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Canadian Mortgage Professional recognizes the Top 75 Brokers of 2024, an esteemed collective of the best mortgage brokers nationwide who achieved remarkable residential loan volumes despite stubborn and challenging market complexities.
The ranked winners’ resilience and tenacity shone through as they employed multifaceted strategies to propel their business growth, including:
client engagement and relationship-building
marketing, advertising, and event participation
strategic partnerships and networking
customer service and optimizing customer relationship management (CRM) systems
streamlining operations
Collin Bruce, broker-owner of Alberta-based Dominion Lending Centres Mortgage Mentors and the No. 1 broker in this year’s report, says, “In 2023, I had a continued focus on building strategic partnerships with financial planners, home builders, and real estate brokerages. Our client relations specialist continued to focus on optimizing our CRM utilization and hone in on renewal lead opportunities.”
The recognized industry expert adds, “Increased and ongoing touch points with clients and using various channels helped keep us top-of-mind with our valued customers for renewals and refinances, as well as referrals.”
Determination is at the core of the mortgage broker and team director’s success as he strives to provide solutions to clients, some of whom may have challenging or complex situations.
“Using my creativity and rigour to find solutions for them is something I greatly enjoy,” he says. “I also believe that my clients know they can trust me and confide in me about their future projects, concerns, or fears.”
The brokerage has supported staff success on several fronts, such as:
new branding
joining social networks
providing broker training sessions to enhance knowledge and effectively navigate challenging cases
Boudreau digs deep into his clients’ current and future needs, offering recommendations they may not have considered. He assists them in navigating such aspects as trips, home improvements, or strategies to avoid short-term elderly care.
Planiprêt’s slogan, “Because it’s not just about the rate,” is something Boudreau takes to heart. His industry expertise allows him to personalize recommendations, considering rates and conditions optimal for a client.
“Excellent communication with our clients is essential and, of course, taking the necessary time with them,” he adds. “When we understand their criteria and address their needs, we can tailor solutions to each individual.”
Effectively handling particularly challenging mortgage scenarios showcases the skills and abilities of the best mortgage brokers. Boudreau has encountered several in the past 12 months, but one case encapsulates his award-winning approach.
Challenge: An elderly client’s multi-storey house no longer suited their mobility needs. However, they were emotionally attached to their home and didn’t want to move to a senior’s residence. Their son contacted Boudreau for a solution as the stairs were difficult to navigate, there was no bedroom on the main floor, and the bathroom needed upgrading.
Solution: Despite the client’s modest income, Boudreau devised a plan to allow the couple to stay in their home for a few more years comfortably.
Industry challenges abounded in 2023, from high interest rates to employee turnover. While a common challenge for team leaders, the latter invokes a bittersweet feeling of seeing assistants leave to pursue their career path, sometimes becoming brokers themselves.
“I’m always happy for them and proud of their progress and of passing on my passion for the profession to them,” Boudreau says. “But it’s with pleasure that I welcome the newcomers who choose our team. With patience, respect, and much fun, we pick ourselves up and continue the work.”
Speed and efficiency are the top drivers of the mortgage agent and team leader’s growth and success. Being responsive to clients and handling their files as quickly as possible frees up time for other tasks, such as prospecting for new business.
“It depends on who you ask, but being efficient and fast is a bit of a competitive advantage,” says Zaide. “Clients like that because I can get a lot done in a little amount of time.”
Like many of the best mortgage brokers, Zaide has prioritized utilizing the CRM system to deliver exceptional service levels and build trusting relationships. That approach extends into the broader industry, where he has diligently fostered relationships with realtors.
Other areas of focus that keep Zaide at the forefront include:
developing online leads
nurturing partnerships with various lenders
understanding the client’s long-term needs and goals
“It’s important to get clients the lowest cost of borrowing, but also to get the best terms and conditions and what saves them money in the long run,” he says. “That may not always mean a low rate. It could mean something with low penalties or portability.”
As part of the Mortgage Architects family, Zaide benefits from working with an excellent team at the brokerage. He gives back in the workplace by mentoring other agents and sharing his vast knowledge.
Demonstrating adeptness in navigating complex mortgage situations highlights the expertise and experience of the best mortgage brokers. Zaide has faced such challenges this year, with one recent case exemplifying his notable strategies.
Challenge: A client’s down payment funds involved a complex network of bank accounts from different institutions, rendering the paper trail challenging.
Solution: Zaide invited the client into the office to walk him through every detail, enabling the connection of dots on one document. The lender had many questions, and Zaide addressed each question individually, resulting in the approval of the client’s loan.
