BROKERS ON LENDERS 2024
Canada’s best mortgage lenders are collaborating with brokers to drive success for their clients and businesses
INDUSTRY ICON
CMBA’s Carla Giles on tackling key challenges in the broker space
BROKER IN FOCUS
Positivity fuels
business growth at The Mortgage Coach
SPECIAL REPORT
BROKERS ON LENDERS 2024
The leading lenders that outperformed their competitors, providing exceptional broker support and service
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CMBA British Columbia
CEO Carla Giles on her professional journey into the mortgage industry, the foundational skills it provided, and the challenges facing brokers today
This year’s best young mortgage professionals are poised to shape the future of the industry
The Mortgage Coach founder Meaghan Hastings believes a positive outlook is key to success
02 Editorial Brokers on a rising path
04 Statistics
Inflation’s downward trend
06 Adaptive support
CWB Optimum Mortgage’s creative lending solutions help brokers navigate market shifts
24 A strategic alliance
Centum and Orbis discuss their partnership rooted in shared values and a commitment to excellence
28 Harnessing technology
Finastra’s tech innovations are leveraging GenAI and data analysis to support brokers and lenders
38 Planning for succession
How SME owners can ensure their business legacy is in safe hands
40 Other life
Aerial hoop and chess help mortgage agent Arghavan Rastegari build both physical and mental strength
Brokers go from strength to strength
The Canada Mortgage and Housing Corporation (CMHC) revealed an intriguing statistic in its latest Mortgage Consumer Survey, one that signals plenty of cause for optimism in the national mortgage broker community.
The national housing agency said the proportion of consumers using a mortgage broker for their mortgage needs jumped by 5% this year compared to 2023, rising to 48%, while the percentage of consumers going direct to lenders plunged. Just 47% of borrowers are dealing directly with lenders in 2024, down from 53% last year, in a clear sign that brokers are on the rise in the mortgage space and poised to continue snagging market share.
It’s no secret that recent times have been tough in the mortgage market as current homeowners grapple with high borrowing costs and many would-be buyers find themselves frozen out of the market by rising interest rates. That’s seen brokers adjust their business plans and adopt a proactive approach to eking out business, with purchase volumes down and refinance activity remaining muted.
But consecutive rate cuts by the Bank of Canada have spurred optimism that things are on the up – and the ever-growing prominence of brokers in the mort-
The proportion of consumers using a mortgage broker for their mortgage needs jumped this year compared to 2023, rising to 48%
gage space suggests that they’ll have an important part to play in guiding clients through the market when activity begins to heat up.
Among the Canadians most likely to use brokers, according to the CMHC, are first-time buyers, homeowners refinancing, newcomers to the country, and Ontario and BC residents. Those buyers and existing owners will potentially be some of most active as the market revs back to life – and with 72% of survey respondents “somewhat or totally satisfied” with their experience of dealing with a broker, it’s clear the sector’s reputation continues to go from strength to strength.
With rates expected to keep ticking lower, and an ever-growing number of Canadians likely to turn to mortgage brokers in the months and years ahead, now is the time for brokers to step forward, ramp up their marketing, and grab the opportunity that’s about to present itself.
TheteamatCanadianMortgageProfessional
ISSUE 19.02
EDITORIAL
Global Managing Editor
Paul Lucas
Editor
Fergal McAlinden
Writers
Manal Ali, Kim Champion, Mallory Hendry, Candyd Mendoza, Ksenia Stepanova
Lead Production Editor
Roslyn Meredith
Copy Editor
Allison Ingusan
Contributor
Bill Withers
ART & PRODUCTION
Designers
Joenel Salvador, Juan Ramos
VP - Production
Monica Lalisan
Production Coordinator Kat Guzman
Client Success Coordinators
Cole Dizon, Jenelle Guarin
SALES & MARKETING
VP - NAUK Mortgage Chris Anderson
Account Executive Shane Lakhani
Head of Marketing
Oliver McCourt
Awards Director Jessica Duce
CORPORATE
President & CEO Tim Duce
Director – People and Culture
Julia Bookallil
Chief Information Officer
Terry Szames
Chief Revenue Officer
Dane Taylor
Global CEO
Mike Shipley
Global COO George Walmsley
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T +61 2 8437 4786
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T +61 2 8437 4708
MORTGAGE PROFESSIONAL AMERICA chris.anderson@keymedia.com
T +1 720 316 7378
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T +44 7525 456869 www.mpamag.com/ca
• 1st, 2nd and HELOC mortgages
• SFD, Detached / Semi-detached and townhomes
• Greater Toronto Area (GTA), GTHA, Durham, KW, London, as far east as Windsor, Southern Ontario, Golden Horseshoe, Ottawa, and everywhere in between
• Up to 80% LTV
• No GDS/TDS or income requirements
• We work with any beacon score
• Open 7 days a week
• 48 hour closing and same day approvals
• Common sense equity lending
• Easily submit deals through Filogix, Velocity or Finmo and others
RISE IN GIFTED DOWNPAYMENTS
The amounts gifted by family to help homebuyers fund their downpayments appear to be rising sharply thanks to climbing home prices and stretched affordability.
INFLATION CREEPING LOWER
After surging to a 39-year high of 8.1% in June 2022, inflation has been on a steady downward journey – strengthening the Bank of Canada’s conviction that price growth is cooling enough to justify interest rate cuts.
73%
Increase in the average gifted amount since 2019
$115,000
Average amount gifted by family members
ALBERTA, NEWFOUNDLAND HOME PRICES SURGE
12%
Percentage of mover-uppers using gifted funds for downpayments
$167,000
Average amount gifted to mover-uppers
Two provinces in particular have registered huge growth in actual (non-seasonally adjusted) average residential home prices, according to the Canadian Real Estate Association: Alberta and Newfoundland, where affordability is emerging as a big challenge for many buyers.
AFFORDABILITY STILL CHALLENGING ACROSS CANADA
Interest rates are on the way down, but the income required to buy an average home in many markets remains steep, according to ratehub.ca. In Toronto and Vancouver, well north of $200,000 was needed to purchase in June, with six-figure incomes also required in several other cities.
CPI MOVING IN RIGHT DIRECTION
It’s the single biggest factor influencing the Bank of Canada’s interest rate outlook – and 2024 has been a good year so far for inflation, which continues to fall within the target range (1–3%) and spur hopes of further rate cuts.
HOMEBUILDER SENTIMENT STAYS SLUGGISH
High interest rates and borrowing costs continue to weigh down Canada’s housing market. They are also having a significant impact on homebuilder sentiment, which remained “very negative” in the first quarter of the year. What’s more, the sales outlook isn’t likely to improve in the months ahead, according to builders surveyed.
MORTGAGE BROKERS
Elevating broker success with adaptive solutions
CWB Optimum Mortgage is committed to championing brokers by creatively enhancing the support it offers in a shifting mortgage landscape
IN A DYNAMIC market landscape where adaptability is key, CWB Optimum Mortgage stands at the forefront, delivering innovative solutions and unwavering support to mortgage brokers nationwide. Amid fluctuating conditions characterized by pockets of slowdown and surges in demand, alongside a notable rise in refinancing activities, CWB Optimum remains steadfast in its mission to empower brokers with robust tools and creative mortgage solutions.
the following recent game changers: increasing lending limits to $1.5 million on owner-occupied homes, second homes, recreational homes and rental properties; offering 80% loan-to-value ratios on rental properties; and expanding its lending areas nationwide (excluding Quebec and the Northwest Territories). These strategic expansions underscore CWB Optimum’s dedication to enhancing broker capabilities during pivotal market phases.
