonathan Hacohen, a partner in Toronto-based real estate and corporate law firm Kormans, uses a particularly fitting baseball analogy. Mortgage brokers and real estate agents, he says, repre-

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sent the starting pitcher, going the first seven or eight innings before the lawyer takes the mound to close out the game and seal the win in the final stages.

It’s a neat summation of each party’s role – and a good example of why it’s important for

clients to be represented by trusted experts with a proven track record at every stage of the mortgage process. If the starting pitcher fails to do his job, that leaves a mess that’s nearly unsalvageable for the closer. Similarly, if the closer blows the save and loses the game,

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“We have a dedicated team that only does certain things,” Berljawsky says. “For example, we have a purchase and sales team and a refinance team. All the refinance team does all day is refinancing because timelines are different.”

It’s also important to be able to rely on a cohesive yet flexible team environment.

Berljawsky notes that his company’s organization and structure allows it to function effectively as a versatile unit, with each of its lawyers, for instance, delivering informational seminars to brokers.

Hacohen agrees that the ability to service clients across a range of different mortgage types is an invaluable asset for law firms, particularly given the differences in regulation between conventional and private mortgages.

“There are different rules when you do private mortgages, so we have a private mortgage department handling just that,” he says.

“We’ve got to space it out that way because what happens is when there’s a private mortgage, we have a lot of criteria, and we have to

that undoes all the carefully constructed work of those earlier participants.

It’s critical, then, for brokers and homebuyers to know that they can count on lawyers to deliver at the end of the process, demonstrating the required expertise and efficiency to move the deal smoothly over the finish line.

Know what you need Joseph Berljawsky, head of the real estate practice group at Diamond & Diamond Lawyers, says the mark of a good legal practice in the mortgage arena is an ability to allocate lawyers to specific areas of expertise, particularly given the variety of mortgages a practice could be called to work on.

WHAT BROKERS SHOULD LOOK FOR FROM LAWYERS

Expertise in specific area

Diligence and care

Ability to handle volume

A proven track record

“When there’s a private mortgage, we have a lot of criteria, and we have to be clear from the lender’s standpoint that we are satisfying those criteria” Jonathan Hacohen, Kormans be clear from the lender’s standpoint that we are satisfying those criteria.”

One of the most important things to bear in mind when dealing with a lawyer in the mortgage process, Hacohen stresses, is that their role is more complex than those unfamiliar with the process might expect.

“People who dabble [as brokers] might say, ‘I don’t really get what the lawyer does – they sign two pieces of paper and they’re done,’” he says. “The reality is that we communicate with the mortgage broker;

we communicate with the real estate agent where applicable; we communicate with the lender; we confirm: What is the mortgage commitment? Is it being executed properly?

What documents have to get executed?”

That’s why it’s critical that brokers ensure they’ve collected all the requisite documents before the deal gets to the lawyer – and, Hacohen emphasizes, why the client needs to be made aware of all their requirements, fees and obligations before being passed over to the lawyer to close.

www.mortgagebrokernews.ca

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FEATURES

SECTOR FOCUS: LEGAL PARTNERS

WHAT LAWYERS NEED FROM BROKERS Documentation submitted fully and on time

“The biggest change with the pandemic is that we’re signing people up virtually more than we used to, although not as much as you’d think” Joseph Berljawsky, Diamond & Diamond Lawyers

Ability to set clients’ expectations

Understanding of timeframes

Willingness to keep clients fully informed on fees

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Pandemic transformation No industry has been unaffected by the COVID-19 pandemic, including real estate and mortgage law. Berljawsky says his firm has witnessed an upswing in mortgagerelated business, as well as a modest increase in digital signing solutions.

“We’ve definitely seen an increase in business – there’s no question,” he says. “The biggest change with the pandemic is that we’re signing people up virtually more than we used to, although not as much as you’d think.”

While before the pandemic, almost

all mortgage signings were carried out in people’s homes, Berljawsky says that figure has declined – although plenty of in-person signings are still being conducted.

