Mortgage Broker

MBprofile 42 | winter 2018 cmba-achc.ca CMB MAGAZINE trust and who I couldn't. e hardest part was to think this out while I was going, because I had no manual. I had to envision what I really wanted to achieve: I wanted to establish something where consumers in South Africa would have a one-stop service with a choice of mortgage products. CMB: Can you compare the mortgage industries in South Africa and Canada? UM: Here are some of the obvious points: n e South African market is still not regulated, while Canada is regulated. Agents there are not licensed; here, they are. n If something goes wrong with a deal in South Africa's unregulated market, the franchisor pays huge penalties – but here, the blame largely falls on the individual mortgage broker. n In South Africa, the broker industry at the time owned 60 per cent of the entire mortgage market. In Canada, it's 40 per cent or less. n ey earn more commission there. n South Africa only has four major lenders and no credit unions. Here, there are endless lenders. n South Africa can do 100 per cent mortgages and has no terms on mortgages, just amortization. Here, we have terms. n In South Africa, a client could switch to another institution with little or no penalties. Later, the banks started building penalties into mortgages if a client le within the first three years. n Both countries have stiff credit rules. CMB: What do you feel are the biggest challenges and opportunities facing the Canadian mortgage industry? UM: First, the challenges. Aer four years in this industry, I think it's a problem that brokers are trying to compete with banks on interest rate. ese brokers have much more knowledge and I'm amazed they don't capitalize on that more. Clients have been taught that rates are the only thing to negotiate for when getting a mortgage. With the recent rule changes, many brokers haven't focused on what else they can do for clients. I also feel it's a big challenge that regulators are not consistent. ey are regulating the private industry to death and banks get away with much more! en, there's the fact the industry has too many voices. ere is a body in every province; I think in an industry like this one, it would be fantastic if there could be one voice. I'm not suggesting who that voice should be. I'm saying it will change if there is one voice speaking on behalf of all of us. Now for the opportunities: 2018 will offer tremendous potential. Brokers can position themselves as service providers, not interest rate cutters. [Regulatory] changes bring opportunities. If I were a broker today, I would have a royal time with these new changes, because I would be sure to convince a client why my services are more important now than ever before. CMB: How would you say you and your business have evolved over the years? UM: First and foremost, I had to learn the hard way. I spent unnecessary money on things I never needed. I was lucky that every year I gained more experience than the previous one. I never stopped learning, and constantly attended non-graduation business courses at university. I was never scared to try, and I think that helped me grow a lot. Most important, I believed in my product and my brand. at included my personal brand as well as my business plan. I started as a broker and I grew as a businesswoman; then I grew from a business to a franchise organization; and then I sold that to an international company. I came full circle. CMB: How do you personally strive for excellence? UM: I'm a performer. I like success and I thrive on it. When I do something, I always make sure I'm prepared and that I know what I'm going to talk about. I speak from the heart and people know that I believe what I am telling them. I'm passionate about the mortgage industry; I believe that this industry has a tremendous opportunity to become bigger than 40 per cent. CMB: What advice would you give to those just starting out in the industry? UM: For a newcomer, join a motivated and experienced team. While you're there, talk little and listen and learn. Learn from your mistakes; make notes and refer to them. Don't grow too big, too fast. Have a business plan of how you want to grow your business, and if you don't know how to do that, ask. Set realistic goals and measure them oen. Know your products; it must be second nature. Work at least eight hours a day, not less. en, invest in yourself through continuous learning. Most important, attend and participate in industry events. Never stop doing that. CMB: You've been called a pioneer in the industry. Do you feel you broke new ground during your career? UM: Yes. I was breaking a glass ceiling that I didn't know was there at the time. I never thought in my wildest dreams that I'd get such pushback from the banks. ey tried anything and everything to destroy my business early on. As we grew stronger and stronger, they tried to find ways to work with us instead of against us. It was groundbreaking work in every aspect you can think of. CMB: What's on the horizon for you, career-wise? UM: I have a midterm plan that gives me 10 years in the mortgage industry in Canada, and then I am working to become a university professor. I will be completing my organizational leadership degree in April 2018 from Trinity Western University, and then I'm moving on to a master's degree and then a PhD so I can end up in a business school in Vancouver. Long term, I hope to be a professor and consult in the mortgage industry. Now that I have a leadership background in academics, I want to take what I did as a businesswoman and a leader and build a legacy for those coming behind us in this industry. CMB: What are some hobbies you enjoy in your spare time? UM: I literally do schoolwork every night from six to 10 p.m. But, I'm a sports person and I try to run outside or go to the gym. I ran my first 10-kilometre run a few weeks ago, aer all these years. I think it's fair to say I'm taking up running again, much older now, but once a competitor always a competitor!

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