Mortgage Broker

CMB MAGAZINE cmba-achc.ca winter 2019 | 29 with a few people to create a company called Ontario Mortgage Services. en I started my own business, which was originally called Canadian Lending Network – and then we rebranded to CLN Mortgages. CMB: What services do you provide at CLN Mortgages? RB: CLN Mortgages is a boutique lender founded in 2004. We have nine mortgage agents; we are small and treat each other as family. e idea is to give our clients the best service and products to fit their needs. We arrange and broker mortgages between our various lenders and clients. We also help our clients lend money, so they can make a return as well. We opened up a private arm called CLN Finance and another called CLN Developments, when we started to branch out into building homes. We will partner up with a builder or build our own new homes, usually high-end infill homes. We've been doing developments now for about five years and finance for close to 10 years. CMB: What do you like about working in the mortgage industry? RB: It's something I've always enjoyed. Lending always presents new challenges; you will never find one deal the same as another. Even with a so-called cookie-cutter deal, there are different ways to help clients get a better rate or product. Now, with the B-20 rules, it's more prevalent. You have to do your research and find the best deal, something I am passionate about. CMB: What do you feel are the biggest challenges facing the Canadian mortgage industry today? RB: I think too much industry regulation is definitely a challenge. Recent changes have made it difficult to explain to clients that they don't qualify for a certain rate anymore. ese changes have made every Canadian consumer suffer; individuals who were getting great rates prior to these changes are now finding it more difficult to afford even their current home. Another challenge in our industry surrounds educating our professionals. What are we allowed to do, in order to help our clients? For example, I've been finding there is a higher increase in fraud for shelter following the new regulations. Associations can educate brokers about preventing fraudulent applications. Finally, one last challenge is the mobile sales forces sent out by the big banks. ey aren't regulated the same way brokers are; sometimes clients are directed to the bank's alternative lender channel and they end up paying more. CMB: On the flip side, what opportunities do you see? RB: ere's always opportunity in adversity. Following these rule changes, great lender partners have stepped up to the plate with some unique and creative products. Because of the fact that brokers must be more knowledgeable, I've seen a bit of an exit from the industry. Some individuals who may have been just part-time are leaving, which allows more experienced brokers to fill those gaps. Lenders only have so much money to lend and so they choose to work with individuals who are valued partners. CMB: As a director of CMBA- Ontario, what value do you see in the association? RB: I am in my second term and previously served as president for two years, sitting on the board that created CMBA national. Creating increased awareness of brokers with the general public, through the MB brand, has been our biggest collective accomplishment. It differentiates us from the banks' mobile sales forces. ere is also the benefit of having CMBA advocate on behalf of all brokers, lobbying government so they understand the role we play in helping consumers manage household debt. CMB: What advice would you have for someone starting out in the mortgage industry? RB: I'd recommend they join a brokerage with a good fundamental training program. I believe the best way to teach a broker is through an apprenticeship program. We must ensure they understand all the rules and implications before they are out there giving advice to Canadians. I would always tell people it's a great field; it's done so much for me. at's one of the reasons I joined the CMBA-Ontario board. I wanted to give back to the industry that has taken care of me and my family. CMB: What's on the horizon for you, career-wise? RB: We're aiming for steady growth every year. We want to continue to increase the number of projects we're doing on the development side, and hoping to get into building a condo in the future as well. is year [2018] we have built five infill homes, and in 2019 we have six scheduled. CMB: What hobbies do you enjoy in your spare time? RB: Family keeps me busy; we have five kids aged six to 15. During the week, it's always go, go, go. My favourite thing to do is sit back and enjoy time with them. I believe the best way to teach a broker is through an apprenticeship program. We must ensure they understand all the rules and implications before they are out there giving advice to Canadians." mblegend

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