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TOP 75 BROKERS

COVER STORY See who made the cut on CMP’s annual list of the top-selling brokers across Canada

It’s all done wIth money.

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ISSUE 10.4

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CONTENTS

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UPFRONT 04 Editorial

What’s behind the premium increases from CHMC and Genworth?

06 Statistics

Despite dwindling sales in some markets, home prices remain steady

08 Head to head

Brokers debate fees on collateral mortgages

54 FEATURES

CMA FINALISTS 2015

Despite a challenging market, this year’s finalists for the Canadian Mortgage Awards’ Mortgage Broker of the Year continue to shine – learn the secrets to their success

PEOPLE

16 OPINION

A BIRD IN THE HAND

Mortgage agent Anson Martin explains why existing clients are your best ones

42

10 News analysis

Canadian household debt continues to rise – but are mortgages really to blame?

12 Commercial update

Foreign investment is making waves in the commercial space

14 Alternative lending update

Experts offer advice on where to find deals in the alternative market

PEOPLE 62 Career path

In a short time, Dustin James of TMG The Mortgage Group has forged his own road in the industry

64 Favourite things

INDUSTRY ICON

Tiffany Pedersen of the Mortgage Brokers Association of BC

Michael Cameron of Axiom Mortgage is using his passion for the mortgage industry to help shape it for future generations

18

FEATURES

THE BATTLE FOR NEWCOMERS

Immigrants to Canada represent a vast potential market for brokers, especially those well-versed in alternative lending

2

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UPFRONT

EDITORIAL

A real head-scratcher

I

t’s a cheeky question to be sure, but are the country’s default insurers speaking out of both sides of their mouths? Impertinent though it may be, the question is one brokers are asking as they parse recent moves by both Canada Mortgage and Housing and the biggest private player in the sector, Genworth.

To be fair, even the most cynical brokers understood CMHC’s decision in early April to raise premiums on some, if not all, of its policies. After all, the increase – 15% – would be limited to deals where homebuyers were putting down 10% or less. That hike was also coming at a time when fears about market overvaluation were running riot, especially over oil-weary Alberta.

This prudence and careful planning should serve Canada’s housing market well as responsible first-time buyers grow into responsible long-term owners Brokers were just as understanding when Genworth followed suit only days later, citing “higher capital requirements” for its rate increase while maintaining the rise would have no “material impact on affordability.”

No, what set brokers scratching their heads was the release of a Genworth report coming on the heels of that move. It extolled the prudence of first-time buyers, appearing to cancel out any pressing need to raise their premiums.

The findings of the survey – which tracked 1,800 first-time buyers making purchases in the last 24 months – were clear: “Today’s first-time homebuyers have their eyes wide open, their hands firmly on their pocketbook, and are thinking hard before assuming the responsibility of homeownership,” concluded Stuart Levings, president and CEO of Genworth Canada. “This prudence and careful planning should serve Canada’s housing market well as responsible first-time buyers grow into responsible long-term owners.”

Brokers wholeheartedly concur with Genworth, but does Genworth concur with Genworth?

Vernon Clement Jones, editor

www.mortgagebrokernews.ca ISSUE 10.4 EDITORIAL Editorial Director Vernon Clement Jones Senior Writer Justin da Rosa Writers Olivia D’Orazio Jordan Maxwell Executive Editor – Special Features Ryan Smith Copy Editor Clare Alexander

CONTRIBUTORS Anson Martin

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UPFRONT

STATISTICS

Home values are going up, up, up

-9.2% YOY Yukon

Sales might be down in some markets, but home prices remain steadfast ALBERTA AND NEWFOUNDLAND have certainly felt the impact of falling oil prices when it comes to property sales.

However, prices haven’t yet dropped off like many economists expected.

Brokers and agents on the ground say sellers aren’t panicking, but are instead choosing to take their time. As a result, they’re holding steadfast on price. And the few buyers who are out there searching for a home are doing so out of necessity.

32,627

$431,812

Number of real estate transactions across Canada during the month of February

$621,065

Average price for a property in Canada during the month of February

+4.5% YOY

Looking to some of Canada’s more active markets – yes, Vancouver and Toronto – prices are still rising as continued demand, especially for single-family detached homes, fuels competition among buyers, pushing prices higher and higher.

So while some brokers might find themselves doing fewer deals now than before oil fell off the cliff, they’re not seeing the commission cheques for those transactions shrink.

Average sale price recorded in British Columbia in February – the highest across the country

$157,304

Average sale price recorded in New Brunswick in February – the lowest across the country

British Columbia

WHO’S HOT AND WHO’S NOT? Average home prices across Canada are so varied that even attempting to compare them is futile. However, looking at year-over-year increases in average price tells an interesting story about the state of the country’s real estate market.

Source: CREA, February 2015

AND THEN THERE WERE TWO Calgary’s dependence on the oil industry – and the recent drop-off in oil values – has caused it to fall from grace. Now, average home prices in Vancouver and Toronto are stealing the spotlight.

LOOKING TO THE FUTURE According to the CMHC, developers and builders across Canada began construction on more than 6,111 new properties in February, meaning brokers have thousands of new areas in which to farm for new clients.

3,247 2,603 1,693 1,037

Vancouver $879,069 Toronto $596,163

327 British Columbia

Alberta

182

Saskatchewan Manitoba

17 Ontario

Quebec

28

New Nova Scotia Brunswick

6

19

Prince Edward Island

Newfoundland and Labrador

Source: CREA, February 2015

6

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-33.7% YOY Northwest Territories

-8.6% YOY

Newfoundland and Labrador

+2.1% YOY Manitoba

+0.4% YOY

+1.3% YOY

Prince Edward Island

Quebec

-4.8% YOY Alberta

+7.1% YOY

+1.8% YOY

+6.7% YOY

Ontario

Saskatchewan

New Brunswick

-0.2% YOY

Nova Scotia

Source: CREA, February 2015

TOP CITIES

TURNING OF THE TIDES?

Home prices across Canada vary not only between regions, but within provinces, too. Here are the cities in each province that had the highest year-over-year average price growth during the month of February.

The quiet maritime provinces have slowly been turning their buyers’ markets around. While they haven’t yet experienced the same massive price increases that other provinces have, buyers there are increasingly eating up inventory, as evidenced by the decline in year-over-year new listings.

+72.4%

BC – Powell River

+41.4%

Ontario – Bancroft District New Brunswick – Northern New Brunswick

+35.6%

Saskatchewan – Battlefords

+34.9%

-29.9%

+28.0%

Manitoba – Portage La Prairie

New Brunswick

-24.7%

+21.6%

Nova Scotia –South Shore Alberta – Lloydminster

Prince Edward Island

Nova Scotia

+13.2%

-13%

Source: CREA, February 2015

Source: CREA, February 2015

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UPFRONT

HEAD TO HEAD

Is a nominal fee necessary on a collateral mortgage?

National Bank of Canada’s new fee on its All-In-One mortgage has ignited debate about the use of collateral charge mortgages

Scott Peckford Founder Impact Mortgages

“I think it is unfair for the National Bank of Canada to compare their fee to Manulife’s $14 a month cost. Manulife will pay for legal fees and appraisals in most cases.

In my mind, the higher fee of Manulife is justified when you are getting in for free.

Of course, NBC can’t pay for legal fees and appraisals and pay us brokers.

If you ask me, this fee increase is a great opportunity for brokers with NBC clients to reach out and connect with their clients again. Who knows what other problems you can help your clients solve? As a wise friend once told me, change = opportunity if you are paying attention.”

Nick Hamblin Owner Ideal Mortgage

“What is more of a concern is how any collateral mortgage impacts the clients in the long term. [They] are often not understood by brokers and seldom properly explained to the clients by the broker or lender.

The fees are not a factor at all in regard to the collateral mortgage. The fact that the negative impacts of a collateral charge far outweigh the positive and the fact that these impacts are not very well understood and certainly are not explained to clients at the outset of these transactions is far more of a concern to me than any fee associated with collateral charges.”

Ron Butler Founder Butler Mortgage

“National Bank is correct that Manulife charges fees, but Scotiabank does not charge fees for its multi-part STEP product. That being said, National Bank offers strong compensation on the AIO product, which we use to produce incentives for consumers to switch lenders, such as free legal fees and rebated discharge costs.

I think the difficulty will be explaining this to customers, who currently pay nothing on their secured lines of credit but will now pay $6 per month even if the balance is zero. Even when the product offers advantages, those are tough optics.”

THE NEW FEE AT NBC In March, National Bank announced it will now charge mortgage customers $6 per month to use its All-In-One product. Additional accounts also will be charged $6 per account per month (up from $2.50). The changes will affect future clients who sign up for the product, as well as those who are already National Bank All-In-One customers. By comparison, Manulife’s version of that readvanceable loan comes with a monthly fee of $14.

8

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4/13/2015 22/04/2015 11:24:05 5:18:46 AM AM

UPFRONT

NEWS ANALYSIS

An unsecured future All the talk about historically high household debt levels seems focused on mortgages, but what’s the real culprit?

‘HOUSEHOLD DEBT LEVELS’: The term has made its way into the lexicon of average Canadians everywhere, from Regina to St. John’s to Laval and to, most especially, Toronto and Vancouver. Brokers, of course, have always had a good handle on its meaning, but the skyrocketing growth of credit in the last decade suggests consumers do not.

“I am seeing a greater number of clients with more unsecured debt than in the past,” says Richard Allatt, a mortgage broker with Mortgage Intelligence. “Not only will this have an impact on their credit by lowering their credit scores, but because we take the payments for the debt into consideration when arranging new financing, this could potentially have a negative effect on the total amount of mortgage financing that can be arranged and could also affect the interest

rate being offered.”

Those myriad concerns are being echoed across the broker channel. But it’s all the talk being generated outside the industry that has mortgage professionals most concerned.

The buzz started almost immediately after the Bank of Canada slashed its overnight rate in January, but the release of data on March 31 specifically pegging the average house-

“For the clients who already have high debts ... we have to work to first get the debts under control and then to assist with the financing goals ...”

Richard Allatt, Mortgage Intelligence

TEN YEARS OF HOUSEHOLD DEBT IN CANADA Canadian household debt numbers (percentage of debt, secured and unsecured, to income) 180 170 160 150 140 130 120 110 100

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015 Source: StatsCan

10

hold-debt-to-disposable-income ratio at 163.3% really set tongues wagging. Mortgage spending, the usual fall guy, was singled out for blame.

“At some point, interest rates are going to increase,” says Scott Hannah, president and CEO of the Credit Counselling Society, one of a dozen analysts moving quickly to identify mortgages as a key concern. “The best course

of action for consumers is to take advantage of the low interest rates to pay down their debts instead of taking out new loans and mortgages.”

Brokers are understandably concerned that the government will move to clamp down on mortgage spending in an effort to bring Canadians out of the danger zone. It – including OSFI and CMHC – has done just that several times since 2011 by tightening up mortgage rules, imposing more stringent underwriting guidelines and, more recently, raising premiums on default insurance.

Making any one of those moves now would once again miss the mark, say brokers.

They charge that the real driver of debt levels

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has little to do with mortgages or escalating home prices in key markets such as Toronto and Vancouver.

“Unsecured credit debt is the problem,” says one candid agent, Trish Pritchard with Dominion Lending Centres Canadian Mortgage Experts. “People need shelter; they need somewhere to live; they need to be able to carry a mortgage. That’s the reality. We see it all the time where clients are carrying a lot of debt [outside of a mortgage]. They don’t even know sometimes – you review everything they owe, they’re shocked at how much debt they have.”

Industry veteran Allatt agrees. “The problem is [derived from] the ease of obtaining unsecured credit,” he says. “I receive about one pre-approved credit card offer in the mail a month. When I go to a retail store, there are credit card offers that entice you with a discount for your first purchase. I’ve even gotten credit card offers at the grocery store. These credit cards are approved based on your credit score, not your ability to make payments.”

Broker associations on both the provincial and federal levels continue lobbying for

greater government scrutiny of what so many call the most significant threat to household solvency in the eventuality of a rate hike.

The numbers appear to bear that out.

While the Bank of Canada’s move to bring the overnight rate down to 0.75% had only a nominal impact on variable mortgage rates –

borrowing not only for things such as cars and big-ticket electronics, but also for stock market investments.

Brokers on the frontline are witness to the phenomenon and are acutely aware of the knock-on effect for clients looking to get into increasingly pricey homes.

“Unsecured credit debt is the problem.

People need shelter; they need somewhere to live; they need to be able to carry a mortgage. That’s the reality” Trish Pritchard, Dominion Lending Centres Canadian Mortgage Experts lenders refused to match the central bank’s full 25-bps reduction – it may have played a more significant role in promoting consumer spending outside of home buying.

The average debt held by Canadians, excluding mortgages, increased nearly 3% to $20,967 in the last quarter. Outside of racking up more credit card debt, a surprising number of Canadians, lured by low rates, are

“People are feeling the pinch, whether they’re an existing homeowner or looking to buy,” Pritchard says. “That’s especially true in our market – BC – where everything is so expensive. What they can qualify for in terms of a home has been scaled back. I’m not seeing fewer clients, but the total dollar amount is a bit lower because people can’t qualify for as much.”

A GLOBAL PROBLEM Here’s a look at debt-to-income levels (%) around the developed world

310.17

105.77

163.3

Denmark

Belgium

Canada

122.84

Finland

154.02 UK

93.91

Germany

140.1 US

131.89 Spain

90.21 Italy

188.02

Australia

Source: IMF

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22/04/2015 5:20:19 AM

UPFRONT

COMMERCIAL UPDATE NEWS BRIEFS Asian investors outbidding Colliers International released a report in March that revealed Canadian investors are being outbid by foreign counterparts, especially in Vancouver.

“We are starting to witness a significant wave of Asian investors underwriting commercial real estate deals across the country,” the report said. “Several recent transactions have transpired where traditional domestic players were outbid by Chinese investment groups.” Traditionally, Chinese investors have focused on residential real estate markets, but the tide may be turning as several turn to the commercial side.

Massive residential project goes to Chinese investor A 232-acre development site in Port Moody, BC, was purchased by Brilliant Circle Group of Investments of Shenzhen, China, for an undisclosed sum. The land was purchased from Imperial Oil and has been designated for a large residential project.

“We actually like the character of this heritage town site and we want to preserve it and enhance it,” James Cheng, who represents the Group, told the Vancouver Sun.

Industry association forecasts positive growth The British Columbia Real Estate Association {BCREA} raised its Commercial Lending Indicator 0.8 index points to 119.8 – the fourth quarterly

increase in a row. The rising CLI trend is due to expected growth in investment, leasing and commercial real estate over the course of the next two quarters.

Growth is expected to continue for the rest of the year.

The CLI was bolstered by strong consumer confidence, as well as the weak Canadian dollar.

New influx of foreign investment expected Many of Canada’s foreign investors hail from China, but political uncertainty in other parts of the world could bring a wave of investment from two other nations in particular. Dr. Sherry Cooper, chief economist with Dominion Lending Centres, told MortgageBrokerNews.ca that, due to political uncertainty in Russia and Greece, nationals from both of those countries are expected to move their money out-of-country and into the Canadian real estate market.

RBC shopping bundled commercial mortgages in US Norm Camire, head of Canadian commercial mortgage-backed securities [CMBS] for the Royal Bank of Canada, is currently targeting US investors.

American demand for CMBS is growing, with many investors focusing on office towers, malls, and apartment complexes. They are attracted by the lower Canadian dollar as well as lower risk associated with Canadian real estate.

“It’s all about the yield,” Camire told the Financial Post. “When we open the book for pricing, Canadian deals tend to oversubscribe fairly quickly.”

Benefit from surging foreign investment Low interest rates and a weak Canadian dollar are drawing foreign investors to the commercial sector, and one leading player has a recipe for broker success HE’S ANTICIPATED the trend and gotten ahead of the curve, and now a leading commercial real estate agent is advising brokers to do the same by adding to their teams and cashing in on foreign money.