“Our signing network is a big deal,” he says. “We do upwards of about 2,000 in-home signings every month, and that’s across Ontario. We have 100 signers basically full-time working for Diamond & Diamond, criss-crossing the province. That’s all they do – go to people’s houses and get them to sign.

We always like to say that we’re the closest lawyer to wherever you are.”

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Over at Kormans, Hacohen says the pandemic accelerated a process he started six years earlier to cut down on the amount of paper used in submitting and signing documents. New virtual arrangements precipitated by COVID-19 have made the process much smoother for all parties, he says – and he anticipates a sharp increase in the number of digital signing options in the coming years.

“We’re never going back to the old way,” he says, although he believes in-person appointments are likely to remain for those uncomfortable with or unaccustomed to technology. “From a real estate standpoint, this is here to stay.”

Reputation and reliability Another of Diamond & Diamond’s priorities is responding to referral sources, something Berljawsky says should be an important consideration for brokers and their clients.

“Most people have the lawyer and the client, and they ignore the broker,” he says.

“We like the broker to be a part of the transaction, so our client portal is also a broker portal. The broker can also have a window into the file the same way that a client has a window into what’s going on and can see updates that are automatically generated by our system.”

Hacohen emphasizes that it’s vital for

clients to be sure they’re dealing with a reputable organization before entrusting them with oversight of such a monumental transaction.

“Vet out the people you work with,” he says. “How did you get introduced to this person? How did you get introduced to your lawyer? Did you work with them before, and do they have a track history? Go to Google and read their reviews. Go to LinkedIn. Read about them and their experience.

“You’re spending the biggest amount of money in your life. Take the time to find the professional who will give you the best service and who’ll be there for you. It’s worth its weight in gold.”

www.mortgagebrokernews.ca

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PEOPLE

BROKER INSIGHT

Keeping it in the family Lotus Loans & Mortgages’ Neil Pahuja outlines how the family business grew from humble origins into a $100 million mortgage brokerage

DESCRIBING A company’s workplace dynamic as being “like a family” can be a bit cliché. Yet for Lotus Loans & Mortgages, it’s entirely appropriate. It’s not just that the Mississauga-based brokerage employs a tight-knit team whose members have developed personal and professional relationships with one another over the years.

The company’s very origins are rooted in family, says owner and principal broker Neil Pahuja, starting with his father’s initial foray into the mortgage industry.

“My father, Dave, a full-time engineer, had a true entrepreneurial spirit from the beginning,” Neil says, “and was always finding part-time methods of supplementing his income to create greater wealth for his family – and one of those ways was in buying rental properties.”

At some point in the 1980s, Dave Pahuja enlisted the assistance of a mortgage broker to help secure financing for a project and took notice of the handsome commission earned by the broker in the transaction.

From there, the elder Pahuja never looked back, moving into a role as a full-time mortgage broker and initially running a modest one-man operation in the basement of a law office before purchasing a commercial unit in Brampton and forming a brokerage with a business partner.

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Neil’s journey into the industry began while he was still at university, where he obtained his mortgage broker’s licence in the midst of a biology degree. After graduating, he moved into a broker position at his father’s firm and says he was “hooked” as soon as he entered the space.

After leaving for a spell to work as an assistant manager at National Bank, Neil eventually returned to form Lotus Loans & Mortgages in 2000, building on the infrastructure of his father’s company after Dave opted to take a step back. From there, the company has developed a boutique-style model, and Neil’s youngest brother, Amit, now serves as his partner in the business.

“I feel blessed to have a partner that I can 100% have trust in, which is one of the many benefits of working with family,” Neil says.

His middle brother, Ranjit, is the company’s senior underwriter, while Dave

still holds his mortgage broker’s licence and checks in at the office every few weeks.

That family dynamic has been functioning effectively for years, and the brokerage now generates around $100 million in mortgage volume annually.

Neil attributes that success to the company’s operation as a well-oiled unit, along with its strong focus on customer service and going beyond a simple transactional approach with clients.

