CMP 6.5

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PUBLICATIONS MAIL AGREEMENT #41261516

BROKER ISSUESDocument from rBc employee causes furor amongst Brokers

PROFILED gorD Dahlen:Back in Business

MARKETINGharness the power of faceBook

The 2011 Canadian Mortgage

Awards Winners

may 2011, 6.5

evening of

excellence

http://www.hlcmortgages.ca/

36 Evening of excellence

The best and the brightest were honoured at the fifth annual CMP Canadian Mortgage Awards, where the mortgage industry gathered to celebrate and share its successes over the past year

60 BROKER ISSUES: RBC riles brokersCanada’s biggest bank is now at the centre of a firestorm of criticism with brokers angered by inaccurate commentary coming from one of its mortgage specialists and perpetuating stereotypes about their training, motives and skill.

6. 05

issue

cover story

Straight forward lending

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2

contents

mortgagebrokernews.ca

74 Insight: St. John’s brokerage re-adapts the lender model by compartmentalizing the mortgage process for better efficiencies and customer service

78 Guest Column: Canadian Mortgage Award recipient Brian Matthey says the industry has come a long way, but that it still needs to raise the bar to ensure the Canadian public sees brokers as professionals

regulars34 This time last year

35 International News

76 Favourite Things

79 CMP Service Directory

8 Letters & comments from mortgagebrokernews.ca: Some of the best stats and comments from CMP’s website

NEWS10 News: Pacific Mortgage Group bids to buy

Invis, Former ING exec comes over to the broker side, Calgary site connects young brokers to young buyers, Brokers seeing rise in U.S. property purchases by Canadians, CMHC economist: Ontario Brokers to see fewer first-time buyers, Industry gets proactive to prepare clients for rate hikes

14 Business Advice: Implementing your business fingerprint

24 In The Community: Brokers help channel $75K to autism

PROFILES70 Broker Profile: After more than 20 years in the

mortgage industry, CMA lifetime achievement winner Gord Dahlen isn’t content to rest on his laurels, as embarks on the latest chapter of his journey

64MARKETINGWeb 2.0 marketing secrets for mortgage prosIn a new series, Doren Aldana explores some of the ways mortgage brokers can harness the power of social media to build referrals, including the use of Fan Pages

Follow us on TwitterTwitter.com/CMPmagazine

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http://www.mortgagecentre.com/joinourteam/

4

editor’sLetter


6. 05

issue

In good handsAs someone who is relatively new to the mortgage industry, it was really wonderful to be in a room full of the best in the Canadian mortgage industry, such as I found myself at the fifth annual CMP Canadian Mortgage Awards. I’ve met quite a few people – in person and over the phone – over the past six months and having the opportunity to meet all the winners during the evening as well as many others, gave me a clear understanding that this industry is in good hands. What I learned is that brokers and lenders are passionate about this industry and its mission of helping Canadians achieve and maintain the dream of home ownership. The evening was full of fun, as the industry recognized some of its brightest lights. It was nice to see Gord Dahlen receive a standing ovation as he headed to the stage to accept the Award for Lifetime Achievement in the Mortgage Industry.

At CMP our goal is to be your trusted source for mortgage news and information and to provide a forum for a discussion of the issues that affect everyone. To this end we recently redesigned our website MortgageBrokerNews.ca and based on the response we received so far I would say we’re headed in the right direction. Don’t forget to check out MortgageBrokerNews.ca TV, as the site now has video interviews with leading mortgage industry professionals discussing the events and issues important to us all.

Another important annual event is also drawing near as CMP’s annual Top 50 Brokers list is currently being assembled. Entries are being accepted until June 3. To submit your information for a chance to tell your clients you’re among Canada’s top 50 mortgage brokers, visit MortgageBrokerNews.ca and click on the Top 50 Broker link. You can also access the link from any of the MortgageBrokerNews.ca e-newsletters you receive. The results will be published in the June issue of CMP.

As always, I encourage to you contact us with any news related to the broker and mortgage industry or just to share your opinion about how we’re doing. It is an exciting time for our industry and we look forward to keeping you informed about the industry and your business.

Cheers.John [email protected]

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6

Quotables


“We are almost grateful that this has been put in writing because this is stuff that has been verbalized for years. I’ve never minded competition as long as all parties maintain a fair and equitable level. The marketplace does not need demeaning comments from one party to another.”

John Ribalkin, president of VERICO Nova Financial Services, reacting to an RBC mortgage specialist document that caused anger across the country with its inaccuracies about the broker industry. Page 60

“I truly believe that our future share of the mortgage market will be directly dependent on raising the bar of professionalism, maintaining an ethical standard that has no compromise and taking responsibility for differentiating ourselves in the eyes of the Canadian public as mortgage professionals.”

Brian Matthey, VERICO The Mortgage Professionals, talking about the future of the mortgage broker industry. Page 78

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Join the CMI TeamAgents that Stand Out

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Call Us Today @ 1-888-465-1432Submit Your Resume: [email protected] Us Online: www.cmiloans.ca/careers/Ethics. Technology. Connectivity.

MortgageBrokerNews.ca Reader PollCanadian housing prices in 2011 will:

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Controversial document infuriates brokersThe employee obviously has an axe to grind and probably lost a lot of business to a broker. What they failed to cite in the article is that the vast majority of brokers are formers bankers, and that we left the banking side to provide our clients with better service, selection, value and yes, cheaper pricing.

– Dean

Typical marketing war where brokers’ opponents are bank specialists (the competition) and the battleground to be won are the customers. Though clichéd, brokers have to know their opponents in order to outbid, outbalance and outflank the competition, the planning done is for better innovation and ingenuity to win the clients. But to besmirch or vilify your competition is a cheap shot (despite the current trend of dog-eat-dog pedestrian style). Clients however, nowadays are no longer what they used to be in the past deemed as the ‘dupe of charlatan’. Most clients now are simply not buying what they wanted to hear. Clients conduct their own due diligence. Ergo, the competition who adopts that kind of mudslinging style is actually shooting self in the foot.

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It is unfortunate that this RBC Specialist took it upon herself to write her own version of how a mortgage professional, licensed mortgage broker or AMP conducts business. As we are ethically bound I cannot see that we would take

it upon ourselves to distribute this type of literature about unlicensed and undesignated mobile bank specialists to compete for a client’s business.

– Gale Tracey, AMP

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neWsIndustry

“Most of the demand for refinances is coming from B clients,” said Kaushal, “but some of that uptick in interest is from A clients who are looking for a second mortgage, but they might be unwilling to touch their current mortgage because of the penalties or the length of the remaining term.”

His observations come after the broker channel lender suggested the new mortgage rules have eroded volumes by as much as 15 per cent – reflecting the migration of clients to the channel’s alternative lending sphere.

“The spring market has been softer, I’d say about 15 per cent,” Joe Digiambattista, vice president of sales for Canadiana Financial told MortgageBrokerNews.ca at the IMBA conference earlier this month. “What we’re seeing is a loss of what were A clients that no longer qualify as borrowers with us because of the rule changes. I think those clients have gone to the alternative lender market, where their risk might not be suited to that model.”

Also starting March 18, Ottawa withdrew government backing for 35-year mortgages, lowering the cap to 30. Starting last week, it also withdrew government backing on any new lines of credit secured by homes, such as home equity lines of credit – HELOCs. It means many A-type clients may now be unable to obtain a line of credit at 80 per cent LTV or higher. More importantly, from Canadiana’s perspective, they can’t qualify for refinances above 85 per cent despite relatively low risks of default.

Alternative lenders like Interfinance, where the average for second mortgages and refinances sit at $100,000, are expecting to realize long-term growth coming from outside the existing broker channel, and not necessary from within. CMP

Rajan Kaushal

Alternative lender: Mortgage rules have put industry on equal footing with the banksAt least one alternative lender is seeing increased interest in refinances – and, even, second mortgages – stemming from federal rule changes bringing bank loan-to-value maximums in line with its sectors.

“We have seen the growth because the first thing that people look to see when refinancing or doing a second mortgage is just how much equity they can get out,” Rajan Kaushal, president of The Money Source, told MortgageBrokerNews.ca. “Now, after the rule changes, they see that they can get out of the banks no more than they can get from alternative lenders and that’s made us more competitive because of the shorter turnaround times and the smaller paperwork requirements.”

Pegging numbers to that uptick is slightly harder, with Kaushal suggesting it could take as long as six months to quantity any increase in business courtesy of the federal government’s efforts to rein in on consumer spending.

Among other key changes to amortization and the withdrawal of CMHC backing for home equity lines of credit, Ottawa lowered the ceiling on refinances to 85 per cent loan-to-value of a property. That’s down five percentage points, with the country’s federally regulated banks bringing their own refinancing options for borrowers in line.

The shift makes it easier for private lenders like Interfinance to compete for A clients that would otherwise have gone straight to the bank for a refinance. Most private lenders have long maintained 85 per cent as their refinance ceiling. Those holdouts are now considering alternative lenders given that new LTV parity and the faster turnaround times private lenders are known for. Another strength – the alternative lender’s concentration on vetting property rather than the borrower –is also helping drive demand.

More surprising may be the number of A clients now prepared to turn to alternative lenders for second mortgages – again courtesy of this latest round of federal mortgage rule changes.

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Even with a slowing market, former ING Direct VP George Hugh is coming over to the broker side, launching a new business venture aimed at marrying mortgage services with financial planning, while creating opportunities for professional development within the industry.

“People are asking me ‘Why go from lending to brokering?’” the 15-year banking veteran told MortgageBrokerNews.ca. “Everyone can do well in a bull market, the challenge is to be able to do it in a slowing one. Weakness brings opportunities for professionals with the knowledge and skill set to service our increasingly educated clients and meet their customer service expectations beyond rate. Taurus can and will do that.”

An independent company, Taurus Mortgage Capital Inc. will leverage Hugh’s years of experience, industry connections and knowledge of capital markets to lead a staff of brokers and in-house financial planners. His plan is to develop a strong and trusted brand, while relying on his team of brokers to generate leads.

“We’re going to start in the GTA, but will expand to other parts of the country,” said Hugh, who left his position as head of ING’s broker sales last month to spearhead the initiative.

Hugh is confident Taurus can use know-how and attention to customer service to ground itself in that increasingly bearish market. Hugh’s insider knowledge on structuring deals to satisfy lender requirements should also ensure the company wins a place among “the five per cent of brokers driving the overwhelming majority of business,” he said.

Hugh has more in mind for the brokerage, with plans to position it as a leader in professional development and training for mortgage professionals. He bills it as a way of investing in the industry’s future growth. “The reality for brokers has been that their pot of gold is at the front end of the rainbow and not at the end of the rainbow,” said Hugh, “but Taurus will take the longer-term view by investing in the education and development of the industry.”

The former lender also hopes his plans to incorporate financial planning services into the new business will inspire others in the industry to broaden their offerings, a way of increasing their usefulness to clients.

“We need to add value well beyond rate offerings,” he told MortgageBrokerNews.ca. “Mortgage brokering is a viable source of origination that has had a huge influence on the service levels that Canadians have come to expect, it can only grow with the full collaboration of the industries players, including lenders, brokers, mortgage insurers and industry associations.” CMP

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Creating your business fingerprint

Communication is the non-negotiable requirement for any relationship, whether

personal or professional. Communication can be done through various means: spoken and written word, listening, reading, through actions, service, art, imagery, advertising, or even through promotional pens. Even the world’s greatest business professionals cannot reach new heights of success without communicating their next great idea or approach. In fact, without communication, even the most successful businesses would crumble in one accounts receivable/payable cycle. This applies equally to the business of each mortgage professional, regardless of the years of success behind them. That is why the next 1,000 words are exclusively dedicated to this aspect of creating your business fingerprint.

Your business fingerprint is the customized mark your business leaves on everything it touches. If you read the previous two columns, you have clarity on what your authentic business fingerprint ought to be as well as how to implement, or put into action what is required to be the business you intend to be. Presumably a pen and paper found their way into your hand as you read each of the previous articles as you started to internalize these changes into your immediate professional circumstance as you read them. Have you started to implement? Good. Now let’s figure out how to most effectively let others know about your business fingerprint: that is what sets your business apart from the plethora of mortgage professionals more or less offering the same service you provide.

Review The best place to start is the beginning. Review your notes from your discovery process. What is your mission? What are your business values? What are your strengths and opportunities? What weaknesses and threats do you need to insulate against? What is your short-term goal and long-term vision? This encapsulates the message you will want to communicate to others about your business. It is not

In Part Three of Carla Wood’s series, she helps brokers with the next step of their business fingerprint plan – letting people know what sets their business apart from everyone else

“ if you truly take the time

to discover, implement and communicate your business

fingerprint, then also have the confidence in your plan

”

about mortgages, it is about your business approach. Consider if there are any experiences your clients have had in the past that are not captured in this summary and fill in those gaps.