“What I did last year was I spent a lot of the year building a team of five agents,” says Claude Boiron of Royal LePage Terrequity Realty “I would suggest similar for mortgage brokers. The team I built speaks ... Mandarin, Cantonese, Farsi, and Russian, and that’s because I feel those languages represent 80% of the influx of investment dollars.”

In early April, the Canadian dollar sat at 80 cents against the US greenback, making the conversion rate quite attractive for a number of foreign investors. And given the record-low rates on both the residential and commercial sides, Canadian investors may have a tough time competing with their foreign counterparts.

“Interest rates are at historic lows, even on the commercial side,” says Mike Lee of Mortgage Alliance. “We’re seeing lenders provide loan to values of 75% when they’d normally only go up to 65%, so they’ve become less conservative. Interest rates are really pretty spectacular.”

In Boiron’s case, he realized a great deal of foreign investors would be attracted to Canada’s booming real estate market and wanted to make sure potential deals were

12 www.mortgagebrokernews.ca

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“I would [advise brokers to] do the same because hiring a diverse team satisfies two very real client needs: They need to literally be able to communicate, and English isn’t always an option, and number two, it satisfies the buyer’s need to know someone understands them culturally,” Boiron says. “For example, a lot of cultures negotiate in a very different way than what we’re used to.”

While low rates may be attracting money from overseas, brokers don’t have to miss out on potential action – and the opportunity to earn long-term clients interested in purchasing a number of properties.

“What is important to keep in mind is it’s not necessarily always foreign investors who remain foreign,” Boiron says. “A lot of the time,

“It’s not necessarily always foreign investors who remain foreign” the same people who are coming and buying a $2 million, $3 million, $10 million house in Toronto and Vancouver are also coming over … and saying, ‘Listen, real estate is real estate; it’s solid, I understand it, it’s respected in my culture, and as much as I love having a nice house or condo, I really want to have something of substance to pour my money into in Canada.’”

Q&A

Keith Watters Commercial mortgage agent and private funds specialist Mortgage Alliance Commercial

The state of the retail market What’s the state of the commercial retail market right now?

There’s lots available. As long as the interest rates stay low, the market will still be going. That’s what’s driving this whole market now – the low cost of borrowing.

How should a lender decide whether to make a deal on a retail property?

The lenders I work with usually lend just on real estate. But then they look at the applicant, the retail outlet, as the guarantor. They tend to be real estate lenders rather than business lenders. But in the same breath, they have to make sure that retail outlet has the background experience and the cash flow to service the debt. That’s why they go back, usually, to a three-year history to see how [the business] is performing. If it’s a retail outlet, most lenders will lend on 65% of the value, and they’ll lend on “How would that property rent if it were vacant?”

With retail being a tough market even in good years, how are lenders’ attitudes toward that business right now?

Lenders aren’t backing away. Right now in this market, we have too much money chasing not enough deals, so lenders are, at least in the Canadian market, tending to be fairly aggressive – as long as there’s real estate value there and the applicant has good cash flow.

What do you think is the biggest challenge facing the commercial market over the next year?

I think availability. There’s a lot of money chasing good commercial deals.

As soon as a good commercial plaza comes on the market, it’s just like residential housing – there’s multiple offers.

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22/04/2015 5:30:02 AM

UPFRONT

ALTERNATIVE LENDING UPDATE

Alternative growth forecast Economists say a sagging Canadian economy could affect the alternative lending sector, but knowing where to find deals – and which segments to focus on – is key to succeeding in 2015

cially if they know who to target. Canada is expected to draw 260,000 to 285,000 immigrants this year, marking a massive opportunity for brokers to cash in on this growing segment.

“Most immigrants begin by first renting and then, over a short period of time, purchase their first home,” says Harry Singh, director of national sales at Equitable Bank. “Often, newcomers will have limited Canadian credit and may find themselves self-employed. Therefore, mortgage brokers have a tremendous opportunity to win a customer for life in a new immigrant, as they need a mortgage professional who is well-versed not only in straightforward prime solutions, but also more complex alternative solutions requiring additional work and knowledge.”

“The economy is growing at best at a 2% rate, so ... there will be growth, but it will be moderate growth” “WHAT HAPPENS in the alternative lending sector is very much tied to what happens to the economy and what happens to interest rates,” says Dr. Sherry Cooper, chief economist for Dominion Lending Centres. “There is no doubt that the bank of Canada will continue to be concerned about Canadian household debt levels; as well, the economy is growing at best at a 2% rate, so I do believe there will be growth, but it will be moderate growth.”

Household debt, particularly, has been trou-

NEWS BRIEFS

blesome for the Canadian economy, reaching record levels in the fourth quarter of 2014.

Household debt to disposable income was 163.3% to close out the year, and BMO Chief Economist Doug Porter believes this ratio will continue to climb, especially in Alberta. “It’s partly fuelled by the Bank of Canada’s rate cut and party fuelled by the strength in the Toronto and Vancouver housing markets,” he says.

However, brokers can expect to see growth in their alternative lending portfolios – espe-

Writer draws attention to benefits of alternative lenders

Rob Carrick, one of the Globe and Mail’s most influential financial journalists, known for his consumer advocacy and conservative approach to real estate, recently extolled the benefits of alternative deals in his personal finance column.

“Mortgage prepayment penalties are where alternative lenders really crush the big banks,” Carrick wrote. “In short, lenders calculate these penalties on fixed-rate mortgages as the greater of three months’ interest.”

14

The new-to-Canada client is one that requires a great deal of advice and education – two things brokers thrive at. That means they may have a competitive advantage over their big bank counterparts.

“Most pundits would agree that owning is better than renting so long as the real estate market is not sharply declining,” Singh says.

“Therefore, mortgage brokers who coach and work with newcomers to save for a down payment and establish credit will garner loyalty while fostering a lifelong relationship.”

Brokers still struggle with BFS deals

Despite record-low rates, brokers are still reporting difficulties trying to secure financing for self-employed clients for a number of reasons.

“Rates are great,” says John Panagakos of Dominion Lending Centres Home Financial.

“But the problem is, if you’re self-employed, they’re not for you. Why is it in today’s marketplace, where seven years after the [American] subprime crisis, the US economy is doing better than ours, their real estate markets are doing well?”

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Q&A

Brian Gentles Mortgage broker TMG The Mortgage Group Alberta

Years in the industry 12 Career highlight Named Mentor of the Year in 2014 by the Canadian Mortgage Housing Corporation and CAAMP Community highlight In 2004/2005, chaired the committee for the Mobility Cup Sailing Regatta. This event left a legacy of a wheelchair-friendly dock and a sailing centre at Calgary’s Glenmore Reservoir

Closing the gap between alt and prime lending What sort of options are now available to clients in this record-low-rate lending environment?

Alternative lending encompasses the half-dozen or so institutional options and our private lenders and MICs. Our role as brokers is to source the most appropriate funds to serve our clients’ needs.

There are two types of ‘alternative’ clients. The first type are those who know they have chosen to be business for self and declare less income, those who know their credit is not the best or those who know they are pushing the boundaries on typical A lender affordability factors. These clients are very pleased that alternative lending exists.

The second type needs us to share information with them about how and why they don’t fit into A lending today, what alternative lending can do for them and how it might be possible to move them into A lending if we make and follow a plan.

Many consumers may be enticed to seek a mortgage, but what options are out there for those who don’t qualify for conventional products?

For some, alternative lending will always be their best option. It can help them grow their business. It can help them manage personal tax implications and build a nest egg for later years in the form of retained earnings. Too few borrowers even know that alternative lending exists. We need to do a better job of getting the word out.

Chief economist highlights alt lending growth

A report by CIBC World Mar­ kets said the overall mortgage market share of alternative lending institutions in Canada is expanding at a rate of 25% per year.

Deputy Chief Economist Benjamin Tal attributes this growth to stricter bank regulations forcing a growing number of Canadians to seek mortgages from nontraditional lenders. The current total market share of the sector is 2.2%, a figure too small to pose an economic threat.

Alberta, being as entrepreneurial as it is, and now experiencing another oil and gas valley, will most certainly spawn a whole new crop of entrepreneurs and technical and management professionals ‘under contract.’

Personally, I stepped away from the corporate world [Imperial Oil] and became an entrepreneur during the 1990 oil and gas valley. That was after working through the mining valley of 1978 and the oil and gas valleys in 1981 and two more between 1981 and 1990. The peaks were great, too.

Do brokers who specialize in alternative lending expect a surge in inquiries, and how are they preparing to deal with rate-focused clients?

I think that recently, a percentage of the broker world has learned the alternative side, due to the regulation changes and how they have affected the lender’s guidelines. I think the surge is more of a long-term wave, and I believe that we are just at the beginning of it.

When it comes to rate-focused clients, the alternative world has been transitioning into one- and twoyear terms, which is a switch from historical terms for alternative lending. In past, the options were three- or five-year or fully open. With the ability to have a shortterm solution for the transitioning customer and a number of lenders having a variable-rate product for longer term customers, you have the best of both worlds.

Alternative market share hits record highs in 2014

Alternative lenders’ market share has grown to record levels in 2014, according to new data from one major bank.

Alt-A lenders now underwrite 2.2% of all Canadian mortgages, according to CIBC World Markets.

According to the report – which was based on Statistics Canada data – the value of loans underwritten by alternative lenders grew by a staggering 25% over the past 12 months. The overall mortgage market grew by a mere 4% over the same period.

US trend headed north of the border?

In the US, big banks are moving away from mortgage lending, leaving alternative lenders to pick up the slack. Is it just a matter of time before we see the same in Canada?

Since November 2012, the large banks’ market share has dropped 28 points from 61% to 33%, including a 1.2-point drop in February. This dramatic decline has been met point for point by a 27-point increase in the nonbank market share, from 24% to 51%.

www.mortgagebrokernews.ca

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22/04/2015 5:25:38 AM

UPFRONT

OPINION

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

A bird in the hand Fear of a market slowdown has brokers debating whether to search for new clients on rate sites or to redouble their efforts to keep the clients they already have. Anson Martin of Verico Fair Mortgage Solutions is in the latter camp AS MORTGAGE brokers and agents, we’re always hungry for business. Finding new leads can be a challenging process on its own, so when we’re able to actually get the deal closed and funded, it’s a welcomed feat. However, what happens after closing is equally as important. To fund the mortgage and move on without any further communication is an opportunity lost. Hoping the client will contact you several years later upon renewal is a perilous way to build your business. What steps can you take to ensure the client not only remembers you, but will reach out down the road?

Building trust with the client is key, and it starts even before you place a client with the right mortgage. The earlier you start building this relationship – and your client’s trust – the better.

Next, think about the mortgage at hand.

Offer your clients sound advice, and discuss various options to ensure they have a clear understanding of how each option would impact their situation. Be sure to explain not only the product itself, but why you recommend that particular product. That way, clients will value your input and not feel as though you are pushing a certain product to get them out the door and move on to the next client.

This is especially true for a first-time buyer or a client nervous about making the wrong decision. Other clients may be well-versed in mortgages or have a specific product in mind and therefore require less hand-holding, but it’s still beneficial to take the time to really hear

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them. This will build the groundwork for a long-lasting client-broker relationship that will make your name come to mind whenever they think about mortgage financing. Based on the time and effort spent helping them with their initial mortgage needs, clients will realize they can count on you to provide guidance and advice for their future mortgage needs as well. This also increases the chances of them referring friends and family to you and, in turn, builds your business further.

any duplicates, and make sure all your entries are accurate and up-to-date. The slower periods of the year – summer and winter holidays – are a great opportunity to tidy up your CRM system. Even if you don’t have access to these expansive systems, with a bit of work and research, you can design and implement your own system to use for your personal book of business.

What are some examples of effective ways to reach out to a client after closing? If you arranged financing for a home purchase, you could check in with them a couple of months after closing to see how they’ve settled into their new home. If you refinanced a client and paid off high-interest credit card debt, you could ask how things are going with the positive change to their finances. If a second mortgage was arranged in a difficult situation, it’s even more imperative to maintain communication to make sure the client is staying on track for the exit strategy that was planned.

Another way to stay in touch with clients is through regular newsletters. These can be used to keep your clients up to date with what’s going on in the mortgage world and other relevant topics. Even small touches like remembering a birthday or other event go a long way in building a solid relationship.

“Building trust with the client is key, and it starts even before you place a client with the right mortgage. The earlier you start building the relationship ... the better” Another important ingredient is ongoing communication. This allows your name to be in front of the client long past the closing date of the mortgage and reminds them you’re still active and able to answer any new questions that may arise. Having a solid customer relationship management system, or CRM, is a vital tool to build a lasting relationship with a client. Many large mortgage brokerages have developed impressive CRM systems that are effective in keeping the lines of communication open with the client.

If you’ve let your system become disorganized, spend some time cleaning it up. Clear out

Whatever method you use, what matters most is that the client hears from you far more often than just at renewal time. Taking the time to understand their situation, finding the right mortgage product that best matches their needs, and staying in contact throughout will not be lost on the client – they will appreciate this and be a client for life.

Anson Martin is an FSCO-licensed mortgage agent with Verico Fair Mortgage Solutions in Hamilton, Ont., who serves clients across the province.

www.mortgagebrokernews.ca

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22/04/2015 5:31:47 AM

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PEOPLE

INDUSTRY ICON

ONE MAN’S QUEST TO RAISE THE BAR He’s one of the hardest-working people in the channel, but Michael Cameron, president and CEO of Axiom Mortgage, is intent on adding more to the agenda – not only his, but also the industry’s

LIKE MANY before him, Michael Cameron’s sales career began before he moved over to the mortgage industry – while he was, in fact, working for a garden supply company. But he quickly hit the glass ceiling there and realized a more entrepreneurial environment would be a better fit.

“I think I always had a penchant for personal growth more than anything, and sales was a way to tap into that unlimited potential,” Cameron says. “If you’ve got a job and a paycheque, your options are finite.”

A friend and hockey buddy was already a broker, and was “having a lot of fun and making a lot of money.” Cameron was intrigued. He took the broker course at the University of British Columbia, and the rest, as they say, is history.

He cut his teeth in the industry by raising private capital for development financing; it involved old-school cold calling, promising investors the opportunity to make 12–18% on secured real estate investments.

It wasn’t until a move to Alberta in 2007 that Cameron made the transition to residential mortgages.

“In early 1998, as a new face in a new town, I realized there was some value in getting a brand name behind me, so I worked for CIBC as a mortgage specialist

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and always figured at some point I’d get back to brokering,” Cameron says. “And then in 2003, I was getting my wrist slapped for sending too much business outside the CIBC group of companies, so I set up my own brokerage.”

the opportunity to interview [Rottman School of Business adjunct professor] Brendan Calder, and one of the things he talked about that really resonated with me was moving from success to significance,” Cameron says. “In life, you get to a certain

“I’ve enjoyed a certain level of success, and now it becomes, how can I move from being successful to being significant?”

Cameron admits he originally broke into the industry for financial reasons, but his focus changed after he transitioned to the broker channel.

“That’s when I fell in love with helping the consumer,” he says. “CIBC was great to me, but the brokering model was far more appealing – largely because then I could actually do what was best for my client; I wasn’t answering to CIBC shareholders.”

Industry matters Since finding individual professional success, Cameron has turned his sights to helping those in the industry thrive.

“I’ve done some podcasting … and I had

point, whether it be business of financial success, but what goes beyond that? When do you stop and start to give back? That’s kind of where I’m at in my career: I’ve enjoyed a certain level of success, and now it becomes, how can I move from being successful to being significant?”

Like many brokers, Cameron believes the level of professionalism in the industry can – and should – be improved. And as the CEO of one of Canada’s largest brokerages and a member of CAAMP’s board of directors, Cameron finds himself in a unique position to bring about that change.

