"[You] are rewarded for the extra you put into it"
Diving into the unknown waters of an entirely new industry promises both immense risk and bountiful rewards – and the latter proved especially true for Jonah Wright, mortgage consultant at Mortgage Intelligence.
Reaching his 17th year of experience in the brokerage side of the mortgage industry in 2024, Wright said that he initially had little idea what to do after graduating.
“At that time, I was writing exams and training for the RCMP, as I truly wasn’t sure what I wanted to do,” he told Canadian Mortgage Professional. “I secured a position with BNY Mellon as a stock transfer agent which I worked for six to eight months before I was offered to join a team of brokers with MI [Mortgage Intelligence] with no real lending experience.”
This first contact with the mortgage industry would be a defining moment for Wright.
“In 2008, I had a personal friend who was building a team of brokers and asked if I wanted to join,” Wright recounted. “I explained I had no experience in the industry, but they encouraged me to try it as they knew my work ethic would help me succeed.”
Hard work and good old-fashioned grit helped Wright figure out the best work/life balance for this space.
“It rewards me for working hard everyday,” he said. “It’s a career with no limit; you can work as little or as much as you desire, but are rewarded for the extra you put into it. I treat it as a job working at least 40 hours per week, and often significantly more.”
This fundamental drive was particularly helpful with handling the unexpectedly large numbers of clients during the pandemic era, he added.
“No one was really ready for the volume of new homeowners and refinances, all amplified by the low mortgage rate environment,” Wright said. “Banks were overwhelmed with submissions, appraisals delayed, law offices were backed up, and lenders working overtime to review documents.”
“On top of this, my assistant at the time was elderly and elected to stay home in fear of catching the virus, which left me to do everything on my own. To navigate through this, I worked long days and nights, leaning on my strong relationships with lenders, appraisers, and lawyers who I worked closely with.”
Learning the ropes of the industry, Wright found that there was a strong need for alternative and private lending “to bridge financing gaps.”
“I have a creative mind for thinking outside the box for solutions to make a file work,” he said. “Product knowledge helps me find a solution, whether it’s understanding rental offsets, or the various self-employed programs to help solve financial challenges with financing. We have so many products and solutions with a variety of lenders; some brokers only focus on what they’re used to.”
At the core of this is to understand that the broker’s job is “to always be honest and do what’s best for the client (despite the compensation).”
“When I stated building my business, I would assist any client that requested help despite the mortgage size, which lead to repeat clients and referrals,” Wright said. “Some brokers would see these smaller loans as a waste of time, but for me they were all learning opportunities and an opportunity to build my database, which lead to future customers when they decided to upgrade.”
“Learn your products and try all your applications until you learn why they do or don’t work. Use this knowledge for future files as every file is different, but can have similarities to others.”
This steady approach built up the sturdy foundations of what would eventually become an acclaimed career.
“In 2023, I was the top broker in Atlantic Canada with Mortgage Intelligence/Invis, finishing in the top 5% nationally,” he said. I was nominated for the Broker of The Year Atlantic Canada in 2022 with both the Canadian Mortgage Awards and Mortgage Awards of Excellence.”
“Aside from these, being with MI for 16 years is a win itself, in addition to the top broker for Atlantic (Mortgage Intelligence) 2020-2022. We have the top team in Atlantic and are working up the ranks towards the top team nationally.”
Wright stressed the need to always keep in mind that beyond the tools and databases, being a broker is a people-first job.
“Stay positive during the highs and lows, and keep doing what you’ve always done to be successful in life,” he said. “I always played baseball and hockey for my hobbies, so I continued this and used it as a form of networking. It was something I enjoyed doing, but also gave me the opportunity to meet new friends and industry peers. Many of these people I formed working relationships with, which I still hold today.”