“We thrive on anticipating market shifts and responding proactively. Our commitment is clear: to equip brokers with the flexibility and resources they need to navigate today’s landscape and seize opportunities”
Melissa Arrieta, CWB Optimum Mortgage
“We thrive on anticipating market shifts and responding proactively,” says Melissa Arrieta, marketing manager at CWB Optimum. “Our commitment is clear: to equip brokers with the flexibility and resources they need to navigate today’s landscape and seize opportunities.”
Unlocking new possibilities
Renowned for its bespoke approach, CWB Optimum has recently introduced groundbreaking enhancements. These include
“Creative solution-making is ingrained in our ethos – we have the ability to tackle complex scenarios with agility and precision,” says Arrieta, pointing to recent accolades and glowing reviews on platforms like Google, where CWB Optimum is praised for its innovative solutions and exceptional service.
“Our high broker satisfaction ratings reflect our commitment to going beyond the expected,” Arrieta says, adding that CWB Optimum is consistently lauded for fostering deep partnerships, where brokers view the
team not just as lenders but as integral allies in their success. “The exceptional feedback that we receive from our brokers each day says it all.”
Cultivating growth and connection Internally, CWB Optimum is strategic ally scaling operations to meet escalating demand and further fortify broker rela tionships. As the organization continues to grow, driven by ambitious goals and an unwavering commitment to excellence, brokers can remain confident in CWB Optimum’s continued support.
“Our focus extends beyond transactional success; it’s about fostering a culture of continuous improvement. We’re in it for the long haul,” emphasizes Arrieta. “Empowering our teams directly translates into superior service for brokers. We invest in their profes sional growth, ensuring they are not only knowledgeable but also passionately engaged in every client interaction.”
CWB Optimum Mortgage invites brokers to reconnect and explore the enhanced support available, because whether it’s a complex deal or they are simply seeking stra tegic advice, “we’re here to listen and take action,” says Arrieta.
“Together we navigate market dynamics, seize opportunities, and propel growth, because your success is our priority.”
Haven’t connected with CWB Optimum Mortgage in a while? Have a deal on your desk that you’re not quite sure how to handle? Give the lender a shout – the team are eager to assist, and thanks to the recent game changers, are more equipped than ever to do so.
LEADING FROM THE FRONT
CMBA-BC’s Carla Giles on her eventful journey into the mortgage industry – and the pressing matters of the day facing brokers
MANAGING AND leading an industry association is no simple task. From forging and strengthening relationships with policymakers and partners to spearheading strategic initiatives and giving a voice to the hopes and concerns of members, it’s a role that requires a first-rate organizational mindset – and no small amount of resilience.
Carla Giles came into her current role as CEO of the Canadian Mortgage Brokers Association – British Columbia from outside the mortgage industry, having already gained extensive executive experience through a series of leadership positions in her prior career.
extensive travel in her childhood thanks to her father’s work for the United Nations Food and Agriculture Organization. Giles was raised and educated mainly in Brazil and Italy, where she went to French school, before spells at university in England and in Canada for her Master’s.
Various executive roles followed before Giles arrived at the Canada Green Building Council (CaGBC), where she spent nearly a decade developing her expertise in the country’s ever-evolving real estate market.
“We worked quite a bit with construction, housing developments, understanding the need to advance our thinking in Canada
“We need to look at financial literacy. This is why mortgage brokers are so important, because the general population doesn’t understand much about financial literacy, questions to ask, and so on”
But the skills honed in that pre-mortgage journey – not to mention her ability to assess the industry landscape with a distinctly international eye – have proven invaluable to her work in advocating for mortgage professionals and helping brokers navigate a changing landscape, she tells CMP.
That global perspective was shaped by
about the building stock,” she explains. “So that provided me a really good understanding about the different players within this industry, which is shared and overlaps with the mortgage industry.”
That professional journey meant Giles was already primed and ready for the opportunity to lead CMBA-BC, which came her way
in 2022. The CaGBC, she says, “provided me with a good foundation not only from the real estate industry side but also from a governance, operational, organizational development [perspective], and understanding the needs, priorities, challenges, and coming up with good direction and priorities.”
Regulatory challenges
Giles stepped into her current role at CMBA-BC at a time of profound change within the mortgage industry and market. In Canada, among the biggest challenges for the brokering profession has been an increasingly complex regulatory environment at both provincial and federal levels – a trend Giles is acutely aware of.
“You have the provincial, federal, and OSFI [the Office of the Superintendent of Financial Institutions, Canada’s financial services regulator] with rules and regulations regarding stress testing, which directly impacts the qualification for clients that the broker needs to know about and needs to advise clients [on],” she says.
“We have all those layers that are impacting the work of a mortgage broker and brokerage as well. And that is a concern for us because we’re also seeing the federal government as well as the provincial governments enacting legislation to address the housing crisis, and some of their legislation impacts the mortgage process, typically mortgage approvals and so on.”
PROFILE
Name: Carla Giles
Organization: Canadian Mortgage Brokers Association – British Columbia
Title: CEO
Fast fact: Among Giles’ educational accomplishments are a BSc Honours in Economics and Computing Science, a Master of Arts in Sustainability and Rural Development, a UX Design diploma, and an MBA
INDUSTRY ICON
There’s no easy solution to streamlining the mass of mortgage regulation in Canada, particularly with little indication that the country is within sight of adopting a national framework like the one in Australia, which has moved away from separate arrangements at state and federal level.
Giles, who serves on the board of the International Mortgage Brokers Federation (IMBF) and appeared on a panel at its inaugural World Summit in Las Vegas last year, says a similar development in Canada could only take place through collaboration, conversations, and building relationships with provincial and federal partners. “But what we hear from our members is that they’re very worried about the level of scrutiny that’s happening in Canada,” she says.
advancements – on the horizon, Giles says another area of focus for the sector should be on keeping brokers fully apprised of the upcoming shifts in the industry. “There’s a portion of the population that’s not covered by either being part of larger networks or being part of the associations … and that’s what we’re worried about,” she says.
“I think that we need to be fostering innovation, looking at ways in which we can identify some big gaps … We also need to look at financial literacy. This is why mortgage brokers are so important, because the general population doesn’t understand much about financial literacy, questions to ask, and so on.”
What has struck Giles most since entering the mortgage industry has been the passion and enthusiasm brokers and other mort-
“We’re seeing the federal government as well as the provincial governments enacting legislation to address the housing crisis, and some of their legislation impacts the mortgage process, typically mortgage approvals”
“I think they differentiate between the need to look for the bad actors and to check and make sure that certain transactions don’t go through that could be … mortgage fraud –but at the same time, they’re building so many layers of compliance that are impacting the work of a broker.”
The IMBF is soon set to launch a white paper listing common concerns about global regulatory mortgage industry issues and sharing lessons and possible solutions that have worked elsewhere.
Building knowledge, resilience
With big regulatory changes – and tech
gage professionals bring to their work – and she’s eager to ensure conversations around well-being and maintaining a solid worklife balance in an often-gruelling profession come to the fore. “This is not an easy industry,” she says.
“This is an industry where we’re [increasingly] recognizing the intrinsic link between mental health and professional success. There’s too much pressure. That is something that’s missing, I think, in the industry: more conversation about the importance of being grounded, connection, well-being. That can help, overall, in creating a more resilient, responsive industry.”
CARLA GILES: CAREER HIGHLIGHTS
CMBA – BC
CEO, 2022–present
CMBA
(national)
Executive director, 2022–present
Mortgage Brokers Institute of British Columbia
CEO, 2022–present
Canada Green Building Council
Vice president, regional operations, 2016–20
Director, organizational development and governance, 2014–15
Director, strategic initiatives and corporate reporting, 2012–14
Business manager, 2011–12
ON LENDERS
Canada’s best mortgage lenders strengthen broker partnerships by
BROKERS ON LENDERS 2024
BROKER-BACKED LEADING LENDERS
THE 18TH annual CMP Brokers on Lenders report recognizes the best mortgage lenders in 2024 who have collaborated closely with their broker partners to achieve optimal client outcomes and grow their businesses.