“There needs to be a better level of consistency, a higher level of professionalism

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PROFILE Name: Michael Cameron Company: Axiom Mortgage Title: President/CEO Years in the industry: 21 Favourite activities: Swimming, running, biking, yoga; has completed the Iron Man triathalon and teaches spin classes Community involvement: Founded two charitable organizations, the HOME Program and Project Pay It Forward

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22/04/2015 5:33:29 AM

PEOPLE

INDUSTRY ICON IN CAMERON’S WORDS: A CAREER TIMELINE

across the board … and I think change has to come from everywhere,” he says. “I don’t think, as an industry, we want to rely on the regulators to do that. They can certainly help, but I think we need to step up and show the regulators that we’re doing what needs to be done. Otherwise they will regulate the hell out of us. That’s not [who]

Edmonton that quickly grew province-wide.

The program includes educational homeownership workshops and down payment assistance.

When it comes to helping others, Cameron says he looks for ways to multiply his impact by inspiring leaders as opposed to followers.

“We have 16,000 brokers across the country doing things 16,000 different ways, and that model is broken” I want dictating how we do business.”

To Cameron, the responsibility to bring about change rests on the shoulders of those in the industry – the broker associations as well as the individual broker networks. Because as it stands, the industry is fragmented, he says.

“I think a consistent method of quality service delivery is what we lack in the industry, and trying to standardize some of the delivery [should be a priority],” he says.

“We have 16,000 brokers across the country doing things 16,000 different ways, and that model is broken.”

Giving back Cameron’s activism and desire to improve the industry often earn him friendly jabs from his colleagues, who refer to him as ‘Captain Industry.’

But Cameron is confident enough in the team he has assembled to allow him to broaden his focus outside of just his company. He credits his business partner, Gord Ross, as well as his entire support team for allowing him to focus on industry initiatives as well as philanthropic endeavours.

In 2001, Cameron founded The HOME Program, an affordable housing initiative in

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“If I can gather 100 followers, that’s great,” he says. “But if I can touch 100 people and help create another 100 leaders who can then touch another 100 people each, that reach is exponential.”

It’s that philosophy that helped inspire Project Pay it Forward.

“I took seven women who ended up winning the Women in the Mortgage Industry contest, and I gave each $500 and said, ‘Go do something with this. Expand it,’” Cameron says. “Rather than me just donating $500 to seven different charities, I gave it to them, and as a result, the ripple effect of that has been unbelievable.”

Between running his business, helping the industry grow and giving back to the community, Cameron hasn’t lost sight of his own personal interests, however. He’s a devoted father and an active athlete – he’s done a number of triathlons and marathons and has completed an Iron Man, finishing in less than 12 and a half hours. (The average triathlete takes 12 hours and 35 minutes to compete the event.)

So how does he find the time to spread his interests so wide? He has one secret, but it probably isn’t worth trying to emulate. “I don’t sleep a lot, actually,” he says. “They tease me about that.”

1994: Became licensed in BC. Spent the first four years raising private capital for syndicated mortgages, financing a variety of commercial and development projects. “I cold-called high-networth individuals, soliciting investment. This was really my training ground for sales.”

1998: Moved to Edmonton and took a job with CIBC as a mortgage specialist. “I always knew I would get back to brokering, but as a new face in a new town, I decided to get a brand name behind me. In 2000 or so, they evolved into HLC. which I thought would allow me to broker. “

2001: Co-founded The HOME Program

2003: “I left HLC to start Integrity First Mortgage Solutions, a truly independent brokerage.”

2005: ”After continued frustration with the lack of options on a national scale for small independents, I founded Axiom Mortgage Partners with Gord Ross.”

M to to

L

*A 2008: “Gord and I merged our two independent brokerages to become Axiom Mortgage Solutions, a licensee of Axiom Mortgage Partners. Integrity First Mortgage Solutions became Axiom Mortgage.”

www.mortgagebrokernews.ca

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FEATURES

COVER STORY: TOP 75 BROKERS

CMP

TOP

75 Could the market be gaining strength?

In its ninth year, CMP’s top broker list saw a significant increase in funded volume.

We report the results

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®

LAST YEAR seems to have been a good one for Canada’s top performers – the Top 75 brokers collected commissions on more than $5.04 billion in funded volume, specifically on residential mortgages.

When all the submissions were gathered and double-checked, we once again crowned a winner, who recorded a whopping $331,520,352 – an increase of more than $72.9 million over his 2013 total. Of course, you’ll have to read on to discover who that mystery broker is.

CMP is very proud of the diversity of this year’s list – new brokers

and veterans alike have done outstanding work. Many of those same brokers also appear on CMP’s fourth Small Market Top 20, which recognizes the successes of top performers in markets where the average home price is $301,000 or less.

Together, both lists point to a continuing trend: The perpetual gap between the very top performers in this industry and other mortgage professionals. However, this gap may be closing among the best of the best; the top five this year contributed about 16.5% of the total funded volume for the entire list, down from nearly 20% last year.

BROKERS BY PROVINCE 0

18

Newfoundland

Alberta

1

1

Manitoba

31

1

Ontario

21

British Columbia

MEN

Quebec

67%

Nova Scotia

2

Saskatchewan

TOTAL FUNDED VOLUME

$5.04 billion

$4.38 billion

14,992 2013 12.3 2013

16,075 2014 11.4 2014

TOTAL NUMBER OF YEARS IN THE BUSINESS 2014

33%

TOTAL NUMBER OF DEALS

AVERAGE NUMBER OF YEARS IN BUSINESS

2013

WOMEN

923 2013

856 2014

METHODOLOGY CMP congratulates all the mortgage professionals who took part in this year’s list. Each honouree had to be employed as a mortgage professional, able to write loans, and their deals must have been personally initiated. They also had to provide a breakdown of their deals with verifiable lender contact information. All deals were residential, and while back-office support in processing the loans is acceptable, no other parties could receive commissions on these deals.

OUR SPONSOR Verico is one of the largest mortgage broker networks; we have more than 200 offices and 2,300-plus brokers who originate more than $13 billion in annual loan volume. Verico is composed of the top professional and influential mortgage companies and originators in the country. The Verico network prides itself on the core pillars of excellence, professionalism and ethical standards; as a result, we have earned a coveted reputation that in the industry. Find out why the most respected brokers and influential mortgage companies in this industry are members of the Verico network. Talk to us. You’ll be impressed. ®

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FEATURES

COVER STORY: TOP 75 BROKERS

®

72 SCOTT BENTLEY COMPANY: Verico Premiere Mortgage Centre TOTAL VOLUME: $38,702,703 LOANS FUNDED: 133 MOST IMPORTANT DEAL: Bentley’s most memorable deal of 2014 was a refinance transaction with a loan amount of $472,000 for clients completing a construction draw on their new home. The bank that had completed the clients’ construction loan was unable to get refi approval for some rental property the clients owned. Meanwhile, the clients were facing significant cost overruns, and tradesmen were going unpaid.

“We were able to successfully pay out the existing mortgage, harvest some of the equity from the rental property to pay the trades, and bring construction on the new project to completion,” Bentley says.

75 CAROLYN CALLERO COMPANY: TMG The Mortgage Group Mountainview Mortgage TOTAL VOLUME: $38,152,080 LOANS FUNDED: 133 MOST IMPORTANT DEAL: “My most memorable deal was the purchase of a triplex in Toronto [for] $1 million. The client was able to purchase with 20% down at a preferred interest rates at a major bank lender. This was a big dream for my client that he has thought about for years. He was able to purchase this, sell his house and occupy the nicest unit and rent out the other two, which will allow him to retire early and start enjoying life – and also have a great investment to one day leave for his son. He was truly thankful that I was able to help him make his dream come true.”

71 DENNY SEGAL COMPANY: Dominion Lending Centres Origin TOTAL VOLUME: $39,000,000 LOANS FUNDED: 74 MOST IMPORTANT DEAL: “I treat every opportunity presented to me with equal attention, assigning them all the same degree of importance,” Segal says. “After close to 25 years in this industry, I recognize that the first-time homebuyer, needing a comparatively small mortgage, deserves the same service level as the many-time buyer looking to secure the large advance.”

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CLINTON WILKINS COMPANY: Centum Home Lenders TOTAL VOLUME: $38,352,542 LOANS FUNDED: 182

73 DWIGHT TRAFFORD COMPANY: The Mortgage Centre Rock Capital Investments TOTAL VOLUME: $38,540,653 LOANS FUNDED: 180 MOST IMPORTANT DEAL: “My largest deal was for $704,000.”

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DIANA LEE 70 JASON GEORGOPOULOS COMPANY: Dominion Lending Centres Estate Mortgages TOTAL VOLUME: $39,245,000 LOANS FUNDED: 108 MOST IMPORTANT DEAL: The most important deal Georgopoulos handled last year was the completion of a construction project for a friend.

The project had started two years earlier, and had gone from private financing to debt consolidation for more than $1.5 million. “Due to the dollar amounts, the long timeline, a maternity leave and construction delays, it was a very complicated deal,” Georgopoulos says. “But all ended well, with my client receiving a great rate and completing his dream home.”

COMPANY: Invis The Mortgage Minds TOTAL VOLUME: $39,290,660 LOANS FUNDED: 136 MOST IMPORTANT DEAL: Lee’s most memorable deal last year was a client approved for 95% LTV of the original purchase price of $890,000. However, when the clients got an addendum for upgrades at an additional $50,000, the branch wouldn’t re-approve them for the full $940,000. The clients came to Lee in August, and she was able to use her contacts to get them approved.

“My clients were floored,” Lee says. “It was a pleasant surprise for all parties working on the deal, but with lots of open communication and, really, the interest of the clients at heart, we got it done for the full price.”

www.mortgagebrokernews.ca

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Calum Ross

VERICO The Mortgage Management Group Member since 2012

#1 in 2010

“Joining VERICO was the best decision for my brokerage, as VERICO brings the right support elements to the table yet lets its brokers shine and operate under their own unique branding and business models. VERICO has a visionary and highly ethical leadership team, industry-leading marketing tools, and finally, an engrained commitment to continually improve its offerings and to stand behind them.”

Gord Pipkey

VERICO Real Mortgage Services Inc. Member since 2010

#1 in 2011

“Being part of a national network has added depth to our activities in the market area. Just the branding alone has developed more awareness and recognition from our existing clients and realtor community. We are very appreciative of the efforts of Sean Widdess, Director of Member and Lender Relations, and the team at VERICO Canada in supporting our business and our partnership.”

Jim Tourloukis

VERICO Advent Mortgage Services Inc. Member since 2013

#1 in 2013

“I am thrilled to be back and I’m blown away! The move back to VERICO has already paid dividends in spades. Within 24 hours of turning on VERICO Dynamics and its automatic marketing emails, I received 5 real deals and another 76 inquiries from leads. Those results speak for themselves.”

CONTACT OUR MEMBERSHIP TEAM TO FIND OUT WHY CANADA’S TOP BROKERS JOIN THE VERICO NETWORK. ® 1.866.983.7426 | info@verico.ca | www.verico.ca Each VERICO Broker is an independent owner and operator.

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FEATURES

COVER STORY: TOP 75 BROKERS

®

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65

PEARL KWAN

DAVE MCNABB

COMPANY: Dominion Lending Centre Casa Mortgage TOTAL VOLUME: $39,303,645 LOANS FUNDED: 81 MOST IMPORTANT DEAL: “In 2014, I would say the most important client is a guy whom I met in January,” Kwan says. “He owns a Chinese restaurant. He was referred to me by one of my old clients. After I had done a couple of mortgages for this client, he was very happy with my service and efficiency. He then referred me to his family members, including his sons, his brothers, sister-in-laws, aunt, etc., as well as his staff at the restaurants, his business partners, his personal friends, his builder – he has sent so much business to me. … In 2014, I would say a minimum of 20% of my total business volume came from this client and all his referrals.”

67 SARAH DAVISON COMPANY: Mortgage Intelligence TOTAL VOLUME: $39,824,095 LOANS FUNDED: 135 MOST IMPORTANT DEAL: “I’d have to say my favorite deals each year are those with repeat clients – I love reconnecting and the personal relationship. A close second are those transactions with clients that we created a plan for, they followed, and are now in a position to buy. It’s neat to see things fall into place after people work so hard to get them.”

COMPANY: Dominion Lending Centres Regional Mortgage Group TOTAL VOLUME: $40,704,669 LOANS FUNDED: 132

64 COREY KLASSEN COMPANY: Dominion Lending Centres Powerhouse House Mortgages TOTAL VOLUME: $41,118,164 LOANS FUNDED: 136 MOST IMPORTANT DEAL: “My best deal of 2014 was both the toughest deal and the most personally gratifying,” Klassen says. His clients had immigrated to Canada from South Korea in 2010 and opened a popular Korean restaurant, located in the same building where they resided. However, their area of Saskatoon began experiencing a revitalization, and the property owners “couldn’t sell fast enough to the highest bidder,” Klassen says. A Realtor hired to sell the couple’s building listened to their story and convinced the property owner to give them time to try to purchase the building themselves. “It took a few months to come together, but between their hard-earned savings and friends in the neighbourhood coming together to compile the remainder of the down payment, I was able to secure the mortgage through a private investor,” Klassen says.

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63

GEOFF LEE

JAMES HARRISON

COMPANY: Dominion Lending Centres GLM Mortgage Group TOTAL VOLUME: $40,051,231 LOANS FUNDED: 150 MOST IMPORTANT DEAL: “One of the most sensational stories of 2014 surrounds a client that almost had his house foreclosed based on delinquent property tax payments,” Lee says. A bank had already turned the client away for poor credit. However, the problem wasn’t credit, Lee says – “it was the bank [not] seeing past the obvious and implementing small changes that would put this client back on track.” Lee helped the client clearly define his credit issues and was able to get him refinanced to 80% LTV in a five-year mortgage at A rates, then use the equity to pay the client’s outstanding debts. “This debt consolidation not only saved his house from foreclosure, but also put an additional $2,500 per month into his pocket from consolidating his monthly credit card debt,” Lee says.

Geoff Lee founded GLM Mortgage Group in 2013, building on the standards of excellence he’s developed from more than 16 years in the real estate business. Lee also has a heart for service; in 2010, he and his wife, Kim, founded Imani Orphan Care, a nonprofit to help orphaned and abandoned children in Kenya. Some of the proceeds from every mortgage that GLM facilitates go toward Imani Orphan Care projects, including a home that houses 62 orphans.

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COMPANY: Dominion Lending Centres Mortgage Village TOTAL VOLUME: $42,000,000 LOANS FUNDED: 144 MOST IMPORTANT DEAL: Harrison’s most memorable deal of 2014 was one in which he convinced his clients to go with a monoline lender rather than a bank in order to avoid large penalties. “Seven months later, the clients had to break their mortgage – which was $500,000,” Harrison says. “Thank god the penalty was only $3,700. If it was with one of the big banks, it would have been over $20,000. They cried and gave me a hug – I saved them over $17,000.”

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®

61 MORRIS BRIGLIO COMPANY: Verico The Mortgage Advantage TOTAL VOLUME: $42,550,000

62 SUSIE INGLIS COMPANY: Dominion Lending Centres Mortgage Evolution West TOTAL VOLUME: $42,515,100 LOANS FUNDED: 107 MOST IMPORTANT DEAL: “My largest residential mortgage last year was $2,550,000.

This was an exciting mortgage to do because it finally shows some confidence coming back to the market when A lenders are willing to entertain this size once again.”

LOANS FUNDED: 92 MOST IMPORTANT DEAL: “In 2014, I funded the single biggest residential mortgage in my 24 years as a mortgage broker.

The mortgage was a private second for $5.5 million – behind a Bank of Montreal first of $6 million – on a West Vancouver property appraised at $17 million. The deal had been referred to me by two colleague brokers who had been working to place the deal and had been unsuccessful.”

LENDING TO CLIENTS

60 FRANCES HINOJOSA COMPANY: Dominion Lending Centres The Mortgage Source TOTAL VOLUME: $42,951,637 LOANS FUNDED: 83 MOST IMPORTANT DEAL: “My biggest deal for 2014 was the creation of our own sub-franchise team with seven agents in total, four of which I had personally mentored. Our team was ranked number 34 in the top 50 agents for volume in Canada at [Dominion Lending Centres].”