“Lotus is not a ‘rate discount site’ type of mortgage brokerage,” he says. “We’re really hands-on with the clients because we seek to get to know each and every one, to understand their needs. We definitely believe in efficiency in terms of speed, but our main focus is not on volume; it’s on making every client experience a fruitful one.”

Ultimately, that approach is one that’s mutually beneficial for both the clients and

A CHANGE OF SCENERY In addition to its mortgage endeavours, a major focus for Lotus Loans & Mortgages in recent years has been acquiring and extensively renovating a 6,000-square-foot office building in central Mississauga, where it now occupies a third of the space. Prior to that move closer to Toronto, the company had been based in Brampton for around 20 years.

Another of its recent moves was spearheading the construction of a plaza on formerly vacant land, which Neil Pahuja says is expected to reach 100% occupancy imminently.

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FAST FACTS: LOTUS LOANS & MORTGAGES

YEAR FOUNDED 2000

NETWORK The Mortgage Centre

LOCATION Mississauga, Ontario

“I feel blessed to have a partner that I can 100% have trust in, which is one of the many benefits of working with family”

SERVICES OFFERED Purchases, refinances, renewals, business loans, construction loans, debt consolidation, home equity loans

From left: Neil Pahuja, Amit Pahuja and Dave Pahuja

the brokerage.

“It’s fruitful for the client so that they have a productive experience with Lotus and fruitful for us so that the client is happy to refer their friends and family,” Neil says. “I would say that 70% [of our business] comes from our existing, satisfied customer base, and we have hundreds of five-star reviews as a result of this.”

The next step in Lotus’ journey is its recent alignment with The Mortgage Centre – a move that Neil says represents another level of the company’s ongoing evolution.

“That’s extremely exciting for us, to bring on their tools and make our company even more efficient,” he says. “We’re eager to learn and bring the client experience to an even higher level.”

LEADERSHIP Neil Pahuja, principal mortgage broker and owner; Dave Pahuja, founder, owner, and mortgage broker, commercial and business loans; Amit Pahuja, principal mortgage agent and owner

www.mortgagebrokernews.ca

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SPECIAL PROMOTIONAL FEATURE

TECHNOLOGY

New partnerships, new possibilities M3 Ventures president Michael Beckette tells CMP how his division is fostering innovation by partnering with companies at the cutting edge of technology

IT’S BEEN an eventful year to date for M3.

The mortgage giant’s recent acquisition of fintech company Pinch Financial and investment in MyClosing are just the latest steps in its goal to revolutionize the mortgage process and optimize digital solutions for brokers.

At the forefront of those moves has been the M3 Ventures division, led by industry veteran Michael Beckette, a CMP Hall of Famer and founder of Mortgage Alliance.

He’s helmed the unit since 2018, focusing on expanding M3’s depth and breadth in the lending ecosystem via traditional and non-traditional partnerships.

Beckette says his passion for the role is based around a firm conviction that technology will be key in helping brokers focus on what’s important and providing the kind of client service that will give them an edge over competitors in the mortgage sphere.

“My belief is that as a brokerage organization, we need to adopt technology that’s going to make us a better ally for consumers,” he says. “We need to take a leading position so that we can help [brokers] compete effectively against the big banks. The only way we can do that is to use all the technology and tools that are available to us to create a consumer experience that’s better than if you walked into a branch. Frankly, I think that it already is with brokers – but I also think that we can do even better than we’re doing right now.”

At the heart of those efforts will be M3’s partnerships with leading fintech organizations. Beckette says M3 Ventures is eager to

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align with companies whose commitment to innovation and technology can help digitize the mortgage process.

“We want fintechs around the mortgage ecosystem to know that if they’re looking for opportunity to advance their company, and if they can help us with our strategic objectives on things like making sure brokers are the best ally for a consumer, growing our mortgage business and helping save time for brokers, we want to talk to them,” he says.

“The character and culture really fit within the M3 environment,” Beckette says.