“Staying top-of-mind with clients, especially past clients, is always challenging,” he notes. “But I’ve been consistent with keeping in touch, and I’ve started to see more referrals and former clients returning for new solutions.”
A passion for helping people and a love of numbers proved a winning combination for the mortgage agent, who gained lending expertise from a previous long-time banking role.
“My commitment to client service would be the biggest thing that has led me to where I am today because I’m a firm believer that if you focus on service, the business will follow,” says Khaneka.
He emphasizes the importance of staying informed across all the lenders’ products and policies to find the best rate, which he believes is only scratching the surface, and to deliver actual value to the client.
“A lot of conversations tend to hover around the best rate, but finding out truly what the best term is and the client’s plans with the property adds value,” he says. “It’s essential to treat every client like they’re our only client.”
Khaneka takes pride in assessing clients’ needs and understanding what they’re trying to achieve in both the short and long terms. Brokering is more than a transaction; he acknowledges the complexity of connecting lenders with borrowers while ensuring all parties walk away happy.
He is leading the way in his ability to bridge the gap between lenders and borrowers and forge lasting relationships, as well as:
networking within the broader industry
providing value-added service to all partners
Being tuned in to the bind that rising interest rates have put some clients in is paramount for Khaneka. His approach to helping clients navigate the often emotional and stressful situation is evident for those who purchased preconstruction homes in 2020 and 2021.
Challenge: A client faced financial strain when the value of their preconstruction home decreased significantly before closing, resulting in a $250,000 shortfall.
Solution: Khaneka negotiated a bridging loan with the client’s current mortgage provider, as they had sufficient income to qualify. That solution allowed the client to obtain a mortgage on the new home.
“In some challenging scenarios, the client may have to ask the builder for an extension, but the builder is also in a bind,” he says. “We try to give the client all the options and work with them to understand the full picture, giving them honest advice and a rationale so they can make an informed decision.”
Rising interest rates and decreasing valuations for home prices have stood out as critical challenges over the past year. Khaneka has combatted that by being available to hear clients’ concerns and devising innovative and sometimes temporary solutions to refinance or give clients the cash flow they need.
Zhang’s adoption of technology to accelerate deal processing and maintain regular communication with clients has propelled him onto CMP’s Top Brokers’ list.
“We’re applying the new norms of doing business with technology and our CRM, which is important now and will be for the next decade,” says Zhang. “We’re running more efficiently and faster with frequent client check-ins.”
Social media and the internet are also taking centre stage, a space where many potential clients are spending time. Zhang created an educational mortgage-related YouTube channel and an Instagram account to connect with a broader client base.
“With mortgages, it’s still a people business. Technology can help us, but we still need to form strong personal connections,” he says.
One of Zhang’s strengths is his honesty, which he is proud of as he strives to provide advice in clients’ best interests. After assessing their needs, he gives expert counsel on what solutions can help them meet their goals.
“I try to be myself and show my personality and integrity with the client,” says Zhang. “If they see me as someone they like and can work with, they’ll come to me for help. I’m getting better closing ratios by showing my authentic self.”
Interest rates are a primary concern for clients, but Zhang strives to add value to client relationships by digging deep into their situation and offering as many options as possible to help them achieve their goals.
Other focus areas that enable Zhang to stand out include:
innovative strategies for a client’s long-term financial health
offering comprehensive service and advice
While some scenarios in the mortgage business are straightforward, others take more finessing to get lenders on board. Zhang’s creativity and determination in these instances come to the forefront.
Challenge: A client approached a major bank for a mortgage and was declined despite having all the prerequisites.
Solution: Zhang structured the case to properly present the client and his story to the same lender, resulting in approval.
“I don’t want to give up,” he says. “If a client has disadvantages, I try to determine their advantages to help with the deal.”
Helping clients to qualify for a mortgage in the current rate environment remains a challenge for the best mortgage brokers nationwide. For Zhang, keeping an open mind about diversification has led to increased commercial business prospects.
The nominations opened in January for CMP’s 2024 Top 75 Brokers. To be eligible, nominees must have been licensed and employed as brokers in 2023. All mortgage deals and volumes had to be personally initiated and could only include residential-based mortgage deals. Overall funded volumes for 2023 that were verified by aggregators/franchisors/lenders formed the basis of the Top 75 selections.
In the Top 20 Small Market Brokers, CMP also showcased those who are breaking new volume barriers in markets where at least 80 percent of the broker’s business is from average home prices of $657,145 or under.