FSCO Brokerage License #10119 FSCO Administrator License #11209

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COVER STORY: TOP 75 BROKERS 55

SHARNJIT SINGH GILL

RON LEFEBVRE

Sharnjit Singh Gill came arrived in Canada in 1995 and joined the Bank of Montreal as financial services manager the following year.

In 2000, he left the bank to become a mortgage broker – a move that quickly paid off. Superior Mortgage is known for its phenomenal service – about 85% of its clients come back for repeat business. That success has led to Gill being ranked as one of the country’s top brokers by CMP six years in a row. “We’ve been doing business in the old-fashioned way – first by getting the client’s trust, and then doing what is right for our clients,” he says. And that old-fashioned business ethic looks to be in good hands for years to come; Gill’s son, Raj, and his daughter, Mani, also work at Superior.

58 KELLY WILSON COMPANY: Invis The Wilson Team TOTAL VOLUME: $43,788,839 LOANS FUNDED: 170

57 JAY KELLY COMPANY: Centum Diversified Mortgages TOTAL VOLUME: $43,999,356 LOANS FUNDED: 151

56 PIERRE BLAIS COMPANY: Verico Jayman Financial TOTAL VOLUME: $45,124,607 LOANS FUNDED: 125

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COMPANY: Verico Superior Mortgage TOTAL VOLUME: $43,421,230 LOANS FUNDED: 110

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COMPANY: Invis Mortgage Intelligence TOTAL VOLUME: $45,272,051 LOANS FUNDED: 139 MOST IMPORTANT DEAL: Among several important deals last year was one Lefebvre put together for a client who had spent two years working to repair his credit.

“Through following specific advice on credit, down payment and income, he was finally able to purchase a home for him and his wife – and they have since had a son,” Lefebvre says. “The client was literally in tears when I told him he was approved.”

54 LILIANA PERIC COMPANY: Dominion Lending Centres Capital Region TOTAL VOLUME: $46,008,361 LOANS FUNDED: 145

SABEENA BUBBER COMPANY: Verico Xeva Mortgage TOTAL VOLUME: $48,205,027 LOANS FUNDED: 106 MOST IMPORTANT DEAL: “I was approached by one of the moms on my daughter’s skating team, who was in a real predicament,” Bubber says. The client had a firm offer on a purchase in West Vancouver and had arranged with her bank to port her mortgage. However, after reviewing her application, the bank said she was no longer qualified because of her employment. “Five years ago there would have been several products to qualify her income. However, as rules have tightened up considerably, it seemed no one was interested in her application.” A lender Bubber had a strong relationship with was willing to take the risk for her client. “Not only did we get the mortgage done at a better rate than her bank had initially offered and then rescinded, we saved the large deposit left hanging in the balance with the bank decline.”

53 TRACY VALKO COMPANY: Dominion Lending Centres Forest City Funding TOTAL VOLUME: $46,996,715 LOANS FUNDED: 184 MOST IMPORTANT DEAL: “The most important deal I did in 2014 was not exactly straight out of a fairytale, but because of my team’s hard work and dedication, we were able to ease part of an extremely stressful situation for a client,” Valko says. Valko’s clients were a couple expecting their second child and upgrading to a larger home; the new baby was due just three weeks before completion. Then the husband was diagnosed with a rare form of brain cancer that progressed so rapidly he was placed on life support within a week of diagnosis. A week after that, he died – on the same day his daughter was born. “At this point the house was two weeks away from closing, and as everything had already been firmed up, the family was understandably devastated,” Valko says. “We knew we had to stop at nothing to find a solution, and my team got working right away to come up with something that would still allow [the wife] to move into the new home with her children.” Valko arranged for the wife’s father to co-sign so she would still be approved, and increased the amortization in order to help ease the payment burden. To make sure the client didn’t have to carry the entire load of the mortgage herself, Valko even helped arrange for a tenant to occupy the new home’s basement suite. “My client’s family was so grateful that our office provided a solution to a very stressful and devastating situation,” Valko says. Valko even continues to check in periodically with the client to maje sure everything is going well for her and her children. “I consider my clients like family, and I always want to do the best I can for each and every one of them,” she says.

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51 DEBORAH WHITE COMPANY: Dominion Lending Centres White House Mortgage TOTAL VOLUME: $49,655,271 LOANS FUNDED: 194 MOST IMPORTANT DEAL: “I think it would be my long-term clients who got themselves in a lot of trouble financially and were days away from losing their home. Within a week, we were able to find a suitable solution, and the couple was able to save their home. My clients are now able to breathe a huge sigh of relief and keep their home, not uprooting the children. We now have them in credit counselling, and they are on a healthy path to rebuilding their financing situation.”

50 BRIAN HOGBEN COMPANY: Mortgage Financial TOTAL VOLUME: $51,000,000 LOANS FUNDED: 214 MOST IMPORTANT DEAL: “The biggest deal I completed in 2014 was a mortgage for $1.4 million. The house was appraised for over $4 million – to most this seems like a no-brainer. However, the downfall came when it was referred to as a ‘unique’ house! This was the first time I heard a house described this way, and I quickly learned that no lenders like to finance anything that is ‘unique’! Through an excellent relationship we have with one particular lender, we were able to make this deal work for a fair price where other brokers and banks were not able to help.”

Brian Hogben has been in the finance industry since high school, starting as a bank teller making $10 per day. He climbed steadily through the ranks, from customer service representative to financial advisor to mortgage development manager. In 2012, he left the bank and started with Mortgage Financial, opening his own satellite office in 2013.

When he’s not writing mortgages, Hogben can usually be found running, snowboarding or travelling with his wife. He’s also passionate about elevating the financial literacy of young people, and is currently writing a book that aims to help young adults make good financial decisions.

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COVER STORY: TOP 75 BROKERS 90.6%

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inspectors have found problems; appraisals showed a home was worth less than the bid; a buyer lost a job before the closing.

U.S. housing market worse than thought More than two years after the recession The number of Americans who bought previously officially ended, many people can’t qualify for occupied homes rose in October. But the National loans or meet higher down payment Association of Realtors says it overstated more than 49 45 Even those with excellent credit requirements. three million sales during and after the Great Recession, and stableSHAUN jobs are holding off because they fear showing housing market was weaker than JODYtheHENRY ZIPURSKY Percentage of that home prices will keep falling. Sales are also previously thought.

COMPANY: Dominion Lending Centres COMPANY: Dominion Lending Centres homeownership being hurt by a decline in first-time buyers, who The private trade group says sales rose four per Arrowsmith Wide Mortgage Services costs, including are criticalCity to reviving the housing market. cent in October to a seasonally adjusted annual rate of mortgage payments, TOTAL VOLUME: $51,766,074 TOTAL VOLUME: Sales have fallen in four of $53,825,798 the five years 4.42 million.

That’s below the roughly six million homes utilities and property LOANSboom FUNDED: 108 in 2006. since the housing went bust a LOANS year thatFUNDED: economists179 say are consistent with a healthy taxes that take up a Declining prices and record-low mortgage rates housing market. But it’s ahead of 2008’s revised sales, 44 typical household’s haven’t been enough to boost sales. now considered the worst in 13 years. monthly pre-tax 48 At the same time, home construction has The trade group revised its sales from 2007BERNADETTE to 2010 income LAXAMANA in Vancouver begun a gradual comeback and should add to the down 14 per cent, from more than 20.6 million to nearly GURPREET SAMRA COMPANY: Verico Xeva Mortgage and Toronto, economy’s growth in 2011 for the first year since 17.7 million. Among the reasons for the lower figures, COMPANY: Centum $54,306,260 respectively (RBC the Great Recession began in 2007. Last month, the Realtors group says: Leading changes Edge in the way theTOTAL Census VOLUME: Economics Financial Services 135 Housing builders broke ground on an annual rate of Bureau collects data, population shifts and someLOANS sales FUNDED: Trends and Bernadette 685,000 TOTAL VOLUME: MOST IMPORTANT DEAL: Laxamana’s biggest last year said was also one of her homes, thedeal government recently. being counted twice. $53,099,748 Affordability Report) That was a 9.3 perwell centin jump October and their The Realtors consulted LOANS FUNDED: 142 with government and most memorable. Her clients, both self-employed and doing theirfrom business, owned the fastest pace since April 2010. private housing experts, including the Federal Reserve, $1.5 million home free and clear, but wanted to purchase a new $1.7 million home. “One of their Most economists home will keep the Department of Housing and Urban Development, sons had recently been diagnosed with ADHD, and they wanted a say place withprices an expansive outdoor 47 falling, by at least five per cent, through 2012. the Mortgage Bankers Association, the National area so he would be able to exercise and expend his energy on a daily basis,” Laxamana says. “Their Many forecasts don’t foresee a rebound in prices Association of Home Builders, mortgage giants Fannie CHRIS LANDRY two younger children loved animals, and theuntil extraatoutoor space would allow them to care for more least 2013.

Mae and Freddie Mac and CoreLogic, a California-based COMPANY: Verico Paragon of them.” The project looked straightforward enough – Laxamana refinancedhas their original home The high rate of foreclosures made data firm that first raised doubtsMortgage about the annual TOTALearlier VOLUME: $53,461,160 to get more than $1 million in equity to use as a down payment, then looked a $630,000 mortresold homes cheaper than newfor ones.

The numbers this year. median priceIofexpected a new home is roughly CoreLogic has estimated LOANS FUNDED: 121 that the Realtors group gage for the property. “With a 37% LTV on the purchase, it would be easy30 to per get financcent above theLaxamana price of one that’s been occupied overstated sales in 2010 by at least 15 per cent. ing,” she says. “Instead, three lenders turned me down.” worked furiously to get an before – twice the normal markup.

Investors are “I’m The changing numbers could affect how economists approval, leveraging her relationships and connections until she was able to broker a deal.

46the trade group’s data. It could also affect companies taking advantage of the discounts. view pleased to say that my clients and their children are living happily in their wonderful new dream The housing market is struggling even that use the figures for hiring and expansion plans.

ANDRE L’ECUYER home, enjoying their outdoor space and their she economy says. asanimals,” the broader has improved in Sales are measured when buyers close on homes.

COMPANY: Neighbourhood Dominion recent months.

But many deals are collapsing before that point.

Bernadette Laxamana, a partner at VericoThe Xeva Mortgage, has than 20 years of finanLendingof Centres economy grew atmore an annual pace of two One-third Realtors said they had at least one contract per cent in the July-September quarter.

Many scuttled in VOLUME: October, up $53,463,734 from 18 per cent in September. cial industry experience. Over the years, she’s helped more than 1,500 families with mortgage TOTAL economists slightly in on theCMP’s Contracts are being240 cancelled for several reasons: financing, refinancing and mortgage transfers.

This is herexpect second year inbetter a row growth to appear LOANS FUNDED: October-December quarter.

Banks have declined mortgage applications; home CMP Top 75 Brokers list.

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DARA FAHY

ADIL MAWJI

COMPANY: Dominion Lending Centres City Wide Mortgage Services TOTAL VOLUME: $54,449,740 LOANS FUNDED: 125 MOST IMPORTANT DEAL: “A $1.5 million construction loan that bridged a client between draws on an HSBC construction mortgage of $7 million. [It was] a large project – over $14 million – and the loan required an inter alia charge over various properties for an offshore client.”

42 JEFF ATTWOOLL COMPANY: Verico K-W Mortgage TOTAL VOLUME: $54,736,107 LOANS FUNDED: 212 MOST IMPORTANT DEAL: Attwooll’s client contacted him to do an 80% refinance to obtain extra funds for his business. “After looking at his current Tangerine 3.98% rate with just over 4.5 years remaining on it, I quickly realized his penalty was peanuts – $2,700 – and after getting a BFS mortgage arranged at the credit union at 2.85%, I would save him huge money with no added lender fees. It was a huge win-win.”

COMPANY: Invis SimpleMortgages.ca TOTAL VOLUME: $54,867,141 LOANS FUNDED: 135 MOST IMPORTANT DEAL: Adil Mawji says the most important thing to happen to him in 2014 wasn’t a specific deal, but being elected president of the Alberta Mortgage Brokers Association. “It is an honour to serve at the pleasure of the AMBA board and mortgage brokers in Alberta,” he says. “I am a very proud member and strongly believe in our associations.”

40 MACKENZIE GARTSIDE

39 MAX OMAR COMPANY: Dominion Lending Centres Capital Region TOTAL VOLUME: $55,013,851 LOANS FUNDED: 163

38 TODD PAYZANT COMPANY: Neighbourhood Dominion Lender TOTAL VOLUME: $55,123,622 LOANS FUNDED: 225 MOST IMPORTANT DEAL: “I received a referral from a financial planner for a doctor still in residence buying a $500,000 home.

His salary was $55,000, and he had a huge student loan, so ratios were not even close to being in line. I sent the deal to National Bank, and they used future income for him and approved the deal. Since then, the doctor has referred me to many of his classmates.”

COMPANY: Select Mortgage TOTAL VOLUME: $55,000,000 LOANS FUNDED: 301 MOST IMPORTANT DEAL: “We don’t do many large deals because we are a small town,” Gartside says. “Our average mortgage size is $180,000.” So her biggest deal last year – for $800,000 – was a memorable one. “It was for a client purchasing a foreclosure,” she says. “They had to refinance their current home for the down payment. We added a non-family co-signer/co-occupant to both the purchase and refinance. Even with the refi, the down payment wasn’t enough, so we had to get the clients to save up until three days before funding to accumulate enough funds – and even then they were short $1,100, so they had to sell an asset. ... It was interesting, to say the least.”

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COVER STORY: TOP 75 BROKERS 32

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NARISH MAHARAJ

LING LEM COMPANY: Verico Jayman Financial TOTAL VOLUME: $55,366,966 LOANS FUNDED: 152

36 LARRY BARKLEY COMPANY: Dominion Lending Key Financial TOTAL VOLUME: $56,818,000 LOANS FUNDED: 137 MOST IMPORTANT DEAL: “The most memorable mortgage I did last year was a $1 million mortgage that I did for a banker where I was able to get him a lower rate on a five-year fixed product than what his employer/bank had offered him.”

35 SUSAN WANG COMPANY: Centum Monest Mortgages TOTAL VOLUME: $57,389,349 LOANS FUNDED: 155

34 DAVID GRIFFIN COMPANY: Dominion Lending Centres Griffin Financial Group TOTAL VOLUME: $58,273,050 LOANS FUNDED: 293

33 DEBBIE BELAIR COMPANY: Dominion Lending Centres Smart Debt TOTAL VOLUME: $58,471,618 LOANS FUNDED: 193

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COMPANY: Dominion Lending Centres Mortgage Mentors TOTAL VOLUME: $59,152,327 LOANS FUNDED: 206 MOST IMPORTANT DEAL: Maharaj says his most memorable deal last year started when a client’s husband passed away. “Due to the funeral costs and backlog of expenses, she found herself in a very challenging financial position,” he says. “She had to sell her property to get out from under the costs. We were able to get a AAA lender on board to support her application for the purchase of a new property so they could start to rebuild and move forward. It’s helping good people like her that makes my work rewarding day in and day out.”

31 TERRY KILAKOS COMPANY: Verico North East Mortgages TOTAL VOLUME: $59,368,365 LOANS FUNDED: 221 Terry Kilakos has been in the mortgage industry for eight years.

Using his past experiences as a financial advisor and the president of a market research company, Kilakos founded North East Mortgages and quickly turned it into one of the most talked-about companies in the Montreal area. Kilakos is Montreal’s acknowledged mortgage expert, frequently sought out by radio, television and newspapers for his take on industry issues. He hosts “The Real Estate Show,” a weekly radio show on Montreal’s CJAD 800 AM, where he discusses real estate and mortgages, as well as addressing callers’ questions and concerns.

