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CONTENTS

JULY 2013 | 1

issue

8.7

MARKET MATTERS6 | Letters to the Editor

8 | Reading between the LinesThe Mortgage Centre’s Eddy Cocciollo does some reading between the lines on the DLC purchase announcement

12 | News AnalysisWith all the talk about shrinking demand for homes, what is really pulling the strings of the broker market?

14 | Broker AdviceWhy use a mortgage broker? Len Lane, owner of Verico Brokers for Life, has the answer

17 | StatisticsIf you build it, they will come – or so the forecast predicts

CMP’s Finest 75 BrokersCMP received a record number of submissions for the Top 75 brokers list

FEATURES18 | Are Rural Clients More Loyal?CMP magazine’s Donald Horne asked brokers who work in urban and rural markets just how they cultivate client loyalty

38 | Buddy-Buddy BrokersThere are some great buddy-buddy movies out there, but the best stories yet to be told are those between brokers and Realtors

42 | Mom and a BrokerAmy Wilson shares her secret to being a full-time broker and mom

46 | Costs...BenefitsYou’ve passed the first hurdle – you are ready to do a commercial deal. But there are many more hurdles out there to trip you up; time to do some cost-benefit analysis

20COVER STORY

SPELL CHECK

B E N S I M O N PA R T N E R S 4 4 6 S PA D I N A R O A D , S U I T E 2 0 7, T O R O N T O , O N TA R I O , M 5 P 3 M 2 , C A N A DA T E L . 4 1 6 5 9 7 9 7 0 0 FA X . 4 1 6 5 9 7 9 7 0 7

DATE:

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CONTENTS

2 | JULY 2013

With innovative programs, salesincentives, and value added benefits, HLC helps empower you to achieve more. If you’re ready to discuss your career options with HLC, call the Regional Sales Director in your area.

Take the first step towards a giant leap in your career.


Grant BennettBritish Columbia

• [email protected]

• 1-866-978-9919

Nicole BernierQuebec


• 1-866-264-8571

Dodi KozakAlberta


• 1-866-443-9427

Angelo FroudakisGTA & Ontario East


• 1-866-702-4994

Mark BullerOntario West


• 1-866-236-5765

Geoffrey WoodfordAtlantic Canada


• 1-866-217-5159

3877337 Canada Inc. is a subsidiary of CIBC Mortgages Inc. and carries on business as HLC Home Loans Canada (“HLC”) except in Quebec, where it carries on business as HLC Hypothèques Logis Concept and is licensed as a mortgage agency. HLC is licensed/registered in Ontario as a mortgage brokerage under Licence #10423, in British Columbia and Nova Scotia as a mortgage broker, in Alberta as a mortgage brokerage and in New Brunswick as a credit broker. TM HLC Design is a trademark of CIBC.

TM

HLC Home Loans CanadaBrokerage Licence #10423

TM






• 1-866-978-9919



• 1-866-264-8571

Dodi KozakAlberta


• 1-866-443-9427



• 1-866-702-4994



• 1-866-236-5765



• 1-866-217-5159


TM


NEWS10 | Product NewsRateHub.ca launches its sister site, MyClosingCosts.ca; KMI Publishing and Events earns a spot on the PROFIT 500 list of Canada’s fastest-growing companies

Twitter.com/CMPmagazine

Like Us on Facebook

Canadian Mortgage

Professional

MARKETING44 | Unfair to Women?One broker established herself marketing specifically to women – placing a family-friendly face on an industry that has traditionally been lacking in heart

49 | Who is an Alberta Broker?Who exactly should be regulated as a mortgage broker in that province is something regulators are ready to take up

50 | Specialists Rock!The days of jack-of-all-trades brokering are gone, writes Doren Aldana

54 | How to Deliver Exceptional ServiceBad service damages your public perception, credibility and market reputation – but focusing on the little things can transform you from average to exceptional

REGULARS

62 | Favourite Things

64 | CMP Service Directory

http://www.dhltd.com/






• 1-866-978-9919



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Dodi KozakAlberta


• 1-866-443-9427



• 1-866-702-4994



• 1-866-236-5765



• 1-866-217-5159


TM







• 1-866-978-9919



• 1-866-264-8571

Dodi KozakAlberta


• 1-866-443-9427



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• 1-866-236-5765



• 1-866-217-5159


TM


http://www.hlcmortgages.ca/

CONTENTS/ EDITOR’S LETTER

4 | JULY 2013

Let’s celebrate, brokers: the CMP Top 75 is here, and don’t forget about the Small Market Top 20. But you may or may not want to run out for a bottle of champagne given funded volume numbers that reveal a slower, if still steady, market for mortgage professionals.

We’ll save that discussion for later, as some of this year’s top brokers expound on the challeng-

es of 2012, but also on how they were able to overcome them.The truth is no matter how you slice it, this year’s tally of funded

volume is impressive, but especially so considering the uncertainty that marked the 2012 housing market.

The top broker overcame those hurdles, with a business model in step with the times and focused on volume (Pg. 32). Other high fliers aren’t far behind him, and offer their own advice on what you can do to up your game in a market marked, or rather marred, by fierce competition and increasingly fickle consumers.

Just as compelling a read can be found in the personal stories of other effective professionals who made this year’s Small Market Top 20. Their individual feats are remarkable considering they lack the top-tier home prices of their Toronto and, yes, even their Vancouver counterparts. Read on, starting page 33.

But this magazine issue doesn’t end with the rankings. Edmonton broker Len Lane makes a good case for why brokers will continue to play a key role in the home-buying process for tens of thousands of Canadians each year (Pg. 14). Take note of his arguments, you might even put them to use.

So read on, and then drop us a note after you’re done. Look for some of those comments in next month’s Letters to the Editor, al-though this issue’s instalment on page 6 is nothing to sneeze at.

Cheers,Vernon Clement Jones

THE NUMBERS DON’T LIE

Contact the editor:[email protected]

CONNECT

COPY & FEATURESEDITOR Vernon Clement JonesSENIOR WRITER Donald HorneCONTRIBUTORS Doren Aldana, Len Lane, Nikki Heald, James Veigli, Paolo Di PettaCOPY EDITOR Rachel Naud

ART & PRODUCTIONGRAPHIC DESIGNER Alicia Chin

SALES & MARKETINGASSOCIATE PUBLISHER Trevor BiggsMARKETING AND COMMUNICATIONS Julia ComitalePROJECT COORDINATOR Jessica Duce

CORPORATEPRESIDENT & CEO Tim DuceOFFICE/TRAFFIC MANAGER Marni ParkerEVENTS AND CONFERENCE MANAGER Chris Davis

Editorial [email protected]

Advertising [email protected]

Subscriptionstel: 416 644 8740 • fax: 416 203 [email protected]

KMI Publishing 312 Adelaide Street West, Suite 800 Toronto, Ontario M5V 1R2mortgagebrokernews.ca

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

http://www.centum.ca/

CONVERSATIONS/ LETTERS TO THE EDITOR

6 | JULY 2013

POLL

Do the best brokers come from the banks?

RE: 2020 WISHLIST (CMP 8.6)The sky is fallingK.S.

Time to wake up from the dream of the late 90s through to 2008, Mr./Ms. Broker. It is not going to get easier – this is not the real estate industry where the major brands own 80 per cent of the market. This is an industry where the banks own the market, and if brokers left the field of play, it would not even register a blip on the radar for consumers. They will just carry on and deal with lenders direct. Unless you have a business model that allows for additional services to the consumer, or the broker industry actually figures out how to change their ways, you will be lucky to be here in 2020.

Not reallyRON BUTLER

Wow, I thought I was pessimistic, I am little, fat Miss Sunshine compared with these posters.

Don’t worry, Mortgage Brokers, rats and cock-roaches; we can survive disaster and we’ll still be around to make deals happen.

LETTERSTO THE EDITOR

Due to space considerations, priority is given to those 300 words or less. We reserve the right to edit, condense or reject submissions for accuracy, brevity, clarity, good taste and legal reasons. Writers must provide their full name, address and telephone number to verify authenticity. Please reference the article and send your letter to [email protected]

LETTERS TO THE EDITORARE WELCOME!

RE: WOMEN OF INFLUENCE (CMP 8.6)Thank youMARILYN SPENCER

I am very new to the industry and really enjoyed reading about the success of other women. I think that they have created a trail for us to follow. Thank you and thank you, Canadian Mortgage Profession-al magazine.

Woman power!WALLY EWACUK

I have a couple women on my team and they are the leaders in their funded volume and professional ethics. I think we will see more women come into the industry as a higher percentage of the overall new entrants.

32+67 Yes 67%

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CMP’s salute

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Brokerages were abuzz with talk when it emerged that Dominion Lending Centres had snagged MCC, purchasing it for an undisclosed amount from CIBC. That buzz hasn’t necessarily died down, despite reassurances from DLC President Gary Mauris that The Mortgage Centre would remain a separately run entity.

This month MCC President Eddy Cocciollo is reading between the lines and backing up Mauris. He is also explaining why the deal is a good match.

READING BETWEEN THE LINES

1. The Mortgage Centre is an iconic brand that has built a culture that is envied by many in our industry.

2. Having one of the top brokerages in the country view The Mortgage Centre as a strategic piece to its continued success, with its artillery of tools and expertise to help move MCC to the next level, excites all of us.

3. I have spent some time with Gary and our vision for MCC align. MCC brokers and agents will see only value-added changes in technology and tools to help them grow their businesses. The core of what has made MCC successful over the last 24-plus years will remain intact.

4. CIBC has made it apparent that the mortgage broker space is no longer a strategic direction for them. With all the success that DLC has had in a short time, I can only imagine how quickly MCC will see benefits from its new partner.

5. It is important to be nimble and react to the industry quickly and CIBC was challenged in its decision process, which made it more difficult for the management team to compete. With DLC, I believe we now have the autonomy and support to compete much more fiercely.

6. MCC will be a separate competing brand to DLC that will continue to give brokers and agents choice when it comes to partnering with a national brokerage.

MARKET MATTERS/ READING BETWEEN THE LINES

8 | JULY 2013

DLC Acquires Mortgage Centre CanadaFOR IMMEDIATE RELEASE Toronto, ON – June 13th, 2013 Dominion Lending Centres is proud to announce the purchase of Mortgage Centre Canada (MCC) from the Canadian Imperial Bank of Commerce (CIBC).

MCC is an iconic Canadian brand consisting of 90 franchises operating out of 160 loca-tions across the country with 1,133 mortgage professionals. In 2012, MCC successfully funded more than $6.9 billion in mortgage volume.

DLC went through tremendous due diligence before deciding to acquire MCC and is committed to the brand with the intention of adding fresh perspective, support, tech-nology and enhancements to MCC’s offerings.

MCC will continue to operate as an independent brand, and this purchase will not affect the day-to-day operations of MCC or DLC.

“We are very excited with this purchase as it further demonstrates DLC’s long-term commitment to the Canadian mortgage brokering channel,” says Dominion Lending Centres President Gary Mauris. “We have already met with the MCC team this morning and are working to keep the MCC head office team intact going forward.”

About Dominion Lending Centres: Canada’s largest and fastest-growing national mortgage brokerage and leasing company with more than 2,250 Mortgage Profes-sionals spanning the country. Launched in January 2006, DLC quickly grew to fund more than $13 billion in mortgage volume in 2012 – the largest origination volume of any Canadian brokerage. DLC continues to be recognized by PROFIT Magazine as one of Canada’s Fastest-Growing Companies – making the PROFIT HOT 50 list of Emerg-ing Growth Companies (2009 & 2010), PROFIT 200 (2012) and PROFIT 500 (2013). DLC and our agents continue to be recognized at the annual CMP Canadian Mortgage Awards (CMAs), most recently winning National Broker Network of the Year in 2013.

For more information, please contact:

Cindy Freiman

Director of Public Relations & Communications Dominion Lending Centres Inc Direct: 289-240-6322 Email: [email protected] Website: www.dominionlending.ca

DLC Acquires Mortgage Centre CanadaFOR IMMEDIATE RELEASE

Toronto, ON – June 13th, 2013

Dominion Lending Centres is proud to announce the purchase of Mortgage Centre Canada (MCC) from the Canadian Imperial Bank of Commerce (CIBC).

MCC is an iconic Canadian brand consisting of 90 franchises operating out of 160 locations across the country with 1,133 mortgage professionals. In 2012, MCC successfully funded more than $6.9 billion in mortgage volume.

DLC went through tremendous due diligence before deciding to acquire MCC and is committed to the brand with the intention of adding fresh perspective, support, technology and enhancements to MCC’s offerings.

MCC will continue to operate as an independent brand, and this purchase will not affect the day-to-day operations of MCC or DLC.

“We are very excited with this purchase as it further demonstrates DLC’s long-term commitment to the Canadian mortgage brokering channel,” says Dominion Lending Centres President Gary Mauris. “We have already met with the MCC team this morning and are working to keep the MCC head office team intact going forward.”

About Dominion Lending Centres: Canada’s largest and fastest-growing national mortgage brokerage and leasing company with more than 2,250 Mortgage Professionals spanning the country. Launched in January 2006, DLC quickly grew to fund more than $13 billion in mortgage volume in 2012 – the largest origination volume of any Canadian brokerage. DLC continues to be recognized by PROFIT Magazine as one of Canada’s Fastest-Growing Companies – making the PROFIT HOT 50 list of Emerging Growth Companies (2009 & 2010), PROFIT 200 (2012) and PROFIT 500 (2013). DLC and our agents continue to be recognized at the annual CMP Canadian Mortgage Awards (CMAs), most recently winning National Broker Network of the Year in 2013.