It is assumed that as a mortgage professional you can get great rates. What may not be as clear is what type of experience clients will receive if they deal with you. Perhaps you have a specific type of client you work with due to an area of specialization – this should make it into your review synopsis as well.

Reflect on these notes; share them with your trusted coach, mentor, spouse, business partner, high level trust clients or colleagues. Ask for feedback. Tweak it. Tweak it. Tweak it.

DivideNow that you know what you have to say about your business, let’s differentiate the communication ever so slightly for various groups. The first division should be a message for past clients, your centre of influence contacts and your referral sources. The messaging to them will be more assumptive in that they already know your approach. You are simply reinforcing it through communication and putting into words and images what they previously experienced. By doing this, you remind them of the positive experience they had with you and clarify to them how to succinctly put into words what sets you apart as they refer you to others.

The other group for whom you create a message will be those who have yet to experience your

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Setting

THE STANDARD!



neWsbusIness adVIce

business differentiators. What you communicate to this group will be about the same business fingerprint – it is consistent with what you communicate to your core business base, but it takes the communication a step further. It is the first date level of communication, versus the communication of a couple who have been together for years...you cannot assume the recipient of your message is reading between the lines the way you can with your first group.

EngageEngage a team to support you in launching the communication of your business fingerprint. It will likely be an upfront financial investment, but the return on investment can be significant if you are able to clearly communicate what your differentiators are in a way that resonates with your target audience. This investment in areas such as coaching, branding, web design, search engine optimization or copy writing will set you up to be able to make strategic marketing decisions that drive leads to your business. Before you set your budget for advertising and marketing materials, investing in the message you want to communicate will ensure that whatever dollars you spend on your ads, brochures, web presence, events, and so on, will actually draw people toward you.

EnticeDraw people into your client base who resonate with your business fingerprint. Don’t be afraid to narrow your appeal if that narrowness is a true reflection of your service or area of expertise. By being specific, you will penetrate the typical consumer numbness to sales and marketing, and push them into having an immediate response to what you are about. Think of it this way – those who receive your message and feel “wow – that is what I want,” are clients you will earn. Meanwhile, those who receive your

message and feel “interesting, but not for me,” just may have friends or family who want what you are offering, and now even your “no thanks” prospect can become a great advocate for you as they share with others what they know about your business approach. Every recipient becomes an extension of your sales force because they can easily articulate your business fingerprint to others.

ExpandExpand beyond traditional communication methods. Traditional methods can still have value, but brainstorm all the possibilities at your disposal. Once you have a laundry list of communication options, go through the list one at a time and ask yourself, or your team, if each option is a) trackable; b) relevant to your target audience; and c) the greatest opportunity for ROI.

Trackable refers to having a means in which the business can attribute the results and success from the chosen method. Sponsoring a local event may seem like a fun idea in the moment, but only becomes a valuable communication method for business development if you are able to influence and identify what results come from it.

Relevant to your target audience means you are communicating to the right people for your business fingerprint. If your audience is online consumers, advertising in the local paper might be missing the mark.

Choosing the greatest opportunity for return on investment is about paring down the list of many fabulous options and prioritizing those marketing approaches that are trackable and relevant, plus rank highest on ROI.

LaunchNow make it happen. Create a schedule of events so the various communication methods roll out on an intentional timeline – perhaps in clusters, or more constant throughout the year. Hold yourself responsible, or have your coach keep you accountable. Consider your cash flow as you set the schedule – practicality must prevail. Finally, hold your focus on implementing the entire package: don’t get side-tracked from what the competition is doing. If you truly take the time to discover, implement and communicate your business fingerprint, then also have the confidence in your plan. Follow up. Convert those leads. Exceed expectations. Now you are truly implementing at a level that will increase your profitability and your cash flow. Congratulations.

Carla Wood, MBA, MSRE – Managing Director, EDI Implementation Engineers (www.edicoaching.com) CMP

Carla Wood

“ before you set your budget for advertising and marketing materials, investing in the message you want to communicate will ensure that whatever dollars you spend on your ads, brochures, web presence, events, and so on, will actually draw people toward you ”


neWsIndustry

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Collu: Volume minimums ‘taking brokering out of brokering’Continued use of volume requirements may undercut efforts to grow efficiency ratios while threatening broker independence, said IMBA’s new president.

“There are lenders that are taking the brokering out of brokering,” Albert Collu told MortgageBrokerNews.ca after touching on the subject at a recent meeting of the Independent Mortgage Brokers Association of Ontario. “By continuing to use volume requirements, instead of just going with efficiency ratios, lenders are inadvertently reducing the willingness of brokers to hunt around for the best mortgage for clients in order so that they can fulfill minimum volume requirements with a given lender and maintain status.”

He’s voicing the concern as lenders streamline the number of brokers they work with by adopting efficiency ratios – the percentage of applications that convert to a funded mortgage. That metric for evaluating broker performance is a good thing, said Collu, who supports the shift as the best way of encouraging brokers to improve their stewardship and to ensure deals align with lender profiles.

“What used to happen is that brokers would just throw deals at lenders without knowing the lender’s products or the client’s situation,” he said. “When you enforce efficiency ratios, it works for everyone – brokers and lenders.”

Maintaining those ratios at or above 65 per cent not only wins brokers compensation incentives and access to preferred interest rates, but increasingly dictates whether they have access to the lender at all. Collu, president of Argentum Mortgage and

Finance, joins the growing number of industry players who want lenders to reduce their emphasis on volume requirements in favour of conversion ratios. Insisting upon both could disqualify productive brokers hamstrung by their market’s size or modest home values.

“If the average broker is doing $4 million in deals annually,” said Collu, “how realistic is it to ask them to send you $10 million?”

A growing number of small brokerages are now channeling deals for a particular lender through one broker in an effort to meet minimum volume requirements. It ensures access for all the brokerage’s clients, but means only one member of the team has official status.

Logistics aside, said Collu, smaller players pressured to meet those volume minimums may find themselves tethered to one or two lenders instead of canvassing the entire field of lenders for the best fit on a client-by-client basis. It’s what Collu means by “taking the brokering out of brokering.”

Still, lenders are increasingly sensitive to the challenges facing brokers in smaller markets as they improve their efficiency ratios but struggle to meet volume requirements.

“I have status with more than six lenders,” Abby Colwell, a broker with Mortgage Brokers City in Saint John, told MortgageBrokerNews.ca. “What I have found is that some are willing to consider volume based on the number of deals instead of the dollar amount because of the lower home values in this market. They’re still using efficiency ratios as well, which is very important.” CMP

http://www.fisgardmortgage.com/


neWsIndustry

Brokers facing uphill battle to win bigger cut of $215B HELOC market

Home equity lines of credit represent 22 per cent of all Canadian mortgages, or a whopping $215 billion, according to a new CAAMP report – the first to track that segment of the market largely closed to brokers.

“As far as we know this is the first time anyone has tracked that end of

the mortgage market,” CAAMP Chief Economist Will Dunning told MortgageBrokerNews.ca. “This is the first snapshot we have of the HELOC proportion of the industry, so we’re uncertain how quickly it may grow, although I think it will.”

For this year’s annual spring survey report on the residential mortgage market, the Canadian Association of Accredited Mortgage Professionals asked Canadians to specify how they financed their homes and withdrew equity. Of an approximate 9.45 million homeowners in Canada, an estimated 1.87 million hold both a mortgage and a HELOC. About 770,000 have a HELOC, but no mortgage, with the majority of Canadians holding just the mortgage itself. Approximately 3 million lucky Canadians have no debt at all on their homes.

While brokers continue to attract as much as 30 per cent of the first mortgage business and 20 per cent of renewals, refinances and transfers, their participation in HELOCs is relatively marginal. That has to change, said one Alberta mortgage professional, his brokerage one of the few actively courting that business.

“The difficulty for brokers is, flat out, a lack of available product,” said Gord McCallum, owner of First Foundation Residential Mortgages. “There aren’t enough lenders offering it, and many of the lenders that do, use a double standard in that they offer HELOCs through their branches and their mobile mortgage specialists, but not through brokers. We haven’t been able to get a clear answer from them as to why that is, but it’s something that really rubs brokers the wrong way.”

While a handful of lenders in the broker channel offer those lines of credit, most aren’t willing to take a second position behind another lender. McCallum is asking brokers to support those lenders who do offer them the opportunity to satisfy client demand for the product, which often provide homeowners the quickest way to turn equity into liquidity.

The number of broker channel players in this segment of the market actually fell this year when the federal government withdrew insurance backing for HELOCs, not only for high-ratio debt but even those where a borrower’s equity is more than 80 per cent.

Ottawa made the move, effective April 18, as a way of discouraging Canadians from adding to record levels of consumer debt. While some monoline lenders have retreated from the market in the absence of that government backing, most of the country’s big banks continue to focus on expanding their HELOC portfolios with an eye to satisfying consumer demand.

“Any growth has more to do with whether people see a need to pull out equity from their homes,” said Dunning, “and we’re still seeing a vibrant home renovation market and the willingness of Canadian homeowners to use equity in their homes to fund other investments and meet other needs.” CMP

Gord McCallum

87%Percentage of mortgage brokerages in Ontario that had filed proof of E&O insurance coverage with The Financial Services Commission of Ontario


neWsIndustry

Brokers working one of B.C.’s hottest markets are now grappling with an unexpected cold front, shifting their attention to refinancing as new purchases drop off 25 per cent from last year’s scorching performance.

“The market in Victoria is cooling, definitely – I’m seeing a drop in the new-purchases end of my portfolio,” said Greg Martel, owner of Dominion Lending Centres Harbour View Mortgages, based in the capital city. “I’m now marketing to existing clients.”

New numbers from the Victoria Real Estate Board back up Martel’s observations.

Recently, the association reported a meager 574 sales for April, down from 622 in March and from the impressive 756 sales logged in April 2010. Last month’s numbers represent a whopping 24 per cent drop in activity, year over year.

The drop isn’t owing to a scarcity of product. In fact, the average price of a single-family home in Victoria last month was $615,533, or 0.6 per cent down from the previous month, suggesting the only real shortage is in the number of buyers willing to enter the bidding wars that marked Victoria and Vancouver as two of Canada’s hottest markets.

Part of the reason for the home sales gap is the record-high number of purchases logged in the run up to last year’s federal rule changes, according to the real estate board. Ushered in late April 2010, they effectively do away with high-ratio mortgages for investment buyers and make it more difficult for first-time buyers to qualify.

Today’s slowdown reflects those policy changes, along with an earlier 50-per cent reduction in allowable rental offsets, which also tied the hands of property investors in a market so dependent on them.

That is still the case, said Martel, one of the biggest players in the Victoria market, although the weaker housing market has now encouraged many brokers to find opportunities within their existing portfolios.

“I focused servicing my existing clients in terms of refinancing,” he said, reflecting the experience of another area broker. That sales job is made easier by historic low interest rates on refinancing.

But more recent mortgage rule changes lowering the ceiling on just how much homeowners can pull out of their homes could stop some homebuyers for reaching for that lifeline. Still, Martel and others suggest the maximum 85 percent loan-to-value ratio should still provide enough wiggle room for A-clients looking to access consolidate debt. CMP

Rising condo fees cool market for brokersWhile tougher mortgage rules have rekindled interest in condos, rising fees coupled with first-time buyer fears have limited the ability of brokers to capitalize on it.

“Condo fees are escalating, and with the government’s new amortization limits and concerns about interest rates increasing, first-time buyers are encountering greater hurdles to condo ownership,” said Michael Pezzack, a broker with Buyingblock.com, a web-based real estate and mortgage hub for Toronto first-time homebuyers. “That means less business for us.”

Condo sales were down 21.3 per cent year-over-year in March in the unsinkable Vancouver market, even as the number of detached houses purchased climbed 2.3 per cent. Another key market condo market, Toronto, saw new condo sales slip just under five per cent in the first quarter of 2011 compared to the first three months of 2010, according to the latest data. The number of pre-existing units changing hands dropped nearly 10 per cent over the same period.

The slippage runs counter to what many industry players had predicted following the government’s move on March 18 to tighten mortgage rules in order to discourage Canadians from taking on more debt. Then, many brokers suggested the decision to drop the maximum amortization to 30 years would increase the number of homebuyers turning to the condo market, unable to qualify for pricier single-family houses.

While lowering that ceiling has fueled interest in the condo market, a four-to-five per cent rise in condo fees over the last two years coupled with fears about a pending interest rate hike have kept many potential buyers from making a commitment, Pezzack told MortgageBrokerNews.ca. Here, again, it may be a question of affordability, with lenders using 50 per cent of the condo fee when calculating debt-service ratios. Even a modest rise can block urban buyers from gaining a foothold in more desirable neighbourhoods.

