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on a national scale,” he says. “I didn’t really have to look far beyond what we had already successfully built under our own brokerage to find the answers.” CIMBC’s initial objectives were clear, Bargis says: Each member broker had to maintain their true independence and lone brand recognition, with no interference in any way on each member’s operations. Not charging monthly network or franchise fees was also a critical point for Bargis, who wanted to prioritize “direct, unfettered access to lender partners” and a focus on increasing the productivity and profitability of broker partners and agents. It’s an approach that has served the organization well.

selves going through a transformation in a good way as our industry continues to grow,” he says, “and I applaud their efforts and approach of embracing industry stakeholders for their input and feedback.” Of course, underlying those positive changes has been a market infused with an unprecedented level of unpredictability and volatility. While Bargis believes there may be some bumps in the road ahead, he sounds an optimistic note on any economic repercussions that Canadians might face. “The one cautionary point I’ll make is that there may well be a market correction to an unknown extent as a result of the imminent rate hikes in an effort to curb the

“If there’s any concern about the resilience of the broker industry, rest assured it’s here to stay for the foreseeable future” “We’re very pleased with our growth and progress since our formation,” he says. “Although CIMBC has grown to north of 90 member broker partners nationally with over $12 billion in originations, we have a great five-year plan in place that continues to evolve for the benefit of the feet on the street, first and foremost.”

The future of brokering Coming down the line, Bargis foresees an increase in new lenders entering the market, as well as the continued growth of technology “in a positive way as it relates to the origination process and quality.” On the regulatory front, Bargis points to positive changes that have taken place, describing them as “welcome and encouraging” developments in helping push the industry forward and continuing to professionalize the broker channel. “The jurisdictional governments are them-

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not-so-transitory inflationary pressures,” he says. “The good news is that record savings resulted from the pandemic, which may well serve as a support mechanism to shore up any unforeseen financial challenges for many Canadians.” It’s little surprise that Bargis is so bullish on the future of the mortgage market and the broker channel, given that he’s had the opportunity to witness the profound transformation of the industry throughout his lengthy career. The changes he’s seen since starting his journey in the mortgage industry have been “nothing short of positive,” Bargis says. The share of mortgages orchestrated by brokers has risen significantly in recent years – particularly since the onset of the COVID-19 pandemic – and that growth appears likely to continue in the coming years. “If there’s any concern about the resilience of the broker industry,” he says, “rest assured it’s here to stay for the foreseeable future.”

JOHN BARGIS’ CAREER HIGHLIGHTS

2000

Helps establish Invis

2002

Starts independent brokerage Mortgage Edge

2014

Founds the Coalition of Independent Mortgage Brokers of Canada

2019

Is named to CMP ’s Mortgage Global 100 list for the first time

2020

Is inducted into the CMP Hall of Fame

www.mpamag.com/ca

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