For more information, please contact: Cindy FreimanDirector of Public Relations & Communications Dominion Lending Centres Inc

Eddy Cocciollo, President,

The Mortgage Centre:

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F I N A N C I A L L P

Ed Kim, Underwriter

Maria Dominelli, AMP, Senior Mortgage Broker, Invis

Lyndsie Beale, Account Manager

For the past 25 years we at First National have invested all of our time, expertise and energy into helping mortgage brokers build successful businesses.

Thank you mortgage brokers for 25 years of shared success.Behind the

scenes

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reputation.”

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MARKET MATTERS/ PRODUCT ROUNDUP

10 | JULY 2013

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A bite-sized guide to the industry’s newest products and appointments as they come down the channel

PRODUCT NEWS AND INDUSTRY ANNOUNCEMENTS

CLOSING IN ON THE CHANNEL?

WHO: MyClosingCosts.caWHAT: RateHub.ca launches a new companion site, focused on helping mortgage clients calculate closing costs and hunt for service providers, including lawyers.

THE FACTS:MyClosingCosts.ca is designed as a first-stop, one-stop shopping site for those who have already secured a broker and/or lender, and are now looking for the best price on lawyers and appraisers. The model mirrors those of rate sites, and broker reaction has been mixed. Some fear it leads to further erosion of client ownership and the increased influence of rate sites in the mortgage shopping process.

THE EXPLANATION:“We kept mortgages out of it purposefully so mortgage

http://www.score-up.ca/

MORTGAGEBROKERNEWS.CA

JULY 2013 | 11

brokers could use it without fearing that they will lose clients,” says company president Alyssa Richard. “We respect the fact that they don’t want to send them to RateHub. We’ve had the site up and running for about a month now, and the brokers and real estate agents who have been using it love it.”

COULDN’T HAVE DONE IT WITHOUT YOU

WHO: KMI Publishing and EventsWHAT: The publisher of CMP and MortgageBro-kerNews.ca earns a spot on the PROFIT 500 list of Canada’s Fasting-Growing Companies.

THE FACTS:KMI Publishing and Events has seen its new-world mix of trade and consumer titles coupled with in-dustry conferences grow revenue by 162 per cent over the last five years. The Toronto-based media

company has now, in fact, launched a new title WealthProfessional.ca, designed to bring breaking news, analysis and forum discussion to Canadian financial advisors, among them the growing number of mortgage brokers who are dually accredited.

THE EXPLANATION:“We’re very honoured and grateful for the support of our readers and clients,” says KMI President and CEO Tim Duce. “Certainly, it’s been a tough five years for all traditional media and publishing companies, and to be the only B2B & B2C media company on this year’s list is an illustration of the business model we brought to Canada, but also the entrepreneurial initiative of our team.”

http://www.mscanada.com/

MARKET MATTERS/ NEWS ANALYSIS

12 | JULY 2013

WOULD THE REAL PROBLEM STAND UP? There’s more and more talk about shrinking demand for homes, but what’s really pulling the strings of the broker market?

What has been left off the radar for many brokers when considering the housing market and interest rates is the state of uncertainty in the global economy, say industry analysts.

“It’s impossible to deny the potential ramifications of any U.S. or Asian economic issues impacting our Canadian housing market,” says Chris Karram, a partner and financial adviser with Safebridge Financial.

“Personally, I don’t see a huge lack of demand being the issue based on recent trends disclosed by TREB, but rather the ability to receive funding being the primary reason for a possible slowdown in our real estate market.”

Several reports coming out of China predict slowing as stocks plummeted. This dampens forecasts of a U.S. recovery by RBC Economics, predicts which American growth spurred economic growth here in Canada – projected at 2.9 per cent for 2014.

Prior to the news from China, RBC’s chief economist Craig Wright was reported as saying “our forecast is for Canada’s economy to grow at rates which

should help propel the economy to full capacity in early 2015.”

Karram feels the proof in the pudding will be how government and lenders react to the news.

“A global economic scare is going to impact everyone, one way or another,” Karram tells CMP. “My belief still comes back to the reality that consumers will react out of emotion, and the lenders will react out of facts. If lenders change their guidelines again, or the government continues to get more and more involved, that will have an impact not necessarily on Canadians desire to purchase their first or next home, but more on their ability to do so.”

CONSUMER CONUNDRUMCMHC study shows buyers are seeking out brokers, but...

More than half of recent buyers (56 per cent) reported contacting at least one lender or broker to learn about mortgage options, according to a new report from the Canada Mortgage and Housing Corporation.

But not so fast: Unfortunately, those consumers using a broker’s services dropped to 23 per cent for 2013, compared to 27 per cent in 2012.

It’s also worth noting that one in five recent buyers contacted at least one lender and one broker during the process of arranging mortgages.

Still, the bright spot for mortgage brokers are signs they are holding their own in market share among recent buyers. The CMHC survey shows 49 per cent of all mortgage originations among first-time buyers and 34 per cent among repeat buyers are accounted for by brokers.

Twenty-six per cent of those looking to refinance opted for a broker, with 17 per cent choosing a broker to arrange the renewal.

The survey shows that 66 per cent of mortgage consumers look to online information sources to get their information on mortgage options and features, and, a full 84 per cent chose interest rates as the most popular search term. But what is growing in popularity is the usage of online mortgage calculators.

“Of consumers who went online for mortgage information, nearly two-thirds (63 per cent) used a mortgage calculator,” says the report. “Almost half (47 per cent) reported using a calculator from a lender website, followed by 17 per cent using a CMHC calculator, and 13 per cent using a calculator from a broker site.”

Of those using the online calculators, two-thirds wanted to determine the amount of their mortgage payments, while 39 per cent used a calculator that compared two or more mortgage offerings – 36 per cent were trying to determine how much mortgage they could afford.

Loyalty among first-time buyers remains low, with only 54 per cent arranging their mortgage with the financial institution they were dealing with the most. Of those who decided to switch lenders, 44 per cent cited a better interest rate as their reason.

CMHC’S CONSUMER

SURVEY (2013)

1. FIRST-TIME MORTGAGES WITH BROKER

49%2. REPEAT MORTGAGE WITH BROKER

34%

http://www.joinusnow.ca/

MARKET MATTERS/ BROKER-TO-BROKER ADVICE

14 | JULY 2013

WHY CONSUMERS STILL NEED YOU!With all the rates cluttering the Internet, the question comes up over and over again: Why use a mortgage broker? Len Lane, owner of Verico Brokers for Life in Edmonton has your answer


JULY 2013 | 15

WWhen the general public thinks mortgage, the first thing that comes to their mind is walking into their local bank branch and ask to speak with someone who specializes in mortgages. This, obviously, is one of the right approaches, as we all rely on our own banks to provide us with the best rate and the best product, in the most professional, knowledgeable and straightforward way. But, lot of times this is not the experience that the client gets as bank specialists work for the bank and have the bank’s best interest at heart.

We, as independent mortgage brokers and agents, on another hand, work with companies that special-ize, for the most part, only in mortgages. In Canada, independent mortgage brokerages are usually headed by a registered mortgage broker who typically has several agents working for him/her. These agents

We, as independent mortgage brokers and agents, work with companies that specialize, for the most part, only in mortgages

are usually known as mortgage associates, sub brokers, salespersons although the general public is used to referring to all of them as mortgage brokers. These individuals are knowledgeable mortgage pro-fessionals, very often with experienced financial backgrounds.

It’s important to explain to your client that using

48

CoverThe Year ahead

morTgagebrokernews.ca

71%of homeowners say they

are in a good position to

weather a potential down-

turn in the housing market

71%of homeowners say they

are in a good position to

weather a potential down-

turn in the housing marketSource: Mortgage Insights: Highlights from CAAMP’s Fall 2011 consumer and industry surveys (CAAMP/Martiz Research Canada)

reality out there instead of trying to sell around it, then people will trust us.”

But any efforts the industry may undertake as a whole will have no effect if individual brokers don’t do their parts, which means giving clients the best value-added service, improving effi ciencies and funding ratios with lenders, and of course, placing clients with the right lenders for their needs.

“Focus on the best interest of the client fi rst and foremost,” said Therien. “We are at a crossroads: we either go back to being the person you go to when the banks say no as it was 25 years ago, or become truly trusted advisers to our customer and move up to the next level.” CMP

7.1_CoverStory.indd 48 12-01-18 10:59 PM

http://www.bestpointstravel.com/

MARKET MATTERS/ BROKER-TO-BROKER ADVICE

16 | JULY 2013

a mortgage broker to obtain your mortgage has been a growing trend among Canadians in the last two decades. While in 1998 only 8 per cent of all residen-tial mortgages were obtained using mortgage brokers, the percentage of those who use mortgage brokers is close to 30 per cent today. The driving force behind this trend is no doubt the benefits associated with using a mortgage broker – and they are the advan-tages that must be explained to clients.

Here are some of them:

ACCESS TO THE BEST RATES AND PRODUCTSMortgage brokers have a relationship with several financial institutions that are competing to get that mortgage business. These institutions continuously compete with rate, product and service promotions, hoping to win the client’s business. Working with a mortgage broker will provide the client with access to some of the best deals and most innovative mort-gage products you can obtain on the mortgage market.

Obtaining the best interest rate is probably one of the most important reasons why consumers use mortgage brokers. Mortgage brokers shop the market for the best mortgage rate available. They have the access to discounted mortgage rates, which are sig-nificantly lower than the posted rates offered by banks to the general public through their branches. In most cases, the mortgage broker has the ability to find the best rate, which sometimes would not be the case if the client walked into a branch and nego-tiated the rate him or herself.

Obtaining the best mortgage product is another major reason why it is beneficial to use a broker. Each

financial institution has its line of products and some-times in order to find the mortgage product that meets your unique needs there is a need to check several banks. A mortgage broker is familiar with numerous products offered by financial institutions and will do the search for you.

NON-TRADITIONAL LENDINGMortgage brokers have working relationships not only with major institution such as banks or credit unions (known as “A” lenders), but also with so-called “B” and private lenders. These institutions will very often overlook the standard conditions required by “A” lenders, especially for individuals with troubled credit history, those who cannot provide standard income confirmation.

SHOPPING AROUND/CREDIT SCOREA client shopping for the best mortgage rate on his/her own could easily turn into a process that nega-tively affects credit score. Every time you submit an application for a mortgage approval or a pre-approv-al, the credit score drops. By doing this at several financial institutions you are running a risk of sig-nificantly affecting your credit score. We as mortgage brokers will check credit history only once, and based on the information obtained will assess the quality of the application and send it to the lender that can offer the best mortgage solution for your situation. The upside? The client’s credit will be checked only once by the lender where the application is sent.

MORTGAGE BROKER’S SERVICES ARE FREEIt’s important that the client know that the services of mortgage brokers are usually paid for by the lending institution where the mortgage is placed through a so-called “finder’s fee.” We have to disclose this – unlike bank employees. Clients may believe that bank employees are paid a salary when in fact they may work on a commission. In other words, mortgage broker services are free to the client pro-vided it’s for a regular “A” deal. There are cases, however, where the institutions do not pay a finder’s fee to the broker, in which case the broker will charge the client directly. This occurs usually with “B” and private lenders.

Alberta claims

14Brokers on the Top 75

Obtaining the best interest rate is probably one of the most important reasons why consumers use mortgage brokers

MARKET MATTERS/ STATS

JULY 2013 | 17

Geared to Handle EXCEPTIONS

Let us solve your exceptions:Cam Delli-Pizzi 613 282-1242 cam@pillarfi nancial.ca

SOLUTION BASED LENDER:• Refi nancing for debt

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MORE THAN 30 YEARS EXPERIENCEPILLARFINANCIAL.CA

0

10000

20000

30000

40000

50000

60000

70000

80000

11,256

37,579

61,932

15,175

30,587

25,684

Atlantic Quebec Ontario Prairies Alberta British Columbia

0

10000

20000

30000

40000

50000

60000

70000

80000

11,256

37,579

61,932

15,175

30,587

25,684

Atlantic Quebec Ontario Prairies Alberta British Columbia

Genworth Canada is offering new predictions for how high housing starts and home sales will rise by the close of 2013.

“The Canadian housing market is transitioning to a balanced level of supply and demand,” said Brian Hurley, chairman and CEO of Genworth Canada. “While lower demand has cooled the housing market, this latest research shows moderate growth over the next few years, which points towards a more stable market for both buyers and sellers.”

These graphs spell out that analysis, but do they foretell the fortunes of brokers in those individual regions? That’s for you to decide. Well, you and time, that is.

IF YOU BUILD IT WILL THEY COME?

Source: Conference Board of Canada (commis-sioned by Genworth Canada)

http://www.pillarfinancial.ca/

MARKET MATTERS/ RURAL CLIENTS

18 | JULY 2013

Ffor; that keeps us successful.”

Although Calla – like other successful brokers in the channel – has built her business on personal relationships, she does admit that there is a segment who will only ever be interested in the lowest rate out there.

“Some just want the rate, and after talking with them and trying to explain to them that there is more out there to consider than just rate, they will still leave only wanting the lowest rate out there,” she says. “I’d say that about five per cent of the population out there are only interested in rates.”

So strong does Calla feel about the overall product, she removed rates from her website.

“Everything we do is about educational material, and clearly articulating the risks, and demystifying the process,” says Calla. “If the customer is under-standing, then we can continue the relationship. If they don’t buy into it – there can be no relationship.”

Glen Tosh, a broker with Dominion Lending Centres in Souris and Brandon, Man., sees the banks scooping up clients even after they have been con-sulting with a broker.

“The banks are for sure our biggest competition in rural Manitoba,” says Tosh, who operates just west of Brandon. “I find that people aren’t afraid to call a broker for advice and rates, but when it comes time to make the final decision, they tend to sway back to their bank, if the bank will match the rate.”