The result is some first-time buyers are simply deciding to wait it out, rather than scale back their expectations, said Ranjit Dhillon, principal broker at Centum Mortgage Smart Inc., in Etobicoke.

“When the banks stopped giving 35-year mortgages that was the time when people started calling the brokers,” he told MortgageBrokerNews.ca. “But that doesn’t mean that they are buying the condos now.

Dhillon and others point to buyer concerns that there may now be an oversupply of units in key urban centres – with the inevitable price adjustment soon to follow. “Many prefer to wait and see,” he said.

His analysis comes on the heels of a new poll suggesting two-thirds of young urban Canadians who recently bought or intend to buy a condo would prefer a house. The 2011 TD Canada Trust Condo Poll also backs up Pezzack’s suspicions about condo fees.

About 95 per cent of respondents list those fees, which cover amenities and building maintenance, as the most important feature to look for in a condo. Four-in-five also said they’d be unwilling to pay more than $400 a month. CMP

Victoria brokers turn to refis as home sales cool


neWsIndustry

WE FOCUS ON YOU, THE BROKER, SO YOU CAN FOCUS ON YOUR CUSTOMER.www.canadianafinancial.com 1-877-672-7219

A market heavily weighted to young homebuyers has spurred the development of an online referral service hawking young brokers otherwise responsible for marketing themselves.

“MiMortgageLoans.com is a pilot test for Calgary and is about helping small and new brokerages and brokers market themselves,” Alexander Tretjakov, head of the independent upstart, told MortgageBrokerNews.ca. “What we’ve found is that small brokerages are really good at providing financial services, but not at selling themselves. We’re helping them bridge the gap between their world and those of Calgary homebuyers.”

Through search engine optimization and more traditional marketing techniques, the site is focused on coming up high in any mortgage-related online search. That kind of preferred ranking accrues to the benefit of brokers registered with Tretjakov and may better the

placement of their individual brokerage sites. That, at least, is the marketer’s boast.

After attracting the potential homebuyers, MiMortgageLoans.com then refers them to its broker clients. Tretjakov only gets paid if the contact results in a deal.

“We’re a facilitator of leads,” he said. “Our compensation is based entirely on results.”

The website launched this month and has already begun to attract new brokers looking to access Calgary’s key 25 to 40 demographic. Recent surveys suggest that group is more likely to go online to find a home and the expert assistance to finance it.

That sea-change has altered the way new brokers hunt for clients, said Dan Mass, president of Verico Canada First Mortgage in Calgary. His newest agent was one of Tretjakov’s first clients.

“What’s happening is that young brokers are still relying on the grassroots method of meeting and greeting potential clients,” he told MortgageBrokerNews.ca, “but they’re also using new, mostly online techniques, to reach their target audience. It’s then a matter of marrying the two.” CMP

Calgary site connects young brokers to young buyers

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http://www.cmexp.com/


neWsIndustry

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Ontario brokers are not only facing a slower market than much of the rest of the country, but a long-term drop in first-time buyers, said a CMHC economist.

“We’re probably not going to see as many first-time buyers in the market,” Ted Tsiakopoulos, the Ontario regional economist for Canada Mortgage and Housing Corporation, told more than 400 brokers at the IMBA Conference. “You’ve probably already seen that in your business. We’re not creating as many households in your traditional first-time homebuyer category of 25 to 40.”

There are other factors responsible for declines in that key demographic, with CMHC economists anticipating both short- and long-term impact for Ontario. In addition to an aging population, the province is already facing a slowdown of about six per cent in home sales for 2011, as consumers cancel purchase plans in order to pay down record levels of debt and first-time buyers, among others, are deterred by rising interest rates.

While that double whammy should affect buyers across the country, said Tsiakopoulos, Central and

CMHC economist: Ontario Brokers to see fewer first-time buyers

Eastern Canada will be most affected given the slow period ahead for their consumer-focused manufacturing sectors. Demand for those goods and services is likely to drop, said the economist, as Canadian consumers claw back on their spending. The high-flying Loonie is also expected to clip U.S. demand for those exports in the pivotal American market.

It’s a different story for the West, Tsiakopoulos told brokers. An international spike in demand for natural resources – from oil to timber – means B.C., Alberta and the Prairies won’t experience the kind of economic slowdown responsible for zapping homebuyer interest.

But, even the slowest of Canadian markets should rebound by early 2012, he told brokers, characterizing the current market as stable: “There’s very little evidence that there’s a housing bubble,” Tsiakopoulos said. CMP

68%Percentage of people who have the goal to pay off their mortgage as fast as possible (Genworth Financial Canada/Canadian Association of Credit Counselling Services)

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Right Rajan Kaushal (centre,

left of sign) and other volunteers have raised

more than $100,000 over the past two years

for the Shayam Kaushal Charitable Foundation.

Out of the entire night of dancing, entertainment and laughter – to say nothing of over $65,000 raised for autism --there was possibly only one moment that would have given Shayam Kaushal pause.

“He was the inspiration for the fundraising gala – most of the people knew him – and as a way of celebrating his philanthropy we held a moment of silence in Shayam’s honour,” Rajan Kaushal, the former IMBA president’s younger brother, told CMP. “But he was very humble and not about receiving personal recognition. He would just have loved to know so many came together to give back to society and that everybody had a great time. He’d have been very honoured.”

When the 17-year veteran of brokering lost his battle to cancer in February 2009, his family and friends in the industry took up his mantle of philanthropy. They banded together last year to create the Shayam Kaushal Charitable Foundation, their first order of business to do something about Osteosarcoma – the rare bone cancer that cut short Shayam’s life at 40.

The foundation’s first gala raised $45,000, channeling those proceeds directly into stem cell research at Toronto’s Mount Sinai Hospital and specifically focused on eradicating the disease.

When ticket sales and corporate cheques are tallied, foundation directors expect this year’s gala (held May 14 at Brampton’s Embassy Grand Convention Centre) will better that inaugural performance. Initial calculations, in fact, point to over $65,000 now headed to another charity.

“We had looked at many causes in many different areas, but we went with Autism Ontario and funds are being donated to children with Autism Spectrum Disorders because they’re underfunded,” said Rajan, a director of Interfinance

Former IMBA President Shayam Kaushal passed away in 2009, but left a legacy of philanthropy his family and his colleagues in the industry are helping keep alive

Brokers help channel $75K to autismShayam Kaushal Charitable Foundation celebrates with second annual gala

Mortgage Corp., the family business Shayam nurtured as partner.

The non-profit is focused on research, advocacy and support for autism, a disorder that sneaks up on parents with often devastating consequences. It impairs a child’s ability to form normal social relationships or even communicate with others. While the behaviour patterns that develop after the age of three can be mitigated, the disorder never goes away.

Its cause continues to mystify, although toxic exposure and a handful of genetic disorders result in autism-like behaviours. Research remains ongoing, with money from The Shayam Kaushal Charitable Foundation to be directed toward scholarships, camp programs for kids with ASD and workshops for parents who have children with ASD.

The work dovetails beautifully with the charity’s goal to help fund community organizations striving to better the lives of others. The mandate also mirrors Shayam’s lifelong approach to giving back to his own community, even as he and wife Anita focused on raising their children Keshiv and Karishma.

Born in 1968, Shayam played just as pivotal a role in the Independent Mortgage Brokers Association of Ontario. As president, he led efforts to expand membership rolls and professionalize practitioners, also spearheading creation of IMBA magazine BrokerBiz and the organization’s own annual fundraisers.

The mentoring he offered so many mortgage professionals means quite a few bowed heads during this year’s gala’s moment of silence, as many have cherished personal memories of Shayam to reflect on. CMP

http://www.hometrust.ca/


neWsIndustry

YES, at Equitable it’s a Team approach to Lending.

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Working together, we can see and hear what others may miss. We work to understand each challenge and overcomeobstacles to make the deal work for you.

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Scott Bentley

A soaring Loonie has lifted the bottom line for Canadian brokers helping snowbirds take equity out of their Canadian properties to invest stateside, specifically in the deflated South Florida market.

“I don’t necessarily want more competition,” AMP Mike Jarrett, head of Tarrexx Consulting, told MortgageBrokerNews.ca, “but this is, because of the high Canadian dollar and the deflated prices in South Florida, a growing niche area for brokers with the skills and the connections to facilitate these transactions.”

That may, in fact, be an understatement.A recent survey from BMO Bank of Montreal

finds that lower home prices and a strong Canadian dollar have renewed interest in U.S. property, with one in five Canadians now considering such a purchase.

Winnipeg-based Jarrett – and the handful of Canadian mortgage professionals who specialize in helping clients win refinancing before steering them through a convoluted buying process – has seen a double-digit uptick in interest.

The rise only compounded Canadian interest following the collapse of the U.S. housing market. Properties across southern Florida are still selling at 38 per cent to 62 per cent off of their pre-recession values. Tampa, for example, is down 44 per cent, Miami, closer to 50 per cent, depending on proximity to the coast.

“In many cases, we’re now seeing clients revisit the idea of purchasing properties they’d passed on before the Loonie’s rapid rise,” said Scott Bentley, with Verico Premiere Mortgage in Halifax.

Jarrett and Bentley are now claiming the cut of those transactions that would normally go to U.S. mortgage brokers and the big Canadian banks with

Brokers seeing rise in U.S. property purchases by Canadians

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American operations. Broker remuneration varies from upfront and closing fees for refinances to consultation charges on multi-unit investments during due diligence review periods. Regardless, brokers encourage clients to pull equity out of their Canadian properties to fund their U.S. purchases.

“My recommendation is for the clients to pay cash,” said Jarrett, who draws most of his accounts through word of mouth. “The best way to do that is to refinance their homes here in Canada.”

The Canadian specialist then leverages his connections in south Florida real estate to identify properties, win appraisals and title insurance, find legal representation and move to closing. Even a straightforward deal can take up to two months given heightened federal and state regulations. The process is also fraught with potential pitfalls for clients trying to steer clear of troubled developments permanently impaired by massive foreclosure rates and perennially underfunded condominium associations.

“It’s a great and potentially rewarding niche,” said Bentley, who has worked as a broker in both Nova Scotia and Florida. “But it’s not for every Canadian broker. You have to have the market expertise and connections on the ground in Florida to be in the position to best represent clients, in many cases looking at distressed properties and the potential dangers.”

He argues the Florida market may take as long as five to seven years to recover in some submarkets, giving Canadian investors– as well as Canadian brokers – a window of opportunity.

“However, buyers who wait too long may find themselves out of luck,” said Bentley, “considering the increase in international buyers looking for the same bargains Canadians are.” CMP

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YES, at Equitable it’s a Team approach to Lending.

In Ontario call:416.515.70001.866.407.0004

In Western Canada call:403.440.12001.866.940.1201

Teamwork Wins!

www.equitabletrust.com

Working together, we can see and hear what others may miss. We work to understand each challenge and overcomeobstacles to make the deal work for you.

Exceptional customer service in the delivery of innovativeresidential and commercial mortgage solutions are the reasons Canadians have turned to Equitable for over 40 years.

Equitable is your success team.

Got a client challenge?

Call Team Equitable today.

ET_Team_CMP_MAR2010.pdf 1 10-03-11 4:43 PM

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The marketing group also looks to help planners stay ahead of themost important consumer trends. Early in the year, Kelly Neuber completed a cross-Canada roadshow to help planners transform their businesses with html email, social media and search engine optimization techniques. The three hour small-group workshops were a huge hit and will be repeated on an annual basis.

Mortgage Architects is proud of its marketing team. They deliver the high marketing standards that are expected at Mortgage Architects!

Simply the best! How did they get there?

Spotlight on marketing and CRM programs. Early in 2006, several of Canada’s top planners recognized the opportunity to set an exceptionally high standard in their industry, by gathering together and creating a new fi rm. The result was a boutique-style brokerage – Mortgage Architects – now a national brokerage known for its exceptional reputation with industry lenders and for being the home to many of Canada’s best-in-class mortgage planners.

And because they are among the top performers in the industry, the planners at Mortgage Architects are a pretty demanding group! After all, that’s how they got where they are today. They expect the best value programs.

When it comes to Marketing and CRM, they want material that is timely, relevant, sharp, and persuasive. That’s why Mortgage Architects off ers custom marketing from a professional marketing group, led by Kelly Neuber, VP of Marketing, who

has been delivering value programs to mortgage brokers and fi nancial planners for the last fi fteen years, and has successfully worked with the best-of-the best brokers and their high standards.

The marketing group continually updates and refreshes their growing library of marketing templates that include html emails and articles. They also deliver custom marketing support so planners can develop their local marketing ideas, concepts that are typically shared among the broader planner group. The sharing of best practices is a strong part of the culture at Mortgage Architects. The marketing group also drives the very popular CRM program, which comprises a mix of email messages, warm touches, semi-annual newsletter, and the annual business ask

mailing that always stands out and gets a huge result, primarily because it’s never an off -the-shelf template. Each year, the business ask letter has a diff erent message that pinpoints the best opportunities for that particular time period.

