CMP: What made you first get into the mortgage broker industry?
Carmen Campagnaro: I used to design and manufacture clothing in the ’90s, but as an industry, it was very challenging. Someone I knew suggested I get into the mortgage business, and I ended up following their advice. I literally started out in my basement with a fold-out table, my washer and dryer beside me, and my little ones running around upstairs. I started with a client who called me looking for a mortgage that no one wanted to touch, but I worked it really hard and finally got him approved. He was so grateful, and little did I know that he was a public speaker for an investment training company. At the next event he spoke at, he put my name on the overhead projector in front of 150 investors as the best mortgage broker to call!
I’ve always been passionate about real estate, and I started investing when I was 18, so I loved that side of my business. I’ve now been assisting real estate investors with their investment financing for more than 20 years, and the company has grown tremendously.
CMP: How would you describe your time in the industry?
CC: There have been a lot of challenges, but I would also say that I love the industry. I like helping people, and it’s very rewarding to make such a difference. However, the amount of institutional and market changes in those 20 years have really affected what you’re able to get for people, and that’s why private money is such a big aspect of our company now.
In 2008, the new B-20 rules were launched and reduced the loan amounts you can get on income-producing properties. Then in 2010, they changed again with even more restrictive regulations. In 2012, new regulations targeted self-employed people.
All of the rule changes have opened up a large window of opportunity for people to lend their cash or equity to people looking for financing. There is now tons of money to be made by investors and a lot of funding opportunities for people looking to purchase who would typically be declined by a bank. That’s been a major direction for us.