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JAMES LOEWEN

JOSEPH PARK

COMPANY: Verico COMPANY: Loewen JP Mortgage Services Group Mortgages TOTAL VOLUME: TOTAL VOLUME: $60,000,000 $59,956,184 LOANS FUNDED: LOANS FUNDED: 120 203 MOST IMPORTANT DEAL: Park’s MOST IMPORTANT DEAL: Loewen’s most largest deal of 2014 was a $1.2 million loan memorable deal was one in which he didn’t on a $2 million purchase. make a dime. A client of his – referred by her sister six years ago – had made a purchase with Loewen’s assistance through HSBC. At the time of her next purchase, it wasn’t in her best interest to break the mortgage, so Loewen recommended they go back to HSBC – even though the bank had stopped working with brokers. When HSBC said it would re-charge the client more than $12,000 of CMHC premium, Loewen sat down with the HSBC rep and assisted in porting the mortgage without the client having to pay the full CMHC premium. “I did not receive any compensation for this time and effort, but it paid off when we switched their mortgage last spring – and we earned their business from HSBC to switch, and again when they needed to refinance,” Loewen says. “They continue to be one of our greatest referral sources to this day!”

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JORDAN D’HAESE

GERT MARTENS

COMPANY: Verico Jayman Financial TOTAL VOLUME: $61,282,541 LOANS FUNDED: 157

COMPANY: Dominion Lending Centres HT Mortgage Group TOTAL VOLUME: $61,497,701 LOANS FUNDED: 224

ROGER NAMBIAR COMPANY: Verico Pro-Lending TOTAL VOLUME: $62,430,597 LOANS FUNDED: 145

24 VINCE TARANTINO

26 SHAWNA MACDONALD COMPANY: TMG The Mortgage Associates TOTAL VOLUME: $62,000,000 LOANS FUNDED: 210 MOST IMPORTANT DEAL: MacDonald made her most memorable deal of 2014 after she was recommended to some clients by their friend.

With a history of poor credit and three small children, the clients had nowhere else to turn after being declined by a bank. MacDonald worked with them to develop a strategy to get them into a home, including a rent-to-own contract that would allow them to have a house in which to raise their children while they were working toward buying. After 18 months of following MacDonald’s advice, the clients were able to purchase their first home.

CONTACT US

COMPANY: Dominion Lending Centres Supreme TOTAL VOLUME: $63,340,630 LOANS FUNDED: 172 MOST IMPORTANT DEAL: “The biggest and most important deal I accomplished in 2014 was the development of one of my agents. This particular agent was new in our industry ... and even had some personal issues. It would have been easy to drop him, but the culture I breed in my franchise is honesty, being good, going that extra mile and believing we can do anything we set our minds to.”

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COVER STORY: TOP 75 BROKERS 23

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LUISA HOUGH COMPANY: Verico Xeva Mortgage TOTAL VOLUME: $63,422,491 LOANS FUNDED: 165 MOST IMPORTANT DEAL: Luisa Hough’s most important deal last year came when a single mother was referred to her. Recently separated from her husband, with two children under the age of four, the client was told there was no way she could get a mortgage. Hough found a lender who was able to give the client a low rate and a payment she was able to afford based on the support she was receiving from her ex-husband. “She was so grateful and so happy that she was able to provide a home for herself and her kids,” Hough says.

22 22. JIMMY HANSRA COMPANY: Centum Fair Trust Financial TOTAL VOLUME: $64,263,853 LOANS FUNDED: 146

21 ENZA VENUTO COMPANY: Centum Streetwise Mortgages TOTAL VOLUME: $65,000,000 LOANS FUNDED: 354 MOST IMPORTANT DEAL: “It’s not all about the deal, but how we work well with our clients and business partners,” Venuto says. “It’s all about the strategies I use in order to continue to be a success and keep very strong relationships with clients.”

20 JORDI BROWNE COMPANY: Dreyer Group Preferred Financing - Verico TOTAL VOLUME: $72,380,516 LOANS FUNDED: 248

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VIKTOR SCHAEFER COMPANY: Verico Onelink Mortgage & Financial TOTAL VOLUME: $73,472,000 LOANS FUNDED: 304 MOST IMPORTANT DEAL: “I feel that every mortgage and every client have their own unique set of challenges, and not one mortgage is held to a higher standard. My niche market is specifically helping newcomers to Canada to purchase their house. With that, they often have very limited credit history and short employment, but we have a good understanding of how to help. It is my job to guide them and make sure they are ready to purchase and get the best mortgage available to them.”

18 ANGELA CALLA COMPANY: Dominion Lending Centres National TOTAL VOLUME: $75,772,438 LOANS FUNDED: 212 MOST IMPORTANT DEAL: “The mortgages that have been the most significant were as a result of a growth I had in 2014 as I realized the reality of the sandwich generation intimately. My parents’ health declined, and it took half of the year to get stabilized and learn our new reality – while having a baby, running a business and still trying to be the best wife and community participant I possibly could be. I quickly had to put a health plan in place and be prepared for the emotional, financial and physical impact on me and my family. I am by no means alone in this, and helping others in this exact circumstance was the most satisfying part of 2014 for me.”

17 STEVE BROUWER COMPANY: Dominion Lending Centres Drake Entrust Mortgage TOTAL VOLUME: $76,704,290 LOANS FUNDED: 267 MOST IMPORTANT DEAL: “My most important deal was a close friend who has supported me in this business for years. I had previously done three mortgages for him in the past seven years. He came to me wanting to buy a lot and do a self-build. It was a very tough deal, but I had to find a way to get it done. It took many phone calls and documents, but I did manage to get it funded – and now that friend has since sent me another four referrals. Those deals are key to building a solid business.”

16 SANDRA LASTOVIC COMPANY: The Mortgage Centre Complementary Real Estate Services TOTAL VOLUME: $77,870,329 LOANS FUNDED: 313 MOST IMPORTANT DEAL: Lastovic’s most important deals in 2014 were a series of refinance mortgages for medium-sized builders in her area.

“Their own banks did not want to do the deals,” she says. “However, I was able to get them approved through an alternative lender with great rates and terms. As a result, I received a referral from them for another builder who specializes in high-end custom homes.”

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ANDRE DELLINO

SANJEEV GUPTA

COMPANY: Centum One TOTAL VOLUME: $81,900,578 LOANS FUNDED: 220

COMPANY: Centum Champions TOTAL VOLUME: $87,244,843 LOANS FUNDED: 223

MICHAEL WANG

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BILL MACKLEM

MARK GOODE

COMPANY: DLC Macklem Mortgage TOTAL VOLUME: $84,801,058 LOANS FUNDED: 243 MOST IMPORTANT DEAL: One of Macklem’s most rewarding deals of 2014 involved helping a client who dreamed of starting his own business. Working with personal and commercial lenders, Macklem was able to obtain a $1.5 million loan for the client.

COMPANY: Mortgage Man Dominion Lending Centres TOTAL VOLUME: $89,745,190 LOANS FUNDED: 486

11 SHAWN ALLEN COMPANY: Matrix Mortgage Global TOTAL VOLUME: $91,587,254 LOANS FUNDED: 263

COMPANY: The Mortgage Centre Focal Mortgage TOTAL VOLUME: $96,300,000 LOANS FUNDED: 200 MOST IMPORTANT DEAL: Michael Wang’s biggest deal of 2014 was a refi for a school property. “The building was purchased at price of $9.6 million two years ago by a school owner with a VTB of about $8.6 million,” Wang says.

“But the VTB rate was sky-high, and my client also needed cash flow to run the business. After six months of me consulting and helping, the borrower got about a $12 million mortgage, with a new market value of $16.5 million appraised by the lender’s appraisers. I felt so proud of this deal.”

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9 NICHOLAS L’ECUYER

CHRISTINE XU

COMPANY: Verico The Mortgage Wellness Group TOTAL VOLUME: $97,344,629 LOANS FUNDED: 379

COMPANY: Mortgage Architects TOTAL VOLUME: $138,700,000 LOANS FUNDED: 405

Based in Barrie, Ontario, Nicholas L’Ecuyer founded The Mortgage Wellness Group in 2010 and already boasts nine offices across the province, employing 10 full-time support staff and more than 40 mortgage agents. L’Ecuyer himself is a recognized powerhouse in the field; he received CMP’s award for Best Newcomer – Individual Agent or Broker in 2009. In 2013 and 2014, he was listed among the top mortgage brokers in Canada, and in 2014, The Mortgage Wellness Group was a finalist for CMP’s Brokerage of the Year award. The firm was recently named Barrie’s best mortgage brokerage by both the Barrie Advance and the Barrie Examiner newspapers.

8 SCOTT TRAVELBEA COMPANY: Dominion Lending Centres – Travelbea & Associates TOTAL VOLUME: $103,565,538 LOANS FUNDED: 286 MOST IMPORTANT DEAL: “Over the year I had no one important big deal, as I treat them all equally. The business is solely based on referrals; doing the best for our clients is what keeps us in business. I have a belief that our reputation is our marketing, so everyone in my office treats our clients and each other with the highest level of respect and professionalism.”

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SKYE MCLEAN

HARMAN ARORA

COMPANY: Axiom Mortgage Solutions TOTAL VOLUME: $107,115,026 LOANS FUNDED: 294 MOST IMPORTANT DEAL: “One of the biggest deals I closed last year was for $1.3 million. From this deal I have also closed a land deal for $300,000 and am pending a $10 million commercial deal for the same client.”

COMPANY: DLCH TOTAL VOLUME: $115,000,000 LOANS FUNDED: 350

6 WIN LUI COMPANY: Verico Clear Trust Mortgage TOTAL VOLUME: $111,330,133 LOANS FUNDED: 267 MOST IMPORTANT DEAL: “Every deal is equally important to me, whether it’s a $100,000 mortgage or a $1 million mortgage.”

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4 MANZEEL PATEL

2 DAVE BUTLER COMPANY: Verico Butler Mortgage TOTAL VOLUME: $218,165,596 LOANS FUNDED: 761 MOST IMPORTANT DEAL: “The largest mortgage I did in 2014 was probably only $1.2 million. This will sound cliche, but every deal we do is just as important as the next one.

Every client is important, and every deal has its own unique set of circumstances.”

Dave Butler comes from a family steeped in the mortgage industry; his father and brother are also brokers, and his mother works on the compliance side. When Butler finished university in 2004, he apprenticed under his father for about eight months and then set off to start his own team. “I joined Mortgage Intelligence and was off to the races,” he says. In 2012, he and his father and brother started Butler Mortgage.

“They’re more involved in the rate sites and mass advertising,” Butler says. “My team is more geared toward working with real estate investors, building their portfolios, etc.” Butler and his wife, Chantel, are eager for their son Skyler – currently in his second year at Guelph University – to finish his degree and join the family business, continuing the Butler tradition.

COMPANY: Mortgage Architects TOTAL VOLUME: $125,000,000 LOANS FUNDED: 300 MOST IMPORTANT DEAL: “All my deals are equally important to me,” Patel says. “However, one that was interestingly challenging last year was for a major condo developer. As part of this deal, I successfully placed 25 mortgages – a total funding volume of $15 million – in a compressed period of six weeks. Although there were similarities in these deals, each was unique and had to be worked individually to develop a financing solution that best met the clients’ requirements and financial capacity. We managed to close all 25 mortgages on time and to the satisfaction of our clients – and lenders. In hindsight, what worked was developing a project plan for this deal and having various checkpoints to ensure that no deal was slipping through the cracks.”

www.mortgagebrokernews.ca

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FEATURES

COVER STORY: TOP 75 BROKERS

®

1 COLLIN BRUCE COMPANY: Dominion Lending Centres Mortgage Mentors TOTAL VOLUME: $331,520,352 LOANS FUNDED: 1,086 MOST IMPORTANT DEAL: “We signed a 10-year renewal with Dominion Lending Centres; I’m proud to be part of the best broker network in the country. And we purchased a CFF [Canadian First Financial] centre. I feel this is a game-changer for our office and is really helping grow my business.”

There’s no other way to put this: Collin Bruce is a powerhouse. This year marks Bruce’s second year in a row at the number one spot on CMP’s top brokers list, and the fifth year in a row he’s been in the top five.

The broker-owner of Dominion Lending Centre’s Mortgage Mentors racked up an impressive $258,615,820 in 2013, but that’s nothing compared to his 2014 finish – a mindboggling $331,520,352.

Bruce started mortgage brokering in April of 2006, and quickly took the mortgage world by storm. In 2009, he opened his own Dominion Lending franchise, Dominion Lending Centres Mortgage Mentors. Bruce has been Dominion Lending Centres’ top agent in both volume and units for the last five years. He won CMP’s Mortgage Broker of the Year in 2012, and was named Canada’s number-one broker by CMP in 2013. When he’s not working on a new deal, Bruce is probably camping in the mountains with his wife of 10 years and their kids, 6-year-old daughter Emerson and 4-year-old son Liam.

So what’s the secret of Bruce’s success?

According to him, it’s simple. “I think it’s just really hard work and building trust with the clients,” he says. “Just making that one last phone call before you leave the office to update your client. It goes so far.”

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www.mortgagebrokernews.ca

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®

TOP 20 SMALL-MARKET BROKERS 16

CONNECTED TO THE COMMUNITY Small-market brokers step out into the spotlight again this year as CMP presents its fourth Small Market Top 20 list.

The Small Market Top 20 was open to all brokers and agents who did a minimum of 80% of their deals in markets where the average home price is at or below $301,000. The markets must be MLS-identified cities, towns or regions.

TOTAL FUNDED VOLUME

$974 million

$825 million

TOTAL NUMBER OF DEALS

3,936 2013

3,985 2014

2013

2014

20 BEVERLY BRANDL COMPANY: Dominion Lending Centres Integrity Plus TOTAL VOLUME: $30,000,000 LOANS FUNDED: 140 MARKET: Wasaga Beach, Ont.

19 JIVAN S. SANGHERA COMPANY: Dominion Lending Centres Home Capital Solutions TOTAL VOLUME: $30,547,633 LOANS FUNDED: 95 MARKET: Niagara/St. Catharines, Ont. MOST IMPORTANT DEAL: “I remember one family in particular where I helped them refinance, and that reduced their monthly cash outlay by more than 40%. That result was without them having to surrender anything, and it substantially improved what they could do for their children and their quality of life.

18 DUSTIN JAMES COMPANY: Dominion Lending Centres Premier Financial Group TOTAL VOLUME: $30,805,467 LOANS FUNDED: 159 MARKET: Kawartha Lakes, Ont.

17 DAVID WILD COMPANY: Dominion Lending Centres Regional Mortgage Group TOTAL VOLUME: $31,068,685 LOANS FUNDED: 91 MARKET: Red Deer area, Alta.

MOST IMPORTANT DEAL: “The most exciting deal I had last year was a walk-in client who was purchasing a new home. The deal ended up being two deals ... we did a HELOC on his current home for the down payment to the tune of $220,000, and a new first mortgage on the new home for $720,000.

This client was very impressed with the fact that we were able to think outside the box for him and do both. He had been to three other brokers previous to coming in to our office.”

David Wild has been a mortgage broker with Dominion Lending Centres Regional Mortgage Group for more than 12 years, and has been the firm’s broker of record and partner for the last eight years. For the past 12 years, Wild has chaired the board of Golf/ Build a Kid, which has raised about $1.8 million to fund various children’s charities. He’s also a former board member of the Canadian Home Builders Association of Alberta.

JEAN-GUY TURCOTTE COMPANY: Dominion Lending Centres Regional Mortgage Group TOTAL VOLUME: $34,585,157 LOANS FUNDED: 120 MARKET: Red Deer area, Alta.

MOST IMPORTANT DEAL: “There is one that sticks out from an emotional standpoint,” Turcotte says. His client was a woman in her mid-50s trying to get out of an abusive marriage. “She was in a good financial position … but there was still a matter of a marriage separation to occur and an extremely short amount of time that this needed to happen within,” he says. “We first spoke the afternoon of June 25 ... [and] her possession date was set for July 4.