Kelly NeuberVP, Marketing

"Our planners have the highest standards in the industry, and that’s why

Mortgage Architects has built the best value proposition anywhere."

Bob Ord, President & CEO

And the results speak for themselves:“The 2009 ‘silver linings’ mailing didn’t swamp us, we were HAMMERED!” – Peter Majthenyi, Toronto

“The 2011 renewal and business ask letters have proved to be “super” successful! The last few days my phone has been ringing off the wall with new business that is a direct result of the most recent

mailing campaign! Our offi ce can’t thank you enough for the quality and consistency of what you are doing for our marketing initiatives … this is one of the main reasons I can justify my split to MA. A BIG heartfelt Thank You!!” – Peter Majthenyi, Toronto

“My business is up so much year-over-year because of the business-ask mailings, they keep us busy right through the summer.” – John Cavan, Milton

“Had a very good response for refi nances from the business-ask letter! I got more deals than I expected from the mailing. Kudos to MA Marketing.” – Kevin MacGregor, Calgary

powerofvalue.ca © Copyright 2011, Mortgage Architects, all rights reserved.

“At the pinnacle of the mortgage brokerage

industry, Mortgage Architects has created

something extraordinary: a team of broker legends.

We invite you to be one of them!”

Meini Ickert, VP National Sales

http://www.powerofvalue.ca/

The marketing group also looks to help planners stay ahead of themost important consumer trends. Early in the year, Kelly Neuber completed a cross-Canada roadshow to help planners transform their businesses with html email, social media and search engine optimization techniques. The three hour small-group workshops were a huge hit and will be repeated on an annual basis.

Mortgage Architects is proud of its marketing team. They deliver the high marketing standards that are expected at Mortgage Architects!

Simply the best! How did they get there?

Spotlight on marketing and CRM programs. Early in 2006, several of Canada’s top planners recognized the opportunity to set an exceptionally high standard in their industry, by gathering together and creating a new fi rm. The result was a boutique-style brokerage – Mortgage Architects – now a national brokerage known for its exceptional reputation with industry lenders and for being the home to many of Canada’s best-in-class mortgage planners.

And because they are among the top performers in the industry, the planners at Mortgage Architects are a pretty demanding group! After all, that’s how they got where they are today. They expect the best value programs.

When it comes to Marketing and CRM, they want material that is timely, relevant, sharp, and persuasive. That’s why Mortgage Architects off ers custom marketing from a professional marketing group, led by Kelly Neuber, VP of Marketing, who

has been delivering value programs to mortgage brokers and fi nancial planners for the last fi fteen years, and has successfully worked with the best-of-the best brokers and their high standards.

The marketing group continually updates and refreshes their growing library of marketing templates that include html emails and articles. They also deliver custom marketing support so planners can develop their local marketing ideas, concepts that are typically shared among the broader planner group. The sharing of best practices is a strong part of the culture at Mortgage Architects. The marketing group also drives the very popular CRM program, which comprises a mix of email messages, warm touches, semi-annual newsletter, and the annual business ask

mailing that always stands out and gets a huge result, primarily because it’s never an off -the-shelf template. Each year, the business ask letter has a diff erent message that pinpoints the best opportunities for that particular time period.

Kelly NeuberVP, Marketing

"Our planners have the highest standards in the industry, and that’s why

Mortgage Architects has built the best value proposition anywhere."

Bob Ord, President & CEO

And the results speak for themselves:“The 2009 ‘silver linings’ mailing didn’t swamp us, we were HAMMERED!” – Peter Majthenyi, Toronto

“The 2011 renewal and business ask letters have proved to be “super” successful! The last few days my phone has been ringing off the wall with new business that is a direct result of the most recent

mailing campaign! Our offi ce can’t thank you enough for the quality and consistency of what you are doing for our marketing initiatives … this is one of the main reasons I can justify my split to MA. A BIG heartfelt Thank You!!” – Peter Majthenyi, Toronto

“My business is up so much year-over-year because of the business-ask mailings, they keep us busy right through the summer.” – John Cavan, Milton

“Had a very good response for refi nances from the business-ask letter! I got more deals than I expected from the mailing. Kudos to MA Marketing.” – Kevin MacGregor, Calgary

powerofvalue.ca © Copyright 2011, Mortgage Architects, all rights reserved.

“At the pinnacle of the mortgage brokerage

industry, Mortgage Architects has created

something extraordinary: a team of broker legends.

We invite you to be one of them!”

Meini Ickert, VP National Sales

http://www.powerofvalue.ca/


neWsIndustry

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Non-bank lenders refusing to write mortgages on mobile homes are handing the growing niche market to the big banks, but also limiting market share for brokers, said one Halifax professional.

“Currently only about five per cent of our mortgages are in mini-homes,” James Shinners, president of

Mortgage Managers, an independent brokerage focused on the burgeoning Halifax Regional Municipality, told MortgageBrokerNews.ca. “With really only the banks offering mortgages, that five per cent is found business instead of business that we can market to.”

Broker efforts to grow that business have been hamstrung by the dearth of non-bank lenders willing to provide mortgages for mobile homes. Almost all underwriting is now performed by the Big Five, with prospective borrowers bypassing the broker channel and dealing directly with bank reps.

The direct route means mortgage professionals like Shinners are increasingly cut out of a good and growing thing. There are more than 14 trailer parks in his Halifax market, alone.

According to Statistics Canada, no fewer than 380,000 people in this country call a mini-home – aka mobile or modular home, trailer or double-wide – their primary residence. There are no fewer than 250,000 units in Canada.

James Shinners

Broker: Non-banks should jump on the mobile-home wagon

With a starting price of $80,000 for a 680 sq. ft. trailer, those moveable residences are billed as a cost-effective alternative for families seeking homeownership, but without the income required for bricks-and-mortar construction.

Most of the homes sit on rented land in one of 500-plus trailer parks across the country, with a growing number of them freehold – i.e., sitting on land the trailer’s owner also owns. That makes it possible for a borrower to win discounted mortgage rates, said Shinners.

But the overwhelming majority of mobile homes sit on rented land, with owners only able to access a bank’s posted rates, regardless of their beacon score. Non-bank lenders have the power to lower those rates and grow the broker pipeline in the process, argues Shinners.

While MCAP Service Corporation provides mortgages on mobile homes, they must be freehold, have permanent foundations and are subject to “a satisfactory full appraisal,” said company president Ron Swift. The lender is largely the exception, with other non-banks pointing to greater flight risks, inadequate security and depreciation concerns as reasons for steering clear of the business.

“I’m not sure why the non-banks aren’t in there,” said Shinners, pointing to the number of upscale trailer parks in the greater Halifax area. “If we had more lenders, more brokers might take up mobile homes as a niche, and with the cost of traditional homes outstripping income growth, demand for mini-homes is likely to grow.”

MCAP, at least, appears open to having a discussion.“We have not been asked by our customers to relook

at our current mobile home policies and therefore have no current plans to review,” Swift told MortgageBrokerNews.ca. CMP

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neWsIndustry

The broker channel – from its agents to its lenders – has already moved to prepare homebuyers for the inevitable hike in prime and the payment adjustments that follow. That’s with or without a change to the central bank’s key interest rate.

“I don’t anticipate that the overnight interest rate is going to rise such that it prevents most homebuyers from entering the market,” Kim Luxton, national director for broker sales at ING Direct, told MortgageBrokerNews.ca. “But there’s no way to go but up. In our commitment letters we spell out a couple of interest rate calculations to let the client know what to expect if the rates go up.”

Brokers and most non-bank lenders are now taking the same proactive steps as ING, readying homebuyers for the inevitable hike in the Central Bank’s overnight interest rate. While Luxton and most other industry insiders don’t expect that upward thrust with this week’s announcement, almost all predict the key rate will get bumped up by as much as 50 to 100 basis points within the next year.

Depending on the speed of economic recovery both here and globally, the overnight rate could climb as much as 2.5 percentage points by the close of 2012, argue some economists. They point to continuing gains in full-time employment in Canada and the U.S. as well as the possibility of a quick return to stability for Libya and Japan.

Still, most brokers are pinning their hopes on a less-dramatic climb, while warning clients most vulnerable to rate shock.

“The prime rate is not going to go up very quickly,” said Enna Cui, a Vancouver broker with TMG The Mortgage Group. “But I am letting those with limited income know that it can be very risky if the rates go up.”

Cui, like many brokers, is actively illustrating for clients the potential payment increases they face with even a 25-basis-point increase. She’s also seeing a number of clients opt for hybrid products that split mortgage between fixed and variable rates. It’s one way of preventing the kind of default increases that crept their way into several western markets in 2008.

Edmonton was one, as employment slipped and the housing industry sustained a significant correction.

The fundamentals of the Alberta economy have improved, said Lester Shore, a manager with Optimum Mortgage in the province’s capital city. “The economy is in better shape than it was in 2008, and our borrowers can sustain a 50 basis-point rise easily.”

That’s likely reflected in the growing activity this spring, said Shore, pegging the start of the upswing to late March.

Brokers are laying out fixed and combination options for clients looking to get into the market before prime climbs up. Still, variable-rate products continue to attract the lion’s share of interest, said Luxton.

“People just getting into the market need to be very concerned about what they can afford,” she told MortgageBrokerNews.ca. CMP

$456,147Average selling price of homes in Toronto during March (Toronto Real Estate Board)

Kim Luxton

industry gets proactive to prepare clients for rate hikes

neWsIndustry

Pacific Mortgage Group -- parent of Mortgage Architects Inc. and myNext Mortgage -- has now taken its bid for Invis directly to the company’s shareholders, a move meant to circumvent board opposition.

“We felt that there were some misunderstandings about our offer, and we wanted to set the record straight,” Alex Haditaghi, CEO of Pacific Mortgage Group Inc., told MortgageBrokerNews.ca. “We believe that it is an amazing offer for shareholders of both companies and brokers and agents of both companies. I think it will create a more financially profitable company, better able to compete with the big banks and drive business to the broker channel.”

Pacific announced it had sent a binding letter of intent to the members of the board of Invis Inc. on March 11. The deal includes a cash offer of $9 million plus for equity ownership of the brokerage operation and an equity incentive package for all Invis and Mortgage Intelligence mortgage brokers and agents. The offer would give those industry professionals a stake in the combined organization.

“All brokers will have ownership in the company,” said Haditaghi, “and they’ll not only own shares in a brokerage but a lender.”

The company must first win approval from Invis shareholders for an acquisition that would create one of the broker channel’s biggest players.

In a released statement, Cameron Strong, executive vice-president and CFO of INVIS stated “Invis has rejected this offer as

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unacceptable, and is not in negotiations with Pacific Mortgage Group.”

The move would not only lead to greater economies of scale by centralizing back-office functions, said Haditaghi, but win the combined entity $15 billion in new annual mortgage volumes.

“Pacific Mortgage believes that the combined entity would have the critical mass to realize substantive revenue growth…materially improving bottom line profitability for its owners,” reads a recent press statement. The “vision is to combine the mortgage loan originating strength of its mortgage brokerages and centralize back-office service operations.”

It was, in fact, the company’s intention to continue to communicate privately with Invis’s board. But those talks appear to have failed. “I feel compelled that all shareholders should understand the context of our offer,” Haditaghi told MortgageBrokerNews.ca.

A former executive vice-president for Invis Inc. is throwing cautious support behind the Pacific Mortgage Group takeover bid, suggesting it could strengthen the hand of member brokers in an increasingly competitive field.

“On the surface, it would appear that the deal is a good offer for shareholders and would accrue to the benefit of Invis brokers as they look to differentiate themselves from the competition,” Fiona Campbell, the superbroker’s former executive VP, told MortgageBrokerNews.ca. “It is a potentially empowering thing for brokers to have an in-house lender, and not just a white-label product behind them.”

Campbell – with Invis from its inception in 2000, before leaving the company in late 2009 – suggests that the deal could ultimately protect the long-term interests of both shareholders and brokers within the Invis network.

“I know that competition for brokers is exceptionally fierce among superbrokers,” she said, pointing to the increasing number of migrations from one broker network to another. “I would love to see Invis flourish, and I think this deal would give Pacific and Invis the combined power that comes through economies of scale. For brokers, there’s the opportunity to access new products through Pacific’s lending arm and that should help them compete.