As brokers and lenders adapted to the evolving economic challenges of the past year, the leading lenders outperformed their competitors in multiple areas, according to survey respondents:
• responsiveness and proactive communication
• fast approvals and closing
• use of technology and digital tools
• flexibility and a common-sense approach to underwriting
• exceptional broker support and service
• product innovations
To identify the top mainstream and alternative lenders, CMP’s research team surveyed over 450 brokers nationwide, asking them to rate the lenders they work with across 10 time-tested metrics, including turnaround time, interest rates, product range, broker and BDM support, and overall service levels. Lenders were ranked based on average
scores calculated from brokers’ ratings across each category. The top three lenders in each category earned gold, silver, or bronze medals, all exemplifying industry excellence.
Broker analysis: top lenders gain ground as satisfaction surges
The rise in brokers’ overall satisfaction rate to 4.41 out of 5, up 0.21 points from last year, suggests a deepening broker-lender partnership that is strong and dynamic.
Lenders who provided outstanding service and consistently closed deals earned brokers’ unwavering confidence, especially
“In our corporate culture, building strong relationships before closing a deal is essential; sometimes, it’s even more important than profitability”
Henry Tse, Ginkgo MIC
as this year’s top lenders rebounded from the satisfaction dip seen in 2022/23.
CMP’s data suggests heightened competition among lenders, as over 5% more brokers submitted mortgage deals to five or more lenders in the past 12 months (78.3%) compared to 2023 (73%).
In 2024, lenders’ performance increased in every category except for brokers’ persistent concerns around interest rates, which slipped back down to 2022’s rating of 4.11 out of 5, and commissions, which maintained a high rating of 4.62 but dipped slightly over last year.
IT/technology racked up an improvement of 0.30 points compared to 2023, suggesting significant advancements in lenders’ use of digital tools and resources to streamline the lending process.
BDM support also improved noticeably, increasing by 0.25 points over 2023, as brokers placed a higher value on this service in challenging times.
Turnaround times substantially improved, with broker ratings increasing by 0.19 points from last year. Product range and overall service levels also climbed, with ratings up by 0.14 and 0.17, respectively. Notably, underwriter support reached a three-year high of 4.48, underscoring their critical role in brokers’ ability to serve their clients.
Brokers emphasized what they appreciate most and how lenders have earned their business by raising the bar in the past year:
• “A quick close saved the client their house”
• “Answered my questions after hours on a Friday night. Great service that went above and beyond expectations”
• “Shown flexibility by beating the interest rate with a competitor”
All 12 top lenders won a medal in at least one category, with three alternative lenders securing awards in eight or more categories and four mainstream winners earning medals
in five or more categories, showcasing their market leadership.
Canada Mortgage and Housing Corporation’s Spring 2024 residential mortgage industry summary highlights the potential for this year’s top lenders to capture a larger market share.
Brokers’ top suggestions for improvement
Brokers unequivocally seek optimum client outcomes, and their suggestions for how lenders can refine their offerings and services reflect that.
CMP ’s data revealed several common frustrations brokers encountered in the past 12 months with lenders, signalling potential areas for lenders to enhance their competitiveness, responsiveness, and efficiency:
• lack of communication and consistency
• slow turnaround times
• increasing strictness on conditions
Brokers also offered solutions to these and other issues:
Better rates and flexibility
• “Brokers struggle to compete with major banks due to their extremely low, discounted rates. The broker channel needs better rates to stay competitive”
• “Flexibility with LTV ratios”
Communication and support
• “Direct communication with underwriters, not document fulfillment specialists”
• “Improve underwriting support; set up call centres or dedicated emails for inquiries”
Product offerings
• “Offer more products to match potential clients’ conditions”
• “I would like all lenders to use one platform for rates and products”
METHODOLOGY
To uncover the best lenders in the eyes of Canada’s broker community, CMP reached out to brokers across the country, asking them to rate the lenders they work with across 10 key areas, including turnaround time, interest rates, product range, broker support, overall service levels, and more.
As in previous years, CMP also asked brokers to weigh in on important aspects of the broker-lender relationship, such as how commissions and bonuses might change and why they choose to send deals to banks rather than monoline lenders.
For each category, lenders were ranked in order of merit according to an average score calculated from the ratings they received from brokers. The top three lenders and alternative lenders in each category received a gold, silver, or bronze medal. Lenders’ combined average score from all categories determined the overall gold, silver, and bronze medallists.
“We look at the bigger picture and try to take it to the next level; what else can we do to help brokers serve their clients and grow their business”
Bruno Valko, RMG
BROKERS ON LENDERS 2024
LENDER AVERAGE SCORES ACROSS CATEGORIES (OUT OF 5)
Satisfaction with credit policy
Ginkgo MIC
The alternative lender with $180 million in assets under administration emerged as a star performer, winning the gold medal overall and sweeping the award categories, including top nods for turnaround times, underwriter and BDM support, commissions, overall service, and IT/technology.
Ginkgo MIC’s vision to be the most reliable, respectable, and reputable private lender in Canada has cemented broker loyalty by:
• providing fast turnaround times, advanced technology, and good underwriting support
• gaining the respect of its peers through a diverse range of products, competitive interest rates, and complete transparency on commissions
• emphasizing a fair credit policy and robust support for brokers and BDMs
A broker’s experience captures these remarkable achievements: “Ginkgo is the top private option with diverse products, clear policies, and fast response times.”
Brokers also rated the midsized private lender’s performance well above this year’s
“Our true sales force is the mortgage broker, and we’re designing solutions every single day with them in mind”
Megan McDonald, MCAP
averages across all metrics (4.82 out of 5 vs. 4.41 overall average), highlighting its top priority of putting its mortgage agent partners first.
“We understand what our agents want, so our motto, ‘Fast, Friendly, and Flexible,’ is something we all live by,” says CEO Henry Tse.
Tse founded the company in 2011, blending Eastern and Western business philosophies with a focus on long-term relationships and exceptional customer service.
Ginkgo MIC currently works with over 1,000 mortgage agents, who are treated as business partners and supported by specific programs:
• profit-sharing on lending and renewal fees
• incentives for mortgage agents to become investors
• comprehensive loyalty program offering various rewards, including all-inclusive vacations
Brokers sang the praises of the top lender’s mobile app, Ginkgo Deal Tracker, a testament to the substantial technology investment it has made to be the first private lender to bring the digital tool to the marketplace.
The app allows mortgage agents to:
• submit deals and check their status
• receive renewal notifications
• make referrals
• track their loyalty program points
“This tech streamlines processes, enhances communication, and provides a seamless experience for agents and customers,” says Tse. “All our agents love our app. As a result, we are often at the top of their minds for private lenders.”
Hosper Mortgage, 2023’s gold medallist, narrowly missed the top spot by 0.02 points, passing the crown to Ginkgo MIC in a close
battle. Despite this, Hosper continued its multi-year standout performance with medals across all 10 categories, including a gold tie with Ginkgo MIC for service levels. Calvert Home Mortgage earned the bronze overall, achieving eight medals, including gold for product range.
RMG
This top lender’s dominant performance is attributed to the strength of its employees and their exemplary work, highlighting a collaborative, community-minded approach to their broker partnerships.
RMG won the bronze medal overall, with two gold medals for overall service levels and
BDM support, a silver medal for underwriting, and two bronze medals for turnaround times and broker support.
As part of the MCAP family, RMG offers several benefits that contribute to its competitive edge:
• strong BDM team that works closely with mortgage brokers
• knowledgeable and responsive underwriting team
• high service standards with a focus on transparent communication
• technology that streamlines the mortgage process
• educational seminars
The Brokers’ Choice.
