Mortgage Broker

16 | fall 2017 cmba-achc.ca CMB MAGAZINE CAnAdiAn mortgAge Broker: When and how did you get started in the mortgage industry? gord WintruP: In 1972, I had reached a crossroads in my career. I was managing a branch office of a major finance company. I wasn't unhappy with my job, but I felt the future was limited and I had to explore other options. I had just completed the Canadian Securities Course but decided the stock exchange wasn't for me. With my financial background it made sense to explore options in the mortgage industry, and a new career path unfolded. e first brokerage I worked for was Burrard Mortgage in Vancouver. In 1974, Bill Granleese and I took the big leap into self- employment and formed Antrim Investments. en, in 1982, I formed Bayfield Mortgage Professionals with three brokers. Our head office is based in Langley, B.C., and we have brokers operating throughout B.C., Alberta and Manitoba. From day one, we've operated Bayfield as if it were a family. For example, on September 22 we're taking eight new brokers on a floatplane to a secret luncheon. If we don't do something like this and get to know each other, then we're just another brokerage house. CmB: how would you say you and your business have evolved over the years? gW: As we've grown, we've changed with the times. We've embraced change rather than feared it. We've created new lending sources and new products. For example, we have two divisions of Bayfield now. e first, our alternative lending division, manages two mortgage investment corporations (MICs) with over $100 million in assets. e other division oversees 82 sub-mortgage brokers originating three quarters of a billion dollars in "A" mortgage loans with banks, credit unions and trust companies. CmB: how do you divide your time and focus between two distinct lines of business? gW: I used to do it all. I now have a succession plan and partner, Inder Matharu. He oversees 90 per cent of the responsibilities for the 82 sub-brokers. I oversee over 90 per cent of the MIC responsibilities. I personally look at every file going into the MIC and personally underwrite about 80 per cent of them. CmB: What led to the establishment of your first miC? gW: I started our first MIC in 1984 by pooling several long-term mortgage investors who wanted professional management of their independent portfolios. In the next 30 years, the MICs grew in size to over $60 million in assets by friends and family referrals, and today with expanded networking we have portfolios totalling over $100 million. CmB: describe the climate in 1984 when you created the first miC. gW: e market conditions were atrocious. Everything had crashed and the embers were still glowing in the financial market. I had a number of investors and we were making it through the 1980s. Finally, they asked me to look aer their investments. I started looking into what a MIC was all about and we thought it was a great vehicle for these people to pool their resources. I had 21 people commit a total of $280,000 and our first MIC was off and running. CmB: the B.C. securities Commission (BCsC) is changing the way miCs are regulated. Are you concerned about these changes? gW: I wish they weren't happening, but they are. When they are implemented, we'll adapt as we have always done. e cost of regulatory compliance is a bit of a concern. But I feel confident the impact on the shareholders' bottom line will be kept to a minimum. CmB: Why is independence important to your brokerage? gW: We existed as an independent brokerage for several years. We were courted by several super brokerages, but we didn't want to give up our name and our values. However, in 2012, we joined the Verico network. is gave us access to more lenders at the top tier of remuneration as well as access to expanded technology. e relationship from then on has been a good fit. It allows us to still be on our own, but not alone. at's very important to us. at way, we can do things like grab a floatplane and go for lunch! CmB: Can you talk about your connection to the nhl? gW: Garth Butcher was draed by the Vancouver Canucks in 1981. I was introduced to him and we became friends. Garth invested in mortgages and eventually became president of one of our MICs. He has been responsible for several NHL players becoming MIC members. At our last CMBA-BC conference, we had goalies Kirk McLean and Richard Brodeur, and forward Cliff Ronning, at our booth signing autographs. CmB: When you look down the road, what is the future of mortgage brokerages and miCs? gW: When I first started, there were no rules and no regulations. It was scary, because you didn't know where the edge of the cliff was. We formed the first mortgage broker association in B.C. – up to then, it was the Wild West! Today, with the introduction of mortgage qualifying standards, brokers face greater challenges than g ord Wintrup doesn't stand on ceremony. He's always believed that the day he becomes too important to take out the garbage at the office, it will be time to hang up his hat and go home. At 73, Wintrup is a legend in the B.C. mortgage industry. A natural explorer with a zest for adventure, he's seen a lot of change come and go over the span of his 45-year career, but it's never bested him. Instead, he has rolled up his sleeves and tackled it head-on with the help of a talented team that he says is the backbone of his success. Canadian Mortgage Broker caught up with this busy mortgage professional in mid-September. With the idea of retirement barely a shadow on his horizon, Wintrup is sailing full speed ahead for life's next adventure – and he's thankful for four-and-a-half decades spent in the business he loves.

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