I’m happy to report that we made the possession day as per the original contractual agreement to get her out of her tough situation.”

15 ELIE MELKI COMPANY: Dominion Lending Centres CentreQuest TOTAL VOLUME: $35,405,209 LOANS FUNDED: 119 MARKET: Montreal, Que. MOST IMPORTANT DEAL: “Last year I had a client sell her house and get her dream home built. She got approved by her bank; everything was OK. The construction took longer than expected, so the bank did a requalification. Unfortunately, she did not qualify anymore, so the bank pulled the plug on her financing. This was devastating news for her. She was referred to me by another client, and I was able to find a lender and got the financing in place, and funded the deal within two weeks.”

www.mortgagebrokernews.ca

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FEATURES

COVER STORY: TOP 20 SMALL-MARKET BROKERS

®

14 YVES CORMIER

9 DEBORAH WHITE

3 JORDI BROWNE

COMPANY: Verico Cormier & Cormier Consultants TOTAL VOLUME: $36,342,588 LOANS FUNDED: 283 MARKET: Edmunston, NB

COMPANY: Dominion Lending Centres White House Mortgage TOTAL VOLUME: $49,655,271 LOANS FUNDED: 194 MARKET: North Okanagan, BC

COMPANY: Verico Dreyer Group Preferred Financing TOTAL VOLUME: $72,380,516 LOANS FUNDED: 248 MARKET: Chilliwack, Abbotsford, Mission, BC

13 CLINTON WILKINS

8 ANDRE L’ECUYER

2 VIKTOR SCHAEFER

COMPANY: Centum Home Lender TOTAL VOLUME: $38,352,542 LOANS FUNDED: 182 MARKET: Halifax, NS

COMPANY: Neighbourhood Dominion Lending Centres TOTAL VOLUME: $53,463,734 LOANS FUNDED: 240 MARKET: Petawawa and Pembroke, Ont.

COMPANY: Verico Onelink Mortgage & Financial TOTAL VOLUME: $73,472,000 LOANS FUNDED: 304 MARKET: Winnipeg, Man.

12 SCOTT H. BENTLEY COMPANY: Verico Premiere Mortgage Centre TOTAL VOLUME: $38,702,703 LOANS FUNDED: 133 MARKET: Halifax, NS

11 SARAH DAVISON COMPANY: Mortgage Intelligence TOTAL VOLUME: $39,824,095 LOANS FUNDED: 135 MARKET: Grand Prairie, Alta.

10 DAVE MCNABB COMPANY: Dominion Lending Centres Regional Mortgage Group TOTAL VOLUME: $40,704,669 LOANS FUNDED: 132 MARKET: Red Deer area, Alta.

Dave McNabb – affectionately known as ‘McDad’ to his team – opened the doors to Regional Mortgage in 1997. Since then, the agency has grown to three offices and 47 agents across Alberta. McNabb haws applied his background in credit, accounting and other financial fields to turn Regional Mortgage into one of the top 10 Dominion Lending Centres offices in Canada. The firm has also won a CHBA Best Service Provider award, and was nominated last year for CMP’s Best Mortgage Brokerage award.

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7 TODD PAYZANT COMPANY: Neighbourhood Dominion Lending Centres TOTAL VOLUME: $55,123,622 LOANS FUNDED: 225 MARKET: Sudbury, Ont.

6 DAVID GRIFFIN COMPANY: Dominion Lending Centres Griffin Financial Group TOTAL VOLUME: $58,273,050 LOANS FUNDED: 293 MARKET: Petersborough, Ont.

5 TERRY KILAKOS COMPANY: Verico North East Mortgages TOTAL VOLUME: $59,368,365 LOANS FUNDED: 221 MARKET: St. Laurent, Que.

4 GERT MARTENS COMPANY: Dominion Lending Centres HT Mortgage Group TOTAL VOLUME: $61,497,701 LOANS FUNDED: 224 MARKET: Grand Prairie and Northern Alberta

1 MARK GOODE COMPANY: Mortgage Man Dominion Lending Centres TOTAL VOLUME: $89,745,190 LOANS FUNDED: 486 MARKET: Orillia, Ont. During his 14 years as a mortgage professional, Mark Goode has helped thousands of people in Orillia and the surrounding areas achieve their dreams of homeownership.

Goode’s business has grown primarily though referrals from real estate agents, financial planners and satisfied clients. His welcoming attitude and focus on customer service has paid off; Goode racked up more than $89.7 million in volume last year. Goode has been recognized by CMP as one of Canada’s top brokers, and is a past honouree as the number-one small-market broker in Canada. He’s also been voted Orillia’s favourite broker three years running.

www.mortgagebrokernews.ca

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22/04/2015 6:04:44 AM 2015-04-13 2:48 PM

FEATURES

BUSINESS-FOR-NEWCOMER DEALS

THE BATTLE FOR NEWCOMERS Immigration continues to protect Canada from the economic doldrums so many other developed nations are grappling with, but new regulations are making it more difficult for newcomers to secure mortgages. Here’s what you need to know to market to this rapidly expanding segment

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ONE OF the true, untapped growth markets is immigrants who are seeking to become Canadians, and are in search of financing for homes. But lingering broker perceptions around the challenges of securing them mortgages continue to dampen originator enthusiasm.

That reluctance flies in the face an expanding number of broker channel lenders actively embracing those files, despite the stricter underwriting guidelines set out in B20 and now B21. The numbers don’t lie, and they may make the case for why mortgage professionals – even those mostly devoted to triple-A business – can’t afford to let newcomer deals slip through their fingers.

“We’re very much open to dealing with newcomers,” says Gino Tieri, vice president of sales and marketing for Equity Financial Trust. “I think there is a massive opportunity out there, but it is going to require a lot more time and investment from a broker in doing that due diligence with a client. It is not as simple as getting a pay stub and a job letter and away you go.”

Tieri adds that it comes down to ensuring that lending is being offered to true immigrants who have expressed a desire to live in Canada, and not just those who are looking for foreign investment.

“It is better to deal with someone who has landed immigrant status. It makes it much easier for a lender to work with,” Tieri says.

“We are in the bruised credit and challenged credit business, and I would position a ‘new to Canada’ individual as a ‘challenged credit’ person who has yet to establish themselves with significant credit.”

An edge brokers have in the newcomer market is a fresh perspective, says Harry Singh, director of national sales for Equitable Bank, as Canadians have traditionally leaned toward the banking community for mortgages.

“Borrowers particularly new to Canada would not have a traditional sense of loyalty to a major financial institution and are quite

HOW DO YOU MARKET TO NEWCOMERS? Immigration is an important component to the success and identity of Canada, and immigrants represent high homeownership rates in major Canadian cities.

So, what does someone have to do to market to this segment?

“In any market segment, ensure you understand your client’s circumstances,” says Lester Shore, vice president of Optimum Mortgage, who lists these three crucial ingredients: Do they have a work permit?

Work permits have expiry dates, and in some instances, they may stipulate where your client can work.

Have they obtained their social insurance number?

SIN numbers usually start with a 9.

It is expected that within two years, the borrower would apply for permanent residency or extend his or her work visa for another term.

If permanent residency is approved, borrowers will receive a permanent SIN number, and once they become a permanent resident, they will experience fewer hurdles.

How much employment tenure is required?

Generally, common sense prevails. If your applicant is a tradesperson and able to work in his/her field, lenders would like to see 12 months tenure; however, exceptions are made.

“We also like to see down payment funds on hand in a bank for 60 days prior to closing,” Shore adds.

www.mortgagebrokernews.ca

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FEATURES

BUSINESS-FOR-NEWCOMER DEALS A MULTIPLYING MARKET Immigration continues to be one of Canada’s megatrends – in 2015, Canada will welcome 260,000 to 285,000 newcomers to the country.

Although the rate of growth is projected to continue to decline, the number of new immigrants is massive. In fact, even under the 1% immigration assumption, which sets the level of yearly immigration to 1% of the resident population, the number of newcomers would rise to nearly 440,000 by 2036.

“Not only are the number of new immigrants massive, but they are multiplying,” says Pino Decina, executive vice president of mortgage lending for Home Trust Company. “These homeowners may have unique needs compared to other borrowers, and as a broker, this is an opportunity to differentiate from the banks and provide highly personalized mortgage services.”

Decina estimates that conservatively, 58% of homeowners have a mortgage.

“That’s over 45,000 newcomer homeowners a year looking for financing,” he says.

44

open to solutions from alternative lenders,” says Singh. “Therefore, brokers do have an advantage of sorts that perhaps a branch representative at a mainstream bank will not have.”

Singh adds that brokers should consider changing their mentality and approach before diving into the newcomer market.

“Most brokers have traditionally taken a hunter mentality to conducting business and only now are starting to take a farmer’s approach to growing business,” Singh says.

“New immigrants often need guidance and personal coaching before they can become homeowners. Additionally, mortgage brokers should be well-versed in alternative solutions that will help new immigrants to purchase a home sooner.”

Tieri adds that it is important for brokers to see 12 to 24 months of established trades on a newcomer’s credit bureau rating.

The growing alt space The proportion of mortgages given out by alternative institutions – not banks or credit unions – remains small at roughly 2.2% of the entire market, according to a recent analysis

by CIBC. But their share of the overall mortgage market has grown from 0.8% during the 2008-09 recession and is now expanding at a rate of about 25% per year, said Benjamin Tal, deputy chief economist of CIBC World Markets, in a January 29 article in the Globe and Mail.

Tighter government regulations have opened things up for alternative lenders to fill an important void, and alternative lending has become an increasingly important offering among Canadian brokers; many businesses are now shifting their focus to this segment.

That appetite for alt mortgages was embraced by B2B Bank a year ago, when it announced that it had expanded its product offering to include two new alternative lending programs designed for clients who do not fit the criteria of traditional A lending.

François Desjardins, president and CEO of B2B Bank, explains that “with these mortgage solutions, brokers will be positioned to better

serve borrowers such as those that are in business for self, new professionals, clients earning a secondary income, borrowers on the road to rebuilding their credit profile and those clients who are unable to provide all the documentation required for an insured or conventional mortgage.”

“Borrowers ... new to Canada are quite open to solutions from alternative lenders” Harry Singh, Equitable Bank That spells opportunity for brokers.

“I believe that those who embrace the regulatory changes that have occurred … will reap great rewards,” says Albert Collu, president of Mortgage Architects. “These rewards will be attained by brokers who have widened their appetite and proficiency for alternative mortgages.”

Regulation fallout A key driver of that boon in business continues to be the B20 and B21 underwriting guidelines. In 2012, the Office of the Superintendent of Financial Institutions [OSFI] ushered the first of the two in, and the full implementation of B21 is set for November.

As onerous as many brokers feared the regulations would be for their lenders, those new rules are, in fact, helping reassert the traditional broker role as expert advisor.

“The implementation of B20 and B21 underwriting guidelines, imposed as result of the United States mortgage crisis of 2007, are two reasons for the growing alternative lending market,” says Lester Shore, vice president at Optimum Mortgage. “Lending standards have tightened, and we’ve seen that many traditional A lenders are no longer approving marginal applicants.”

But if the client doesn’t meet the requirements of the insurers, conventional solutions are available, Shore adds.

www.mortgagebrokernews.ca

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CMP_

In celebration of...

TMG THE MORTGAGE GROUP’s longevity represents strength and stability in the mortgage industry and is a testament to the vision set by its co-founders, Grant and Debbie Thomas. This is a rare achievement in an industry where consolidation has become commonplace.

TMG’s highly-regarded reputation is a reflection of our fantastic staff and brokers. Our culture promotes a high degree of professionalism and we are focused on success for our brokers. TMG continues to look to the future for ways of enhancing a broker’s value with the end consumer.

Our legacy of leadership with lenders, suppliers and within the industry as a whole is unparalleled and we are honoured to be part of such a great industry.

We look forward to celebrating the 25th anniversary throughout 2015.

Think Outside the Branch ® #TMG25

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2015-04-14 4:47 22/04/2015 6:11:20 AMPM

FEATURES

BUSINESS-FOR-NEWCOMER DEALS 4 WAYS TO FIND NEWCOMER CLIENTS 1. Partner for referrals Steve Lydon of MCAP Eclipse points to the benefits of forging stronger referral partnerships with “real estate agents and other professionals such as lawyers and accountants for Newcomer clients, (and) divorce attorneys and consumer-debt companies that support alternative customer profiles.”

2. Look to small businesses “I think anybody who is in a trade is an opportunity – trades are a great place to start,” says Equity Financial Trust’s Gino Tieri.

“Think small business owners, be they retail establishments, restauranteurs, etc.”

3. Go beyond Boomers “Broaden your demographic of borrowers,” suggests Lester Shore of Optimum Mortgage.

Consider the ‘Echo Boomers’ (those ages 20 to 38), whose number has now surpassed the number of Canadian Baby Boomers. “Their emergence is expected to significantly boost the housing market for the next five years, and many will require alternative financing due to high student loans, low monthly income and lack of credit. Try contacting your network of Boomers, who may have children who are looking to purchase homes, or consider targeting Echo Boomers directly through social media channels.”

4. Join the club Sign up for a real estate investment club, advises Mortgage Alliance agent Marcel Greaux. “I work with a lot of investors, so (newcomer clients are) an area of focus. Through the club, I have events and educate investors who might just be starting off in investing. So I get new real estate agents or investors coming up, and I get a lot of exposure from that, which helps build my client database.”

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“We generally provide up to 65% LTV for credit-worthy new immigrants who have a work permit. Once they have obtained permanent residency, we would consider financing as much as 80% LTV,” says Shore, stressing that brokers need to partner with a preferred lender. “Understand their rules, as well as the insurer’s rules,” he says, “and work together to get your deals financed.”

and BMO makes for stiffer competition that deep-pocketed banks are especially wellplaced to win.

But there is an alternative for brokers – one more of them need to seize, says another leading lender in the alt space. “[Newcomers] may not be familiar with the Canadian mortgage market or the financial system, leading them to often seek advice

“[Newcomers] may not be familiar with the Canadian mortgage market ... This is a great opportunity for brokers to educate and support newcomers through the mortgage process” Pino Decina, Home Trust Company Tieri agrees that the confirmation of income is important to striking a successful deal for newcomers.

“When you look at B20 itself, it is just really about verifiable income and an ability to pay,” he says. “You have to verify that there is a willingness to pay. You can’t do a deal just on a handshake anymore. You are going to have to work with your client. You are going to have to do more legwork than in the past.”

That extra legwork does elevate the role of brokers, Tieri points out, placing them among the ranks of trusted advisors.

“It is an opportunity for everybody,” he says.

“Now nobody can look at a broker and say it is just a ‘rate play game’ type of broker. The sophistication of that role is just beginning to elevate itself that much more.”

Tieri adds that the household average of 163% debt-to-income ratio is only getting tighter, “so if you can prove that there is a willingness to pay and a verifiable income, you should be able to get a deal.”

The tighter underwriting standards are effectively forcing that worker demographic them of the Schedule I banks and into the broker channel. Moving to service their needs can allow originators access to files that may now fall outside the lending briefs of the Big Five.

That’s not the case with A deals, where the aggression of big players such as TD, RBC

from industry professionals,” says Pino Decina, executive vice president of mortgage lending, for Home Trust Company. This is a great opportunity for brokers to educate and support newcomers through the mortgage process to provide options, to find competitive rates and, at the end of the day, to offer a professional, unbiased recommendation based on their particular circumstances.”

Winning newcomer deals The game plan for scoring newcomer deals is less straightforward, but is based in part on forging relationships with key stakeholders, including one of the channel’s biggest competitors.

“Having a relationship with branch managers of banks and credit unions is more important than ever because there is more turndown for those clients than there’s ever been,” says Dominion Lending Centres broker Dustan Woodhouse, based in Coquitlam, BC. “The real challenge in dealing with newcomer clients comes in the documentation that is required now versus what used to be required.”

The Top 75 broker advocates having a candid conversation with borrowers.