BROKERS ON LENDERS 2024
“We don’t make decisions without bringing the broker in to get their opinion”
Financial BY THE NUMBERS: CANADA MORTGAGE AND HOUSING CORPORATION’S
Rachelle Gregory, MERIX
having captured the bronze medal overall in 2023 – can be found in its culture of communication, clarity, consistency, and predictability, which sets clear expectations for brokers.
“That relieves a lot of anxiety,” says Megan McDonald, senior vice president of sales. “It allows us to develop deeper relationships and connect with the brokers we like to work with on a business and personal level. Then we incorporate them into our culture, so they feel like they’re part of the team.”
This philosophy has enabled MCAP to build strong partnerships with brokers and remain at the leading edge by:
“Our BDMs are talking about strategies within the market, how to use RMG’s products within that strategy, and how to help that broker not only do more business with RMG, obviously, but also help that broker grow their business,” says Bruno Valko, vice president of sales.
A respondent noted that the weekly email market updates help inform and educate brokers: “RMG’s market analysis by Bruno Valko has been invaluable in the face of unpredictable bond markets.”
In dealings with brokers, RMG balances technology and human interaction, which Valko asserts is critically important.
“We need BDMs to build relationships through meetings and presentations, and
Source: CMHC’s Residential Mortgage Industry Report Spring 2024
underwriters to actively help structure deals. There’s a clear need for stronger connections,” he says.
CMLS was awarded the gold medal overall, bumping RMG from the top spot in 2023. The firm also took medals in eight categories, including gold for products, credit policy, and broker support. The silver went to First National, including hardware in five categories, with gold for IT/technology.
MCAP
A familiar mainstream lender on the awards circuit, Canada’s largest mortgage financing company scored a silver win for product range and a bronze for IT/technology.
The driver of its enduring recognition –
• reinvesting profits into enhancing its offerings
• focusing on technological advancements, such as its underwriting platform
• adapting to market shifts
• prioritizing a customer-centric approach
By listening to customer feedback and adapting its systems and products, the top lender ensures it evolves with the changing market, such as shifting focus from a fiveyear term to a three-year term when the product gained prominence with customers.
MERIX Financial
The 20-year-old top lender has been in the MCAP family for three years. It differentiates itself with an entrepreneurial spirit,
LENDER SHARE OF LOANS ORIGINATED FROM 2023 TO APRIL 2024
prioritizing broker partnerships throughout the life of the mortgage.
MERIX’s impressive haul included three golds for commissions, turnaround times, and underwriter support, bronze for BDM support, and silver for broker support.
“We’re always guiding brokers and keeping them in the loop, and although it sounds simple, that’s truly what brokers want,” says Rachelle Gregory, senior vice president of sales.
Several factors have fuelled the lender’s strong showing:
• leveraging technology to implement a new underwriting system, positively impacting underwriters, BDMs, and brokers
• fostering meaningful relationships between BDMs and brokers
• offering the longest-standing trail fee of any lender in Canada
“We spend time understanding what keeps brokers up at night and what makes them tick, so we can customize the experience to help them better,” Gregory says.
“When you have happy underwriters, you have happy brokers.”
A focus on the future
This year’s Brokers on Lenders survey highlights that top lenders excel at fast, effective communication and support. They
build strong relationships with brokers by understanding their needs and offering key services and products to navigate the changing market.
Looking to the future, Ginkgo MIC’s Tse believes mortgage investment corporations will continue to grow, with private lending capturing more market share in the lending industry. He remarks that AI will undoubtedly be a game changer for the mortgage and lending industries, although the anticipated evolution is at its earliest stage.
“AI will speed up applications, improve communication, and enhance underwriting,” says Tse. “It offers faster, cheaper, and more accurate services for everyone.”
MCAP’s McDonald emphasizes embracing AI, potential connections to CRA, and other emerging technologies to understand customers better and streamline processes.
“I’m excited about advancements in technology and the potential of open banking coming to Canada in the next three years. These changes will enhance transparency and lead to better deals,” McDonald says.
For MERIX’s Gregory, there is excitement about how technology can help lenders better understand and communicate with homeowners post-funding, such as in voice recognition advancements that enable tailored communication preferences.
“We involve mortgage brokers in transactions like renewals,” says Gregory. “Our focus is on enhancing the broker experience and ensuring clients understand that mortgage finance is our sole expertise, and we excel at it.”
RMG is embracing emerging technologies like AI, but Valko believes that as mortgage deals become more complex with stress tests and diverse income sources, personal underwriting relationships remain crucial.
“Human interaction is going to be critical to the success of not only mortgage lenders and RMG but mortgage brokers and their relationships with referral sources and clients,” Valko says.
Source: CMHC’s Residential Mortgage Industry Report Spring 2024
BROKERS ON LENDERS 2024
BROKERS ON LENDERS 2024
BROKERS ON LENDERS
BROKERS ON LENDERS 2024
Ginkgo MIC
Phone: 416 901 5133
Email: support@ginkgomic.com
Website: ginkgomic.com
Canadian Mortgage
CANADIAN MORTGAGE SUMMIT 2024 –THE TIME IS NOW!
The Canadian Mortgage Summit is taking place at the Pearson Convention Center, and it’s the event you’ve been waiting for. Whether you’re already registered or still considering joining, this summit is your gateway to the insights and connections that will define the future of the mortgage industry.
RENE QUERCIA
PLATINUM
EXHIBITORS
MORTGAGE BROKERS
Building the brand brokers wish they had
Centum and Orbis on joining forces to expand market reach and enhance broker support in Quebec
WHEN CHRIS TURCOTTE , president of Centum Financial Group, was approached to lead Centum, he was presented with a compelling opportunity: to lead and create the brokerage he wished had existed during his years as a top-producing mortgage broker.
“I was really happy doing what I was doing, but when they said, ‘Come build the brand you wish you had,’ I couldn’t turn that down,” Turcotte recalls. This vision resonated deeply with him, driving his decision to join Centum in December 2016.
40-plus-year legacy of global success, Kyres now has the backing to expand his vision even further. “You can’t turn that down,” echoes Kyres, reflecting on the alignment of their goals.
A partnership rooted in shared values and strategic growth
The affiliation between Centum and Orbis is more than just a business arrangement; it’s a strategic alliance grounded in shared values and a mutual commitment to excellence. Turcotte’s approach to
“To provide the best service in Quebec, we needed to partner with a major player in the region who shares our values and commitment to agent development”
Chris Turcotte, Centum Financial Group
This philosophy of building a brand that truly serves the needs of mortgage brokers is what now underpins Centum’s strategic partnership with Orbis Mortgage Group, led by Teddy Kyres.
Like Turcotte, Kyres has been passionately building Orbis from the ground up, creating an environment in which agents are supported and equipped to succeed. With Centum’s vast resources, infrastructure, and
finding a partner in Quebec was methodical and intentional. “Quebec has always had its unique nuances,” Turcotte explains. “To provide the best service in Quebec, we needed to partner with a major player in the region who shares our values and commitment to agent development.”
After thorough market analysis and consultation with industry insiders, one name kept surfacing: Teddy Kyres and
Orbis Mortgage Group. Known for its bestin-class training and support, Orbis was an ideal match for Centum’s objectives.
“Teddy doesn’t write deals. His sole job is to figure out how he can support agents to do deals,” says Turcotte, highlighting the fundamental difference in Orbis’s leadership approach. This focus on agent support, rather than personal production, aligned perfectly with Centum’s mission.
Leveraging Centum’s infrastructure for growth
For Kyres, the partnership with Centum offers a transformative opportunity to take Orbis to the next level while maintaining its independence. Founded in 2018, Orbis has grown rapidly under Kyres’ leadership, expanding to 125 mortgage agents across Quebec, Ontario, and parts of the US. “Partnering with Centum allows us to leverage their technology, lender relationships, and national network,” says Kyres.