The biggest reason for choosing the bank over a broker, says Tosh, is comfort.

“Their comfort level is with a bank rather than a broker who puts the mortgage with a ‘virtual’ lender,” says Tosh.

For Omer Quenneville, a broker with Centum Regal Financial in Toronto, customer loyalty comes with mutual respect – and that needs to start with the broker.

“I have one of the highest return rates for clients at 90 per cent,” says Quenneville. “And it is all about taking the time with the client right from the begin-ning. You need to spend the time with them, educate them – show them it is more than just rate.”

Quenneville feels that it lands on the brokers’ shoulders if their clients decide to choose a bank instead of returning to them for their refinancing or their next purchase.

“So many brokers are focused on volume – so why should the client show them any loyalty?” he asks. “The banks are very good at pulling people away – we as brokers should be better at what we do. It is such a simple lesson: the volume takes care of itself when you take care of the client first.”

“Loyalty in smaller markets is huge,” says Alyson Thiessen, broker/owner of Mortgage Intelligence, The Get Er Done Girls in Red Deer, Alta. “Although we have rate shoppers, I believe it only represents about five per cent of hardcore shoppers.”

“There is just so much more temptation out there,” says Angela Calla, a broker with Dominion Lending Centres in Port Coquitlam, B.C. “Even with the most loyal clients, something will happen – a new franchise will open, or a family member or good friend will become a broker – and they will move their business to them out of an obligation.

“But then you will have a customer who will say ‘Even if my mom becomes a broker, I won’t leave you.’ That is the relationship-building that we strive

ARE RURAL CLIENTSMORE LOYAL?Customer loyalty is crucial to broker success – but are rural clients more likely to keep their business with a broker as opposed to a homeowner in Toronto or Vancouver? Donald Horne reports on cultivating client loyalty


JULY 2013 | 19

Greg Nowik, lead mortgage planner with Mortgage Architects The Nowik Team in the Vancouver area, says that personal service is key to ensuring custom-er loyalty – no matter where you are.

“We have offices in Port Coquitlam, a suburb of Vancouver and Nanaimo on Vancouver Island, pop-ulation 85,000,” says Nowik. “We see that the value- added service we do supports customer loyalty in both locations. The key is that value-added person-al service for us.”

Murray Groen, a broker and regional partner with The Groen Team, Mortgage Brokers Ottawa, says it all boils down to trust.

“I think it all depends on how the broker and client were connected along with the level of trust and expertise that is perceived by the client in dealing with the broker,” says Groen. “In many cases if you enable a client to place themselves in a better position because of the advice you provide along with a com-

petitive rate as a broker, you should be able to build a strong enough relationship to explain why rate is not the only thing that needs to be considered, which often will help solidify the business.

“Ultimately you need to provide sound financial advice to your clients and show them why they should deal with you versus the bank.”

Groen says that holding these values as sacred will ensure that no matter whether you are broker in Toronto or Timbuktu, you will maintain client loyalty.

“Be a professional at what you do and by being honest and providing sound advice you could secure the business of this client and many referrals from them afterwards as well,” he says. “Whether you are in a less populated community or a large urban centre, if you treat your clients as individuals and provide sound advice you have a better chance of earning the business.

Every client has a unique story to tell. At Optimum Mortgage, we specialize in Alternative Lending. Always have, always will. Our flexible lending guidelines allow our experienced team of underwriters to color outside of the lines and find a customized solution that satisfies the needs of both the client and the broker, while always confirming the affordability of each deal.

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COVER/ TOP 75

20 | JULY 2013

®

In its sixth year, CMP’s top brokers list received a record number of submissions but not necessarily an increase

in funded volumes. CMP reports on the results

COVER/ TOP 75

20 | JULY 2013


REVEALED

®

Proudly sponsored by


JULY 2013 | 21

®

TOTAL FUNDED VOLUMEAVERAGE YEARS BROKERING

6.82011

15.92012

$4.8B

$4.24B


JULY 2013 | 21

20122011


REVEALED

British Columbia: 25

Nova Scotia: 2

Quebec: 2

Ontario: 28

Newfoundland: 1 New Brunswick: 1

Manitoba: 1

Saskatchewan: 1Alberta: 14

As always, each broker had to be employed as a mortgage professional, able to write loans and their deals must have been personally originated. They also provided a breakdown of their deals by lender with contact information, which was verified by the CMP team. All deals were residential, and while back-office support in processing loans is acceptable, no other parties received commissions on these deals.

METHODOLOGY

BROKERS BY THE PROVINCE

COVER/ TOP 75

22 | JULY 2013

®

22012, you did your best, but you were no match for the CMP Top 75.

Despite the challenges you threw in their way, brokers did more than eke out a living, collecting commissions on $4.24 billion in funded volume, specifically on residential mortgages. That’s the good news. Now here’s the great: While the total funded volume for all those on the list slipped $600 million from 2011’s high, the number of deals also fell, by 1,300. It means, as a group, the Top 75 bettered their performance with property prices across several markets climbing in 2012, even as home sales receded.

AN OVERVIEW

$4.24BTOTAL FUNDED VOLUME

14,869TOTAL NUMBER OF DEALS

1,194TOTAL NUMBER OF YEARS IN

THE BUSINESS

15.92 Average number of years in the

business:

BY THE BROKER NETWORK

33 Dominion Lending Centres

26 Verico

4 Axiom

4 Invis/Mortgage Intelligence

2 Centum

2 The Mortgage Centre

1 Argentum

1 Mortgage Alliance

1 RMAI

1 Independent: (Tourloukis)Dominion Lending Centres 33

Verico 26

Axiom 4

Invis/Mortgage Intelligence 4

Centum 2

The Mortgage Centre 2

Argentum 1

Mortgage Alliance 1

RMAI 1

Independent: (Tourloukis) 1

25Women

50Men

As a group, the Top 75 bettered their performance with property prices across several markets climbing in 2012, even as home sales receded

When all the submissions were gathered and double-checked, more than 20 brokers from last year had reclaimed spots on the CMP Top 75 for their individual funded volumes in 2012. In many cases, those numbers exceeded last year’s performance.

CMP is very proud of the diversity of this year’s list. Brokers from nine out of 10 provinces are rep-resented, including Quebec.

Some of those same names appear on CMP’s second Small Market Top 20, which recognizes the successes of top performers in markets where the average home price is $290,000 or less.

Together, both lists point to an unmistakable trend: The gap is growing between the very top performers in this industry and other mortgage professionals.

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JULY 2013 | 23

®

Rank Name: Company City/Town: Funded Volume ($) Funded Deals

Support staff who don’t write loans

Support staff who write loans

Years as a Broker/Agent

1 Jim Tourloukis Advent Mortgage Services Unionville, Ont. 218,114,349 592 1 2 7

2 Collin Bruce Dominion Lending Centres Mortgage Mentors

Edmonton, Alta. 201,005,200 671 3 3 8

3 Dave Butler Verico Butler Mortgage Inc. Mississauga, Ont. 186,577,252 693 4 5 8

4 Nicole Drummond Dominion Lending Centres The Mortgage Source

Ottawa, Ont. 123,700,667 527 1 2 17

5 Jason Singh Verico COD Financial Services Toronto, Ont. 121,041,907 322 5 5 7

6 Scott Travelbea Dominion Lending Centres Travelbea & Associates

Victoria, B.C. 101,972,742 293 1 2 9

7 Win Lui Verico Clear Trust Mortgages Vancouver, B.C. 95,182,032 290 2 0 2

8 Irina Antipova Axiom Assured Mortgage Services

Toronto, Ont. 93,237,735 216 1 0 14

9 Dustan Woodhouse Dominion Lending Centres Canadian Mortgage Experts

Coquitlam, B.C. 79,802,060 175 2 0 5

10 Susie Inglis Dominion Lending Centres Mortgage Evolution

Vancouver, B.C. 76,511,557 182 2 0 19

11 Angela Calla Dominion Lending Centres - Angela Calla

Port Moody, B.C. 75,013,333 266 0 2 9

12 Nick L'Ecuyer Verico The Mortgage Wellness Group

Barrie, Ont. 71,256,897 316 3 1 6

13 Debbie Bellair Dominion Lending Centres Smart Debt

Ottawa, Ont. 70,744,498 245 0 2 25

14 Viktor Schaefer, AMP Verico One Link Mortgage & Financial

Steinbach, Man. 70,218,384 319 5 0 19

15 Greg Martel Dominion Lending Centres Harbour View Mortgages Corp.

Victoria, B.C. 70,000,000 182 1 2 5

NO. 5 JASON SINGHRounding out the Top 5 is Jason Singh, an agent with Verico COD Financial Services in Toronto, who had a funded volume of $121,041,907on 322 deals.

“It is great to be included, and I appreciate being able to make this select group,” says Singh. “It is a privilege.”

Q&A WITH NO. 5CMP: Do you feel the year was a success despite the overall lower numbers compared to 2011?

Singh: I feel the year was a success as we were able to maintain a high level of client relations. Even with the drop in numbers, the fact that a lot of my existing clients returned for business and also con-tinued to provide referrals was very rewarding.

CMP: If you use rate sites, do you feel you could have had those numbers not using a rate site?

Singh: No I do not use rate sites. But I do think it’s a great way to get generate business.

CMP: How much of an effect did the new restric-tions placed on amortizations have on business?

Singh: The new restrictions did have an effect on business in terms of potential clients not wanting to make that leap into home buying with the perception that they may not be able to afford the payments, etc.

CMP: Dan Eisner decided to bow out this year so another person could claim top spot. Do you think he would have won?

Singh: It was gracious of him to allow another person to be recognized.

CMP: Which product packed the most punch in putting you on the list?

Singh: With the low rates being put out by lenders the products themselves were very attractive. I believe my determination to provide the best service to my clients allowed me to have the success I did. Their willingness to return as clients and referring me to others allowed for the year to be as successful as it was.

Jason Singh

Y.O.Y. FUNDEDVOLUME

COVER/ TOP 75

24 | JULY 2013

®

NO.4 NICOLE DRUMMONDNicole Drummond, broker with DLC The Mortgage Source in Ottawa, just edged out Jason Singh for fourth place with $123,700,667 in funded volume for 2012 on an unbelievable 527 residential mortgages.

“I worked some very long hours, seven days a week,” says Drummond, surprising even herself at the total number for 2012.

Q&A WITH NO. 4

CMP: Do you feel the year was a success despite the overall lower numbers compared to 2011?

Drummond: I feel that 2012 was more successful than 2011 as my sales numbers were higher in 2012.

CMP: If you use rate sites, do you feel you could

have had those numbers not using a rate site?Drummond: I do not use rate sites.CMP: How much of an effect did the new restric-

tions placed on amortizations have on business? Drummond: The new rules actually increased

my sales in the first seven months, before they took effect, because I put out a campaign to educate my clients that they should refinance before the changes. After the changes, there was a definite effect of 25 per cent decrease, which will be reflected in 2013


Drummond: Based on Dan’s model he probably would have won for dollar volume.

CMP: Which product packed the most punch?Drummond: There is a mix of everything for 2012

because of the regulation changes. I had a lot of purchase, refinance and secured line of credit.

CMP: Who do you feel was your closest compe-tition - be it an individual or a network?

Drummond: Any broker working in the Domin-ion Lending Centres network could be competition because of the tools that they provide to grow our business.

Nicole Drummond





16 Mark Goode Mortgage Man Dominion Lending Centres

Orillia, Ont. 67,432,000 396 2 1 12

17 Enza Venuto Centum Streetwise Mortgages Vaughan, Ont. 65,000,000 375 1 0 10

18 Nick Kaaki Dominon Lending Centres The Mortgage Source

Ottawa, Ont. 62,725,641 231 1 2 10

19 Terry Kilakos Verico NorthEast Mortgages Montreal, Que. 57,765,121 227 3 10 7

20 Todd Payzant Neighbourhood Dominion Lending Centres

Sudbury, Ont. 57,393,874 245 1 0 4

21 Jordi Browne Verico Preferred Financing Inc Chilliwack, B.C. 56,599,536 222 1 2 10

22 Skye McLean Argentum Atlantic (HS) Financial

Calgary, Alta. 53,543,143 162 0 1 7

23 Diana Zitko Dominion Lending Centres West Coast Mortgages

Coquitlam, B.C. 52,569,769 161 1 1 15

24 Deb L White Dominion Lending Centres White House Mortgages

Vernon, B.C. 52,381,217 206 1 0 14

25 Clinton Wilkins Centum Home Lenders Ltd. Halifax/Dartmouth, N.S.

50,771,603 253 1 2 8

26 Jody Henry Dominion Lending Centres Arrowsmith

Qualicum Beach, B.C.

49,075,877 183 1 4 23

27 Chris Landry Verico Paragon Mortgage Group

Burnaby, B.C. 48,992,125 141 0 1 12

28 Adil Mawji Invis Calgary, Alta. 48,863,783 150 0 0 5

29 Mackenzie Gartside Mackenzie Gartside & Associ-ates Verico Select Mortgage

Courtenay, B.C. 48,763,387 240 0 1 7

30 Steven Brouwer Dominion Lending Centres Drake Entrust Mortgage Services

Chilliwack, B.C. 48,610,851 291 1 0 8

1.866.983.7426 | [email protected] | www.verico.ca

Talk to us.®

You will be impressed.VERICO remains Canada’s #1 Network for a reason.

Talk to us and �nd out why.

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

It sends a clear message to the broker industry that VERICO has one-year renewable contracts, with the point to not lock brokers in, but convert them to self-subscribing loyal customers through delivery on its service promise.”

Calum Ross VERICO The Mortgage Management GroupMember since 2012

My reason

“Being part of a national network has added depth to our activities in the market area.

