"I initially thought I had made a huge mistake"

How one mortgage professional turned his fortunes around

"I initially thought I had made a huge mistake"

A favourable first impression of the industry combined with a long-running passion for figures convinced Vidit Paruthi of Xeva Mortgage (pictured) to take the plunge and enter the industry a little over four years ago.

“Prior to joining the mortgage industry and having dealt with my own personal mortgages with both bank and mortgage brokers, I had a very positive experience dealing with my mortgage broker at the time,” Paruthi told Canadian Mortgage Professional. “I was in software sales at the time and was looking to do something on my own that could give me flexibility and help manage two young kids. I knew from day one that this is the career for me as I have always been a numbers person with an experience in sales.”

With these foundations, Paruthi started his full-time mortgage career with Xeva Mortgage, and has been with the same organization ever since. He said that his positive early experiences and his access to the Xeva network’s ample resources have had a significant impact on what he offers to his clientele.

“My primary specialities are providing top-notch client experiences and conducting business with utmost sincerity. My goal is to always help my clients find the best mortgage solutions. I achieve this by continuously educating myself and staying up-to-date on lender policies,” Paruthi said. “I work hard to maintain exceptional relationships with clients, referral and lending partners. I have always had a passion for helping people. I just want to see my clients achieve their goals and succeed in life.

“Professionally, I am always motivated to help other families looking to buy homes, by giving them a friendly and seamless experience throughout their mortgage approval process. I strive to provide support throughout the [term] of a mortgage, and I am always available for my clients as their first point of contact. I believe no technology can substitute this type of human connection.”

Initially, Paruthi had to contend with the rough waters of an ever-evolving industry.

“The most challenging period of my career was when the stress test was released,” Paruthi said. “I had only done two deals without the stress test when I started towards the end of 2017. In 2018, the stress test was released and I found it very difficult to qualify borrowers who otherwise would have been easily qualified without the stress test. I initially thought I had made a huge mistake by leaving my full-time job and thought the sky was going to fall for me, but I then decided to overcome these challenges by learning lender policies, by educating myself, and giving 100% to the business and to my clients. In addition, I also received huge support from many experienced brokers at Xeva Mortgage who helped me learn and shared their best practices.”

Paruthi’s strengths were bolstered by a fundamental grit that has seen him through these roadblocks.

“The most important lesson I have learned is that anything and everything is possible with hard work and dedication. It has helped me grow business and foster relationships with new and existing clients, referral and lending partners,” Paruthi said. “Having transparent conversation with clients has been the key for me to win their trust, and build business entirely based on referrals.”

Industry newcomers would do well to take these roadblocks and potential solutions into account, Paruthi stressed.

“At times, it can get challenging in this fast-paced and constantly growing industry,” Paruthi said. “Therefore, it is very important to not give up. Stay focused and give your 100% full-time, and the success will follow. We grow our business by getting our clients approved; thus, it is very important to give respect to your underwriters and maintain relationships with them.”

These characteristics propelled Paruthi to industry success and client acclaim, having been rated as one of the three top mortgage professionals in Surrey for three consecutive years (2018 to 2020). He was also cited as a Top Producer in 2020 for major markets by Xeva Mortgage, as well as inducted into Verico’s Executive club for 2018/2019 and its Presidents Club for 2020. Paruthi also received CMP’s “Hot List 2020” citation.

In his free time, Paruthi travels to beach destinations, and spends time with his friends and family. He said that an adventurous streak helps keep him grounded and refreshed.

“I enjoy the outdoors – swimming, hiking, running,” Paruthi said.