“As a broker, you’re always looking for the best deal for your clients,” Campbell told MortgageBrokerNews.ca, “and having access to another lender would only enhance that. Ultimately, it’s up to the elected board and shareholders to decide what they feel is strategically best for the organization.” CMP

Top: Alex HaditaghiBottom: Fiona Campbell

http://www.advance-commissions.ca/

34

neWssubhead


this time last year


MAY 2010, 5.5

FEATUREDOWN AND DIRTY WITH BROKER HUBS

PRIVATE LENDING MORE MONEY FORMORE PEOPLE

NEWS ANALYSISMATURING SUBPRIME MORTGAGES – WHAT TO DO?

PROFILEDGARTH ELLIS INDUSTRY ADVOCATE

The 2010 Mortgage Award Winners

bestbestsimply the

2010Group has mixed views on the Bank of Canada’s next moveThe Bank of Canada should aim for a target interest rate of 1.25 per cent by October and 2.50 per cent by April 2011, the C.D. Howe Institute’s Monetary Policy Council recommended, but were divided on the next action the Central Bank should take.

Six the 10 members of the council – which provides an independent assessment of the Bank of Canada’s strategy to reach a two per cent inflation target - recommended the rate still be held at 0.25 per cent in June, while the four remaining members were split between wanting a 0.5 per cent and 0.75 per cent target rate. The council’s formal recommendations to the Bank of Canada are based on the group’s median votes on rate changes.

In a report, the council said members who favoured the Bank and stay with its commitment tended to “highlight the role of emergency stimulus and inventory swings in recent growth numbers” while noting the disappearance of one-time factors affecting prices will cause year-over-year inflation to moderate.

In contrast, members who wanted the Bank to raise the policy rate sooner and more steadily said domestic demand and inflation are running ahead of what was expected when the Bank’s commitment to keep rates low was made, adding the yield curve and money growth rates are “consistent with continued expansion.”

“In general, the strongest sentiment was that credibility in controlling inflation should be the Bank of Canada’s paramount consideration,” the report said. “There was strong sentiment in favour of the Bank’s signaling clearly that monetary policy is likely to become much less accommodative as it exits its emergency stance.”

One year later It’s a done deal. Well, almost, say mortgage professionals, suggesting the Central Bank of Canada will keep its key interest rate at one per cent, delaying the inevitable rise until July or even late fall.

“Quite candidly, the questions about a prime rate increase is suited more specifically for a crystal ball,” Dan Mass, owner of Verico Canada First Mortgage, told MortgageBrokerNews.ca. “However there is always speculation as to what the next moves will be, and with most of the economic data that I’m exposed to, more and more I’m hearing that the Bank of Canada will likely leave the rate untouched until July. But who’s to say?”

Well, perhaps the Central Bank, for one. Both brokers and lenders point to its March 1 statement as strong indication the bank will leave its overnight rate at one per cent in order to provide continuing support for the country’s economic recovery.

“Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate at one per cent,” reads the March 1, 2011, communiqué. “This leaves considerable monetary stimulus in place, consistent with achieving the two per cent inflation target in an environment of significant excess supply in Canada. Any further reduction in monetary policy stimulus would need to be carefully considered.”

That last sentence, in particular, forecasts Governor Mark Carney’s intention to leave the rate alone, James Laird, True North Mortgage’s VP for Eastern Canada, told MortgageBrokerNews.ca. “Any change in the overnight rate would have to be carefully considered following language indicating otherwise.”

A hike in the bank’s key overnight rate would put upward pressure on the Loonie, already hovering at historic highs and blamed for a growing mountain of lumber and manufactured goods in Canadian warehouses.

Carney used both his January forecast and his March 1 rate decision to highlight the strong dollar’s role in stymieing exports and preventing the Bank from withdrawing its stimulus. Inflation fears around high oil prices caused by the conflict in Libya and the economic impact of the Japan disaster on Canada’s auto industry are other factors making it difficult for Carney to adjust rates.

Generally, homebuyers -- and homeowners looking to lock in on fixed rates as prime climbs higher -- tend to react to a change in the Bank’s overnight rate rather than anticipate it, said Laird. Although that’s subject to change if media buzz ahead of May or July’s announcement stirs fears, he said.

Still, a decision to leave the rate alone makes it tougher to predict just how busy the spring season will be, argue mortgage professionals.

“We’re going to see,” said Kim Luxton, national director for broker sales at ING Direct. CMP


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U.S. new home sales stronger than expected in MarchNew home sales in the U.S. jumped 11.1 per cent to 300,000 annualized units in March, beating market expectations for an increase to 280,000 units. While this represents a solid monthly gain, it follows the slowest pace of sales since record-keeping began in 1963 at 270,000 annualized units in February (initially reported as 250,000 units) and represents the seventh-slowest pace of sales on record. The improved pace of sales, combined with a decline in the number of homes available for sale, pushed the month’s supply of unsold new homes down to 7.3 from 8.2 in February.

The strength in new home sales was seen in smaller regions, with the northeast (66.7 per cent), west (25.9 per cent), and midwest (12.9 per cent) all posting large gains in March. The south region, where sales outnumbered those of the other regions combined, provided some offset by edging marginally lower (-0.6 per cent).

The absolute number of new homes for sale declined 1.1 per cent to 183,000 in March, marking the fourteenth consecutive month in which inventories either held steady or decreased. The 183,000 level is the lowest number of new homes available for sale since August 1967. The drop in month’s supply moves it closer to the series’ long-term average of 6.1, and further below the recent peak of 12.1 seen in January 2009.

While new home sales are generally considered a more timely indicator of housing market conditions than existing sales (given that the former are counted earlier in the sales process than the latter), the persistence of market imbalances stemming from the flood of foreclosed properties onto the resale market that allow steep discounts to be had by homebuyers have reduced the market share of new homes (to six per cent of total sales from a long-term average of 17 per cent). With that said, today’s reported double-digit increase in sales and the continued decline in inventories are positive news and provide more evidence that the housing market is beginning to take some tentative steps toward recovery.

New U.S. single-family home sales increased more than expected in March and the supply of new houses on the market hit their lowest level since August, 1967 but prices fell from a year ago.

The Commerce Department recently said sales rose 11.1 per cent to a seasonally adjusted 300,000 unit annual rate, after an upwardly revised 270,000 unit pace in February.

Economists polled by Reuters had forecast new home sales climbing to a 280,000-unit pace in March from a previously reported record low 250,000 unit rate.

Compared to March last year sales were down 21.9 per cent. The market for new homes is being squeezed by competition from

previously owned homes and a deluge of foreclosed properties, even though inventories of new houses are at a 43-and-a-half year low.

A recent report last week showed there were 3.55 million previously owned homes on the market in March, well above the economy’s natural rate of between two million and 2.5 million.

When foreclosed homes and those that are highly delinquent are taken into account, economists say supply is anywhere in the range of eight million to nine million.

The median sales price for a new home rose 2.9 per cent in March to $213,800 from February. Compared with March last year, the median price fell 4.9 per cent.

At March’s sales pace, the supply of new homes on the market slipped to 7.3 months’ worth from 8.2 months’ worth in February. There were 183,000 new homes available for sale last month, the lowest since August, 1967. CMP

http://www.rmaifinancial.com/

36 mortgagebrokernews.ca

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The best and the brightest were honoured at the fifth annual CMP Canadian Mortgage Awards, where the mortgage industry gathered to celebrate and share its successes over the past year

Not everyone walked away with an award, but no one walked away disappointed, as

more than 500 mortgage industry professionals gathered at the fifth annual CMP Canadian Mortgage Awards held at the Liberty Grand in Toronto, to recognize the collective efforts and achievements of their colleagues.

The event – platinum-sponsored by ICICI Bank Canada – took on a Viva Las Vegas theme that brought showgirls and an appearance by Elvis who greeted guests as they arrived at the pre-awards cocktail party, which was sponsored by FirstLine Mortgages, to blackjack tables and roulette wheels where guests partook in some harmless gambling for fun. The black-tie event added glamour to the evening. One highlight of the evening was the videos of finalists from across the country who got into the Las Vegas theme, eliciting plenty of cheers and laughs from the audience.

The humour continued with MC Maureen Holloway, nationally known radio personality, who kept the crowd laughing all night. Other entertainment included aerial acrobat dancing from DeAngelis Entertainment, a performance by RS Divas Entertainment’s Vegas Diamond Showgirls and lots of danceable music from the funk band Shugga, who played at the after-party sponsored by Merix Financial.

There was one new award category added this year – National Broker Network of the Year, won by TMG The Mortgage Group. The Lifetime Achievement Award went to longtime industry executive Gord Dahlen who was greeted by a standing ovation as he took the stage to accept the award.

Tables with guests who cheered the loudest throughout the evening received five sets of golf passes from Royal Woodbine and the best dressed man and woman won $100 Visa cards and bottles

of Champagne. There were other wonderful prizes given away throughout the night, including, iPads courtesy of ICICI Bank Canada, and even a trip for two to Las Vegas courtesy of Merix Financial and Best Points Travel

ICICI Bank Canada’s Rajesh Ramakrishnan, VP, Retail Banking & Operations, commented “We are delighted to share this special evening and we are proud to honour the industry’s best professionals on this special occasion.

“We have achieved great success in the past year, and we’re delighted with the positive response we’ve received from brokers. We value your feedback and try to incorporate it into our business where possible. We look forward to continuing and deepening our relationship with our mortgage broker network and to fostering new relationships in the years to come.”

Tim Duce, president of KMI Publishing and Events, CMP’s publisher and event organizer, was thrilled with the turnout as once again mortgage industry professionals help set an attendance record for the event.

“I’m particularly pleased that the industry responded in such great numbers this year, as both the number of nominations and popular votes we received set all-time highs for the Canadian Mortgage Awards. We are already planning next year’s event so look out for news on themes and also important changes to the nomination process.

“Congratulations to the winners and nominees and a big thank you to ICICI Bank Canada and all the other sponsors for their support this year. I would also like to thank my team here at KMI for doing such a brilliant job.”

In the following pages are all the winners, who are sure to continue to have a bright future in the mortgage industry in Canada. All of them were happy to tell us what they thought contributed to their big win of the night.

The 2011 Canadian Mortgage Awards Winners

evening of excellence


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the FirstLine mortgages award for best Internet PresenceFirst Foundation residential Mortgages, edMonton, alta.

Shane Lapointe and Gord McCallum

“What’s great about our online presence is mortgages are not an impulse buy, they can find us when they’re looking for us, they can find the information that they need and interact as much with our website as they want. It opens doors and helps people feel comfortable with the decision they’re making.”

the tDmP.com award for best brandingVeriCo FinanCial group

Sandy Aitken and Colin Dreyer

“It’s all about quality and letting consumers know that we’re a very professional industry, we’re concerned about the welfare of Canadians and so the integrity and ethics we have in the business are second to none and so that there is a good reason to deal with us.”

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the genworth Financial award for best newcomer (Individual)BeV english, doMinion lending Centres, Mortgages & More, st. John’s, nFld

Marc Shendale and Bev English

“What I’m doing right is looking after my clients and giving them the best possible service, honesty and integrity.”

the canadiana Financial award for best newcomer (Firm)BtB Mortgage solutions, niagara Falls, ont.

Gail DiStefano and Pamella Mulek

“Our award says that by focusing on the community, the key is building relationships with our clients and this is what we get for that.”

Canadiana Financial Corp

Mark Kerzner

President and Chief Operating Officer,

TMG The Mortgage Group

May 2011

RE: TMG Awarded the Davis + Henderson National Broker Network of the Year

Dear Team TMG and Industry Partners;

On April 29th at the 2011 National Mortgage Awards (CMP) in Toronto, TMG The Mortgage Group was

recognized as the National Mortgage Broker Network of the Year.

You could say it was quite a night when even before that award was announced we were already celebrating

with our fellow TMG finalists:

Enna Cui – Best Individual Newcomer

Bob Goudey – Community Services Effort

Justin Blacklock – Best Customer Service

Greg Inglis – Commercial Mortgage Broker of the Year

When Mike and Justin won Best Customer Service from an individual office for the 2nd year in a row we were

so thrilled! The celebration continued when TMG was named National Mortgage Broker Network of the Year.

We were so very honoured and proud to receive this award on behalf of our National Team of staff, agents and

brokers – 700 strong. It is your individual efforts and commitment to excellence, service and professionalism

that has earned this recognition.

On behalf of all of us at TMG, I would like to express heartfelt gratitude to our external industry partners. The

lenders, technology providers, mortgage insurers and referral partners that make up the outstanding

community we work with every day. So much of our success is based on the relationships we have with you.

Thank you for your support over the years.

This milestone marks our 21st year in the industry. From all the incredible people we've worked with to all the

lives we've had an opportunity to touch, it's been a remarkable journey.

Mike Averbach &

www.mortgagegroup.com

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the Home Loans canada award for best community service effortKathy gregory, paradigM Quest, toronto, ont.