Just the branding alone has developed more awareness and recognition from our existing clients and realtor community.

We are very appreciative of the efforts of Sean Widdess, Director of Member and Lender Relations, and the team at VERICO Canada in supporting our business and our partnership.”

Gord Pipkey VERICO Real Mortgage Services Inc.Member since 2010

My reason

WINNER 2013WINNER 2013

BEST ADVERTISINGNATIONAL BROKER NETWORKOF THE YEAR

#1IN 2010

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http://www.verico.ca/

COVER/ TOP 75

26 | JULY 2013

®

NO. 3 DAVE BUTLERBeing among the top three in CMP’s Top 75 Broker list is quite an accomplishment in and of itself, and for Dave Butler, a testament to how he does business. That’s through referrals and past clients, not rate sites.

Butler, a broker with Verico Butler Mortgage Inc. in Mississauga, recorded $186.6 million in funded volume for 2012, coming in a close third behind Collin Bruce.

Q&A WITH NO. 3CMP: Do you feel the year was a success despite the overall lower numbers compared to 2011?

Butler: My numbers were up from 2011 so I defi-nitely feel the year was a success given how many Brokers were down in 2012 compared to 2011.


Butler: I do not use rate sites for business. My father and brother’s side of Butler Mortgage is heavily involved with them. However my side of Butler

Dave Butler

Mortgage no longer advertises as of about three years ago and I have never used a rate site for business. One hundred per cent of my personal business is through referral partners and past clients. A big misconception that people have about Butler Mort-gage is that it is just some company that advertises low rates on the rate sites. The truth is that Butler Mortgage is a brokerage that has many independent agents, myself included, and I operate independent-ly of my father and brother’s team.


Butler: It actually didn’t really affect my business. A tremendous portion of my clients are investors who are putting in 20 per cent down payment to purchase an Investment property. At the 20 per cent down payment level you can still get 30 year amor-tizations.






31 Shaun Zipursky Dominion Lending Centres City Wide Mortgage Services

Vancouver, B.C. 47,974,021 119 1 0 22

32 Kelli Pardo Verico iMortgage Solutions Edmonton, Alta. 47,800,000 182 1 0 2

33 James Loewen RMAI Loewen Group Mort-gages

Burlington, Ont. 47,053,400 168 1 0 7

34 Jeff Attwooll Verico K-W Mortgage Cambridge, Ont. 46,540,315 198 1 0 12

35 Sarah Makhomet Dominion Lending Centres Mortgage Village

Mississauga, Ont. 45,487,844 180 1 2 6

36 Sabeena Bubber Verico Integre Mortgage Partners

West Vancouver, B.C.

45,357,000 120 1 0 9

37 Denise Devente Dominion Lending Centres Mortgage Evolution

Vancouver, B.C. 44,909,510 135 0 1 14

38 Anthony Spadafora Verico Premiere Mortgage Centre

Burlington, Ont. 44,459,616 138 1 1 10

39 Jordan D'Haese Axiom Jayman Financial Calgary, Alta. 44,217,725 125 1 0 10

40 Tammy Pope Axiom Jayman Financial Edmonton, Alta. 43,450,565 107 1 0 2

41 Luisa Hough Verico Exclusive Mortgage Professionals

Surrey, B.C. 43,352,000 125 1 0 9

42 Terry Short The Mortgage Centre Advan-tage Financial Services Inc

St John's, Nfld. 42,840,637 190 0 0 27

43 Michael Noik Dominion Lending Centres Centura Finance

Montreal, Que. 42,639,218 127 2 5 1

44 David Griffin Dominion Lending Centres Griffin Financial Group

Peterborough, Ont. 42,010,177 210 1 0 9

45 Janet MacDonald Verico The Mortgage Profes-sionals

Kingston, Ont. 41,770,556 195 1 0 10

Y.O.Y. FUNDEDVOLUME


JULY 2013 | 27

®

Butler: Absolutely he should have won. Dan Eisner, as per the criteria that CMP uses for their Top 75 Brokers, is the largest broker in Canada. One hundred per cent of the volume that he submitted to CMP last year was generated by him or his adver-tising. The criteria of the CMP Top 75 Broker list is that you count the volume that you brought in which you did not pay any employee a commission on. Dan Eisner’s model does not pay commissions to its agents. His agents are paid a salary with a bonus structure, very much the same model that I employ but with fewer employees.

CMP: Which product packed the most punch?Butler: There is no specific product that packs a

punch to put me on the Top 75 list. What puts me on the Top 75 list is that I started running a team when I was 22 years old and I work my tail off. I eat, breathe and sleep mortgages from Sunday night at 10 p.m. until Friday afternoon at 5 p.m. Not only that, it certainly helps to have grown up with a father,

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What’s in it for you?> A unique product portfolio including our award

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> 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 15 BPS, free appraisals, great cashback offers, and more!

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TM National Bank All-In-One is a trademark of National Bank of Canada. 1 Financing shall be subject to the credit approval by National Bank. 2 $2,000 marketing fee is a one-time reward for the fi rst 65 deals or $20M funded in the fi scal year. 3 $15,000 trip paid for every 125 deals or $40M funded in the fi scal year. The fi scal year is from November 1, 2011 to October 31, 2012.

MORTGAGE SOLUTIONS THAT ARE AS SMART FOR YOUR CLIENT AS THEY ARE FOR YOU

TM National 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 reward for the first 60 deals in the fiscal year. 3$15,000 trip paid for every 125 deals in the fiscal year up to a maximum of 2 trip vouchers. Minimum approve to fund ratio of 60% for fiscal 2013 is required to be eligible for either financial incentives and payments will be made in February 2014. The fiscal year is from November 1, 2012 to October 31, 2013.

brother and mother who are also in the business. This clearly put me at an advantage when getting started in this business as I had successful people that I could turn to and help guide me to the success level that I have attained to this point.

CMP: Who do you feel was your closest compe-tition (be it an individual or a network)?

Butler: I really don’t know who my closest com-petitor was in the broker world, I guess it would be anyone on the list that is ahead of me and the ones that did not submit their volume to CMP and write more business than I do. Having said that, I don’t necessarily believe that I am competing against any one broker or brokerage. I compete against the bank branches and banks/lenders that do not operate in the Broker channel. Is it really wise to worry about competing against other Brokers given that brokers as a whole do not even own a 30 per cent share of the market? Shouldn’t we worry about competing against the people and institutions who are holding the other 70 per cent of the market?

http://www.nbc.ca/

COVER/ TOP 75

28 | JULY 2013

®

NO.2 COLLIN BRUCEAside from Jim Tourloukis, Collin Bruce was the only other broker to crack the $200 million threshold with $201 million in funded volume – relying on Alberta’s economic engine to drive what has been a sluggish year for the country’s housing market.

Bruce, the broker-owner of DLC Mortgage Mentors in Edmonton, saw volumes increase by 20 per cent over 2011, and managed to do it without resorting to rate sites, which he sees as a “slippery slope that we as brokers are going down.”

Despite strong numbers for 2012, Bruce points to the stiff competition banks pose to brokers; citing a full “50 per cent of transfers we originated” being taken away by banks.

Q&A WITH NO. 2 CMP: Do you feel the year was a success despite the overall lower numbers compared to 2011?

Bruce: Yes I do. Our volume increased by 20 per cent from last year.


Bruce: No, I do not use rates sites. I am all for the consumers to be educated, I just do not agree with advertising bought-down rates like most brokers do on those sites. I think it is a slippery slope that we as brokers are going down.

CMP: How much of an effect did the new restric-

tions placed on amortizations have on business? Bruce: Minimal effect, I think the lower rates

helped, though. I am finding that lenders limiting products due to investor issues are having a bigger effect.

CMP: Which product packed the most punch?Bruce: It was such a mix of products and clients

this year, so really all of them.CMP: Who do you feel was your closest compe-

tition (be it an individual or a network)?Bruce: The banks, especially on transfers. We

probably closed only 50 per cent of transfers we originated.

Collin Bruce





46 Kuljit Singh Mortgage Alliance AKAL Mortgages Inc.

Mississauga, Ont. 41,505,154 116 1 0 11

47 Tracy Luciani Price Dominion Lending Centres Forest City Funding

Fergus, Ont. 41,413,009 211 2 0 13

48 Ron Lefebvre Invis Edmonton, Alta. 40,241,872 145 1 0 4

49 Sherri Hislop Verico Alliance Mortgager Group

Stratford, Ont. 39,482,096 189 1 0 12

50 Scott H. Bentley Verico Premiere Mortgage Centre

Halifax, N.S. 39,385,118 154 1 0 12

51 Sundeep Saggu Verico The Mortgage Wizards Toronto, Ont. 39,324,452 86 1 0 2

52 Lena Ohanjanians Verico Ultimate Mortgage and Finance Solutions

Toronto, Ont. 39,019,125 114 1 0 7

53 Stephen D'Souza Dominion Lending Centres Origin - Client First Mortgage Solutions Inc.

Maple Ridge, B.C. 38,669,491 101 1 0 6

54 Sharnjit Singh Gill Verico Superior Mortgage Inc. Surrey, B.C. 38,653,006 151 2 0 12

55 Ling Lem Axiom Jayman Financial Calgary, Alta. 38,108,476 114 1 0 13

56 Yves Cormier Verico Cormier & Cormier Consultant Inc

Edmundston, N.B. 38,086,354 295 1 1 11

57 Lisa Yun Dominion Lending Centres Innovative Mortgage Solutions

Coquitlam, B.C. 38,000,000 88 1 0 11

58 Kent Bittner Dominion Lending Centres - Bittner Mortgages

Regina, Sask. 37,471,632 135 2 0 12

59 Narish Maharaj Dominion Lending Centres Mortgage Mentors

Edmonton, Alta. 37,120,278 127 1 1 9

60 Ken Lankin Mortgage Intelligence - Niagara Niagara Falls, Ont. 37,104,000 296 0 1 16

Y.O.Y. FUNDEDVOLUME

WESTERN CANADACENTRAL CANADAEASTERN CANADA

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61 Rishel Tomlinson, BA(Econ), AMP

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65 Carolyn Callero Verico Premiere Mortgage Centre

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66 JoAnne Purcell Dominion Lending Centres Mortgage Services Inc.

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67 Adam Bazuk Dominion Lending Centres YBM Group

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68 Denny Segal Dominion Lending Centres Origin

Vancouver, B.C. 35,000,000 95 3 0 7

69 Dave McNabb Dominion Lending Centre Regional Mortgage Group

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70 Len Lane Verico Brokers For LIfe Inc. Edmonton, Alta. 33,759,498 73 1 0 6

71 Catherine Evel Dominion Lending Centres Homestead Financial

Waterdown, Ont. 33,714,955 128 2 0 14

72 Rudy Dedic Dominion Lending Centres Casa Mortgage Inc.

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73 Roger Ramuderan Nambiar

Verico Pro-Lending Mississauga, Ont. 31,220,697 89 1 0 10

74 Sean Binkley Dominion Lending Centres Alliance

Kingston, Ont. 31,167,718 148 1 0 12

75 Teague Brinkworth The Mortgage Centre Dico Holdings Inc

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COVER/ TOP 75

32 | JULY 2013

®

“Jim Tourloukis.” It’s a name always high on the list of CMP’s Top 75 Brokers. But this year – finally, this year!– it’s at the very top.

The owner of Advent Mortgage Services in Un-ionville, Ont., recorded a funded volume of $218.1 million for 2012, earning him the No. 1 spot on this year’s coveted list.

And the independent broker feels he could have done even better, telling CMP “there is so much opportunity in this business” and so many initiatives just waiting to be put in place.

Having 592 funded residential mortgages in 2012, Tourloukis rode to success on the ever-popular 5-year fixed conventional mortgage.

Despite his reputation, less than 15 per cent of his business can be attributed to rate sites. He hopes to reduce that figure even further, focusing on “more profitable and “stickier” business.

A mortgage broker/agent for some seven years, Tourloukis did the lion’s share of 2012 business with ING Direct, which funded $122.3 million. Of course, that was before the lender’s move to quit the channel.

Last year Tourloukis came in third behind Dan Eisner of True North Mortgage and Gord Pipkey of Verico Real Mortgage Services. In 2011, Tourloukis had almost $232.1 million in funded volume on 622 deals – far behind Eisner’s $412.8 million on 1,365 deals.

But ever the gracious winner, Tourloukis does tip his cap to Eisner, declaring him this year’s unofficial winner due to his perennially high numbers.

But Tourloukis does point out that the Cal-gary-based head of True North Mortgage is operat-ing with lower margins and higher office and staffing overhead. Should CMP choose to change its criteria for what constitutes a Top 75 Broker, taking net profit into consideration could produce a better ap-ples-to-apples comparison between all brokers, says Tourloukis.

Q&A WITH NO. 1 BROKER JIM TOURLOUKISCMP: Do you feel the year was a success despite the overall lower numbers compared to 2011?

Tourloukis: Not really. There is so much oppor-tunity in this business and we could have easily put some of these initiatives in place and funded much more business. We hope to do so in the months to come.

CMP: You use rate sites; do you feel you could have had those numbers not using a rate site?

Tourloukis: We actually lowered our use of rates sites the past year. I would say less than 15 per cent of our business is as a result of these sites. We hope to drop this even further in the coming year and rather focus on more profitable and ‘sticky’ business.


Tourloukis: The amortizations did not impact us at all. What did impact us was the elimination of high ratio mortgages over $1 million. We typically fund 30-40 of these types of deals, all of which can no longer get done.


