I’m still getting used to the idea that upon the end of CAAMP’s 2013 Mortgage Forum, which officially opens this Sunday, November 24^th, it will mark the end of a six year journey for me.  My official duties as a board member, and as a member of the executive, officially ended at CAAMP’s most recent AGM.  As of the 27^th of November, someone else will be responsible to set the path and direction for future conferences.  Whoever the privilege is bestowed upon to lead the conference in the future will be comforted by the fact that they will work alongside the extraordinary staff at CAAMP.  Mike Ellenzweig and the rest of the company work tirelessly to put on THE premier event of the year in the mortgage broker industry.  No disrespect to all the other conferences, but it is what it is.  Every year, just before the ribbon cutting ceremony to officially open the conference, Michael says to me in his deep baritone voice, “Bo…it’s in God’s hands now”.  Who am I to argue with Michael that God takes time away from his busy schedule to oversee the Mortgage Forum?  I will miss Michael’s dry sense of humour.

I am also going to miss the regular interaction with all the CAAMP staff, especially Samir Asusa and Jim Murphy.  Samir very quietly goes about his business.  For the uninitiated, a CFO’S role may not appear to be glamorous.  Number crunching, contract review may not be what one would consider sexy, but if it’s isn’t done properly an organization can get into a whole heap of trouble.  Samir, in large part, has ensured that CAAMP’s financial footing is very solid, and he’s treated every dollar collected with the respect is so deserves.  As for Jim Murphy, CAAMP’s President, a hardy thank you on behalf of the entire industry.  Jim’s steady hand, and political insight, will ensure that CAAMP will be able to navigate both chartered and unchartered waters in the future.  Jim made my job so much easier, and for that I am very grateful.  To Cara, Alison, Jeannie and Rocca, thanks for prepping me.  And lastly, to my friend Hali Strandlund, who called me and convinced me to run for a second term so I could sit on her executive team, thanks for making that call.

Six years is a lot of time to invest or more accurately volunteer.  My thinking is that if you’re going to invest that amount of time, then DO something.  I bristle, that’s code for my inside voice saying. OH..SHUT…UP, when people talk about their own legacy.  Others will determine the legacy, not some egomaniac.  But I don’t think there’s anything wrong with taking stalk of what you’re most proud of.  For me it was a few things, some visible and some not so much.  Six years ago I started to campaign that we should change a couple of our by-laws.  The first change, limiting the number of board seats that any one brand could occupy.  I believed this could pose a huge risk to our association.  In theory, one brand could occupy every board seat, thus ensuring that every executive position was made up of board members representing one brand.  If that ever came to pass our membership numbers would contract, quickly.  Thankfully the board, and the executive, agreed to deal with matter before it ever became an issue.  The second by-law change that I am proud of is term limits.  Today, the by-law states that a board member can only sit on the board for six years.  For CAAMP to flourish, fresh blood, a new way of thinking and passion is required.  My belief was that time served beyond six years would mean that the board member has gone beyond his/her expiration date.  Everyone has a shelf-life, and I believed it was in the association’s best interest to avoid the “is it time you to step aside” debate.  The approval and passing of a term limit by-law ensured that the association ecosystem would continue.

In the visible category?  I am so proud of our efforts in the political arena.  CAAMP took a leadership role in lobbying the government and regulators.  We stated clearly to the industry that was going to be our mandate going forward.  Today, our opinion matters, and our research is sought out by the Ministry of Finance, and regulators.  As long as CAAMP continues to make a commitment in this regard, our voice will grow stronger.  We may not win or get everything we want, but then again who does?  At the very least now we cans say we have a seat at the adult table.  Another one for the visible category, I’m proud of the transformation we made to the National Conference; from re-branding it to CAAMP Mortgage Forum, to partnering with the “Art Of”, ensuring a line-up of speakers that couldn’t even be imagined in the past.  We now dedicate one day of speakers to our industry, and the second day to macro issues, which ultimately impacts all of us.

It’s been a hell of a ride, but now it’s time for people a lot smarter than me to take the reins.  To all the board members I had the privilege of serving with, especially Hali Strandlund, Joe Pinheiro and Daryl Harris, thank you.  To all the members of CAAMP, I’ll sum up my six years on the board in two words…”I tried”.

Enjoy CAAMP Mortgage Forum 2013.

Until next time,

Cheers.

It’s amazing how many thoughts can race through your mind in a matter of seconds.  The images are vivid, yet vanish in seconds.