Mark Moreau and Kathy Gregory

“For the last six years we have put so much effort into giving back to the community and really it’s a testament to the efforts of over 200 people.”

the cHIP Home Income Plan award for employer of choiceFirst national FinanCial lp

Scott McKenzie and Gary Morrison

“We try to keep our employees happy every day and we try to have a rewarding experience for them when they come to work.”

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Of special note, Kathy Gregory, CEO of Paradigm Quest took home the award for Best Community Service

Effort. Also, Averbach Mortgages won the MERIX Financial Best Customer Service, Individual Office for two

years in a row.

Winning is great. Even better is being rewarded for your efforts with an industry-leading compensation

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originators with the tools they need to succeed.

Congratulations to all the Winners

CMP Canadian Mortgage Awards 2011

Find out how rewarding partnering with MERIX is. Call 1-877-637-4911 or email [email protected] today. Follow us on Twitter, Facebook, LinkedIn and YouTube.

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What’s in it for you?> A unique product portfolio including our award winning All-In-One Banking™.> Niche product lending allowing you to meet a variety of your client needs; including mortgage solutions for first time homebuyers, rental properties, new immigrants, non-residents and more.¹

> An incentive program built on your feedback, including reward options such as: $2,0002 towards marketing, $15,0003 travel voucher towards a trip of lifetime, rate discounts up to 18 BPS, free appraisals, great cashback offers, and more!

TMNational Bank All-In-One is a trademark of National Bank of Canada. 1Financing shall be subject to the credit approval by National Bank. 2$2,000 marketing fee is a one-time rewardfor the first 50 deals or $15M funded in the fiscal year. 3$15,000 trip paid for every 100 deals or 30M funded in the fiscal year. The fiscal year is from Nov 1, 2010 to Oct 31, 2011.

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the resmor trust company award for best advertisingdoMinion lending Centres

Steve Futyer and Gary Mauris

“We decided to go with a celebrity endorsement with Don Cherry and it’s really paid off. Not only do we have national advertising and branding from DLC head office, but so many agents from across the country are wrapping their cars, and putting up billboards, it’s really caught on and they are investing their own money in something that we’re doing at a corporate level and we couldn’t ask for anything more.”

the merix Financial award for best customer service from an Individual officeaVerBaCh Mortgages, tMg, the Mortgage group, VanCouVer, B.C.

Jill Paish and Justin Blacklock

“Our approach is to invest a bit of time into our clients, so that when we’re done the transaction they know almost as much about the mortgage as I do. At the end of the day every client who leaves our office feels like they’ve had the time they need to understand the mortgage they’re getting into.”

Contact your local BDM or email [email protected]

What’s in it for you?> A unique product portfolio including our award winning All-In-One Banking™.> Niche product lending allowing you to meet a variety of your client needs; including mortgage solutions for first time homebuyers, rental properties, new immigrants, non-residents and more.¹

> An incentive program built on your feedback, including reward options such as: $2,0002 towards marketing, $15,0003 travel voucher towards a trip of lifetime, rate discounts up to 18 BPS, free appraisals, great cashback offers, and more!

TMNational Bank All-In-One is a trademark of National Bank of Canada. 1Financing shall be subject to the credit approval by National Bank. 2$2,000 marketing fee is a one-time rewardfor the first 50 deals or $15M funded in the fiscal year. 3$15,000 trip paid for every 100 deals or 30M funded in the fiscal year. The fiscal year is from Nov 1, 2010 to Oct 31, 2011.

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the national bank of canada award for Lifetime achievement in the mortgage Industrygord dahlen, VanCouVer, B.C.

Sebastien Kuperhause and Gord Dahlen

the Home trust award for best alternative Lending mortgage broker of the YearadaM hale, the Mortgage Centre Canada, hale BeaCh & assoCiates, haMilton, ont.

Martin Reid and Adam Hale

“I care about helping Canadians when they’re in tough times and that feels good. This award means a lot. Outside of these walls we’re competitors, but I think if we’re looking for a common goal of helping clients, our industry is only going to grow.”

CONGRATULATIONS TO ALL THE WINNERS!

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the canadian First Financial award for best Industry service Providergenworth FinanCial Canada

Karl Straky and Debbie McPherson

“Winning this award just shows us that our commitment to delivering superior customer service is being felt by folks in the industry, the lenders and the brokers.”

the remIc award for best commercial mortgage broker of the YearChris doughty, doMinion lending Centres, BanKFighter inC., Barrie, ont.

Chris Doughty and Joseph White

“I’m absolutely thrilled to win. It says a lot about what you do and how you’re appreciated in the industry and for me it’s all about treating the client the right way and making sure that they get what they need. For everyone I’ve done a mortgage for, this is for them.”

Macquarie Financial Ltd. (MFL) is not an authorized deposit taking institution for the purposes of the Banking Act (Cwth) 1959.MFL’s obligations do not represent deposits or other liabilities of Macquarie BankLimited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of MFL, unless noted otherwise. MFL is not regulated as a bank or other financialinstitution or as a holding company thereof.

When Alec Bowes joined Macquarie Financial in November 2009, he knew our BDMs have areputation for going to extraordinary lengths to support their brokers. He went the distance tolive up to their standards.

We are very proud of Alec and our other nominees — Cathy Tucker for Best Lender BDM ofthe Year, Anne Lee for Best Newcomer — Lender Underwriter, and Diane Roy for Best LenderUnderwriter of the Year.

Thanks to CMP Magazine for recognizing the best in the Canadian mortgage landscape.

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Alec Bowes hit the ground running.Congratulations to Alec Bowes, Best Newcomer — Lender BDM CMP Canadian Mortgage Awards 2011

Macquarie Financial Ltd. (MFL) is not an authorized deposit taking institution for the purposes of the Banking Act (Cwth) 1959.MFL’s obligations do not represent deposits or other liabilities of Macquarie BankLimited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of MFL, unless noted otherwise. MFL is not regulated as a bank or other financialinstitution or as a holding company thereof.

When Alec Bowes joined Macquarie Financial in November 2009, he knew our BDMs have areputation for going to extraordinary lengths to support their brokers. He went the distance tolive up to their standards.

We are very proud of Alec and our other nominees — Cathy Tucker for Best Lender BDM ofthe Year, Anne Lee for Best Newcomer — Lender Underwriter, and Diane Roy for Best LenderUnderwriter of the Year.

Thanks to CMP Magazine for recognizing the best in the Canadian mortgage landscape.

MACQUARIE FINANCIAL LTD.

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Alec Bowes hit the ground running.Congratulations to Alec Bowes, Best Newcomer — Lender BDM CMP Canadian Mortgage Awards 2011

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the cmHc award for best Lender UnderwriterChris Fontana, Meridian Credit union, toronto, ont.

Sam Carnovale and Chris Fontana

“This award is for our compassion and common-sense approach to underwriting. We think from the heart and try to provide solutions to mortgage brokers.”

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James BriniasGTAcell (416) 268-5417 e-mail [email protected]

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the mortgage centre award for best newcomer Lender bDmaleC Bowes, MaCQuarie FinanCial, guelph, ont.

Alec Bowes and Eddy Cocciollo

“I try to treat every client like they’re my top client and don’t differentiate between them and give them my very best effort every day.”


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the bridgewater bank award for mortgage broker of the Year (more than 25 employees)toM laM, urBan Mortgage, Calgary, alta.

Stephen Watton and Tom Lam

“At the end of the day, it’s really a testament to our people. We’ve got fantastic people that have bought into the long-term vision of the company and that long-term vision is all about caring for our employees and caring for our clients.”

the macquarie Financial award for mortgage broker of the Year (fewer than 25 employees)diana ZitKo, doMinion lending Centres, west Coast Mortgages (ForMerly Meridian west Coast Mortgages), CoQuitlaM, B.C.

Grant MacKenzie and Diana Zitko

“I never expected to win. I’m definitely a perfectionist. I want to make sure that every client that comes to us feels that they are our only client and that they’re not just a number. Because this is the biggest purchase most of our clients will ever make, we want to make sure that they feel like they’ve been taken care of and that they know they can trust us 100 per cent.”


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Steve Malone, Grant Thomas, Debbie Thomas and Mark Kerzner

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the Ing Direct award for mortgage brokerage of the Year (fewer than 25 employees)true north Mortgage, Calgary, alta.

Kim Luxton, James Laird, Dan Eisner and Frank Giacomini

“It’s a great honour to win. There was a lot of good competition in this category and it was a surprise to win. And it was nice to receive an award from ING, as they are a big supporter of True North Mortgage.”


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60

Featurebroker Issues


a document penned and posted by a mortgage specialist fuels CAAMP complaints

Canada’s biggest bank is now at the centre of a firestorm of criticism with brokers angered by inaccurate commentary coming from one of its mortgage specialists and perpetuating stereotypes about their training, motives and skill

W ill RBC’s ears ever stop ringing? Not if brokers have anything to say about it, and

they do.The name of Canada’s largest financial

institution has been on the snarled lips of mortgage professionals from one end of the country to the next following leak of a document written by one of its mobile mortgage specialists in British Columbia and drawing some very unflattering comparisons between those bank employees and the independent brokers they compete with.

The flyer, apparently a primer for other mortgage specialists on how to advise clients, is also the subject of formal complaints against RBC, filed with the association it now shares with the

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broker channel, CAAMP. Those written protests continue to wind their way through a process unlikely to end before June.

The document’s bold rhetoric – bold rhetoric written down instead of merely whispered – continues to shock brokers.

“Brokers will farm out your mortgage to a number of companies and then will set you up with a financial institution based on only the lowest rate, no other factors,” reads the undated document -- “Understanding the difference between mortgage specialists and mortgage brokers.” An RBC logo and the name of one of its British Columbia mortgage specialists appear on the flyer.

There’s more.“When selling your mortgage, the broker and

the financial institutions reviewing your file may pull numerous credit bureau requests depending on their software capabilities,” continues the document, which aims to provide mortgage specialists with talking points to answer client questions. “Brokers will charge setup fees and have other hidden costs you should be aware of.”

Initially, neither the specialist nor RBC corporate communications in Vancouver would return CMP’s calls, although in a written apology to industry insiders, RBC moved to distance itself from what it agreed were inaccurate statements.

“The RBC brand is defined by our clients and partners and we sincerely apologize for the inaccurate information that was presented in the document,” wrote RBC Public Affairs Adviser Nicole Fisher, in a letter to broker associations in Western Canada. The mea culpa was repeated by

Ian Colvin, RBC’s senior manager for communications in British Columbia: “The opinions expressed in the document by the mortgage specialist do not reflect the positions, strategies or opinions of RBC. We are following up directly with this mortgage specialist to ensure future collateral accurately reflects the RBC brand.”

What RBC did not indicate is what if any action would be taken against the specialist, although comments posted to MortgageBrokerNews.ca suggests several brokers would like to see her dismissed.

“Let’s hope they do the right thing and remove this lady from their ranks,” wrote one broker commenting on the initial article in early April.

Still, others were concerned her attitudes reflected the long-standing corporate philosophy of RBC -- the only big bank in this country that has never used external brokers. The fears led many members of CAAMP to call for RBC’s censure. The bank is, in fact, a lender-member of the Canadian Association of Accredited Mortgage Professionals.

“We are almost grateful that this has been put in writing because this is stuff that has been verbalized for years,” said veteran B.C. broker John Ribalkin, president of Verico Nova Financial Services and a CAAMP Hall of Fame recipient. “I’ve never minded competition as long as all parties maintain a fair and equitable level. The marketplace does not need demeaning comments from one party to another.”

Last year, Ribalkin lead a complaint against another RBC specialist who also put pen to paper to explain the differences between bank employees and independent brokers. She also suggested that she can help arrange financing with other lenders for clients rejected by RBC. The Financial Institutions Commission of British Columbia (FICOM) is now investigating. It’s not alone.

CAAMP’s own investigation is specifically focused on the RBC document responsible for setting off a firestorm of criticism in April.

While the association does not comment on ongoing probes, two brokers are now confirming that their complaints will move forward.

Both complaints argue RBC, a lender member of CAAMP, breeched tenets 1, 6 and 8 of the association’s Code of Ethics in permitting the B.C. mobile mortgage specialist to circulate the flyer perpetuating inaccurate and insulting stereotypes about mortgage brokers. The rules demand members ensure “their personnel are knowledgeable in the areas of the mortgage industry,” refrain from “unfairly criticiz(ing) a competitor” and “maintain standards of honesty, truth, accuracy, fairness and propriety in advertising.”

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critical of those RBC comments whereas CAAMP was more neutral.”

As former VP of broker sales for ING Direct, Hugh was echoing the comments of more than 100 mortgage professionals angered by the document. While CAAMP was pivotal in winning an apology from RBC officials, many brokers registered concern about its dual membership of brokers and lenders, fearful it has effectively muted the association’s criticism of the banking titan.