Tourloukis: Of course, Dan would have won. Nobody is close to his numbers. Truthfully, he should be on the list as those funded dollars are his funded dollars. On the flip side, no one has the infrastructure cost of him either. Look: without a doubt he will continue to fund the most in Canada (and so he should with his infrastructure). A more interesting compar-ison would be to compare profitability, both in abso-lute and a margin basis. When you factor in his lower margin (because he always buys down rates 10-15 bps) leaving him a smaller start at 50 bps net income, and his overhead (expensive offices, 30 staff, a tre-mendous amount of spend on advertising, etc.), I’m not sure he would be at the top. So you have to ask, which numbers really count? Funded volumes or the money that is in your pocket?

NO. 1 JIM TOURLOUKISThis year’s winner is as independent as they come. He’s also wondering if profitability might one day decide who ranks where on this list. Don Horne reports

Jim Tourloukis

Y.O.Y. FUNDEDVOLUME

FEATURE/ SMALL MARKET TOP 20

JULY 2013 | 33

®

THE SMALL MARKET

TOP 20

20

Hard work and community spirit can and have overcome the limits of smaller markets, say brokers on this year’s list

BY THE GROUP

3,880TOTAL NUMBER OF DEALS:

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ES

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ICO

THE

MO

RTGA

GE C

ENTR

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VIS

/MO

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GE IN

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274TOTAL NUMBER OF YEARS IN

THE BUSINESS

13.7AVERAGE NUMBER OF YEARS

IN THE BUSINESS

8 7 2 2 1

Small-market brokers step into the spotlight this year as CMP introduces its second Small Market Top 20 list in conjunction with the Top 75.

The Small Market Top 20 was open to all brokers and agents who did a minimum 80 per cent of their deals in markets where the average home price is at or below $290,000. They must be MLS-identified regions, cities or towns.

That cut-off is considerably lower than the national average, which closed 2012 just above $350,000.

For this running of the Small Market Top 20, brokers from Alberta, Ontario, Nova Scotia, Manitoba and Newfoundland & Labrador shared that spotlight, many of them amassing total funded volumes that outstrip their counterparts in much pricier markets. It suggests that they worked harder to achieve it, often doing 10-, 20- or, even, 40- per cent more deals.

Add to that Ottawa’s moves to cut amortization and 2012 was a trying year for brokers.

“The changing of the amortizations certainly had an effect on the first-time homebuyer,” says Terry Short, broker-owner of The Mortgage Centre- Advantage Financial Services, in St. John’s, Nfld. “In my market, it meant the difference of being able to buy approximately $30,000 less than the 30-year amortization.”

A strong presence in their tight-knit communities has helped many brokers to grow their books despite the regulatory and market challenges, says Mark Goode.

His advice to brokers entering smaller markets is to make a sincere effort to become part of the community they service. For example, Goode and his team are active sponsors and participants in local soccer, hockey and lacrosse teams in Orillia. Many brokers are also members of the chamber of commerce.

“Get to know your clients, get involved in the community,” Mark Goode, an DLC broker in Orillia and No. 2 on this year’s list, told CMP last year. “People want to know that you actually live and work in the community and not just driving in to get their business.”

BY THE BROKER NETWORK

$877M$802M

20122011

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34 | JULY 2013

®

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1 Viktor Schaefer Verico Onelink Mortgage & Financial

Steinbach, Man. 70,218,384 319 5 0 19

2 Mark Goode Mortgage Man Dominion Lending Centre

Orillia, Ont. 67,432,000 396 2 1 12

3 Todd Payzant Neighbourhood Dominion Lending Centres

Sudbury, Ont. 57,393,874 245 1 0 4

4 Clinton Wilkins Centum Home Lenders Ltd. Halifax/Dartmouth, N.S.

50,771,603 253 1 2 8

5 Terry Short The Mortgage Centre Advan-tage Financial Services Inc.

St John's, Nfld. 42,840,637 190 0 0 27

6 David Griffin Dominion Lending Centres Griffin Financial Group

Peterborough, Ont. 42,010,177 210 1 0 9

7 Janet MacDonald Verico The Mortgage Profes-sionals

Kingston, Ont. 41,770,557 195 1 0 10

8 Tracy Luciani Price Dominion Lending Centres Forest City Funding

Fergus, Ont. 41,413,009 211 2 0 13

9 Sherri Hislop Verico Alliance Mortgager Group

Stratford, Ont. 39,482,096 189 1 0 12

10 Scott H. Bentley Verico Premiere Mortgage Centre

Halifax, N.S. 39,385,119 154 1 0 12

11 Ken Lankin Mortgage Intelligence - Niagara Niagara Falls, Ont. 37,104,000 296 0 1 16

12 Sarah Davison Mortgage Intelligence Grande Prairie, Alta.

35,995,943 140 0 0 6

13 Dave McNabb Dominion Lending Centres Regional Mortgage Group

Red Deer, Alta. 34,688,400 114 0 1 16

14 Sean Binkley Dominion Lending Centres Alliance

Kingston, Ont. 31,167,718 148 1 0 12

15 Linda Ross Verico The Mortgage Profes-sionals

Kingston, Ont. 31,072,592 148 1 1 25

16 Brian Matthey Verico The Mortgage Profes-sionals

Kingston, Ont. 30,201,451 134 1 0 24

17 Dan Sauve Verico Mortgage Corp. Finan-cial Services Inc.

North Bay, Ont. 29,313,464 200 2 2 21

18 David Wild Dominion Lending Centres Regional Mortgage Group

Red Deer, Alta. 27,432,228 96 2 1 11

19 Bruce Gilkinson The Mortgage Centre Gilkinson Financial

Listowel, Ont. 27,020,267 152 2 2 12

20 Jean-Guy Turcotte Dominion Lending Centres Regional Mortgage Group

Red Deer, Alta. 25,627,770 90 0 0 5

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®

“Hard work” shot Viktor Schaefer, of Verico One link Mortgage & Financial, to the top of CMP’s Top 20 Small Market list. More specifically, it was the fruit of that labour: a funded volume of $70.2 million from a whopping 319 deals.

“We have to do a higher volume out here,” says Schaefer, who is based in Steinbach, Man., 45 kilo-metres outside of Winnipeg. “Our average house price is $240,000 or $250,000, so a lot of my business is from Winnipeg.”

Tighter mortgage rules are forcing brokers across the country to work harder to essentially keep pace with themselves. That’s no less the case in markets where average home prices come in below $290K. It’s also not that easy given the slowdown in home sales.

Still, Schaefer managed to better his 2011 perfor-mance of a $68 million funded volume from 330 deals. Rising prices likely gave him and other small-market brokers a boost.

But there’s no denying the effects of Mr. Flaherty’s policy moves, coming in the middle of 2012.

“If we didn’t have those government regulations, I would have had a least 15 per cent more business,” he told CMP. “But I am anticipating an even better 2013 – people have adjusted, and they are coming back.”

Schaefer has been brokering in Canada for about a decade, and was in the mortgage industry in Germany for nine years prior to coming to Steinbach. And yes, there are differences in how things are done, he says.

“One huge difference is the CMHC,” he says. “In

Viktor Schaefer

“Look, Ma, no rate site!” It’s a boast the No. 1 broker on this year’s Small Market Top 20 can make

NO. 1 VIKTOR SCHAEFER

Germany, it is all up to the lender to determine what the rate will be for a mortgage. The more you put down, of course, the lower your interest rate and risk. But here, that risk is basically determined by the CMHC.”

And although many brokers work hard at culti-vating Realtors for leads and referrals, Schaefer prefers to put his money into social media.

“I don’t think Realtors are the best way to find business,” he says. “Social media is where it’s at.”

Q&A WITH VIKTOR SCHAEFER, NO. 1

CMP: Do you feel the year was a success despite the overall industry lower numbers compared to 2011?

Schaefer: Yes I certainly feel that the year was a success. My business continues to grow and my volume continues to increase. That is not typical for many fellow mortgage professionals, so I feel very fortunate.


Schaefer: We do not use rate sites. In fact, I am against them because there is much more than rate to consider in finding the best mortgage solution for my clients. I feel that these websites force mortgage brokers to buy-down rates using their commission, which could lead to the collapse of our industry.


If we didn’t have those government regulations, I would have had a least 15 per cent more business. But I am anticipating an even better 2013 – people have adjusted, and they are coming back


JULY 2013 | 37

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BY THE PROVINCE

Schaefer: There was a definite impact with all of the rule changes. I think I would be at least 10 per cent higher in volume without the changes.


Schaefer: Yes, he would win, but I don’t think his model is fair to compare to what other brokers are doing. In general, and not that he does this, I do not support mortgage pooling and feel that lenders should reward individual success at a higher standard.

CMP: Which product packed the most punch in putting you on the list?

Schaefer: Personally we continued to focus on purchases in a very stable local economy, specifical-ly a large portion of first-time homebuyer deals.

CMP: Who do you feel was your closest compe-tition (be it an individual or a network)?

Schaefer: I feel that my main competition is RBC and our local credit union.

14

12 2

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FEATURE/ MARKETING

38 | JULY 2013

Y

PACKAGING YOUR POWER


JULY 2013 | 39

YBUDDY-BUDDY

There have been some great buddy-buddy relationships in the movies,but the best ones are between brokers and Realtors and lenders. Carolyn Callero and Matthew Hill are one such team and have contributed to each other’s success for more than a decade.

You know there is a deep trust and friendship between a mortgage broker and a real estate agent when one is godfather to the other’s child.

“We’ve probably known each other for 11 years, it’s a very trusting relationship,” says Carolyn Callero, a broker with Premiere Mortgage Centre in George-town, Ontario and a member of the CMP Top 75. “He’s the godfather for my four-year-old son Lucas – I guess that shows how good our relationship is!”

That Realtor – Matthew Hill of the Halton Homes team @ Johnson Associates Real Estate Ltd. – is the perfect complement to Callero, sharing personality traits and the same work ethic. Together they are an excellent example to kick off CMP’s “Buddy/Buddy” series on broker-Realtor-lender relationships that work.

“We’ve never had a deal fall through using Carolyn,” says Hill. “Without question we send 90 per cent of our clients to her.”

His team of five Realtors all depend on Callero, says Hill, and Callero places that trust in high esteem.

“He always refers his clients to me, because he knows they are going to be looked after and the deals are going to be approved,” says Callero. “There is a great confidence there between us.”

More than that, Callero appreciates how Hill does

more than just refer clients, but goes the extra mile to ensure that she succeeds with her own clients too.

“Just this morning, he brought my attention to one of my clients who was coming up for renewal,” she says. “He was selling his home and moving to Quebec, and somehow the client had fallen through the cracks in my system – which is unusual for me.”

The attention to detail – which Callero says she and Hill share to the point of being anal retentive – is one of the personality traits that make them a suc-

BROKERS

He always refers his clients to me, because he knows they are

going to be looked after and the deals are going to be approvedCarolyn Callero

FEATURE/ MARKETING

40 | JULY 2013

cessful team in complete sympatico.“Each of us wants to do the right thing. We don’t

want to push people into what they don’t need or aren’t comfortable with,” she says, crediting about one-quarter of all her business to Hill’s referrals.

“It may be even more,” she admits. “Matt will send me a client, and then they will refer me to two of their friends, and those two refer me to two more of their friends – it is hard to put a number on just how well we work together. And of course, when I’m dealing with a client in need of a Realtor, I will always ask them, ‘Have you spoke to Matt yet?’”

For Hill, it is the client satisfaction factor that keeps him and his realty team going back to Callero.

“All the people on our team would say the same thing: we have happy buyers and happy sellers, and there is never any question that the deal will be done,” he says. “You just know everything is going to be taken care of with Carolyn.”

Callero credits Kerri Reed – who at the time was a mortgage professional at a different company with Callero, but is now better known as the vice-president and principal broker at Verico Premiere Mortgage – with introducing them and starting the 11-year-long successful run of mortgage deals.

“I work in a small town (Georgetown), and Matt has a great deal of respect in the community,” says Callero. “We’re also in a networking group that has built up to about 30 people – Business2Community

All the people on our team would say the same thing: we have happy buyers and happy sellers, and there is never any question that the deal will be done. You

just know everything is going to be taken care of with Carolyn.Matthew Hill

– and that is a huge network that works well for us.”The B2C is a non-profit network of Halton-based

businesses whose purpose is to grow and support each other’s clientele.

What also works well for Callero is Hill’s com-puter “geek” expertise.

“He’s been known to help me with my computers. Yes, he’s a computer geek – and a successful realty geek,” she laughs. “I dropped my iPhone in the toilet once and called him right away. He showed me how to contact the Apple people, and they were able to help me the next day. I didn’t realize that if you are on the Cloud and you have your Apple ID, you can access all of your contacts and information, as it is automatically backed up on the wireless Cloud server. The phone was a total loss, but my client database was saved!”

Hill has seen the real estate market get tougher with the new guidelines set out a year ago.

“Financing has been a little more challenging to get, especially for self-employed clients,” he says. “But we haven’t had a deal fall through using Carolyn. She has been a big help, and we can always depend on her.”

Callero sees this as a relationship that will last as long as they will be making mortgages.

“He’s been bringing me wonderful clients for years; I don’t see that ever stopping,” she says.

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42 | JULY 2013

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JULY 2013 | 43

B mortgagebrokernews.ca 28

NewsInternatIonaL

u.s.

U.S. housing market worse than thoughtThe number of Americans who bought previously occupied homes rose in October. But the National Association of Realtors says it overstated more than three million sales during and after the Great Recession, showing the housing market was weaker than previously thought.

The private trade group says sales rose four per cent in October to a seasonally adjusted annual rate of 4.42 million. That’s below the roughly six million homes a year that economists say are consistent with a healthy housing market. But it’s ahead of 2008’s revised sales, now considered the worst in 13 years.