“What I discovered with Andrew and his team is they’re really smart, talented people with lots of character and tremendous entrepreneurial spark. They have the ability to work incredibly quickly, and not only are they creating great technology, they’ve got great relationships. The character, culture and company are going to be a great asset for the M3 Group.”

The investment in MyClosing, meanwhile, will help create a more transparent mortgage process for all participants, allowing lenders, brokers and homebuyers to keep up to date with the status of a mortgage application.

It’s clear that M3 Ventures will play a crucial role in the network’s expansion in the coming years, driven by a desire to let the

“As a brokerage organization, we need to adopt technology that’s going to make us a better ally for consumers” Michael Beckette, M3 Ventures M3’s recent acquisition of Pinch Financial, for instance, will help brokers automate and accelerate the borrower qualification process even further. Pinch’s platform automatically verifies borrowers’ information, allowing them to qualify within as little as 10 minutes.

That means that leads can arrive fully verified and with completed applications, so brokers only have to concentrate on closing the deal.

Beckette says the acquisition arose as a result of a shared ethos between the two companies; he credits Pinch founder and CEO Andrew Wells for putting together a winning formula at the fintech.

broker focus on the most essential parts of their role.

“One of the things I’ve always told brokers is that the expertise and value of the profession is not in collecting documentation or spending half an hour filling out a mortgage application,” Beckette says. “The things that we’re getting paid for as brokers are the advice and the counsel that we provide for our customers. The more we can do to eliminate task-oriented duties, and the more we can do to understand the needs of our customers, the better it’s going to be for us to make sure that we’re the best ally they have when they’re looking for a mortgage.”

www.mortgagebrokernews.ca

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FEATURES

CULTURE

The negative impact of an urgent culture Over the years, people have become busier and everything more urgent – but there can be a heavy cost for both you and your team, writes Dermot Crowley

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UNPRODUCTIVE URGENCY, and the resultant reactivity it creates, has become an acute and chronic issue in many modern organizations. We all seem to be moving at a million miles an hour, running from meeting to meeting and dealing with email after email. When did everything get so busy and become so urgent?

Urgency is a reality in our workplaces, but it’s important that we don’t become victims of it. We need to take control and learn to manage it. If we don’t, we will pay a high cost when it comes to our productivity.

You might see urgency as just part of the territory of working in a fast-paced, customer-

But unlike in manufacturing, knowledge workplaces might not see the wastage, downtime and rework that is created because of unnecessary urgency. Too much reactivity can lead to avoidable mistakes due to wasting time and resources on redoing work.

An increase in stress levels In a 2018 white paper on workplace anxiety, Bonnie Hayden Cheng and Julie McCarthy cite research indicating that 40% of Americans feel anxious during their workday, and 72% of these people say they believe this anxiety affects their work and personal lives.

Of course, there are many factors that

While organizations may be able to operate through periods of high reactivity in short bursts, if working in the reactive zone becomes a long-term part of the culture, then burnout and attrition will surely follow driven organization. You might not realize the cost of unproductive urgency to you and your team. So let’s explore the cost of urgency to ourselves and our businesses.

Avoidable rework Rework is a hidden but very real cost to businesses. In manufacturing organizations, a lot of effort goes into reducing wastage and rework in the manufacturing process. If a part is not manufactured correctly the first time, there is a very measurable cost to the bottom line for that product. So factories will have systems and processes in place to reduce the error rate. In fact, this is one of the key stats that is measured daily. The efficiency of the manufacturing process is measured constantly to maximize productivity and profitability.

might contribute to workplace anxiety, including cranky bosses, unhelpful colleagues and unrealistic workloads. But urgency is definitely a major part of the picture.

Increased anxiety is bound to affect performance and well-being. We don’t think as clearly when we are anxious, we don’t feel as motivated, and sometimes we just opt out because of it.