“Centum’s technology and infrastructure will allow us to offer more choices to our agents, without additional costs,” Kyres explains. This partnership enables Orbis to focus on what it does best: supporting its agents and helping them to grow their businesses.
Orbis agents now have access to a variety of tools, including different POS and LOS platforms like Scarlett, Filogix, and Finmo. This enables Orbis to offer its agents a wider choice without additional
costs. “It’s a greater advantage having more tools available for them versus the limited resources we had before,” Kyres explains. He adds that Centum’s scale allows for the amortization of these technologies across their entire network, which would have been a much larger cost for Orbis to implement independently.
A core component of Centum’s longterm strategy is providing a competitive cost model that delivers unmatched value to its agents and partners. Traditionally, the mortgage industry has operated under the belief that higher costs equate to better value. Turcotte challenges this notion by offering a low-cost model with highvalue offerings.
In comparison to other networks, Centum offers a unique value proposition. Turcotte highlights how Centum leverages the resources of its parent company – which includes well-known brands like Century 21 Canada, Real Property Management, and Uniglobe Travel – to provide unparalleled services at a cost that competitors can’t match.
“We have a scalability at a cost that nobody else can touch,” Turcotte says, emphasizing how Centum’s extensive team, including a large marketing department and a robust accounting staff, enables the company to offer services like unlimited custom marketing and direct pay at no additional charge to agents.
This approach is a stark contrast to other models in the industry, where agents often pay significant royalties and fees for access to tools and services. “We’ve been able to provide really cool tools and resources that other brands can’t touch,” Turcotte adds. For Kyres, this means Orbis can continue to thrive under a system that offers bestin-class training and support, akin to the standards of a major financial institution.
The integration of Orbis into Centum’s network has been a smooth transition. Kyres says, “Centum has a great support staff, and the onboarding process was seamless.”
One of the standout features of this partnership is the autonomy that Orbis
“Centum’s technology and infrastructure will allow us to offer more choices to our agents, without additional costs”
Teddy Kyres, Orbis Mortgage Group
retains. “We want them to remain completely as is,” Turcotte emphasizes. Orbis continues to operate under its own name, using its existing systems while gaining access to Centum’s resources.
Turcotte underscores the broader growth strategy: “Number one, it reaffirms our commitment that Centum is absolutely open for business like never before in Quebec. It’s just via Orbis. This also opens up opportunities for all our existing offices, giving them access to and support for facilitating deals in Quebec.”
Additionally, Orbis’s inclusion in Centum’s Broker Council, which consists of the top-performing offices, will provide valuable insights and drive future innovations.
“Teddy now has a seat at that council, and we’re incredibly grateful for the insight he’s going to bring,” Turcotte says.
As Centum and Orbis move forward, their collaboration is expected to strengthen both companies’ positions in the market, enhancing their ability to support agents and better serve clients across Canada and beyond.
A culture-driven approach
For The Mortgage Coach founder Meaghan Hastings, the right culture and a positive outlook are key factors on the path to success in
the mortgage industry
IT’S NO secret that Canada’s mortgage market has been in something of a lull recently, but for mortgage agents and brokers, keeping the right mindset and a positive outlook is key to continued success.
That’s according to Meaghan Hastings, Toronto-based principal broker at The Mortgage Coach, who tells CMP it’s essential for brokers not to let external factors (a down market, high interest rates, lower volume) weigh against their prospects and growth outlook.
Crucial to that approach is brokers having the right people in the right places around them. “It’s only our own actions that will lead to success or failure,” Hastings says, “and if they’re surrounding themselves with people, whether it’s realtors or colleagues, that are perpetuating this message of ‘There’s no business, it’s too hard,’ then that’s going to be the mindset that they adopt as well.”
On the other hand, “if they’re [associating] themselves with realtors that are still hitting the pavement, or colleagues that are trying new lead gen activities, keeping each other motivated and inspired, then they’re going to have the business.”
The importance of control over her own situation has been a clear theme throughout Hastings’ career and a driving factor behind her launch of The Mortgage Coach at the beginning of 2019. It was a logical step after
a four-year stint in banking as a mortgage specialist and subsequent switch to the broker channel.
Creating a robust culture, one that would allow agents to thrive in a positive and productive environment, was a strong priority for Hastings even before she stepped out on her own as a brokerage founder.
Getting underway with her fledgling company, she says, “was really from a standpoint of, ‘As an agent, what do I want to have in front of me that will always inspire me and help me grow, continue to learn, do better, and have really great, positive people around me?’ That’s how it started. I just looked for the place that I wanted to be.”
Numbers, sales, and volumes are, of course, a point of pride for any successful brokerage. But for Hastings, maintaining her signature enthusiastic and positive outlook, even in a market that’s faced its fair share of challenges
over the years, has been one of the most satisfying elements of her journey in the broker space.
It’s an approach that stems from a genuine love for the industry and the clients she serves. “More than anything, I come in to work today with the same enthusiasm and drive that I did on day one,” she says. “I love it just as much, if not more.
“And I don’t ever really feel like I made it, like I’ve accomplished what I want to. I guess for some people, it already is an accomplishment, and successful – but to me, we’re just always five minutes away from the next thing.”
Advice for new agents
The current market remains a daunting one for new agents, even with optimism beginning to stir at the prospect of further interest rate cuts down the line and a
A JOURNEY OF GROWTH IN FINANCE
Meaghan Hastings’ gravitation toward a career in the mortgage industry stemmed from a combination of her passion for finance and numbers and the lessons she learned while navigating the purchasing process as a young homebuyer. “I love finance and that piece of it, and I bought my own first home when I was fairly young – 23 – and I knew nothing at that point,” she says.
“I definitely don’t want someone else to go through the same experience that I did – not even having the confidence at the time to even ask the question or knowing what to ask.”
“I don’t ever really feel like I made it, like I’ve accomplished what I want to ... to me, we’re just always five minutes away from the next thing”
possibly less fraught climate for homebuyers on the horizon.
Maintaining a positive outlook is essential for those agents taking their first steps in the industry – and equipping themselves with the educational tools and knowledge needed to succeed is a big help too, according to Hastings. “Knowledge is power,” she says.
Learning about products and getting connected with lenders is crucial, as well as the age-old step of getting out there and establishing a name in the industry. “[See] how many people you can get in front of and talk to,” Hastings advises, “whether that’s networking, social media, or old-school in-person networking.”
MEAGHAN HASTINGS: MILESTONES AND AWARDS
NAMED A CMP WOMAN OF INFLUENCE – 2019, 2020, 2021, 2022, 2023
WINS EXCELLENCE AWARD – WOMAN OF DISTINCTION, CANADIAN MORTGAGE AWARDS 2023
LAUNCHES THE MORTGAGE COACH IN 2019
THE MORTGAGE COACH IS NAMED A CMP TOP BROKERAGE 2019
THE MORTGAGE COACH WINS BEST MORTGAGE BROKERS TO WORK FOR 2024 BRONZE AWARD FOR BROKERAGES WITH 10–100 EMPLOYEES
It helps, of course, to be powered by a genuine, unending enthusiasm for life as a mortgage professional – like Hastings, who can’t imagine herself anywhere else. “I literally love the work: all the stressful parts, figuring out stuff, troubleshooting, whether it’s a piece of the business or part of a deal – I just love it so much.”
TECHNOLOGY
INNOVATING ALL THE TIME
The Filogix team discuss the tools and insights they currently bring to the mortgage space, and how they plan to deliver even greater value to the industry
FOR A broker, the wish list is short and sweet: tools that speed up and simplify their work. By leveraging the latest and greatest technology, that’s what Filogix’s suite of solutions brings to the table.
