One executive says there's a second step most companies skip
Mentorship gives women in Canadian mortgage finance advice. Sponsorship gets them promoted. Senior lender executives say the industry still leans too heavily on the first.
That was the message from a women-in-leadership panel at MortgageFest Canada in Toronto today. Executives from First National Financial, Equitable Bank and MCAN Financial argued that leaders must actively open doors for women rather than simply counsel them. The session, moderated by Michele Steko, vice-president of national broker relations at Sherwood Mortgage Group, was part of a two-day programme that drew brokers and lenders to the International Centre.
"I think mentorship is for advice, but sponsorship is for opportunities," said Elena Robinson, vice-president of residential sales at First National.
"So you can mentor someone and give them that advice, but I think as leaders, we also have to sponsor, see the opportunity, see people that you think you could help them with their careers. And that's where the sponsorship piece comes in."
Why sponsorship matters for women in mortgage leadership
Zamina Walji, vice-president of growth businesses at Equitable Bank, described sponsorship as a leadership obligation.
Mentorship, she said, "is like advice. It's helping people navigate, but sponsorship is giving them that seat at the table. And like, as a leader, for me, that is my duty. It's not just to sponsor women, but it's to sponsor diversity so that you have diverse teams, diverse thought. And the way that you do that is by giving women high-impact roles, making them visible, making sure that they're presenting their work, that their voices are heard."
Robinson recalled spotting an underwriter she believed would excel in sales, a move that paid off.
"I think it's part of our responsibility is to watch and go out there and provide those opportunities so those individuals can grow in their careers," she said.
The panel's view matches findings in Canadian Mortgage Professional's Top 50 Women of Influence 2026 report. Judges there found mentorship language outnumbered sponsorship roughly two to one in nominations, yet the highest-scoring submissions showed sponsorship in action.
"Mentorship gives people advice, sponsorship gives them access," Paula Oliveira, regional vice-president for Ontario and Atlantic at BMO BrokerEdge, told CMP for that report.
There's plenty happening beyond the presentations at #MortgageFest Canada 2026! From interactive booth experiences and fun activations to valuable conversations with industry leaders, our sponsor and exhibitor hall is packed with opportunities to explore, engage, and connect! pic.twitter.com/7o0C0o53YN
— Canadian Mortgage Professional Magazine (@CMPmagazine) September 23, 2026
How long will C-suite gender parity take?
The stakes are measured in generations. Leanne Conroy, regional director of sales at MCAN Financial, cited an estimate of about 100 years before men and women reach parity in the C-suite.
"I'll be dead unless I cryogenically freeze myself, but that's just a really long time," she said.
Broader data offer little comfort. The World Economic Forum's Global Gender Gap Report 2026 estimates full global gender parity is 120 years away at the current pace.
Participants in CMP's 2026 roundtable on women reshaping Canadian mortgage finance put women's share of CEO roles in the sector at 4%.
Conroy urged women to build trusted relationships beyond their own firms. "Those are the people who can work as your champion or as your sponsor that you know it's not in it for them," she said.
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