The trade group revised its sales from 2007 to 2010 down 14 per cent, from more than 20.6 million to nearly 17.7 million. Among the reasons for the lower fi gures, the Realtors group says: changes in the way the Census Bureau collects data, population shifts and some sales being counted twice.

The Realtors consulted with government and private housing experts, including the Federal Reserve, the Department of Housing and Urban Development, the Mortgage Bankers Association, the National Association of Home Builders, mortgage giants Fannie Mae and Freddie Mac and CoreLogic, a California-based data fi rm that fi rst raised doubts about the annual numbers earlier this year.

CoreLogic has estimated that the Realtors group overstated sales in 2010 by at least 15 per cent.

The changing numbers could affect how economists view the trade group’s data. It could also affect companies that use the fi gures for hiring and expansion plans.

Sales are measured when buyers close on homes. But many deals are collapsing before that point. One-third of Realtors said they had at least one contract scuttled in October, up from 18 per cent in September.

Contracts are being cancelled for several reasons: Banks have declined mortgage applications; home

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

More than two years after the recession offi cially ended, many people can’t qualify for loans or meet higher down payment requirements. Even those with excellent credit and stable jobs are holding off because they fear that home prices will keep falling. Sales are also being hurt by a decline in fi rst-time buyers, who are critical to reviving the housing market.

Sales have fallen in four of the fi ve years since the housing boom went bust in 2006. Declining prices and record-low mortgage rates haven’t been enough to boost sales.

At the same time, home construction has begun a gradual comeback and should add to the economy’s growth in 2011 for the fi rst year since the Great Recession began in 2007. Last month, builders broke ground on an annual rate of 685,000 homes, the government said recently. That was a 9.3 per cent jump from October and the fastest pace since April 2010.

Most economists say home prices will keep falling, by at least fi ve per cent, through 2012. Many forecasts don’t foresee a rebound in prices until at least 2013.

The high rate of foreclosures has made resold homes cheaper than new ones. The median price of a new home is roughly 30 per cent above the price of one that’s been occupied before – twice the normal markup. Investors are taking advantage of the discounts.

The housing market is struggling even as the broader economy has improved in recent months.

The economy grew at an annual pace of two per cent in the July-September quarter. Many economists expect slightly better growth in the October-December quarter. CMP

Percentage of homeownership costs, including

mortgage payments, utilities and property taxes that take up a typical household’s

monthly pre-tax income in Vancouver

and Toronto, respectively (RBC

Economics Housing Trends and

Affordability Report)

&90.6%52.1%

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Being a full-time mother and mortgage broker re-quires the talents of a juggler with a master in time management.

“You don’t want to take time away from your chil-dren, but you want to make sure the client doesn’t feel like you are only giving them half of your atten-tion,” says Amy Wilson, a broker with Verico Brokers for Life near Edmonton, Alta. “It is a juggling act, and it all boils down to mastering your time.”

For Wilson, it all starts with the school bus that picks up her two boys Jake, 7, and Korben, 5, in the morning.

“The bus leaves at 8:40, and I am in the office until 1 p.m.,” she says, thankful that she does work from a home office. “From 1 p.m. I am on the road for the next two or three hours for appointments – I am lucky that the show homes for new construction don’t open until 2 p.m. or 3 p.m. – and then it is back home for the kids to cook dinner.”

Wilson admits she didn’t magically have these qualities from the start, but learned to schedule her days – and more importantly, to stick to that sched-ule. She makes a point to never schedule appoint-ments past 8 p.m., having learned the lesson of always being “at the office” when at home.

“I was stuck in a rut of shutting myself in my office at home and never coming out,” she says. “Now the only thing that is always ‘on’ is my phone – and if it is a Sunday night, I return the call on a Monday. Yes, my hours are flexible and I am always available, but I do set boundaries for my business and my family

time.”Being a master of scheduling included flying in

her mother from Vancouver during the spring break last year, so she could watch her children during one of the busier weeks of the mortgage market season.

Wilson does have an office in town as well, under-standing that some clients may not be child-friendly.

“I can’t have kids running around and screaming while I’m trying to conduct a deal,” she laughs, ac-knowledging that her husband Colin is both under-standing and knowledgeable of the demands of her job.

“He knows the industry 100 per cent, and he has his late nights too as marketing and sales manager for Sterling Homes,” she points out. “With good communication and a wonderful calendar, we make it work.”

You don’t want to take time away from your children, but you want to make sure the client doesn’t feel like you are only giving them half of your attention

British Columbia claims


http://www.cnarea.ca/

FEATURE/ MOM AND A BROKER

44 | JULY 2013

CMHC & Conventional Mortgages for:Multi-Family Rental PropertiesSenior’s Housing ProjectsCommercial PropertiesConstruction Projects

CalgaryCMHC/Conventional Financing

Phone: 403-237-8795Email: [email protected]

VancouverCMHC/Conventional Financing

Single Family FinancingPhone: 604-685-1068

Email: [email protected]

TorontoCMHC/Conventional FinancingPhone: 416-368-3266Email: [email protected]

Single Family Alternate Equity Lending:Equity Take OutsPurchases/RefinancesHomeowner or RentalFlexible Income Verification

BECOMING A SUCCESS AS A MORTGAGE BROKER IS A RICH REWARD – BUT IS THE INDUSTRY LACKING IN HEART, ESPECIALLY WHERE WOMEN AND FAMILY ARE INVOLVED. DONALD HORNE SPOKE TO ONE BROKER WHO ESTABLISHED HER BUSINESS SOLELY TO SERVE THAT MARKET, AND TO PUT A FAMILY-FRIENDLY FACE ON IT.

The founder of Mortgages4Women would like to see CAAMP – and the industry as a whole – step up and make brokering more family-friendly.

“No mat (maternity) leave, no sick days, no consideration for family,” says Marcy Berg, the owner of Mortgages4Women in Cobourg, Ont. “The mortgage broker industry is all about money, money, money.”

Berg, who designed her brokerage specifically to service the unique needs of women back in 2003, is frustrated that the mortgage broker industry isn’t family/female-friendly enough. She laments the fact that comparable industries offer better compensation packages for women who choose to have children, and not just the legislated minimum that is out there.

“If you have a book of business but leave it to have a baby and raise the child, then come back a year or two later – is that book still there?” she asks. “Of

course not. Women get a really lousy shake in this business.”

Berg also points to the “old boys club” mentality, where late nights and quarterly expectations of higher and higher funding targets are the norm.

“How do you define ‘Making It’?” she asks. “Are we to be measured against the top producers, through late-night schmoozing of lenders? It is a whole scene that is just awful.

“A lot of women would be happy making $60,000-$100,000 a year and consider themselves a success,” she says. “Look at some of the bigger brokerages – they are going to take your points and expect higher volumes each quarter; and if you don’t produce, they just kick you aside and get the next person in line.”

Berg, who decided to form her own brokerage a decade ago, laments that nothing has changed in the business – nor is likely to ever change.

“Should CAAMP try to do something? Absolutely. Will it change?” she observes. “Not until there is some money in it for them will change ever happen.

“CAAMP, like the government, measures everything according to major urban centre markets. There are other trends in housing that have little to do with these markets. Why are they being ignored?”

For Berg, Mortgages4Women is dedicated to meeting the needs of women

who fall between the cracks of mortgage and lending requirements.

“This is more than just a story to be told for me,” says Berg. “It is a movement – a movement that needs to take hold and spread throughout the channel.”

If you have a book of business

but leave it to have a baby and raise the child, then come back a year or two later – is that book still there? Of course notMarcy Berg

MORTGAGE MARKET UNFAIR TO WOMEN BROKERS? MARCY BERG ANSWERS

http://www.peoplestrust.com/


JULY 2013 | 45

I can’t have kids running around and screaming while I’m trying

to conduct a dealAmy Wilson

RMA_Mary_06.17.13.pdf 1 13-06-17 4:18 PM

The booming Alberta housing market also makes life easier, Wilson admits, with housing prices rising an average of $2,000 or $3,000 per lot just recently.

“The market is good right now, as I deal with new construction single-family dwelling and two-storey homes, specifically in the south side of Edmonton,” she says. “The builder I’m currently working with is offering homes in the $475,000 to $650,000 range. Although the over $600,000 homes aren’t moving, the $500,000-$600,000 ones are moving very quickly.”

Wilson deals with “A” lenders working on a draw mortgage with 20 per cent down, specifically with lenders ATB and Bridgewater.

“I do work with credit unions from time to time, but those two banks are who I deal with primarily,” she says.

Draw mortgages, or new construction mortgages, are given on a progress advance basis. The full amount that you need to borrow, in order to complete your construction, is given to you in stages – otherwise known as “draws” – as you complete various levels of completion.

If you already own the property you want to build on, the amount needed will be issued in three stages: lock up, drywall and completion. However, if you do not own the property, your lender will often give you a fourth draw first – the “initial land draw” – to help you purchase the land.

The majority of Wilson’s clients are opting for the fixed-term mortgage, specifically three or five on new builds. But her older clients are bracing for the future and higher interest rates.

“Those in the 45-65 year age bracket are down-sizing and moving into duplexes, and they are the ones looking for a 10-year fixed mortgage,” she says. “They’ve seen six per cent interest rates up to 14 per cent or more. They know those days can be right around the corner.”

http://www.rmabroker.ca/

FEATURE/ COMMERCIAL COST-BENEFIT ANALYSIS

46 | JULY 2013

RCOSTS … BENEFITSYou’ve crossed the first hurdle – you want to do a commercial deal. But are there other hurdles to trip you up? Time to do some cost-benefit analysis

Residential brokers have finally broken through the wall separating them from the commercial space. But they continue to grapple with calculating the cost benefit analysis of doing those laborious deals. After all, if it takes six to eight months to get to closing – the same amount of time it takes to find and finish 10 residential mortgages – is it really worth it?

A veteran of commercial brokering walks CMP readers through some of what they’ll need to know to be able to answer that question for themselves. A large part of the process involves nailing down what they can reasonably expect in terms of a payday.

WHAT’S MY CUT?“Without a doubt, we are all interested in making a living, as such, we need to understand our share of fees, commission,” says Steve Fabian, No. 6 on last year’s CMP Top Commercial Brokers list. “The trouble is that far too often a deal lays dormant


JULY 2013 | 47

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because someone is worried about fees and their split too early in the discussion.

“To best tackle this quandary, I think it is impor-tant to first understand what is ‘typical’ in terms of fees and what is a realistic split for the originating broker’s level of co-brokering.”

While there are some notable exceptions, com-mercial lenders don’t pay any sort of fee split or commission to brokers, says Fabian. In fact, none pay basis points for commercial transactions, leaving brokers to charge fees.

Those fees are set by the marketplace and com-petition, but generally, run from 0.5 per cent up to two per cent. Three per cent is by no means out of the question.

“This is generally driven by deal size and com-plexity,” says Fabian, “and, naturally, as commercial transactions are generally of a higher dollar amount, the potential fees generated can be quite high.”

That money – even before it’s crossed the palm of the broker or the co-broker – have the potential to hurt the spirit of cooperation so integral to the commercial deal. It just about kills the idea of co-bro-kering.

“Those who oppose or are reluctant to co-broker will often mistakenly take the position that they should insist on a minimum split to their favour, the thought process often being that they found the deal and lead generation is key,” says Fabian.

While that’s true, a “lead that goes nowhere pays nothing, and 20 per cent to 25 per cent of something is much better than 50 per cent of $0,” he jokes.

THE SPLITSo, what is a proper fee split for a co-brokered deal? Opinions vary, but industry veterans concur: 25 per cent of the fee for a referral is fair and the closest thing to industry norm.

The split can, in fact, be higher for the referring agent if he or she is more active in the deal because of very practical considerations like a language barrier or the distance created by geography, says Fabian.

But the idea of collecting 50 per cent of the fee when the commercial player does most if not all of the deal-making is unrealistic and can kill the deal before it’s begun.

It seems that too often the originating broker expects 50 per cent of the fee when most of the work will be done by the commercial specialist.

“It is best to get a deal done and earn 25 per cent

While there are some notable exceptions, commercial lenders don’t pay any sort of fee split or commission to brokers

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FEATURE/ COMMERCIAL COST-BENEFIT ANALYSIS

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of a fee than to get hung up on split or, worst yet, fumble the deal due to inexperience,” offers Fabian. “The originating broker needs to recognize that a commercial transaction requires a great deal of time and, depending on deal type, some specialized skills in order to get it done.”

That last consideration figures prominently in any cost-benefit analysis the residential broker under-takes before signing on to do, or participate, in a commercial transaction.

Co-brokering is increasingly viewed as the best way to get a deal done for a client at the same time holding onto some of the money that generates. It also expresses the sentiment of the slowing market where brokers are intent on squeezing every possible dollar from any deal or lead that comes their way. Leaving money on the table is no longer an option, says another broker – if, indeed, it ever was.

WHAT IF THE DEAL GOES SOUTH?That question may be better posed as “What happens when the deal goes south?”

When an upfront deposit is taken on a deal and then a deal dies, says Fabian, “depending on the amount, these are generally returned; in the odd circumstance where they are not, it would not be typical for the originator to expect to be compensat-ed for that.”

It’s convention that a newbie to commercial can’t

afford to overlook. It’s also key to figuring out whether you should get involved in the first place.

But just as important to establish from the get-go is what future business will result from this com-mercial deal. The answer centres on whether the client is yours or that of the commercial broker you partnered with.

“While it may seem counter-intuitive to many sales people, especially when the commercial deal presents a large number, the earlier a commercial specialist is engaged and the client handed off, the easier the deal will flow,” says Fabian. “Too often a clear picture of the deal and the borrower’s full in-formation is muddied by the fear of losing ownership of that client.

“If you are the residential agent who has a com-mercial lead and you have decided to co-broker, you should only do so with a broker and/or brokerage you trust.”