“We drive efficiency, effectiveness, and optionality so brokers have more time to do what they do best, which is have conversations with existing clients and hunt for new ones,” says Jonathan Wootten, head of Filogix at Finastra – and the target for his team is to ensure that brokerages can
are summarized in bullet points or a more conversational format.
Additionally, the broker can customize the summary by selecting specific data elements to include, eliminating manual error by doing it right the first time, every time.
“This feature saves valuable time and is popular with our users,” says Derek Matthewson, senior product analyst.
“Lenders love it because it provides a degree of consistency, while brokers still have flexibility to modify or add pieces
“We’ve put the work in to take out ‘GenAI hallucination.’ If it has the data, it uses it, but if not, it doesn’t make it up”
Jonathan Wootten, Finastra
run their businesses their way.
“We’re innovating all the time as technology evolves, as the landscape evolves, and as brokers and lenders evolve.”
Enhancing broker businesses
Generative AI and its capabilities are making a mark across professions, and the broker space is no exception. With that critical goal of automating repetitive tasks, three GenAI features have been launched so far in Filogix Expert Pro.
The first of these, automated lender note capabilities, eliminates the back and forth of collecting information from the application to create a narrative for a lender. The broker clicks a button, and data points
not covered by the application alone. It works for both sides of the house.”
Second on the roster is a chatbot designed to answer how-to questions about the application. The help desk is a fantastic resource, Matthewson says, but “sometimes people want a quick answer.” And if the chatbot doesn’t have one today, it will very quickly – it’s constantly learning and upgrading itself. Importantly, it’s purposebuilt to only answer what’s relevant to the solution.
“We’ve put the work in to take out ‘GenAI hallucination,’ ” Wootten says. “If it has the data, it uses it, but if not, it doesn’t make it up.”
Most recently, an automated email template feature was rolled out. It provides
users with automatically generated email templates of various tones and lengths, based on client criteria and broker preference. Brokers can save them for future use instead of starting from scratch, compounding time savings.
The fourth feature – data extraction, where brokers and clients upload required documents like income confirmations or MLS listings and the tool takes information from those documents to populate data within a mortgage application – is currently in the final stages of development.
“Users are in total control over whether or not they use the output as it’s provided by the AI,” Matthewson says. “And it’s another example of saving time by eliminating the need for manual rekeying to ensure the data is accurate.”
Data insights on lender competition
With Filogix, a dominant market participant for over two decades, there’s no shortage of data to assist its lender partners as well. Serving as a connectivity point between the brokers and lenders, Filogix Data Insights uses high-fidelity machine learning on mortgage submission data to help lenders better understand the competitive landscape and how they are performing relative to the market and their peer group.
“The Filogix team, in conjunction with our Finastra subject matter experts in the fields of machine learning and generative AI, have been building out the data insights portal, and have successfully launched four data analytics solutions to the market,” says Jerrod Everett, head of data insights, analytics and reporting at Filogix. “For each
“The lender can [see] the complex interplay of billions of data points through a variety of simplified lenses, and understand where they face struggles or reap success”
Jonathan Wootten, Finastra
data refresh, there are about four billion calculations that go into the output.”
The Filogix Data Insights portal now offers four different solutions to help lenders gain a competitive edge. The first two allow users to see overall trends in the market and perform peer group analysis on 40 different graphs over a cross-section
of different deal-related attributes, as well as looking back as far as seven years and sorting by province.
Solution three is an innovative new heat-mapping functionality that shows lenders’ relative over- or underperformance on submitted deals down to the postal code level, while the fourth solution offers
share-of-wallet analysis and performanceranking metrics.
The Filogix Data Insights peer group capability provides a fresh look at lenders’ “true peers” for comparison, the company says, with its machine learning capabilities looking at over 25 deal-specific attributes to dynamically calibrate the five most relevant peers for comparison.
“The lender can understand much more by seeing the complex interplay of billions of data points through a variety of simplified lenses, and understand where they face struggles or reap success,” Wootten says. He adds that it prompts lenders to re-evaluate what a go-to market looks like on a geographic basis, which can lead to strategy decisions around pricing, ultimately creating a more competitive marketplace that benefits the broker and their client.
For Everett, the launch of the Filogix Data Insights Portal’s first four solutions is only the “tip of the iceberg.” The company is looking to further expand the scope and scale of its machine learning and generative AI capabilities, as well as to layer on new and relevant data streams to create a meaningful mosaic of information, analytics and insights.
“We’re in the early stages of developing the scope and proof of concept for solution five of the data insights portal and look forward to getting more valuable feedback from our lender partners as we continue on our journey,” he says.
To the limit – and beyond
Sitting between brokers and lenders as an unbiased middleman, “we call ourselves Switzerland,” Wootten says.
“We’re not an originator nor a lender, making us one of the few players in the space. Last year 14,000 brokers used our originations systems to connect to 343 lenders across Canada, from large to small. We’re always looking at sourcing new sets of data to drive the insight piece for all participants.”
Canada’s best young mortgage professionals rapidly rise through the
EMERGING MOVERS AND SHAKERS
CMP recognizes the Rising Stars of 2024 for their talent, drive, and influential leadership in a rapidly transforming industry, positioning them to shape the future of the country’s mortgage market.
The top 40 best young mortgage professionals in Canada under 35 share distinctive characteristics that enable them to shine in various roles. They
demonstrate passion and commitment to their craft through the following:
• an ethos of integrity, honesty, and transparent communication
• building and maintaining strong relationships
• forward-thinking and innovative approaches
• exceptional customer service
• expertise and knowledge
From top producers and trusted mentors to client experience masters and visionary fintech leaders, this year’s A-listers have tackled challenges with vigour, setting new industry standards.
The significant achievements of four of
“I’ve had the privilege of mentoring my first broker, and one thing I’ve been hammering home to her is to find your brand and stay consistent with it”
Hannah Martens, Mortgage Alliance
the mortgage industry’s finest showcase the scope of their success.
Young mortgage professionals shine brightly as the industry’s guiding lights
Hannah Martens – Mortgage Alliance Age: 27
The Prince Edward Island mortgage agent strives to make the mortgage process as easy and painless as possible for her clients.
Backed by a brand she has built based on mutual trust and respect, Martens guides her clients to the best mortgage process and products while delivering enhanced customer service every step of the way. She also provides brand-training sessions to other mortgage professionals.
“The biggest things that I’ve always devoted myself to are service and serving my clients,” says Martens, who served in the Canadian Forces as a combat engineer and was elected to her local town council when she was 25.
Strategies that keep Martens at the leading edge include:
• consistency and meticulous attention to detail
• balancing a traditional approach to client service with technology adoption
• industry involvement as president of the PEI Business Women’s Association and a board member of the Eastern PEI Chamber of Commerce and the Canadian Mortgage Brokers Association Atlantic
Her nominator, Neal Andreino of Keystone Capital Group, says, “Hannah has quickly proven herself to be a major player in her market. Her growth has been
outstanding, and having worked with her as a lender, I was extremely impressed.”
Mat Halle – TMG The Mortgage Group Age: 29
The Ontario mortgage agent, level 2, has risen to prominence by treating every client with the care and attention he would give a friend or family member. Halle strives to make each client feel like they are his only one, giving 100% effort regardless of how busy the market is.
“My goal for every transaction is to make the process of purchasing a home, which is usually stressful, as easy and stress-free as possible,” he says.
Practices Halle employs to stay at the forefront include:
• optimizing service delivery by leveraging various CRMs to ensure timely follow-ups and consistent communication
• prioritizing automation to streamline processes and enhance client satisfaction
His nominator, Renée Masini, AVP at TMG The Mortgage Group, says, “Mat is not only one of our top-performing mortgage agents but also a phenomenal team leader. He assists all his agents in being the best version of themselves and navigating our ever-changing industry. He goes above and beyond for his clients and ensures every file is compliant.”