Hugh suggested the formation of a separate member organization would also take some of the pressure off CAAMP.

“What’s needed is a voice for brokers at the national table, which will work in conjunction with CAAMP,” he told CMP. “It would also be more specifically focused on addressing the three major challenges that brokers are facing.” CMP

“ CAAMP has done a very good job of moving the

job forward in terms of professional development. But if there had been a broker organization

that represented brokers exclusively, it would have been a lot more critical of those RBC

comments whereas CAAMP was more neutral. ”

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CAAMP’s formal complaint process could see the bank respond in writing as early as the start of June. Both complaints went to the association’s ethics investigator who needed to determine if the grievances “merit” further investigation. That litmus test passed, they would then get sent to the chair of CAAMP’s National Ethics Committee (NEC) who must either dismiss the recommendation or opt for a formal investigation. A hearing with both sides present and with the potential to censure or fine RBC could then be called.

Still a number of CAAMP members remain skeptical about the process and the willingness of the association to reprimand the country’s largest bank.

“Do you honestly think that RBC really cares what the mortgage brokerage industry thinks, feels or wants done,” wrote one Ontario broker, responding to an earlier CMP article. “They are Big Blue and they will continue to do whatever they want, when they want to, because they can.” Other industry professionals want brokers to explore the feasibility of forming their own exclusive association.

“CAAMP has done a very good job of moving the job forward in terms of professional development,” George Hugh, head of the newly minted Taurus Mortgage Capital Inc, told CMP. “But if there had been a broker organization that represented brokers exclusively, it would have been a lot more

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businessmarketIng

mortgagebrokernews.ca 64 mortgagebrokernews.ca

In a new series, Doren Aldana explores some of the ways mortgage brokers can harness the power of social media to build referrals, including the use of Fan Pages

businessmarketIng

web 2.0 marketing secrets for mortgage pros

Chances are you’ve probably heard the buzz about social media marketing being the

“next big thing,” yet many mortgage professionals are still wondering what all the fuss is about. I can relate. In fact, when I first started hearing all the hype about Facebook, I dismissed it as another passing fad. I just couldn’t see how all this commenting, posting and chatting with so-called friends (most of whom I don’t even know) had any direct correlation to putting dollars in the bank account. So in my ignorance, I just cast the whole thing aside and filed it in the “not doing now” folder, simply because I didn’t have a clear understanding about how to actually monetize social media and use it to generate sales without wasting a whole lot of time.

Well, today all of that’s about to change because I’m going to give you a heightened appreciation for the powerful impact Facebook can have on your bottom line – if it’s used properly. By the way, in case you didn’t know, in March 2010

position yourself to ride

the Facebook wave

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businessmarketIng


wins. This is because once you gain mind share, it’s just a matter of time until you gain wallet share. How do you gain mind share? Simple. Just stay in touch through frequency and repetition, while providing helpful tips that add value to people’s lives.

It’s free – and if done right, it can be 4. extremely profitable No need to spend a bunch of dough on useless advertising that attracts rate shoppers. Instead, just take five minutes to set up your Facebook account and you’re off to the races.

There are two primary types of Facebook pages. The first is simply your main Facebook account, which shows your personal profile. The second is called a “Fan Page.” You can have an infinite number of fan pages for different products, businesses, causes, etc. however I find the most profitable type of fan page is a “Realtor Tips” fan page dedicated to helping real estate professionals grow their business. While all your competitors continue to chase Realtors around using R&D – rate sheets and doughnuts – you’ll be earning their trust by sharing killer-effective strategies that actually help them make more money with less time, energy and effort. In doing so, they’ll naturally be more inclined to work with you and send you all their coveted referrals.

When setting up your Realtor Tips Fan Page, here are a few helpful tips:

Let your fans post to your wall. You want to 1. be interacting back and forth with your fans. This is the default setting so just be sure not to change it.

Add a call to action and a benefit in your bio. 2. i.e. “Need help growing your Real Estate business? Call us today at 123-123-1234.”

Facebook surpassed Google in worldwide traffic with over 100 million visitors per month. That’s an insane amount of traffic! Not only that, they currently have over 500 million users, adding a mind-boggling 500,000 new users per day. If Facebook were a country, it would be the third largest country in the world, surpassed only by India and China. This is what trend analysts call a Megatrend: a general shift in thinking or approach affecting countries, industries and organizations. It’s like a massive wave coming towards the breakpoint – you can either paddle like crazy and ride it, or you can just sit there and watch it crash over you, the choice is yours.

With that said, here are a few unique advantages of Facebook marketing:

Exposure to a larger network of 1. potential clients. Imagine if you could get in front of your clients’ and your referral partners’ friends, families, associates, colleagues, clients, etc. and have your marketing message (i.e. helpful tips) intermingled alongside their friends’ updates. Instead of being an annoying pest, you’ll be a welcome guest. That’s exactly what Facebook allows you to do. In other words, there’s no longer a stark separation between advertising and social connection – now they’re mixing together.

Viral marketing2. . When you send out your news, tips and updates, etc. to your Facebook fans and/or friends, you’re able to get your message posted on the same newsfeed that these people go to on a daily basis to see what’s going on with their Facebook buddies. There’s huge power in that because Facebook users are trained to share things they “like” with their friends, allowing you to get your message to spread like a virus, reaching lots of people you wouldn’t have reached otherwise, if it wasn’t for the viral nature of Facebook marketing.

It allows you to build a herd of friends 3. and fans. This is all about building a following of people who know you, like you and trust you. The mortgage professional who builds the biggest following with the highest level of connection, trust and endearment

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“ start focusing on what [Realtors] care about most: growing their business. ”

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Pick a photo you want to keep for a while. 3. Remember, you are branding yourself.

Don’t use the word “Realtor” in the fan 4. page name. It’s trademarked so it’s best to use the words real estate agent instead. For example, you could name your fan page something like “Free help for Toronto real estate agents.”

Here’s a little insider secret that most people don’t know about. Once you hit 25 fans on your page, you can create what’s called a

Vanity URL. This allows you to take your super long, impossible-to-remember fan page link and shorten it down to something more memorable like www.faceboo.com/agentsuccesstips. All you need to do is to go to www.facebook.com/username and it will walk you through the process. Just remember to choose the name wisely (with the correct spelling) because once you select it, you can’t change it – it’s locked in for life.

Once you have your fan page set up, now it’s a matter of delivering dynamite content that educates, inspires and motivates your Realtors to want to work with you. It’s all about providing unique value. If all you do is talk about mortgages, mortgages, mortgages, you’re bound to put them into a coma. Stop boring them to death with all that mortgage stuff. Instead, start focusing on what they care about most: growing their business. Here are a few examples of hot topics that will grab their attention:

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businessmarketIng


License #11127

How to get more quality listings and sell 1. them fast

How to get more qualified buyer leads2.

How to get a higher success rate at listing 3. presentations

How to attract more referrals4.

How to attract more repeat business5.

How to use technology to do any of the above 6. with less effort

You get the idea. Keep giving them really cool, helpful tips that put more dollars in their wallet and it won’t be long until they start seeing you as an irreplaceable, indispensable asset on their team.

In my next article, I’ll reveal the most powerful format for delivering your fan page content and more importantly, how to leverage it to get Realtors flocking to you like moths to a porch light. Stay tuned…

About the Author: Doren Aldana is considered by many to be Canada’s leading Mortgage Marketing Coach. Since 2005, he has been dedicated to helping mortgage professionals attract more clients with less effort, regardless of market conditions. Among Aldana’s latest innovations, is a completely done-for-you video marketing solution that allows you to instantly deploy powerful videos through social media that attract mortgage clients like crazy. To see a free demo, visit: www.Done4UVideoMarketing.com CMP

“ keep giving them really cool,

helpful tips that put more dollars in their wallet and it won’t be long until they start

seeing you as an irreplaceable asset on their team.

”

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ProFilebrokers


He was grateful for the extra time it gave him with his family. Coaching his son’s hockey team is something he wouldn’t change for anything, but after

the batteries had been recharged and some time had been spent deciding what he wanted to do next, there was really only one thing Gord Dahlen wanted to do after spending nearly a quarter century in the mortgage industry – keep going.

“Why am I still here?” he asks. “Because I love the challenge.”After leaving Invis at the end of last year, Dahlen says he had many

conversations, with people inside and outside of the mortgage business, before deciding that he still had a passion and a need to contribute to an industry that he says, “has been unbelievably good to me and my family,” referring to his wife Dini and children, Megan, 22, Katie, 17 and Connor, 10.

“I had numerous conversations with different people and definitely had options to go in different directions,” he recalls of this time away. “I felt my strength was relationship-building and felt I could help not only the company I chose, but also the industry.

“Before I retire I want to make sure to do my part to leave the industry in a better position than when I started.”

His receiving the Canadian Mortgage Award for Lifetime Achievement in the mortgage industry came as no surprise to those who have crossed paths with Dahlen.

“[Gord] has over 20 years of experience in the mortgage industry and applies that knowledge every day to help and mentor his friends and associates,” says Brian Devries, head – mortgage strategy at ICICI Bank Canada. “Gord has assisted many people in our industry to achieve success yet he is also so humble that he would never admit it. He is an amazing ambassador for our industry.”

“I couldn’t think of anyone more deserving of this award,” says Rosa Bovino, an Invis mortgage specialist based in Winnipeg. “He is an amazing individual with such drive and passion for our industry and always looking at ways to make us all better and stronger at what we do. We are all so very lucky to have such an outstanding individual in our industry and as a friend.”

“What fantastic timing for Gord, such an important figure in our industry and my own life, to be honoured for lifetime achievement, just as he embarks upon an exciting new leg of his career,” stated Dustan Woodhouse, an Invis broker in Toronto.

That start came in 1984, when he entered the industry with a role at Household Finance (HFC), going into the broker realm three years later with Household Trust. After that, Dahlen says, his involvement with brokers became “serious” as he moved to Mutual Life, which later became MCAP.

“In the last 22 years I’ve only had two jobs – 11 years with Mutual Life and MCAP, then over to Invis in 2000.”

After more than 20 years in the mortgage industry, CMA lifetime achievement winner Gord Dahlen isn’t content to rest on his

laurels, as embarks on the latest chapter of his journey

Second wind

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Ron Swift, a friend of Dahlen’s from the B.C. Institute of Technology and current president at MCAP, was responsible for introducing him to the broker realm.

“I was in Victoria when Ron called me up and offered me a chance to go back to Vancouver with Mutual Life. I was happy it was a chance to go back to Vancouver but I didn’t know what I was getting into at all. I didn’t seek it out to be honest, but I’ve enjoyed every minute ever since and wouldn’t think of leaving it.”

After leading MCAP’s Western Canadian team to the top spot among non-bank lenders in 1999, Dahlen was approached by Dave Nichol Kevin Clarke about joining them as vice-president of British Columbia at a newly created brokerage named Invis.

“I saw it as an opportunity to carve out my own reputation,” he says. And he was right as the company quickly became the No. 1 brokerage in Western Canada.

After that he became part of the ownership team and then president before moving on.

As for where the next place would be, Dahlen says it came down to a pair of very serious offers. After much consideration, he accepted the position of executive vice-president with Dominion Lending Centres.

“Choosing Dominion was about branding and momentum and also looking at my skill set and seeing where I could help and I really felt that I could help,” he says.

“It’s an exciting time for me and my family, because it’s a chance to join a company that has huge momentum.”

Dahlen says that the history between himself and Gary Mauris is what appealed to the DLC president. “[Gary] says my strong voice in competition with DLC is what drew him to me.”

“It’s been fun to watch Gord settle into DLC,” says Mauris. “His calm demeanour and easy going disposition has made him an instant hit wit our entire organization. Gord’s contribution to DLC is already paying dividends and we look forward to a bright future together.”

There was some surprise in the broker community at Dahlen’s move from Invis to Dominion Lending Centres, but he insists there’s nothing at work other than moving forward with his career.

“I am proud of what we accomplished and the relationships that were forged at Invis. I realize this may be difficult for some to understand, but I have now chosen to do what thousands do every day, take on a new challenge and explore a new path in my career. This in fact is only my third venture in 22 years.”

For Dahlen, the forging of a partnership between former rivals also signals a commitment to the mortgage industry as a whole.

“I had an opportunity over the past six months to really look at what was going on in our industry, the good, the bad and the ugly and it became apparent to me that the biggest issue we have as mortgage brokers is branding.

“We seem to be topped-out at 25 per cent market share and we don’t appear to be growing. We’re not doing enough to build our business in the eye of the consumer. We’re not understood by the consumer and we’re not branded at the consumer level. I think that we’ve done a good job of branding our companies to the brokers. I’m not sure we’ve made the consumer understand how brokers work and why they should be dealing with mortgage brokers.

“We need to start prioritizing the consumer. We have to understand what the consumer needs and from there we can track being a better channel.”