That only strengthens the likelihood that the commercial broker will reinforce your relationship with the client, rather than undermine it.

But there’s such a thing as trust but verify. When co-brokering, the commercial brokerage

will often sign an agreement with you, cementing the terms of that relationship. Getting a preview of that contract is key to performing your cost-benefit analysis.

New Brunswick claims

1Broker on the Top 75

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FEATURE/ WHAT’S A BROKER

JULY 2013 | 49

• taking the regulation of syndicated mortgages out of the Real Estate Act;

• regulating mortgage broker who deal with private lenders under RECA;

• and applying regulations on mortgage brokering activity to banks and similar institutions currently exempt from the Act.

“By definition, lenders who deal in mortgage products that are from other institutions…that is mortgage brokering activity,” Siegle points out.

AWHO IS AN ALBERTA BROKER?Who exactly should be regulated as a mortgage broker in Alberta is something regulators are ready to take up

Alberta is ready to examine proposed changes to its broker regulations, and one proposal that is ex-pected to meet resistance from the banking com-munity is the question: What constitutes an individ-ual broker?

“There were some concerns raised by brokers as to what defines a mortgage broker and a mortgage banking specialist?” says Gary Siegle, a broker with VP Prairies at Invis/MI and chair of the Real Estate Council of Alberta’s Mortgage Broker Advisory Committee. “Currently the lines are blurred, and we feel that the brokers who represent private lenders should be regulated by the Alberta Securities Com-mission too. Obviously there will be resistance from the banks on this, but you want the public to know what the difference is, and to understand what a mortgage specialist is.”

Alberta began the review of its mortgage regula-tions a year ago, and has just wrapped up the con-sultation process, with the aim of presenting to the legislature by 2014. Ontario announced it was launch-ing a review of its Mortgage Brokers Act with the appointment of parliamentary assistant Steven Del Duca. British Columbia is just now reviewing pro-

posed changes to its Act with the Securities Com-mission.

“Alberta did that three years ago,” Siegle told MortgageBrokerNews.ca. “When we started, it was to remove a lot of the duplication and contradictions in regard to the regulation of syndicated mortgages, as it related to the Real Estate Act. There was no sense in having dual regulations – security commis-sions across Canada are trying to harmonize the regulations, and now Ontario is looking at it.”

ALBERTA HAS MADE THREE MAJOR PROPOSED CHANGES:

FEATURE/ SECRET #5

50 | JULY 2013

SPECIALISTS ROCK!

The days of jack-of-all-trades brokering are gone, writes Doren Aldana. It’s time to master specialization

SECRET #5: THEY ARE SPECIALISTS, NOT GENERALISTS.Almost all superstar mortgage professionals are very good at one thing. They become the best of the best at that one thing. They eat, drink and sleep that one thing. There is no one in the world better at doing that one thing. They can do that one thing with two hands tied behind their back. They are the expert on top of the mountain… at that one thing.

Now, what are the benefits of becoming a special-ist or an expert at that one thing?

1. When people think of that one thing, your name immediately comes to their mind. That’s positioning.

2. When anyone needs advice or services in that one thing, they automatically call you. In other words, prospects come to you.

3. Clients are willing to pay more for your servic-es because they know you specialize in solving their unique problem.

4. Ultimately, you become the envy of your peers with an extraordinary level of freedom and prosper-

Instead of being a vague generality, you become a meaningful specific, making your job of marketing and selling infinitely easier

ity, as long as you stay on top of your game. As compelling as these advantages are, I often hear

objections from mortgage professionals who fall prey to the misconception that if they narrow down their marketing focus, they’ll miss out on opportunities they would have had if they marketed to a wider range of clients. Can you relate? Well, I’m here to tell you that’s simply not true. The narrower your mar-keting focus, the more relevant and attractive your S

SPECIALISTS ROCK!

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FEATURE/ SECRET #5

52 | JULY 2013

it is experience. In other words, you have to see yourself as an expert before you’ll ever become one!

The truth is, all you really need to do is start pro-moting yourself as a specialist and then learn as you go. Fake it till you make it! Read all of the lender product information that applies to that area of spe-cialization. Discover all the nuances and special distinctions necessary to successfully solve that unique problem. Survey that specific niche market and learn what their challenges, worries, fears and problems are. Customize your marketing message to position yourself as the expert at solving those specific problems. You want to become the expert problem solver. I guarantee you, if you study that specialty every day for the next six months, you’ll know more than 99 per cent of your competitors.

For example, you could launch a niche marketing campaign that targets one of the following target markets: first-time buyers, commercial, jumbo loans, business for self, debt consolidation, Asian buyers, real estate investors, homeowners over 55 (reverse mortgage), etc. Or you could specialize in working with a specific “gateway niche” like Realtors, finan-cial planners, divorce attorneys or For Sale By Owners. Choose a specialty that fits your unique personality and leverages your strengths, gifts and talents. Then go narrow, deep and rich in your niche!

Remember, build stability through diversification -- don’t stop at one niche! Once you’ve dominated one niche, rinse, wash and repeat with new niche marketing campaigns. The sky is the limit.

In next month’s 6th secret, you’ll learn how you can double the size of your commission cheques, have people virtually begging for your services and be perceived as the ONLY logical solution available. Stay tuned.

marketing message becomes to your intended audi-ence. Instead of being a vague generality, you become a meaningful specific, making your job of marketing and selling infinitely easier.

You see, people perceive their problems as being unique to them as individuals. Therefore, they want an expert who specializes in fixing that particular type of problem. For example, if you had a heart condition, would you want a General Practitioner doing surgery on you? Of course not! You would want a heart specialist who has done that particular surgery hundreds of times.

Another objection to specializing that I often hear from mortgage professionals is that they don’t have the requisite knowledge to be a specialist. Even people who have been in the business for years still feel inadequate and under-qualified. That’s because being an expert or a specialist is more about mindset than

Remember, build stability through diversification -- don’t stop at one niche! Once you’ve dominated one niche, rinse, wash and repeat with new niche marketing campaigns. The sky is the limit

Doren Aldana is considered by many to be Canada’s leading Mortgage Marketing Coach and has won the “Best Industry Service Provider” award two years in a row at the 2012 and 2013 Canadian Mortgage Awards. Since 2005, he has been dedicated to helping mortgage professionals attract more clients with less effort, regardless of market conditions. For a free copy of Doren’s new CD titled, “21 Secrets of Superstar Mortgage Brokers,” visit: www. SuperstarMortgage Broker.com

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BUSINESS STRATEGY / SERVICE

54 | JULY 2013

HOW TO DELIVER

Bad service damages your public perception, credibility and market reputation. In short, it reduces revenue and drives up costs. But, by focusing on the little things, you can go from a bad or average customer service provider to an excellent one, argues Nikki Heald

EXCEPTIONALSERVICE


JULY 2013 | 55

BUSINESS STRATEGY / SERVICE

56 | JULY 2013

Often, we’re so intent on making the sale that we have a transactional view of our clients, rather than taking time to build relationships or demonstrate service excellence. We use them (to increase our profits), abuse them (by giving them inferior service), and then treat them like a one-night stand – attentive today, neglectful tomorrow!

Sound silly? Well, complaints such as “You never call”, “You’re always too busy,” and “Why were you late?” are legitimate gripes made by disgruntled clients. In today’s competitive market, client service expectations have increased. Clients are savvy, realize they have a multitude of choice, and expect to be treated exceptionally by their brokers.

So what is exceptional service? Exceptional client service is about going beyond what is realisti-cally expected of you. It’s about surprising and often delighting clients, turning them into enthusi-astic referral sources that will stick with you, not only because you do great work but also because of the value you bring. Imagine if you could get existing clients to tell others about how wonderful you are? It would certainly save on all of those marketing and networking costs.

Great service is not about just doing your job but

about establishing connections on an emotional level. It’s about value-adding and finding ways to be unique. Interestingly, research suggests that emotion influ-ences purchasing decisions six more times than ra-tionale. Think about it – when something makes us feel good, we are more inclined to buy.

Unfortunately, many businesses believe that delivering stand-out service will cost them too much in staff time, training and developing service standards and procedures. These organizations are only con-cerned with company profit and cutting costs, and little thought is given to how to make

Exceptional client service is about going beyond what is realistically expected. It’s about surprising and often delighting clients

clients happy. Additionally, staff recognition and retention is low, which can impact significantly on growth and profit.

When you think about it realistically, bad service is actually more costly to your brokerage than great service. Bad service influences more than just a neg-ative customer experience – it reduces revenue and drives up costs. It damages public perception, cred-ibility and market reputation. As we all know, a dis-satisfied client is more likely to spread the word about a poor service experience than a positive one.

Providing exceptional service is not overly diffi-cult, and it’s important to recognize that little things count with clients. So what are some simple things you can do to ensure your service is exceptional?

RESPOND AS SOON AS YOU CANSpeed is everything, so try to reply to your clients as soon as you can and keep them in the loop as to your progress. Procrastination doesn’t help anyone, and you’re going to have to respond sooner or later. May as well do it now!

LISTEN TO YOUR CLIENTSAvoid speaking, and really listen to what they’re saying. It’s important you understand what your clients are communicating to you. That way, you will be able to meet their needs successfully and provide the correct product or cover.

KEEP PROMISESOne of the biggest gripes in business today is that people simply don’t do what they say they’re going to do. If you say you’re going to do something, make

DELIVERING EXCEPTIONAL SERVICE

01 Lower cost to manage and service client base - higher profits.

02 Increased customer loyalty - raises revenue, lowers marketing fees.

03 Increased staff loyalty - better service culture.


JULY 2013 | 57

DID YOU KNOW?

93%of customers indicated that quality

customer service was vital to

MAINTAINING BRAND LOYALTY.

IT’S 6-7 TIMES

MORE EXPENSIVE TO GAIN A NEW

CLIENTthan it is to retain an existing one.

IT’S NOT SAFE TO WORK ON THE

PREMISE OF

‘NO NEWS IS GOOD NEWS’.

Chances are, if your client is

NOT HAPPYthey’ll walk, and they won’t even forewarn you of their departure.

Nikki Heald is a corporate trainer, presenter, businesswoman, founder of Corptraining, and co-author of “Views On The Way To The Top”.

sure you do it. It enhances your professionalism and personal brand, and demonstrates that you value your client.

KNOW YOUR STUFFThe perception of your client is that you are the paid expert. That’s why they’ve come to you. So it’s imperative that you keep yourself up-to-date and top of game within your profession. Be ready to answer client questions; unfortunately, if you convey a lack of knowledge, you risk ruining your credibility.

GIVE A LITTLE If a client asks you to do something that really won’t cost you a lot in time or money, then treat it as an opportunity to go the extra mile. By doing so, you not only have a contented and indebted client but someone who is more than happy to refer to you.

USE YOUR KNOWLEDGEOnce you’ve built an emotional connection with your client, you would have figured out how they prefer to communicate. Some clients are not detail-driven and won’t require excessive information. On the other hand, some prefer to know every step of the process. Learn to gauge your client’s prefer-ences and use this knowledge appropriately in the service experience.

FINAL THOUGHTSFinally, within the financial services profession brokers really should view their book of clients as their most valuable asset and take good care of them. More than that, they should take the time to develop long-lasting relationships by keeping in touch regu-larly, both in good times and bad. It’s not sufficient to wait until renewal time to contact them, but rather, go for an ongoing communiqué.

Remember, you’re not just selling a product but providing expert advice that can significantly impact people’s livelihood. So if you haven’t given much thought to your service levels, then perhaps it’s time to conduct a self-audit. If you don’t make the client feel valued, respected and important, your competitors will!

BUSINESS STRATEGY / REFERRALS

58 | JULY 2013

How would you like to discover a strategy for turning one client generated each week into 1,200 happy clients in just two years? James Veigli explains all

In this article, I’ll reveal a system that will keep you flush with business and yield willing clients lining up at your door.

First, I love numbers and you should too! I remember when I was nine years old a friend and I started a game called ‘Numbers.’ The game was simple: grab a piece of paper, a pen, and start writing numbers on the paper: 1, 2, 3, 4, etc. The challenge was to see who could write the most consecutive numbers. I’m pretty sure this went on for weeks, producing dozens of pages of numbers, all written by hand. I even did this (for fun) as homework! I wish I could remember how far we got, but I’d say it was into the tens of thousands. Yes, I was a numbers nerd.

Today, I’m still obsessed with numbers and a concept known as the compounding effect – not just so that I can see how big numbers can get but because I can use the power of compounding (combined with the power of effective marketing

and sales systems) to make money and teach other brokers how to do the same.

If you’re not familiar with the compounding effect, consider this: if you start with $1 and double it, you will have $2. Double it again, and you will have $4. Then, if you double your initial $1 10 times, you will have $512. Double that single $1 20 times and you will suddenly jump to having $524,288 in your pocket, and doubling it 30 times will give you $536,870,912! Yes, over half a billion!

So, in theory, you could start with $1, gamble it on roulette (betting on red or black), and if you won 30 times in a row (betting all your winnings each time) you would have over half a billion dollars!

Of course, the odds of winning 30 times in a row are low (you have a 0.00000009% chance), and the purpose of this article is not to promote or endorse gambling but to get you thinking about how to grow your client base and business fast using compounding referrals.

THE POWER OF COMPOUNDING REFERRALS

58 | JULY 2013


JULY 2013 | 59

So what do I mean by compounding referrals, and how can one client each week potentially turn into 1,200 clients in just two years?

First, let me explain the numbers, and then I’ll tell you the strategy of how to go about it.