Halle realized early in his career the importance of building a personal brand and delivering on that, leading clients and referral partners to choose him over others. His unique value proposition prioritizes 24/7 service tailored to clients’ personalities and needs, and he successfully navigates even the most complex scenarios.
Rising
Star’s secret to success
“Stay consistent.
In good times, it’s easy to get comfortable. Keep up client follow-ups and partner meetings, and fill your pipeline to prepare for market shifts”
Mat Halle, TMG The Mortgage Group
METHODOLOGY
In February, 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 aged 35 or under (as of June 30, 2024) and have committed to a career in mortgages with a clear passion for the industry. Nominees were asked about their current roles 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 40 of the industry’s most outstanding young professionals.
RISING STARS 2024
“This is an amazing market with a lot of opportunity for new agents and tech people, so invest in yourself and be OK with taking risks”
Tom Hall, BluMortgage
Tom Hall – BluMortgage Age: 30
The Ontario co-founder and co-CEO has been instrumental in growing the fintech company’s CRM cloud-based platform for mortgage brokers to number one in Canada. Hall emphasizes the importance of values
in his work, such as “extreme accountability,” which involves taking personal responsibility for positive and negative outcomes rather than blaming external factors.
“It’s a bit terrifying to make yourself accountable for things that could go wrong, but it’s also liberating because accepting responsibility empowers you to do something
better in the future,” he says. “This mindset has helped me to learn from situations that didn’t go as planned and take proactive steps to make them less likely to happen again.”
Core approaches that help Hall maintain a one-two competitive punch and fuel his industry-leading status include:
• fostering partnerships that leverage complementary strengths and established trust, including collaboration with integration partners Filogix, Velocity, Finmo, BOSS, and Scarlett Mortgage
• building a robust online presence
• being the publisher of the Mortgage Tech Talks podcast
As the leader of BluMortgage’s internal team, he has positively influenced the organization’s vision and direction, aiming to alleviate
brokers’ pain points and deliver exceptional service and support to ensure it has a place in the future of the mortgage industry.
Shawn-Marc Melo – Lendwire
Age: 31
Honesty, clarity, and precision are central to the values of the Ontario principal broker and founder. Melo lives by these principles and instills them in his agents. Those pillars form the backbone of compliance, a responsibility he takes seriously.
“Those three things have kept me grounded and have allowed me to serve the client as best as I can,” he says. “We always want to offer the best solutions, but those values distinguish me and have allowed me to be blessed with a big book of business, and now I’m passing that on to my team.”
Melo holds a dual role as a compliance officer and has also earned the brokerage a market-leading reputation as a tech company. As its lead programmer and front-end developer, Melo leads the development and release of new industry-specific technology.
The factors behind Melo’s industry-leading status include:
• dedication to research and development, including developing an interactive app that helps clients build credit and Lendwire’s agents thrive
• proactively addressing gaps and missed opportunities in the market
• active mentoring, sharing his learnings with clients, team members, and even competing brokerages
Investing in grassroots marketing, such as billboards, radio, and sponsorship of local sports teams, has kept Melo and his team in front of a large and diverse audience.
Top young mortgage pros predict trends and plan for the future
For Martens, word-of-mouth referrals are paramount in her Atlantic Canada province. However, social media sites such as Facebook and Instagram have steadily gained momentum as avenues for expanding her reach and connecting with potential clients.
“I’ve tried to step up my social media game in the past year, and marketing direct to consumers is another key aspect of that,” she says. “The consistent thing to remember is your presence, and it’s important to have that online and offline.”
No matter what more prominent industry trends are in the pipeline, whether rising or lowering interest rates or new mortgage products, Martens intends to focus on adapting and connecting with other professionals to stay ahead of the curve.
Meanwhile, the dynamic nature of the mortgage market has strengthened Halle’s resolve to master the fundamentals of connecting clients with suitable lenders and products to achieve their goals.
“I plan to stay ahead of the curve by simply putting in the work needed to get the job done and staying consistent in my workflow,” he says.
Tech and AI poised to transform the mortgage industry
Hall and Melo are kindred spirits regarding mortgage tech trends, and both predict artificial intelligence will gain increasing significance as an industry disruptor within the mortgage space.
Melo highlights several AI applications already in use by mortgage professionals, including fetching interest rates and automating responses to client emails. He is committed to exploring that space, even as an unprecedented number of fintech competitors, such as Questrade and Neo
Rising Star’s secret to success
“Treat your career as a mortgage agent as a business that you own; invest in yourself fully”
Shawn-Marc Melo, Lendwire
Wealth, are gaining ground in the Canadian mortgage realm.
He says, “AI is moving at a fast pace in the mortgage space, and we’ve developed our own personal assistant for AI and for other brokerages that can help with compliance and filling out disclosures for borrowers.”
He is adapting to emerging tech by creating and testing internal procedures and applications that leverage the power of AI, offering clients the option of using a technological approach to mortgages.
Building upon Melo’s views, Hall believes that the full potential of AI in the mortgage space is still a few years away. He and his team have embraced the crucial need to be agile and intelligent about the advancements made with AI.
“There is going to be more technology in the industry, which means the best brokers are going to be that much better,” he says.
Hall points out that industry consolidation is on the horizon, creating higher barriers to entry for small players. In contrast, the big players reap more of the mortgage pie by leveraging tech tools.
RISING STARS 2024
Tom Hall
Co-founder, BluMortgage
Phone: +1 833 416 0430
Email: thall@blumortgage.ca Website: blumortgage.ca
Hannah Martens
Mortgage Broker, Mortgage Alliance
Phone: 902 326 4505
Email: hannah@hmartens.ca Website: hmartens.ca
Shawn-Marc Melo
Founder and Principal Broker, Lendwire
Phone: 416 474 8578
Email: shawn@lendwire.com Website: lendwire.com
Aaron Duhra
Vice President, Sales and Origination, PHL
Abhinav Kumar
Director of Marketing and Communications, 8Twelve Mortgage
Alex Seleznev Mortgage Agent, Dominion Lending Centres Clear Trust Mortgages
Alisha Manning
Director of Underwriting, Mortgage Savvy
Amandeep Singh
Team Lead/Mortgage Agent Level 2, AKAL Mortgages
2024
Amy Thompson Mortgage Agent Level 2, Mortgage Architects
Brandon Love Mortgage Broker, Brandon Love Mortgage Agent operating under BRX Mortgage
Christopher Colasanti Vice President, Rocket Mortgage Canada
Cole Jones Mortgage Broker, Dominion Lending Centres – Producers West Financial
Daniel Sharma Mortgage Agent Level 2, Mortgage Alliance
Daniel Trombetta Mortgage Agent, Titan Mortgage Group
Emily Seguin Mortgage Agent, TMG The Mortgage Group
Evan Lamontagne Mortgage Broker, TMG The Mortgage Group
Giovanni De Santis Mortgage Underwriter, First Circle Financial Services
Gregory Bracken Greg Bracken Mortgage Agent operating under BRX Mortgage, BRX Mortgage
Holly Moes
Mortgage Consultant, Invis
2024
Jarrett White
Mortgage Broker, Dominion Lending Centres Valley Financial Specialists
Jeffrey Mudrick
Jeff Mudrick Mortgage Agent operating under BRX Mortgage, BRX Mortgage
Jenna Hall
Mortgage Broker and Marketing Director, Kindred Mortgage Co
Jessica Shea
Mortgage Agent Level 2, Dominion Lending Centres
Jessie Lavoie
Mortgage Broker, Dominion Lending Centres Valley Financial Specialists
Jimy Metti
Mortgage Agent, Dominion Lending Centres Clear Trust Mortgages
Johnny Cornacchia
Mortgage Agent Level 2, Denova Group Dominion Lending Centres
Kaity McCorkell
Managing Broker, Oceanvale Mortgage & Finance
Kelsey Peters
Mortgage Broker, TMG The Mortgage Group
Kirat Sandhu
Licensed Mortgage Broker, Avenue Financial
Kyle Vaillant
Mortgage Agent Level 2, TMG The Mortgage Group
Lauren Imbrogno Marketing Associate, HomeEquity Bank
Lindsay Erikson Mortgage Broker and Manager, Mortgage Evolution – Dominion Lending Centres
Mat Halle Mortgage Agent Level 2, TMG The Mortgage Group
Mathieu-Alexandre Poupart
Mortgage Broker, Orbis Mortgage Group
Miranda Indovina
Internal Business Development Manager, First National Financial LP
Nicolas Davis
Associate Mortgage Broker, Premiere Mortgage Centre
Renée Masini Area Vice President, Ontario, TMG The Mortgage Group
Sameer Badshah Regional Sales Director, First National Financial LP
Sarah Secman Mortgage Associate, TMG The Mortgage Group
Sean Dhaliwal Underwriter, MortgageBroker.ca
How SME owners can plan a smooth exit
There are five principles owners should follow if they want to ensure their business legacy remains in safe hands, says SME strategist Bill Withers
IN A REPORT on SME succession, the Canadian Imperial Bank of Commerce (CIBC) found that inadequate business succession planning was a growing macroeconomic risk in Canada. It showed that 60% of business owners aged 55 to 64 had yet to start discussing their exit plans with their family or business partners. For businesses to succeed, they need to become familiar with “succession thinking.” Succession thinking was the product of my experience as an SME owner-leader of three businesses over the last 35 years. I found that, at times, the business was not providing what I really wanted. I subsequently discovered that many owners end up in this situation: financially secure but unhappy.