Dahlen believes that the industry can only be strengthened by working together.

“I think we have to do a better job as an industry in pooling our interests, he says, before mentioning a quote from Abraham Lincoln: “We don’t have to be in harmony, but we need to be in unity.”

That sense of cooperation and relationship-building also extends to lenders in Dahlen’s mind.

“We are at a crossroads in terms of how we’re going to interact with the lenders and how we’re going to be the most valuable channel,” he says. “We have to make sure that not only do we remain competitive, but that our lenders can justify our existence.

“I want to help our company and in turn the industry, come to the table with more viable long-term solutions so that the lenders will see us as the most valuable channel going forward. We want to be partners, not customers.”

Growing the industry will also require a steady stream of young people choosing the mortgage broker industry as their career and that, Dahlen says means the industry needs to promote itself and prove itself as a career worth seeking.

In order to provide a respected and worthwhile career track choice for the next generation, Dahlen says mortgage brokers need to create an environment in which professionalism and the highest ethical standards are rewarded, and “I’m not sure that they are right now,” he says.

“When we turn that corner, the numbers will follow.”

Gord Dahlen has never been a follower and he’s not about to start now when it comes to the only career he’s ever known.

“We’re willing to put our hands up and lead this industry to a place where people want to get their mortgage through a mortgage broker.” CMP

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PRESENTED BYPRESENTED BY

CMPTop50Advert2011_FP.indd 1 4/13/2011 11:19:45 AM

http://www.mortgagebrokernews.ca/

74

ProFileInsIght

mortgagebrokernews.ca 74 mortgagebrokernews.ca

I f the sincerest form of flattery is imitation, lenders of the broker channel should

prepare to blush.A St. John’s brokerage is duplicating the

organizational structure of those non-bank lenders, replete with BDM and underwriter. The approach is about compartmentalizing the mortgage process, creating efficiencies and improving the customer service experience of clients, said Leslie Penney, VP of business development at APlus Mortgage Group. The new cooperative program, which he helped develop, has also increased sales

“There are always superstar brokers,” says Penney, a CAAMP-registered agent. “But we are finding that the cooperative approach of dividing the work between someone responsible for tracking down the leads – a business development manager – and someone who writes up the applications and deals with the client – an underwriter – can yield more business than an individual, independent broker.”

The company, which covers one end of Newfoundland and Labrador to the other, still has six independent brokers operating under its banner, but introduced its first cooperative team more than a year ago in an effort to better manage client files.

“It alleviates the problem of someone wearing many hats,” says Penney, by allowing one broker to zero-in on generating leads, through an established referral network. His in-house partner is strictly focused on meeting with clients, assessing needs, arranging mortgages and then shepherding them through that process, through to closing.

“We’ve seen positive growth with the team that have bettered our expectations of

operation cooperation

St. John’s brokerage re-adapts the lender model by compartmentalizing the mortgage process for better

efficiencies and customer service

Leslie Penney

an individual broker,” Penney says. “We’re still a broker with access to multiple lenders and all that means for clients, but we did look at the business model of lenders in the broker channel and realized that divvying up the mortgage process between a development manager and an underwriter could allow us to maximize our sales and our customer service to both referral partners and our clients.”

Those customers were, in fact, the driving force behind the new model. It ensures clients have ready access to the person handling their file, rather than having to wait for a broker to get back to the office or answer an email or telephone message.

It also makes it easier and faster for real estate agents, accountants and other referral partners to funnel leads to the brokerage, given the streamlined approach, says Penney.

Still, the innovative model – more closely linked with real estate agencies – may have limited appeal for other brokerages and, especially, brokers themselves.

“It’s not for everyone,” says Penney. “Both the BDM and the underwriter are on salary and that won’t work for a lot of brokers who like their independence and working alone. But the program shows that we’re not stagnating here in the East, and that we can lead the way.” CMP

“ we’ve seen positive growth with the

team that have bettered our expectations of an individual broker

”

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What is your strategy for 2011?

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76

ProFileFaVourIte thIngs


Taz Rajan

+ Quantus Mortgage Solutions+ Calgary, Alta.

Favourite things

FOOD Chocolate

SPORT Hiking

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MOVIE Ferris Bueller’s Day Off

CELEBRITy Rumi

VACATION SPOT Mayan Riviera

PLACE TO BE Around like minded, high energy people

BOOK The Alchemist

MUSIC Top 40 mostly but also love jazz

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78

GuestcoLumn


It was 22 years ago that our industry was in its infancy and mortgage brokers were

considered lenders of last resort. Our share of the residential mortgage market was pretty slim. Two decades later we have a lot to be thankful for. We think we are doing pretty well, but how much have we really evolved? I think we still have a lot to do.

The latest survey tells us the Canadian public still doesn’t really understand what we do and how we do it and it really is our own fault. We haven’t set the bar high enough in our industry yet.

A Royal Bank employee tried to paint a rather unflattering picture of our industry. While we can claim her ignorance of the true facts we are still to blame for her attitude. We have not yet set the bar high enough in our industry.

I truly believe that our future share of the mortgage market will be directly dependent on raising the bar of professionalism, maintaining an ethical standard that has no compromise and taking responsibility for differentiating ourselves in the eyes of the Canadian public as mortgage professionals.

It starts with our lending partners. You have a responsibility to your client and to your lending partner to represent their respective interests. Your reputation means everything in this industry. Cherish it, protect it and grow the right one. Handle your relationship with your lending partner with respect, professionalism and unwavering ethics. It will pay big dividends as you progress through your career and your lending partners will enhance the value and reputation of the broker channel in the eyes of the public.

The next step takes place with your peers and associates. Be an example of the professional. Be the man or woman who makes

Standing on the stage at the Canadian Mortgage Awards, I couldn’t help but reflect on the past and look to the future of our industry as I stared out at so many young men and women that have the future of our industry in their hands

there’s still work to do

no departure from an ethical decision. Be responsible for your actions and decisions and let your peers and associates know that you are on a journey they need to take with you. We should not tolerate or accept anything less from ourselves and those around us.

Be responsible in your hiring practices. You are not only putting a sales representative on the street that will reflect on you. That person will reflect on the whole industry.

Last but not the least, demonstrate the highest level of professionalism, ethics and responsibility with your clients and prospective clients. Always take the high road when faced with a dilemma. While your pride and your wallet may suffer, your reputation and our reputation as an industry will grow exponentially in the eyes of the public.

So here is the challenge for all of you who are the future of our profession. Start your next day with a new attitude and dedicate yourself to this profession and to protecting its reputation.

The next time that somebody tries to paint a somewhat unflattering characterization of what brokers do, it won’t be our industry that is jumping up and down and raising our hands and screaming “That’s not us!”

It will be the Canadian public saying “No you are wrong. I deal with my mortgage broker because they are more than just a mortgage broker, they’re a mortgage professional and there is a difference.” CMP

Brian Matthey

79

service directory


Capital Directwww.capitaldirect.caPh: 780 868-0550Page 12

HomEquity Bankwww.homequitybank.caPh: 1 866 522 2447Page 23

Non-Bank Lenders

Firm Capitalwww.FirmCapital.comPh: 416 635 0221Page 26

Home Trustwww.hometrust.caPh: 1 877 903 2133Page 25

Broker Networks

Equitable Trust Companywww.equitabletrust.comPh: 1 866 407 0004Page 27

Merix Financialwww.merixfinancial.comPh: 1 877 637 4911Pages 44 & 45

Fisgard Capital Corporationwww.fisgardmortgage.comPh: 1 866 382 9255Page 17

Centum Financial Group Inc.www.centum.caPh: 1 604 257 3940Page 11

Canada Guaranty Mortgage Insurance Companywww.canadaguaranty.caPh: 1 866 414 9109Page 9

Street Capitalwww.streetcapital.ca

Ph: 877 416 7873 Page 5

Canadian Mortgages Inc.www.canadianmortgagesinc.caPh: 1 877 385 7005Page 8

National Bankwww.nbc.caPh: 1 888 483 5628Page 49


Canadiana Financial Corp.www.canadianafinancial.comPh: 1 877 672 7219Page 20

Banks

Bridgewater Bankwww.bridgewaterbank.caPh: 1 888 837 2326Page 43

Insurance

Genworth Financial Canadawww.genworth.caPh: 1 800 511 8888Outside Back Cover

Argentum Mortgage and Finance Corpwww.argentummortgages.caPh: 1 888 402 7436Page 61

The Money Sourcewww.mymoneysource.ca

Ph: 416 699 2274 Page 69

Peoples Trustwww.peoplestrust.comPh: 1 800 663 0324Page 68

Resmor Trust Companywww.resmor.comPh: 866 809 5800Page 55

ICICI Bank Canadawww.icicibank.caPh: 1 800 ICICI CA or (1 888 424 2422)Page 7

FirstLine Mortgageswww.firstline.comPh: 1 800 387 2020 ext. 6044Inside Back Cover

ING Directwww.ingdirectbrokerteam.caPh: 1-800-574-5629Page 31

Macquarie Financialwww.macquariefinancial.comPh: 1 877 462 3788Page 53

Vector Financial Serviceswww.vectorfinancialservices.com

Ph: 1 866 483 8018Page 63

http://www.bridgewaterbank.ca/

http://www.firstline.com/

http://www.fisgardmortgage.com/

http://www.homequitybank.ca/

http://www.hometrust.ca/

http://www.icicibank.com/

http://www.ingdirect.ca/

http://www.nbc.ca/

http://www.macquariefinancial.com/


http://www.peoplestrust.com/

http://www.resmor.com/

http://www.canadianafinancial.com/

http://www.capitaldirect.ca/

http://www.equitabletrust.com/

http://www.firmcapital.com/

http://www.streetcapital.ca/

http://www.mymoneysource.ca/

http://www.vectorfinancialservices.com/

http://www.canadaguaranty.ca/

http://www.genworth.ca/

http://www.argentummortgages.ca/

http://www.cmiloans.ca/careers

http://www.centum.ca/

80

service directory


Real Estate

Canadian National Association of Real Estate Appraiserswww.cnarea.caPh: 1 888 399 3366Page 30

Would you like to see your company

name here?Please contact Trevor Biggs:[email protected]

Services

Best Points Travelwww.bestpointstravel.comPh: 1 800 551 8786Page 59

Advance Commission Company of Canadawww.advance-commissions.ca • Ph: 1 866 933 2277

Page 33

Technology/Software

ROMSPEN investment corporationwww.romspen.comPh: 1 800 494 0389Page 1

Verico The Mortgage Practice [email protected]: 905 458 4222Pages 66 & 67

VERICOwww.verico.caPh: 1 866 983 7426Page 13 & 15

Commercial Lenders

Your news is our news! Do you have news to share? Have you held a recent event or made a new appointment? If so, CMP WANTS to hear from you.

Send us your newsworthy submissions and photos, and you may find your story printed in a future issue of CMP.

Send your news to: [email protected]

v y u d v d w pp ,CMP WWANWW TS to hear frff om you.

YourYY nnews is our news! Do you havaa e news to share?rr

Havaa e you held a o recent event or made a new appointment? If so,

Got news?

The Mortgage Groupwww.mortgagegrp.comPh: 877 899 1024Pages 22 & 41

D+H Limited Partnershipwww.dhltd.com

Ph: 1 866 345 6449Page 2

RMAI Financial Groupwww.rmaifinancial.comPh: 1 866 955 7624Page 35

Mortgage Architectswww.mortgagearchitects.ca • Ph: 1 877 802 9100Pages 28 & 29

The Mortgage Centre Canadawww.mortgagecentre.comPh: 1 800 423 0107Page 3

Dominion Lending Centreswww.DominionLending.caPh: 1 888 806 8080Pages 21 & 39

Home Loans Canadawww.hlcmortgages.caPh: 1 866 452 1821Inside Front Cover H o m e L o a n s C a n a d a ®

http://www.dominionlending.ca/

http://www.hlcmortgages.ca/

http://www.mortgagearchitects.ca/

http://www.mortgagecentre.com/joinourteam/

http://www.rmaifinancial.com/




http://www.romspen.com/

http://www.dhltd.com/

http://www.cnarea.ca/

http://www.advance-commissions.ca/

http://www.bestpointstravel.com/

http://www.firstline.com/

Genworth Financial Canada understands the importance of

providing your clients with the information they need to make

smart homeownership choices. Our promise is to help them

with homebuying basics such as down payment options,

maintaining good credit and staying on budget.

Encourage your clients to find us on Facebook.

Visit Genworthsmartshopper.ca

© 2011 Genworth Financial, Inc.

Shopping for a home can be this easy…

GEN_SHOPPER_CMP_W_AWARD_Layout 1 11-05-05 11:28 AM Page 1

http://www.genworth.ca/

CMP 6.5

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