A drop in quality of work Whether we are reacting blindly to incoming urgency or leaving things until the last minute ourselves, the quality of our work suffers. We make mistakes because we rush things. We compromise the finished product because we run out of time. And in the knowledge workplace, we lose the time to stop and think.

A KPMG Global CEO survey found that 86% of global leaders have struggled to find time to think about two of the most critical drivers in their businesses: disruption and innovation. When you consider the role a leader plays in steering the organization in the right direction and navigating the challenges of a complex and volatile environment, not having enough time to think is very problematic.

Burnout and attrition This is the big one for me. If urgency becomes the norm in a team or organization, it becomes part of the culture. While organizations may be able to operate through periods of high reactivity in short bursts, if working in the reactive zone becomes a longterm part of the culture, then burnout and attrition will surely follow.

People might not be able to name it as a reason, but they will have feelings that have built up over time – feelings of increased stress, agitation and frustration. They might not mention chronic urgency as an issue, but they may say that they can no longer cope with the hectic pace. They may suggest that they would prefer a role that gives them more control over their work.

I believe that most people want to do meaningful work that makes a difference.

But working in a reactive culture can feel like constantly walking into a headwind. It is hard work. I believe we need to take the issue of unproductive urgency seriously and put measures in place to minimize it as much as possible. We will never totally eradicate urgency – nor should we – but we can learn to use it in a more mindful and purposeful way.

Dermot Crowley is a productivity thought leader, the director of Adapt Productivity and the author of Urgent!: Smart Work and Smart Teams.

www.mortgagebrokernews.ca

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FEATURES

LEADERSHIP

When to go for good enough In a culture focused on achievement, success and making things perfect, how can leaders know when striving for something better is a waste of time?

Lynne Cazaly explains how to let go of perfection and embrace ‘good enough’

HOW OFTEN while working on a task or project have you thought, “It’s not done yet,” “It’s not good enough” or “I couldn’t share that … it has to be better”? We can feel it’s not good enough yet and believe there’s still work to be done to make it better, to make it perfect. Shouldn’t you try to do things perfectly? It turns out, no, not at all.

Research by Argyro Avgoustaki and Hans Frankort, gathered from more than 50,000 people across 36 countries over a five-year period, showed that extra work effort was “associated with reduced wellbeing and inferior career-related outcomes.”

Avgoustaki and Frankort’s research showed that the harder people worked, the more likely they were to report stress, lower satisfaction and inferior outcomes.

Working too hard burns us out and doesn’t result in the success – career or otherwise – that we might expect. It sounds crazy, but their research found that doing less at work can actually help us achieve more.

We can afford to spend less time on things thanks to two theories of activity. The law of

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diminishing returns (that our return on effort reduces over time) and the 80/20 rule or the Pareto principle (that just 20% of our efforts yield 80% of the results) are two approaches that validate the practice of going for good enough rather than the waste of perfection.

Next time you’re working on a proposal or report or developing a new system or process, stay alert to your desire to pursue perfection.

Good leadership starts with us modeling behaviours for others; here, it’s about knowing when good enough is good enough.

The rise of perfectionism The problem is perfectionism is on the increase. Research by psychologists Thomas Curran and Andrew Hill revealed three types of perfectionism:

Self-oriented (“I expect high standards of myself ”)

Societal (“I believe society expects high standards of me”)

Other-oriented (“I expect high standards of you”)

All three are on the rise, but societal perfectionism has increased the most, by 33% over the past couple of decades. Future projections don’t look good, either. The hitch with perfection is that it simply doesn’t exist, and pursuing it is a foolish and wasteful activity. If we find ourselves – or a team – staying back, taking work home or working on weekends in a devoted effort to make something better, it’s likely there’s a wasteful pursuit of perfection underway.

The more contemporary preference is to go for ‘good enough’ or ‘ish’, which means near enough. The practice is to work on a

smaller piece or packet of work – an increment – and work until it’s good enough to get feedback, good enough to test it out with customers or clients, or good enough to try again and improve via a new iteration.

