Mortgage Broker

CMB MAGAZINE cmba-achc.ca winter 2016 | 19 ceochat is isn't to say that the new year will be without its challenges, and chief amongst the trials we will likely encounter is a tightening of the regulatory regime. ese changes will impact how we as brokers and lenders manage our operations, but also bring the potential for increased opportunities for the broker channel. Enhanced regulatory requirements will almost certainly result in additional roadblocks for those attempting to navigate the new rules on their own behalf during the mortgage application process. is is where an experienced broker, willing to embrace new technologies to increase the efficiency with which they manage deals, can provide a solution for what I believe will be a growing number of people rejected by the major lenders. In a recent announcement, the Office of the Superintendent of Financial Institutions noted it has several concerns it intends to address specifically around qualifying potential buyers. OSFI is on record saying that it expects lenders to bolster the underwriting process, while it is looking to brokers to increase overall diligence on individual files. While the exact changes OSFI envisions remain to be seen, we can say with confidence that additional supporting documents, and a greater scrutiny of these documents, will be part of the focus. For the mortgage industry, the challenge is ensuring compliance with the forthcoming regulations in a way that does not negatively impact business. Ours is not the first industry to be subject to mandated change, but it is how we respond collectively that will ultimately determine our success. Many of you likely flew on an airplane over the holidays, so you have recent, firsthand knowledge of the impact that forced change can have on an industry. It was not so long ago that you could breeze through airport security with a minimum of bother, giving little thought as to what you were carrying on to the plane. You certainly never had to remove your shoes and belt to pass through security. And once settled in your seat, you could freely enjoy a cigarette – while sitting in the "smoking" section, of course – as you waited for your complimentary drink to arrive. Served in a real glass with real cutlery, no less! To compare that long-lost era with today, try doing something as innocent as carrying an open bottle of water through the security check the next time you're leaving on a flight and see what happens. To be fair, using the air travel industry as a benchmark is not exactly comparing apples to apples, but the key point is the same. Regulatory requirements change over time and in response to various events; this is simply the reality of participating in a regulated environment. It is up to all channel members to find a way to continue to deliver the financial services deserving Canadians need in a timely and reliable manner while working within the prescribed regulatory framework. At Home Trust, we are committed to doing our part to minimize the impact these changes may bring. In 2015, we initiated a revamp of our internal procedures to improve our processing efficiencies; we're also launching our new Lo portal. Using the latest in web development technologies, Lo is a broker-centric portal that simplifies the management of all your Home Trust deals. And while that old maxim that "you can't possibly know what you don't know" is still true, Lo was designed to ensure that with just a glance of the main dashboard, you can quickly see the status of all your deals. Lo even provides alerts to warn you when a pending deal requires action on your part to move things to the next stage. To help you better manage your workflow, we've made it very easy to upload documents to Home Trust directly from your computer. You can also take a picture of a required document so you can effortlessly send documents from your smartphone or tablet. ese features were specifically designed to help you deal with the increase in documentation we expect will result from OSFI's updated regulations. Ensuring adequate scrutiny for all potential borrowers not only ensures we are placing buyers into appropriate homes, but serves to strengthen the integrity of the broker channel. is is something around which all participants within the broker community can rally. No one wins – neither the broker nor the lender – by putting buyers into situations where they get in over their heads. Home Trust remains fully committed to the broker channel and our long-term plan calls for continued investment in both people and technology. is is critical to fulfilling our primary objective of providing service excellence to our broker partners while meeting our obligation to serve as a responsible lender. Gerald Soloway Chief Executive Officer, Home Trust Company Home Trust remains fully committed to the broker channel and our long-term plan calls for continued investment in both people and technology. As Chief Executive Officer of Home Capital Group Inc., Gerald M. Soloway, with his team of financial service specialists, transformed a small savings and loan company into the first choice alternative provider of residential first mortgages in Canada. In 2000, he spearheaded the move to convert the company's subsidiary, Home Savings & Loan Corporation, into Home Trust Company, the first provincial loan corporation in 10 years to be converted to a federal trust company. When Mr. Soloway became President & CEO of Home Capital in 1987, Home Savings had 12 employees, $51 million in assets and $3 million in equity. As of September 30, 2014, Home Trust has over 789 employees, total assets of $24.2 billion and over $1.3 billion in equity. Mr. Soloway is credited with pioneering the provision of first residential mortgages to self-employed people and those with limited credit history, who do not meet the lending criteria of major financial institutions. Prior to his involvement with Home Capital, Mr. Soloway was a lawyer who practiced real estate, mortgage and commercial law in Toronto, gaining experience acting on behalf of major banks and trust companies. He attended school in London, Ontario, and obtained a B.A. from the University of Western Ontario in 1958, majoring in Economics. He also obtained his LL.B. at Osgoode Hall in 1961, and was subsequently called to the bar in 1963.

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