Mortgage Broker

CMB MAGAZINE cmba-achc.ca fall 2017 | 17 pioneerprofile ever before. However, with the new convoluted rules, more buyers will need to seek out brokers to guide them through the process. If you're a broker who is constantly learning, you will be able to advise your clients and guide them. I think the majority of brokers will develop a relationship with a MIC in order to source funding for clients who don't quite qualify under the new standards. I see the MICs and alternative lenders doubling in importance. CMB: What do you think about "shadow lending" as portrayed by the media? GW: A few people in the media refer to alternative lending as "shadow lending." I think they're being sensationalistic in order to sell newspapers. MICs in most provinces are closely regulated. Over 75 per cent of MIC borrowers have used the funds to repair their credit situation. Another 15 per cent have used the funding for interim development investment. In the 1970s, shadow lending did exist with no regulations at all. But today in B.C., for example, 75 per cent of MIC capital is managed by brokers who have to report to FICOM [Financial Institutions Commission], who next year will have to report to the B.C. Securities Commission, and who are also members of the B.C. MIC Managers Association, and we have our own guidelines and ethics. CMB: Do you have any new ventures in mind for the coming years? GW: I have some travelling to do. I'm heading up a group of seven mortgage brokers who are going to Australia to the mortgage brokers' convention in November. A year ago, I heard one of their brokers speak and talked to him about how they do things down there. I'd like to go down and see them and talk to them. CMB: Tell me about "Papa's Boat." GW: I'll never retire, but I do love adventures. I have restored a 36-foot vintage cabin cruiser. In 2010, I took her to Alaska. I've been up the coast too many times to mention and plan on going north to Haida Gwaii next year. My grandkids [Tyler, 12; Jenna, 10; and Kaylie, 12] call it "Papa's Boat" and we have at least one adventure a year. Next summer, we're spending a week in the San Juan Islands and we're crewing on a tall ship. But our adventures can also be simple. We were in Courtenay, B.C., this past summer and I took them on a hunt to find who makes the best doughnut in the Comox Valley. It required a lot of research! CMB: Has your love of adventure contributed to your professional success? GW: I think so. You're always questioning and searching around the next corner. Not just for the next deal, but wondering what's needed and can I create it? CMB: What other lines of business are you in? GW: In the mortgage business, I have had to put various businesses into receivership. One was a marina that I got cleaned up and eventually sold on behalf of the MIC. Another one was a ranch up north. e third was a funeral home that went sideways and that company owned a cemetery. I had to learn about the cemetery business very fast. I ran it as a receiver for over two years. en I put together a group of investors and we took it over. CMB: How is the cemetery business similar to real estate? GW: A cemetery is basically a high-density subdivision. e similarities to actual real estate are many. If you were to subdivide it, the corner plots sell first and the outside ones next. e inside ones sell last, just like a subdivision in real life. Southern exposure and mountain- view plots are also in demand. CMB: You've been called a pioneer in this industry. Do you feel you broke new ground in your career? GW: Back then, I didn't think of it that way. I guess we did break a lot of new ground, but I mostly think of myself as a broker who cares and is moving forward. I still think like I'm 40 or 50, and I still cycle and work out a little bit. I am Vice Commodore of the Classic Yacht Association and will be Commodore of the Canadian fleet next year. I will be organizing a few adventures for those guys. ey don't know what they're in for! "You're always questioning and searching around the next corner. Not just for the next deal, but wondering what's needed and can I create it?"

• Cover