It’s a process used successfully by lean startups, technology teams and software developers. Increments and iterations are the new perfect. They’re more effective in helping us make progress over perfection.

How to go for good enough There are four things you can do to set a course for good enough rather than the pointless pursuit of perfection.

than expecting perfection.

4

Assess whether ‘near enough’ is good enough

Check whether ‘ish’ might be feasible, doable or acceptable to the business more often. It’s a major productivity gain, and it’s more motivating for teams when they complete work.

If you spot perfectionism behaviours or hear people being highly critical of themselves or others, know that a standard isn’t clear enough and perfectionism could be at play. Step in, coach, guide or suggest that a specific standard might help everyone get on

Increments and iterations are the new perfect.

They’re more effective in helping us make progress over perfection

1

Stop expecting or requiring perfection

2

Make the standard clearer

Accept first drafts, rough cuts and mock-ups. The design industry thrives on them to gain early feedback and ensure the efficiency of work going forward.

Great leaders clarify the end goal or outcome beyond a generic call for ‘high quality’ or ‘really good.’ Explain the standard in a measurable way; it will help people enormously.

3

Improve over time

Allow learning, iterations and insights to build on first attempts.

The best and brightest organizations know the power of improving over time rather

the same page, gain alignment and work to achieve the goal. There will be less stress and greater success.

Don’t let perfectionism get in the way of doing good work – for yourself, your team, and those you advocate for, partner with or support within the organization. Getting work done using increments and iterations beats the stress, burnout and mental health effects of perfection-chasing every time.

Lynne Cazaly is a keynote speaker and advisor who helps businesses think and work in ways that are more productive, collaborative, creative and effective. She is the author of ish: The Problem with our Pursuit for Perfection and the Life-Changing Practice of Good Enough. Find out more at lynnecazaly.com.

www.mortgagebrokernews.ca

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PEOPLE

OTHER LIFE

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

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Number of students at the school at any given time

4

Days each week that class is in session

1

Number of days Sutherland teaches at the school per week

The off-the-grid school is located in an old church and features solar power, wood-fired heating and composting toilets

BACK TO SCHOOL Being part of a homeschooling collective has imparted valuable lessons on New Brunswick-based mortgage professional Shelagh Sutherland IN ADDITION to being a seasoned financial industry veteran, Shelagh Sutherland, a fulfillment specialist and mortgage associate at Premiere Mortgage Centre, is part of a homeschooling collective at an off-the-grid nature school – a space that has become much more valuable during the COVID-19 pandemic.

“As a group of parents, we took on the collective task of educating our children,” Sutherland says. “I had already planned on homeschooling due to COVID-19; there was so much uncertainty on top of having a child who was not thriving in the school system.”

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With an Enki-inspired curriculum that focuses on art, the school “completely appealed to my inner child, and I felt that unplugging my child would be an added benefit,” Sutherland says.

She describes the cozy former church building in Knowlesville, New Brunswick, as the magical part of the venture, noting that the pastoral backdrop offers ample opportunity for the students to exercise both body and mind. “The kids are responsible for all cleaning; they brought in firewood, helped cook the group meals, planted the gardens, tended the bees,” Sutherland says.

The school has also held some valuable lessons for parents, who are each required to teach a half-day per week.

“I learned to slow down,” Sutherland says. “The facility had satellite internet that may or may not work on any given day. The cell phone reception had me climbing a tree a few times to make important calls. I had the opportunity to watch a group of children ‘un-school’ and blossom in everything a child should be while running wild through the woods. I learned that school does not have to look like school – and to use the same practice in my mortgage business where possible.”

www.mortgagebrokernews.ca

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More than just business, it’s personal.

Discover Blue Culture Watch the video at MCAPblue.com/discover

MCAP Service Corporation | Ontario Mortgage Brokerage #10515 | Ontario Mortgage Administrator #11692

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Count on our partnership.

To learn more go to hometrust.ca/partners ® Registered trademark of Home Trust Company. *Visa Int./Home Trust Company, licensed user of mark.

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