“You have to re-educate the client on what’s required,” he says. “They’ll come to you and say, ‘Well, five years ago I only needed to provide three documents, and now you’re asking me for

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FEATURES

BUSINESS-FOR-NEWCOMER DEALS “[Alternative lending] is growing fast with huge future potential, but brokers need to know how to make it work for them and their customers” Steve Lydon, MCAP Eclipse

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20 documents.’ Well, that’s the way it’s changed – so it’s the skill with which a broker can communicate the increased requirement of documents that will make a huge difference.”

Lenders are on the same page in asking mortgage agents to focus on communicating the appropriate use of alt borrowing to clients.

The starting point for that process often involves brokers bringing themselves up to speed on alternative lending.

“In a nutshell, education, partnership and networking are the trifecta of the alternative lending business,” says Steve Lydon, national sales manager for alternative lender MCAP Eclipse. “This area is growing fast with huge future potential, but brokers need to know how to make it work for them and their customers. Attending seminars, researching the

sector and reading industry journals and articles to learn about the business and alternative A lending guidelines are key.”

It’s a familiar refrain, but Lydon and other lenders point to the need for those brokers new to the alt space to do their homework before presenting client files. That means learning a lender’s rules on things like prepayment privileges, accelerated payment frequencies, portability options and blend-and-extend options, says Shore.

Brokers first need to acclimate themselves, and then their clients, to a very different landscape from that of the prime-lending world.

“Perhaps most importantly,” Lydon says, “brokers need to do their homework on potential lender partners, because it’s not just about the rate.”

www.mortgagebrokernews.ca

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A Decade Later

As Canada’s biggest Broker Network celebrates 10 years we look back at its undeniable impact and legacy.

VERICO BEGAN with its founders, so it makes sense to start there. The leadership includes Colin Dreyer and John Kelly together with a founding group of brokers; which has just kept on expanding. This network of independently owned and operated Broker firms now originates over

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$13 Billion in mortgages annually and employs over 2,300 mortgage agents from coast to coast. Not bad…

It’s fair to say that the VERICO model has also quietly paved the way for existing and new competitors who have adopted and emulated the network in one way or

another in order to compete and evolve.

Colin Dreyer, President, had many years of experience in the mortgage and real estate business as an entrepreneur and owner. At the time VERICO was launched he was involved in the leadership of CAAMP and other industry initiatives.

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“We began with a simple idea. We wanted to unite top mortgage brokers and collectively create additional opportunities and value for this group of highly driven professionals.”

Colin Dreyer, President, VERICO John Kelly had just finished founding and launching the CENTUM model several years prior and had an in-depth understanding of the network model and mortgage technology.

“We began with a simple idea, says Dreyer. “We wanted to unite top mortgage brokers and collectively create additional opportunities and value for this group of highly driven professionals.”

“Keep in mind that the industry used to be dominated a few national Superbrokers and even fewer franchise models, says Kelly. We were familiar with both models and wanted something different. We wanted an UN-Franchise model that measured up to our vision and fit the needs of our founding broker owners. What we didn’t fully anticipate was that the VERICO model would attract so many agents who

were working for Superbrokers as well as franchise operators but had their own entrepreneurial aspirations,” says Kelly.

This new model put the business, brand, lender and customer relationships back into the hands of the independent Broker Owner.

“Today, in addition to offering our key value proposition of true independence, VERICO offers a suite of support and tools that are unrivaled in the industry,” adds Kelly.

“Ten years ago the VERICO model imposed an entrepreneurial standard between Broker, Borrowers and Lenders with very positive results. Today, I continue to be pleasantly surprised with our continued evolution and innovation in the areas of member support, lender relationships, and technology,” says Dreyer.

“As our firm was one of the first year companies to join with VERICO Canada we were drawn by the integrity and business practices of the management team of Colin Dreyer and John Kelly who I had known of or dealt with for nearly 20 years at that time. They continue to grow their company and those companies that joined them without compromising their business ethics.

We welcome the years to come with VERICO Canada.”

John Ribalkin, A.I.C.B., AMP, VERICO Nova Financial Services

MILESTONES AT A GLANCE 2005

VERICO’s journey began in 2005 with a single member in Vancouver, BC. Word of the new network and of its core ideals of professionalism, excellence and ethical standards, spread through the community and VERICO’s membership grew along with their reputation.

2007

Two years later, the network had with members in every province from coast to coast and achieved $4 billion in total loan volume, an unheard of number for a network with only two years under its belt.

2010

In 2010, the VERICO network reached $10 billion in volume, a number that rivaled the mortgage businesses of big 5 banks.

TODAY

Today, over 200 mortgage brokerage owners share these ideals and choose to be a part of the VERICO Network

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®

Embracing the Future How can individual mortgage brokers take advantage of all the support and tools available to them and create a career of new heights? VERICO’s leadership team share their perspectives on the opportunities in the marketplace.

CD: Being a long term entrepreneur, I believe, helps give me perspective, balanced judgement and the ability to identify latent opportunities. The mortgage broker industry is a very vibrant business that is maturing and reinventing itself, and at the same time, it is poised for a new level of growth.

I am very optimistic about the future of the industry. Understandably, we will continue to deal with regulatory changes but overall our opportunity to engage the consumer in a more proactive way with a broader level of products and services is very exciting.

Whether you are a bank, a monoline

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“In terms of the future, it’s still all about reputation.”

John Kelly, COO, VERICO lender, an insurer or an independent mortgage advisor, we all share the common goal of providing financial services to the consumer.

At the present time, independent mortgage brokers have a 25 per cent market share, 42 per cent with first time buyers.

With today’s consumer touch programs, added products and services, we have every opportunity to expand our business

and continue to provide value to our partners.

Education, knowledge, training, support, consistency and value added products have been and will continue to be the key factors of this business and we at VERICO Canada intend to be at the forefront of aligning key products and services to our members so they can meet the demands of today’s consumer.

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“Within 12 months of joining VERICO and turning one single tool on, I received an extra 350 deals! These are 350 new deals that fell into my lap with no effort on my part. The results speak for themselves.”

Jim Tourloukis, VERICO Advent Mortgage Services Inc. Changes, challenges, and alternate ways of interacting with consumers will always be there. The only thing holding our industry back is our behavior.

We have come so far as an industry. And I’ll bet we can still go a lot further.

JK: In terms of the future, it’s still all about reputation, particularly in a time when word of mouth now travels at the speed of social media. Going forward, we believe that the internet will play a significant role in customer origination; however, success is still all about customer satisfaction and this is determined by how well our brokers are able to serve their customers’ evolving needs.

We believe that brokers who skillfully offer a wide range of products, services and solutions to their customers are ultimately delivering a better and more complete customer experience.

Colin and I are both long time Mortgage Industry participants and this pedigree means we were well aware that this is a

people business, and as such, it’s all about reputation. We recognized that our brokers’ reputation with their customers and referral partners is the bedrock of their success. Being selective in who we align with and living up to our promises over the years has enabled us to attract a network of the most respected and successful

brokers in Canada. We are very proud of that.

VERICO mortgage brokers are in a position to build their business on the strength of our collective knowledge and reputation to become credible and trusted sources of mortgage, insurance, and investment advice.

“Joining VERICO was the best decision for my brokerage, as VERICO brings the right support elements to the table yet lets its brokers shine and operate under their own unique branding and business models. It sends a clear message to the broker industry that VERICO has one-year renewable contracts, with the point to not lock brokers in, but convert them to selfsubscribing loyal customers through delivery on its service promise.”

Calum Ross, VERICO Mortgage Management Group

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FEATURES

CMA FINALISTS 2015

CMA

STANDOUTS

2015

This year’s finalists for Mortgage Broker of the Year at the Canadian Mortgage Awards represent the strength of the industry in the face of increased competition. Read on to find out how they’re beating the odds

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LESS THAN 25 EMPLOYEES DEBBIE BELAIR DOMINION LENDING CENTRES SMART DEBT Debbie Belair’s nomination is the result of her human approach; to her, nothing is more important, and it’s one of the reasons she got into the industry – to help people. Belair been in the industry since 1979 when she started with Central Guaranty Trust; since then, has developed a reputation in Ottawa for her style.

“I can’t help but take the human approach to it. I’ve struggled in the same way that some of my clients do – trying to balance work and raising a family. So it’s important to show them that you can sympathize and provide solutions based on that.”

After many years in the industry, Belair is thinking about the next step, which is a succession plan that will see her 25-year-old son take over her brokerage and become, as she puts it, “the best underwriter in the industry over the next 12 months.”

JORDI BROWNE VERICO BRMC

ADAM HALE

ENZA VENUTO

THE MORTGAGE CENTRE HALE, GRIFA AND ASSOCIATES

CENTUM STREETWISE MORTGAGES

Adam Hale took advantage of a job opportunity given to him by his father to be the business development manager at the Home Trust Company. “In early 2006, I took the leap from working for the lender to working for the client,” he says. “It started as and still is a family business. We opened up storefront on the Hamilton Mountain, where we still are today,” Hale said.

In 2010, Hale purchased his own franchise and specializes in tough alternative deals. He was awarded the Alternative Mortgage Broker of the Year twice because of his attention to the subprime market.

“We take the attitude that we, the broker, are responsible for every step of the mortgage process along the way,” he says. “We are the CEO of your mortgage, and that means we need to take responsibility for everything.”

Enza Venuto has been a major player in the financial industry for more than four decades.

“In addition to our focus on best-in-class service, we have built and continue to grow a strong alliance network of investment property professionals to assist our clients with all aspects relation to their property and their investments,” she says.

Her constant career growth is due to professional development, attending association meetings and also educating clients.

“If you focus on clients and their needs and keeping constantly in touch with them. You learn to build a strong bond with them,” she says. “Also, working closely with your lenders and building strong relationships with them is pivotal.” In 2014, Venuto wrote over $45-million in business, due in large part to her connections to other professionals in related sectors.

Jordi Browne’s career began at the tender age of 18 when he started at Household Finance, a subsidiary of HSBC. The trajectory only continued upwards for the Chilliwack broker, as he was promoted to branch manager by the time he was 21, and left the company two years later to become as a mortgage broker.

His efforts and youthful approach to his business led him to more than 248 deals in 2014, worth more than $70,000,000.

Approximately 40% of his overall business is based on returning clients and 50% from referrals – strong numbers for any brokerage in Canada. His technique is a simple one that differentiates him from the competition.

“Rather than trying to ‘wow’ our customers with our extensive knowledge of the mortgage industry, we prefer to sit down with every client and find out a bit more about them personally,” Browne says. “By doing this, we build the trust of our clients and are able to find out what they really want out of their mortgage.

We believe this allows us to better advise our clients on mortgage products and strategies.”

Going forward, Browne hopes to diversify his brokerage to include a more comprehensive approach to financial planning for his clients.

“We are going to be expanding our team to help our clients out in individual areas of their personal finances. By not spreading [ourselves] thin and trying to do everything for a client, we are going to have experts to help them for each of their specific financial needs.”

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FEATURES

CMA FINALISTS 2015 TRACY VALKO DOMINION LENDING CENTRES FOREST CITY FUNDING Tracy Valko values the customer experience. For her, it’s not simply about finding her clients a mortgage, but about being a part of the financial planning process. As a member of the finance and banking business for more than 15 years, Valko has been a leading expert in mortgage brokering in the Kitchener/Waterloo area for the past eight years.

She has been recognized by the Canada Mortgage and Housing Corporation as a leading mortgage expert in her market, as well as by three leading lending institutions that have awarded her with ‘status levels.’ She also consistently places in the Top 40 on Dominion Lending Centre’s National Top Performers report. “I pride myself on each of my clients not just being a client, but [that I am] part of their journey in life,” Valko says. “From first-time homebuyers to those upgrading their home for the expansion of their family – it doesn’t matter. I want to be there for them.”

NEEL SURENDRAN CENTUM CONCEPTS

JAMES LOEWEN LOEWEN GROUP MORTGAGES

Neel Surendran’s path to the mortgage industry was anything but normal. Most start out in the financial industry in some form, but the Sri Lankan-born broker went from working at an engineering company that constructed rubber and tea factories in his native country to owning his own mortgage brokerage, which he started in 2012.

By maintaining 25% of his business from referrals, Surendran collected more than $35 million in deals, mostly by networking with realtors and other industry professionals. Among his goals are to add a second mortgage service and commercial mortgage platform to grow his business.

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After starting his career with RBC at Hamilton’s Centre Mall in 2005, Loewen learned the industry and built a business plan that would lead to him start his own brokerage in 2009.

“It was a great training ground – attaining approvals with the credit challenges we faced with many of our clients, and to attain the sales volume targets given the relatively low mortgage amounts meant you had to fight for clients and their respective approvals from your own credit department.”

His hard work has paid off over the last few years; the Burlington-based mortgage broker saw a strong 2014, writing $59,624,121 worth of deals. Approximately 67% of this success was derived from existing clients, refinances and new purchases.

TERESA DIFRANCO MORTGAGE ARCHITECTS After starting her career nine years ago, DiFranco has spent the majority of her time building relationships and acquiring referral contacts, which has helped to solidify her brokerage among the elite.

“I focused my efforts on educating real estate agents at weekly, monthly and annual meetings. My focus was and continues to be providing agents with the knowledge they can transfer to homebuyers, and the tools to help facilitate the real estate transaction,” DiFranco says. “This created a unique customer experience between the client and the real estate agent. My first deal was realized after six months of servicing real estate agents in this office.”

In 2014, DiFranco personally wrote 75 deals that equated to $24 million and was able to distribute another $20 million worth of deals to other associates. Both her individual volumes and those distributed to the team helped propel DiFranco & Associates to achieve a 63% year-over-year growth last year. Repeat business represents about 55% to 60% of the team’s portfolio. DiFranco is hoping to build on that success this year.

“My emphasis with the team is we build on quality, not quantity. I’m not looking to expand the team, but rather have the team focus on high-quality client relationships and referral sources,” she says. “In order to further expand my career and breadth and scope of knowledge, I would like to progress toward influencing the direction of the industry – being able to get involved in overseeing bodies and industry standards such as CAAMP or IMBA.”

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FEATURES

CMA FINALISTS 2015 25 EMPLOYEES OR MORE

WILLIAM HARRIES SABEENA BUBBER VERICO XEVA MORTGAGE There is only one word to describe the career of Sabeena Bubber, and that’s progress.

After completing her bachelor of commerce and marketing degree at the University of Regina in 1993, Bubber starting working with lenders and was later approached by RBC. She consistently ranked as one of the top five mortgage specialists in Vancouver and after three and a half years, she started her own independent brokerage.

“My volume prior to running my own firm was $33 million and progressively grew year over year once I branched out,” Bubber says.

“My most recent venture came in 2013, when I merged Integré with three other firms to create Xeva Mortgage. This has been my most exciting endeavour to date. With the support and tools Xeva offers, I am able to better serve my clients, grow my business and am afforded the time to be an ambassador for the mortgage brokerage industry as a whole.”

THE MORTGAGE CENTRE As owner and CEO of The Mortgage Centre Sky Financial Corporation, William Harries represents one of the oldest Mortgage Centres in Edmonton and has assisted thousands of clients since 1992. Mostly specializing in first and second mortgages, debt consolidation, and equity, Harries takes an old-school approach to the business.

“Providing a personalized approach to their personal needs or items of interest, as well as providing a service that I would want or expect for myself if I were a client, is all that matters to me,” he says.

Harries has big plans for 2015, but one of the most important is the quality of his team and providing mentorship.

“We want to increase market visibility, attract key agents within the prairies, merge through acquisitions of other broker offices, as well as continuing to encourage the sharing of information/ lender products within the brokerage, helping each other, camaraderie, internal networking and support,” he says.

STEVEN LEVINE TRUE NORTH MORTGAGE Steven Levine’s journey in the industry started as a Realtor, where he focused on residential real estate for four years before switching to mortgages. His hard work in the short term has paid off, as it led to awards for Best Newcomer Broker in 2013 and Top 35 Under 35 in Canada in 2014.