A big cause of this unhappiness is that they are unclear what they want the business to deliver with respect to their part in it. They need to hand over accountability to others. However, handing over accountabilities and decision rights to others is very challenging!
Succession thinking enables an SME owner-leader to build their business to get what they really want. Instead of succession planning, the business is built to ensure that succession is an outcome. This has a significant impact on how you design and build your business.
The five principles of succession thinking provide a method for building a business that gives you what you really want, including facilitating your own role succession. It is wise to apply the following principles as
early as possible. Kicking the can down the road often compounds the problem of getting what you really want.
Principle 1: Seek role clarity
To become a succession thinker, you need to acknowledge that you have different roles. The lack of visibility of these roles can create confusion for all, including for you.
By acknowledging this, you can apply the principle of role clarity across your business. The starting point is the clarity of your role and the distinction between owner, director, organisation leader, team leader, and technician.
This is the first principle because you can’t do the owner’s vision work until you acknowledge that the owner is accountable for it. Many SME owners are on the hamster wheel of operations, and the habits and behaviours needed to execute operations roles (team leader and technician) are very different to those required by an owner. You need to “park the car” to do the work of the owner.
Principle 2: Build your owner’s vision
The owner’s vision combines the star on the horizon with the guardrails of the business. The star is where you want to head, and the guardrails help you get there. The guardrails will remain in place as you hand over accountabilities to others.
The owner’s vision is unique to each SME
owner because of their life situation, attitude to risk, and what they want for different stakeholders. However, in general, SME owners value the following:
• Sustainable dividend returns (and funds for reinvestment)
• Business must be ready for sale if the right offer is made
• A financial valuation that is continually maximised
• Critical stakeholders (employees, customers and suppliers) must be cared for
• Discretionary time should be maximised –“I am not a victim of the operations of the business”
This is typically the owner’s vision, and it assists with defining the destination, or the
leaders who don’t know “your business way” (see Principle 5), is a major issue. In my book, Succession Thinking, I discuss the concept of anti-fragile leadership. This deals with the issue of owner-leaders who have had to re-enter their business because they appointed a general manager who didn’t work out.
A key point of this principle is to separate organisational leadership from team leadership (operation leadership). Although building great team leaders is challenging, it is far less challenging than developing organisational leaders – the people who set and implement the strategy.
Principle 4: Build culture beyond you SME owner-leaders can harness the advantages of having a small system. You have the right to define your culture. There are no
To be a succession thinker, you need to attract capable and aligned people and have them contribute for the long term
“star on the horizon.” Additionally, they must understand the guardrails with respect to factors such as the market domain, capital expenditure, and values.
The superpower of an SME is being able to identify the custodians of the vision. Many organisations don’t have this ability; hence the vision can evolve into a pure focus on ROI.
Principle 3: Build leadership beyond you
The central measure of your success as a succession thinker is when you’ve been able to effectively delegate roles that you no longer want to handle. This will not happen without an understanding of how leadership works in your business.
Distributing leadership to others is key to both growing a business and delivering on your vision. The problem of single leaders, or
constraints on how you build your culture.
This is how you can differentiate your business. To be a succession thinker, you need to attract capable and aligned people and have them contribute for the long term. As the vision custodian, you define the guardrails of your business values. This is not a cynical exercise in making up values. It’s about identifying what you really value and how you wire those values into your business.
Building culture beyond you is about building sustained trust – psychological safety and accountability. This empowers you to hand over decision rights to others.
Principle 5: Build your business way “Your business way” is a set of data that specifically supports SME owner-leaders. As a succession-thinking leader, you need a place to store “your business way” so you can provide
clarity and support to current and future stakeholders. This will encourage leaders to build a resilient and adaptive business. It also supports the clarity of the owner’s vision and the delivery of that vision.
This is one of the most powerful discoveries but the most difficult to communicate. It’s important to understand what differentiates your business in the marketplace – your core points of difference or unique sale proposition. I believe that “your business way” is your true point of difference. The data that describes this is:
• Business guidance, including owner’s vision, purpose, values constitution, goals and objectives, and organisation maps (how you organise yourself beyond the organisation chart)
• Teams, including teams who service the stewardship (owners and organisational leaders), and customer and support teams –all data that describes the teams and their measurement of team effectiveness, as well as the systems each team uses to define “how we work”
• Team members, including cultural data, roles, and connection to teams
This data is valuable to the SME owner-leader in building for the long term. There is no value in having this data in a high-turnover environment where all the incentives are to optimise for the short term. It is very valuable when building for the long term, where you want to provide context to your people. This data represents evidence of value to all your stakeholders.
The application of this family of interdependent principles is key to adopting succession thinking.
Bill Withers is an SME business strategist and author with more than 40 years of business experience. He wrote SuccessionThinking a practical guide to building a resilient business that thrives. Find out more at www.successionthinking.com.
Rastegari is also a travel enthusiast, planning trips whenever possible as a means of relaxing, gaining new perspectives, and staying motivated
5–6 hrs
Amount of time Rastegari devotes to aerial hoop each week
2023
Year Rastegari’s interest in aerial hoop began, after seeing a performance online
2–3
Number of times a week Rastegari typically spends playing chess
FOCUSING BODY AND MIND
Mortgage agent Arghavan Rastegari on how aerial hoop and chess help her develop both physical and mental strength
FOR PROFESSIONALS in any industry, it can sometimes be challenging to relax or focus on something other than work. Arghavan Rastegari, a mortgage agent at TMG The Mortgage Group, achieves that through aerial hoop, an acrobatic art form involving poses and movements on a circular steel apparatus. She says this
pursuit “provides an escape from work demands, requiring complete focus and physical effort, which helps me unwind and recharge”.
Rastegari is also a chess enthusiast, something that engages her mind in strategic thinking while offering a mental break at the same time.
“I’d encourage anyone to find a hobby or pastime that they’re passionate about,” she says. “It’s incredibly rewarding and can provide a much-needed break from the routine, helping to maintain overall wellbeing. Your health and wellbeing is the greatest asset that you have, so take care of it.”