COMPOUNDING REFERRALS: THE NUMBERSI’m going to assume that you can generate just one new client each week in your business. (There are dozens of ways to do this, and if you don’t know how, visit my website for help.) To keep the numbers simple, we’ll say this equals to four new clients each month, which would give you a total of 96 new clients in two years’ time. Simple maths so far, but a far cry from 1,200 clients.

Here’s where the power of referrals comes in. In this example, to get 1,200 clients in two years you will need each new client you see to give you five referrals. Now I know you might be wondering exactly how you would do this, but bear with me as I’ll get to that in the strategy section.

The next part of the numbers is where the compounding kicks in. Here we need to assume a conversion rate for the referrals. I’m going to say in this example that you can convert 20%, or one out of the five referrals each month, into a new client (which is a conservative estimate in my view).

You start by generating just one new client a week, or four new clients in the first month. Each of those four new clients gives you five cold referrals – so 20 referrals in Month 1. In the next month, you convert 20 per cent, or four of those 20 referrals, into new clients, and those four new clients each provide you with five referrals. Plus, in this second month you also generate another four new leads, so you have a total of 40 new referrals in the second month.

Assumption: number of referrals per client = 5Assumption: conversion of referrals into clients = 20%

New clients (self-generating)

New clients (referrals)

Referrals (monthly)

Clients (total) Database

MONTH 1 4 0 20 4 24

MONTH 2 4 4 40 12 68

MONTH 3 4 8 60 24 132

MONTH 4 4 12 80 40 216

MONTH 5 4 16 100 60 320

MONTH 6 4 20 120 84 444

MONTH 12 4 44 240 312 1,068

MONTH 24 4 92 480 1,200 6,096

This may be a little confusing, so let’s break it down in a visual table:

Take a look at Month 6: you have a total of 84 clients, having started with just one self-generated client each week. What’s more exciting is that during this time your total database has grown from zero to 444 people. That means there are still 360 people on your database who are not yet clients (444 minus 84) and you can put them on a contact management strat-egy to ensure a good percentage of those prospects convert into clients at some point in the future.

Working the numbers out to the two-year mark, Month 24, you can easily see the significance of this strategy. Simply put, just two years after starting from scratch, you would have 1,200 clients on your books, with a total database of 6,096 people, of which a huge percentage could potentially become

JULY 2013 | 59

BUSINESS STRATEGY / REFERRALS

60 | JULY 2013

clients over time, using a smart contact strategy (a topic for another article).

Are you excited by these numbers? Are you skeptical? Good! Now that you’ve seen the numbers, you need a strategy in order to play this game successfully. If you’re skeptical, it’s probably because you’re not following the strategy below.

COMPOUNDING REFERRALS: THE STRATEGYIn the numbers section, I said that for each new client you see you should extract five cold referrals to get your 1,200 clients. Now I’m not talking about being annoying and hard-selling or pressuring clients. I’m not even talking about asking for ‘warm’ referrals; I’m just after ‘cold’ referrals. Here’s the difference, which is key to making this work:• A ‘warm’ referral = a direct personal endorsement

or recommendation from the client to the referral. For example, you tell your best friend about a new café they should visit.

• A ‘cold’ referral = provision of contact information (email, postal address, cell nunmber) without the client having to directly engage with the referral. For example, providing a friend’s email address when entering a competition (or taking up an offer) so they too can enter or take advantage of the offer.As an aside, five referrals is by no means a

hard-and-fast number. In fact, you can make this number anything you like. Not happy asking for five? Go for three. Not satisfied with just five? Go for 10! Of course, changing the number of referrals per client will dramatically alter the speed in which you grow your database and business.

Play around with the numbers and do what suits your goals and makes you comfortable. Then, if you want to extract your target number of

referrals from every single client, you’ll need to implement my five pillars strategy.

Here’s a breakdown of the five pillars in terms of compounding referrals:

‘WOW’ EVERY CLIENTIf you want your clients to be happy to refer upon request, you need to design and orchestrate your client process so that every single client has a ‘wow’ experience – it cannot be left to chance.

TALK ABOUT REFERRALS WITH EVERY CLIENTIf you don’t proactively discuss referrals and prompt them, this strategy will not work. Request referrals from each client as part of your standard sales process. Do this by educating them on the value of referrals to you and your business, and convey your passion for helping as many of their friends, family and colleagues as possible.

USE A 100% NON-THREATENING REFERRAL OFFERA non-threatening referral gives your clients the comfort of knowing there will be no sales pressure on friends they refer you to. Do this by offering to send your client’s referrals an information pack on how you can help, the benefits of your service, with a special offer for taking the next step. If they take action and call you, that’s their decision.

MAKE IT EASY TO REFERReferring people to you is low on your client’s list of priorities. That’s why the referral process must be very simple for the client. Ask who they know would benefit from your services, and have them open their phone and write down the names, emails and postal addresses of five of their friends or family members.

INCENTIVISE REFERRALSMost people are motivated (at least on some level) by what’s in it for them. So create incentives for people to refer, such as value-based incentives of gifts, vouchers, fee rebates or charity donations. Gratitude-based incentives are powerful too – a thank-you call or card is very personal and acknowledges their efforts. Winning-based incentives create a competition environment that brings out people’s desire to try their luck and win.

60 | JULY 2013


JULY 2013 | 61

James Veigli helps mortgage brokers multiply their income using less time and effort so that they can have the business and lifestyle they deserve.

So there you have it. The five pillars for making the power of compounding referrals work. Of course, there are numerous other execution details that I don’t have space to cover in this article, but hopeful-ly at least you now have the motivation (from the numbers) plus the building blocks (the five pillars strategy) to help you get more referrals so that you can help more people and make more money.

The only downside is that you could get too busy

and have to expand and take on support staff or brokers. A good problem to have, I’m sure you agree!

My final note is this: don’t fall into the trap of dismissing this strategy before you seriously consid-er and try it yourself.

Go get ’em!

1. Set yourself a non-negotiable target of extracting a certain number of cold referrals (say three, five or even 10) from every new client.

2. Study the five pillars and design your strategy to cover each of these points.

3. Integrate referrals into your standard sales process with each new client. One suggestion would be to raise the topic of referrals just after you have signed a client up – at the point when you have clearly demonstrated that you can help them and solve their problems.

THREE STEPS TO MAKE THIS HAPPEN

Have your clients purchased a new home from a builder and the value has increased at the time of closing?

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PROFILE/ FAVOURITE THINGS

62 | JULY 2013

Favorite thingsLori MacDonald, TMG The Mortgage Group Atlantic, Charlottetown , PEI

Lori MacDonald

Movie: Lord of the Rings – an epic story of good vs. evil where strength is found in the most unexpected places.

Food: We are so fortunate to live in a place where farming

and fishing industries provide us with world-class food .

Nothing is better than PEI mussels and a PEI Beach Chair with a lager at our local “Gahan House.”

Drink: A cold beer on a hot sunny day, white wine with supper or sometimes rum and

coke after a hard day’s work! I was gonna say piña colda’s and getting caught in the rain. Activity: With all of Prince Edward Island’s beautiful beaches, I take advantage of beach-combing with my daughters – finding treasures along the shore – sea glass, starfish, shells...

Shopping: Shopping! It requires good running shoes and lots of endurance and stamina!

Book: In Prince Edward Island we have so many talented artists and story tellers - I just finished reading a book, The Reluctant Detective by a local author Finley Martin. Love mystery and suspense. You won’t find me reading from a Kobo – I still the love the feel of the pages in my hands :)

Product: Definitely “APPLE” ... I can’t go anywhere without my iPhone or MacBook Pro... Makes home and work life easy to manage.

Vacation spot: I love the white mountains of North Conway, New Hampshire – My family and I enjoyed walking in the Flume Gorge, the railway, rock climbing, table rock water falls. Just so many activities for families to take part in. The outlet stores weren’t bad either ;)

Music: I have a wide variety of music that I enjoy – however if you were to look on my iTunes you may think rock is not dead!

GUEST/ COLUMN

JULY 2013 | 63

COLLATERAL DAMAGE3 Reasons why Collateral Charges are bad for you, your business and, most importantly, your clientBy Paolo Di Petta, Mortgage Agent, EQRON Mortgage

In late January, CBC delivered a brilliant expose on collateral charge mortgages. While many brokers tried to call attention to a shift to these types of mort-gages over two years ago, they went largely unnoticed until the story was picked up by the Canadian media. Armed with the CBC report in hand, brokers finally have the ammunition to get their clients’ attention. Keep this article on hand as another tool to inform your clients about the dangers of collateral charge mortgages.

In the expose, the TD representative outright avoided the question three times, and instead focused on the “benefits” (and I use that term loosely) of their product. Because of this, I saw a need to cover the potentially larger threats that collateral charges bring to brokers/agents and clients alike.

1) LESS FLEXIBILITYWith a collateral charge, many banks will register the full value of the property (or greater) on the charge, but will only loan up to 80 per cent. They say that this is a benefit because the loan is readvancable. What they often neglect to mention is that the read-vancability could be conditional. If your client’s fi-nancial situation changes and they’re depending on a blended mortgage/HELOC collateral charge product to tide them through, they might find them-selves out of luck. Not to mention, that the lender may have the option to use the collateral charge mortgage to cover any other debts (credit cards, personal loans) that the client owes the lender if they default on payments.

And since the charge is registered for the full value the property, that eliminates any other options from other lenders that you as a broker can offer, such as secured credit lines or second mortgages.

2) LESS CLIENT LEVERAGE The banks claim that clients can save money on “costly legal fees” if they ever need to refinance during the term of the mortgage. What they neglect to mention

is that it comes at the expense of freedom once the mortgage matures. While it’s relatively easy and inexpensive to switch lenders for a conventional mortgage charge, your client may incur additional charges when switching lenders if they have a col-lateral charge. Any money saved by avoiding “costly legal fees,” is simply deferred to the time that the client decides to switch lender.

This additional charge gives the banks more lev-erage, and could make them less inclined to offer a competitive rate - as long as the difference in rate is less than the cost of switching, the bank has your client trapped. This isn’t a great position for your client, and it reduces (or eliminates) your ability to provide your client with the best options in the future.

3) REPUTATIONBy putting your client in a situation that limits their choices, and that reduces your ability to provide them with the service that makes you valuable, you are sending the wrong message.

If you were aware of the detrimental effects of collateral charge mortgages and the product wasn’t a good fit for your client, you’re essentially saying “I didn’t find the best product for you.” And if you just didn’t know better, the message you’re sending is “I wasn’t informed enough to help you make the best decision.” Both of those can hurt your reputation, not to mention the reputation of brokers as a whole.

Worst of all, by offering them a product that is designed to neutralize the value of a broker it also sends the message that “You don’t need a broker.” I strive to offer my client the most options today and in the long term. That means avoiding products that lock them in unless they’re in a unique situation that demands it.

In a business built on referrals, I want them to know my value and to tell their friends and family. If putting them in a product with a collateral charge affects my ability to provide them with the best value, then it’s the wrong choice. Plain and simple.

Paolo Di Petta

SERVICE/ DIRECTORY

64 | JULY 2013

HomEquity Bankwww.homequitybank.caPh: 1 866 522 2447Page 41

National Bankwww.nbc.caPh: 1 888 483 5628Page 27

Capital Directwww.capitaldirect.caPh: 1 800 959 9290Page 34

Radius Financialwww.radiusfinancial.caPh: 1 877 369 6398Inside Front Cover

Dominion Lending Centreswww.DominionLending.caPh: 1 888 806 8080Page 13

Canada Guaranty Mortgage Insurance Companywww.canadaguaranty.caPh: 1 866 414 9109Page 35

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

Centum Financial Group Inc.www.centum.caPh: 1 604 257 3940Page 5

Home Trustwww.hometrust.caPh: 1 877 903 2133Page 31

Home Loans Canadawww.hlcmortgages.comPh: 1 866 452 1821Page 3TM

Tribecca Finance Corporationwww.tribecca.caPh: 416 225 6900 Page 61

Bridgewater Bankwww.bridgewaterbank.caPh: 1 888 837 2326Page 7

ROMSPEN Investment Corporationwww.romspen.comPh: 1 800 494 0389Page 1

RMAI Financial Groupwww.rmaifinancial.comPh: 1 866 955 7624Page 45

D+H Limited Partnershipwww.dhltd.comPh: 1 866 345 6449Page 2

Peoples Trustwww.peoplestrust.comPh: 1 800 663 0324Page 44

B2B Bankb2bbank.com/mortgages Ph: 1 800 263 8349Inside Back Cover

Banks

Non-Bank Lenders

Commercial Lenders

Technology & Software

Real Estate

Insurance

Broker Networks

Vector Financial Serviceswww.vectorfinancialservices.comPh: 1 866 483 8018Page 47-48

Best Points [email protected]: 1 800 551 8786Ph: 416 251 9944Page 15

Optimum MortgageA Division of Canadian Western Trustwww.OptimumMortgage.caPh: 866 441 3775 Page 19

Mortgage Architectswww.mortgagearchitects.ca Ph: 1 877 802 9100Page 29

Pillar Financial Serviceswww.pillarfinancial.caPh: 613 282 1242 Page 17

Mortgage Protection Planwww.mppbroker.comPh: 1 866 677 4677Page 30

Marlborough Stirling Canadawww.morweb.ca Ph: 1 877 626 2022 Page 11

First National Financial LPwww.firstnational.caPh: 416 593 1100Page 9

VERICOwww.verico.caPh: 1 866 983 7426Page 25

Delta 360www.delta360.comPh: 905 475 2360Page 10

Canadian National Association of Real Estate Appraiserswww.cnarea.caPh: 1 888 399 3366Page 43

Score-Upwww.score-up.caPh: 416 479 9585Page 10

Services

First Canadian Titlewww.fct.caPh: 1 800 307 0370Page 37

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