“I have a strong sense of customer service, as well as an excellent knowledge of the business and its different products,” he says. “This combination allows me to secure the right mortgages for my clients at the best rates possible. My honesty and loyalty to my clients is evident, as I always go the extra mile in helping them obtain the mortgage that best suits their needs. This allows me to gain their loyalty and confidence for future transactions.”

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COLLIN BRUCE DLC MORTGAGE MENTORS For Collin Bruce, growth is all that matters, both for him and his clients. The Albertabased broker has been in the industry since 2005, and has been the broker of record for Dominion Lending Centres Mortgage Mentors for the last several years, setting him up as one of the top mortgage brokers in the country.

“In 2009, I opened my own DLC brokerage; four of the agents I worked with at the old brokerage came with me, as well as my assistant,” Bruce says. “Between 2009 and today, we have added 36 more associates, and I have six employees that work directly on my personal deals. And since 2009, excluding a few brand-new agents who left the industry, I have never had an associate leave!”

Bruce was Canada’s number one mortgage broker in 2013, and has been Dominion Lending Centres’ number one player in Canada since 2010. He brokered 1,086 mortgages worth $331 million in 2014. Approximately 24% of that came from repeat business.

“Just about 50% of the mortgages we do come from past clients or referrals, and this is the biggest compliment I can get,” he says.

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Bank Trust Insurance Wealth Management

SKYE MCLEAN AXIOM MORTGAGE SOLUTIONS Skye McLean has more than 12 years of experience working in the financial services industry, the last five of which she’s spent as a mortgage broker. McLean attributes her success to her previous experience working in a bank.

“Efficiency is key in my business – getting back to clients in a timely manner and also giving them financing options that best meet their needs,” she says. “Having a good database and a follow-up system to keep in touch with clients, I find, is also important. I continuously look for opportunities to cross-sell, and asking for more business always helps.”

Her last year in business was a positive one, as she brokered deals worth $107 million, and approximately 50% of her business comes from repeat clients and referrals – all this in her first year working with Axiom Mortgage Solutions. And she has big plans for the rest of 2015.

“My goal is to expand marketing to existing clients and expand the use of Axiom’s client database to keep better track of client relationships and follow-ups,” she says.

Mortgage Application Checklist for New Immigrants to Canada More than half of new immigrants purchase homes within four years of arriving in Canada.1

Have they established a credit history? Examples include:  Opened a bank account  Kept receipts for utilities and other bills  Obtained a credit card (can be prepaid)  Have credit references from country of origin Have they obtained a social insurance number?

3

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ENT

G STATEM

EARNIN

JOHN THOMPSON TMG THE MORTGAGE GROUP Last year was a boon for John Thompson – he pulled in $32 million in total transactions, and 80% of his existing clients provided referrals to further expand his footprint.

“When you start to look at each deal not like a numbers game, but a people game, that’s when things really start to happen,” he says. “Sincerely delivering on the service aspect, making sure people get the deal ideally suited for their situation, is all the marketing you’ll ever need.”

With an approach like that, it’s no wonder why he’s one of the most successful mortgage brokers in the industry. Starting out in the development sector, Thompson transitioned to mortgages in 1996 when he became a member of the Real Estate Council of Alberta.

Since then, he has spent the majority of his time building and strengthening partnerships to a point where he now has access to more than 40 lenders with a variety of specialties. Despite a funded volume little can match and a body of work that spans to almost every corner of Alberta, his favourite part of the job remains developing new talent.

Can they verify employment?  Employment letter(s)  Paystubs Are their documents in order?  Documentation of the source of funds for a down payment (ideally, within a Canadian bank account for at least 60 days)  Copies of work permit and passport  Documents that confirm Landed Immigrant Status (if client requires an LTV above 65%)

MICHAEL HAAN, THE HOUSING EXPERIENCES OF NEW CANADIANS: INSIGHTS FROM THE LONGITUDINAL SURVEY OF IMMIGRANTS TO CANADA (LSIC) OTTAWA: CITIZENSHIP AND IMMIGRATION CANADA, 2012, P. 13.

1

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www.mortgagebrokernews.ca

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FEATURES

CMA FINALISTS 2015 JOSEPH PARK VERICO JP MORTGAGE SERVICES Last year was big for North York-based broker Joseph Park: He wrote 125 mortgages, totaling about $50 million in volume. What’s more, 40% of his business comes from repeat clients for renewals or refinancing.

Park’s clients are largely self-employed, giving his brokerage a special niche. An additional 20% of his business comes from his partners in the financial industry, whether it be real

ANNE BRILL CENTUM METROCAPP WEALTH SOLUTIONS The recession changed a lot of things for the financial industry, but for Anne Brill, it represented the start of her career. In 2007, just before the recession hit Canada, Brill entered the industry looking to build a brokerage on trust, something that was betrayed by many during the recession. After six years working with Dominion Lending Centres Prestige and Verico Clearview Mortgages, she has been running her own brokerage since 2013.

“My approach is not about what my referral sources can do for me, but instead about what we bring to the table that can help their business,” the Toronto-based broker says. “Showing my appreciation to all my clients and business partners for trusting me to assist them with their personal finances ... establishes a stronger connection with each and every one of them.”

Last year was a big year for Brill – she earned Optimus Emerald Status from the Centum Financial Group based on mortgage volume.

She’s planning to continue that momentum by tailoring her expectations to the Canadian real estate market.

“My organization has chosen not to let the fear of rising interest rates drive business decisions. We recognize that the ever-changing rate environment will continue to be just that: everchanging,” she says. “Instead, we focus on building a strong, sustainable culture internally to bring and retain customers. We also understand the recruiting market has become more competitive, but we position ourselves to be different, offering a comprehensive training to those without mortgage sales experience.”

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estate agents or insurance agents.

“I have differentiated myself from others,” he says. “I inform every single client that this is all I do, 365 days a year, and that I’ve been doing it for more than 14 years. That diligence means every single client gets a talk about IRD calculations and other penalties and how they may affect them in the future.”

TERRY KILAKOS

ROB REGAN POLLOCK

VERICO NORTH EAST MORTGAGES

INVIS

Terry Kilakos started his career in 2007; two years later, he received his mortgage license, looking to start his own brokerage. In 2011, he launched North East Mortgages, aiming to becoming a leading source for industry information.

“Our main focus is on building relationships with our clients and growing our client base by retaining and servicing our existing client accounts,” the Quebec-based broker says. “We give our clients the opportunity to have annual meetings with us, and we make sure that the client’s needs are addressed not only at funding, but through the life of the client’s mortgage.”

In 2014, North East Mortgages was listed as the number one mortgage broker for First National. Kilakos is hoping to continue the momentum in 2015 as the brokerage looks to expand into Ontario over the next eight months.

Rob Regan Pollock went from cruising the skies to making a living on the ground. In 1993, the one-time airline pilot found himself without a job. “I was employed as a first officer flying turbo-props until being laid off when Canadian Airlines began experiencing financial difficulty,” he says. “A close friend of mine who was a mortgage broker asked me what my game plan was.

I really didn’t know and shared my layoff aptitude testing with him, which included ‘credit manager.’ My friend became excited and said credit management was one of the key roles of being a mortgage broker.”

Since entering the industry, Pollock has gone on to become one of the most decorated mortgage brokers in Western Canada.

“After a 22 year career, I remain passionate about brokering and making a difference in the lives of those we serve,” he says.

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PEOPLE

CAREER PATH

DOING IT HIS WAY Fresh out of university, Dustin James of Dominion Lending Centres built his own approach to mortgage brokering – and he’s never looked back 2011

2015 & BEYOND

2014

GETS ACCOLADES FROM CLIENTS

WINS MVP AWARD

““I was named the MVP, which was a big step in my career. It gave me a lot of confidence and let me know that all the things I was doing were good for me and my clients. I started to gain more respect and validated my approach to the way I do things as a mortgage broker”

Most recently, James received a Reader’s Choice Award from Kawartha Lakes This Week “It really validated how people felt about me. It’s one thing when the industry pays you respect, but when you get that from your clients, there’s no better feeling than that. It’s why I entered the industry”

2010

EMBRACES SOCIAL MEDIA As a millennial, James was quick to embrace social media to keep in touch with clients “Facebook, Twitter, LinkedIn, FourSquare are the ones we use most, and we do it to keep customers informed on what’s going on with us, but also to stir up engagement. We’ll post random stories, like cooking tips and home décor articles, to draw attention to our page and business.”

2008

LANDS AT DOMINION

Ada Atrin Cen Inc  C Nev Gro Lend  En  Gr Min  Joh  Kr Mor Can You M Mor Inte Nitin Hou Rev  Sa McL For The Mor Mor Gro VER

James took his first industry job at Dominion Lending Centres “I started out work with Northwood Mortgage and Mortgagebroker.ca for a year, but after that, I felt I was ready to start out on my own. There was a lot more opportunity, and I could take control and do a little better, in terms of social media and other ways I thought I could generate business”

2007

TAKES A MORTGAGE COURSE James went to Fleming College to pursue career in business “I’d always been interested in business and wanted to run my own one day, so it seemed like a natural fit for me. It was a generic program that opened up doors for me, and I met a friend who steered me in the right direction, which was the mortgage broker industry”

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20042006 STUDIES

After graduating, James was introduced to the industry through a mortgage course “I was young and I was green, just trying to maneuver through all this new information. I was just 22 at the time, and I had a teacher named Paul Bath who taught me two important lessons – the importance of transparency and confidentiality”

BUSINESS

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CMP_C

Adam Clark  Adam Hale  Ameera Ameerullah  Angela Froese  Anne Brill  Ashley Shewchuck  Atrina Kouroshnia  Axiom Mortgage Partners  Beverly LePage  Brennan Trenouth  Brian Hogben  Centum Financial Group Inc.  Centum Omni Mortgage Corp.  CENTUM Professional Mortgage Group Inc  CFF Bank  Champion Mortgage Inc.  Chandran Santhiralingam  Chris Turcotte  Christina DaSilva  Christine Xu  Christopher MacNeil  Collin Bruce  Corey Cox  D + H  David Beckingham  David Neville  DLC Regional Mortgage Group  Debbie Belair  DLC Expert Financial  DLC Geoff Lee Mortgage Group  DLC Mortgage Mentors  DLC Powerhouse Mortgages  Dominion Lending Centres  Dominion Lending Centres – A Better Way  Donna Coo, Home Trust Company  Eden Simari  EnRICHed Academy  Enza Venuto  First Foundation Residential Mortgages  Frances Hinojosa  Gay Andrews  Graeme Moss  Greg Domville  Harvey Brant  Ian Tenggardjaja  Invis Mortgage Intelligence  Invis, The Mortgage Minds  Invis, The Wilson Team  James Loewen  Janice Tinker  Jason Breau  Jason Cosman  Joe Markham  John Thompson  Jordi Brownev  Joseph Park  Kamran Daryushnejad  Kevin Cheng  Kim Weishuhn  Kristin May  Laura Beth Maracle  Lee Barnett  Lindsay Jurek  Loewen Group Mortgages  Manulife Mortgage Protection Plan  Mario Lepage  Mark Kerzner / Grant & Debbie Thomas  Marlborough Stirling Canada  Matrix Mortgage Global  MCAP  MCC Mortgage Brokers Ottawa  MCC, Your Mortgage Your Way  Melanie Bell- Fournier  Michel Durand  Mike Chiu  Morcan Direct  Mortgage Architects  Mortgage Architects, DiFranco & Associates  Mortgage Architects, PropertyGuys.com Mortgages  Mortgage Architects, Sherwood Mortgage Group  Mortgage Intelligence, LA Mortgage Team  Mortgage Intelligence, MortgageSuperHero.Com  Neel Surendran  Nick Hamblin  Nicola Peeling  Nicole Cabral  Nitin Grover  Nune Mirabyan  Omid Jalili  Patrick Delaney  Paul Bojakli &Todd Fralic  PaulTherien  Peter House  Peter Reed  Quantus Mortgage Solutions  Real Mortgage Associates - JC Mortgages  Reaza Ali  Revodoc Inc  Ricardo Camara  Richelle Morgan  RMAI  Rob Orban  Rob Regan-Pollock  Rod Dadswell  Sabeena Bubber  Sam Samadi  Scott Carroll, RMG Mortgages  Shane LaPointe  Shawn Allen  Skye McLean  Sophie Duchesneau  Steven Levine  Street Capital Financial Corporation  Teranet Inc - Purview For Mortgage Brokers  Teresa Di Franco  Terry Kilakos  Thomas Squires  Tina Francis  Tina Mu  TMG The Mortgage Group Alberta Ltd.  TMG The Mortgage Group  Tracy Bennett  Tracy Valko  True North Mortgages  Tyler Yates  VERICO Dreyer Group Mortgages  VERICO Financial Group  VERICO My Better Mortgage  Verico North East Mortgages  VERICO Northwood Mortgage  VERICO Safebridge Financial Group  VERICO The Mortgage Advisors  Verico The Mortgage Wellness Group  Verico Xeva Mortgage  VERICO Zolo Mortgages Ltd Veronique Sergerie William Harries WIMI -Women inThe Mortgage Industry

8 Y ALL SO EA LD RS OU

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CONGRATULATIONS TO ALL THE FINALISTS! Brought to you by:

We would like to thank our partners:

Official Ballot Accountants

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PEOPLE

FAVOURITE THINGS

TIFFANY PEDERSEN Director, Board of the Mortgage Brokers Association of BC

The Canucks, popcorn and alternative mortgages – these are a few of this West Coast professional’s favourite things Favourite sport Hockey, the Montreal Canadiens. Who doesn’t love a winning Canadian team? 24 Stanley Cups. Go Carey Price! Also, he is a BC boy.

Favourite vacation spot Rudesheim, Germany. Nearly untouched by war, this winemaking town is beautiful! Not a Starbucks in sight – perfect.

Favourite celebrity Roger Federer. He is a great athlete and very modest in his success.

When asked questions on match day, he turns the table and speaks about the talent of his opponent.

Favourite music Metallica is my go-to, gets me motivated to step it up. Their music has been in my playlist since high school and remains in my favorites.

Favourite book The Book of Awesome by Neil Pasricha. It’s about the simple things that put a smile across your face – the simplicity of life in moments such as remembering your childhood on the first hot day of the summer, playing in the sprinkler and the smell of the hot wet pavement.

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Favourite food Popcorn is a craving I can’t kick. A diverse food: It can be eaten for breakfast, snack, lunch or dinner. I simply cannot live without it.

Favourite drink You can’t go wrong with Prosecco (an Italian white sparkling wine).

You can add some OJ for breakfast or even a little cassis (sweet red liqueur) for after dinner. It always brings a smile to my face, as long as it served in the proper stemware.

Favourite place to be alone I love the little surf town of Tofino, BC – walking the beach and listening to the waves. Rain or shine, it’s amazing!

Favourite movie Gangs of New York. The details in this film are well executed, from the mix of the Irish American accent to the costumes and set design. I also like The Secret Garden (1993).

This is my comfort movie for when I’m sick and on the couch wrapped in a blanket.

Favourite mortgage product: Alternative solutions. There is a high demand for alternative products for many of our clients, especially those who have generous amounts of equity with little income claimed on tax returns – BFS individuals who are purchasing homes with over a $1 million price tag, who quite often do not qualify based on traditional A rules.

Brokers have more solutions!

www.mortgagebrokernews.ca

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SOME CLIENTS NEED A DIFFERENT WAY IN

We have more mortgage solutions so more of your clients can get into a home.

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Expanded, alternative, insured and conventional mortgages

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Wide range of qualifying criteria for varying credit scores

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Local support, national coverage

BANKING THAT WORKS FOR BROKERS® b2bbank.com/mortgages | 1.800.263.8349 All mortgages are funded by, registered in the name of, and administered and serviced by B2B Bank. Mortgages are subject to credit approval by B2B Bank. Some conditions apply. B2B BANK and BANKING THAT WORKS FOR BROKERS are registered trademarks of B2B Bank.

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