I had such an experience earlier this week.  There I was, about to start a meeting with the Minister of Finance, Jim Flaherty and my mind went racing down memory lane.  For a split second, I found myself recalling the very first mortgage application I ever filled out. This was twenty five years ago.  I met my first customers on a Saturday morning, but as it was my first deal as a mortgage broker, I would have gladly have met them at 3:00am.  Oh, the knowledge I had back then.  For example, I was aware that mortgage’s was spelled with two “g’s”.  I was so wet behind the ears that I had to keep a drawer open in my desk so I could refer to an old Statement of Mortgage.  I wanted to make sure I didn’t miss anything, so I kept taking a peek at a completed Statement of Mortgage.  I had to resist the urge to laugh at the memory.

In a couple of nanoseconds I also thought about the first time a fledgling national association called CIMBL made their way to British Columbia to pitch brokers on why they should become members.  I was in attendance at the pitch. I remembered standing at the back of the room listening to CIMBL’s talking head, saying without embarrassment, “if you do not become members of this association lenders will not pay you a finder’s fee.”  I couldn’t help but think, “you fool, you just set this new association back by three years in British Columbia”.  I was wrong, it was five years.  There were many other thoughts that kept running through my head, especially about CAAMP, and how far we’ve come as an association.

But I had to clear my mind and prepare for the meeting with Mr. Flaherty. Jim Murphy, CAAMP President, Daryl Harris, CAAMP Chair, and myself were given the opportunity to meet with the Minister of Finance this week.  The purpose of the meeting was to share our thoughts and concerns for the mortgage broker market.  Both Jim and Daryl did an outstanding job, laying out the facts in a balanced and measured way.  It was our hope that the Minister of Finance would view our positioning points through the lens of consumer choice and the important contribution the mortgage broker channel makes to the Canadian economy.  Jim Murphy has done yeomen’s work on behalf of our industry in Ottawa and this most recent meeting added another layer to the relationship foundation between CAAMP and the Finance Department.  Kudos to both Jim and Daryl.

As for my role at the meeting?  I spoke briefly about the important role that mono-line lenders, like MERIX, play in the mortgage broker channel.  Most importantly, the choice we provide for Canadian borrowers.  I also spoke briefly about the contribution that mono-lines make to Canadian tax role.  Mono-lines provide greater choice for borrowers but they’re also job creators.  I made it very clear that we ask for no favour.  The mono-lines are prepared to compete but the nuances and difference between mono-lines and banks should be factored when making decisions which impacts funding for the mortgage broker channel.  The Minister of Finance stated that his office would consult with our industry about all the recent changes and what our needs might be going into 2014.

One of the things I am most proud about during my time on the CAAMP Board is the relationship which has been built with Ottawa and the regulators.  I wasn’t too long ago when it was difficult to get a phone call returned from the powers that be. Today, the calls are being returned and we have an opportunity to sit at the adult table. Influence cannot happen without dialogue.  I believe CAAMP’s efforts are being noticed.  It’s why we don’t hear the “cash grab” argument with the frequency we once did.  Today, even the haters have some difficulty arguing that the nominal cost to be a member is not worth trying to protect our collective wallets.

Until next time,

Cheers

I’m spending some time in airports this week, and I use that time to catch up my reading.  I came across an on-line article by Christina Pellegrini, “Why real estate doomsayers continue to be wrong.” The article originally appeared in the Financial Post Magazine.  There was something different and unusual about the article which left me out of sorts after reading it.  Figuring I must have missed the nuance, I read the article again.  Then it dawned on me. The story was fair, balanced and looked at both sides of the story.  That’s something which is sorely lacking when it comes to stories about the real estate/mortgage industry in our country.

For far too long the doomsayers have dominated the airwaves and print media.  I get it, it sells.  Crash, bust or apocalyptic meltdown gets more attention than a stable and balanced market.  But shouldn’t someone hold the doomsayers accountable or at the very least ask the question, “you were way off, please explain?”

Pellegrini attempts to do just that.  There was a great quote in the article from Canada Mortgage Trends, Rob McLister.  With respect to where prices may be at some point in the future, Rob said the following: “Anyone that purports to tell people where prices are going to be in two, three, fours years down the road is a fraud. Housing is stable at this point and there’s nothing on the horizon that we can say with certainty is coming that would derail the market.”

Facts and trends can be debated, and that’s healthy. The problem today is there doesn’t appear to be much debate.  Rob’s viewpoint, along with many other in the article, is not only refreshing but necessary.  A balanced story, irrespective of the topic, requires work.  It’s time for some to stop being intellectually lazy.

Until next time

Cheers

This week I had  the distinct pleasure to share the stage with Ron Swift, CEO of Pacific Mortgage Group,  Paul Grewal, President, Street Capital and Derek Norton,  MCAP Group of Companies during the monoline panel session at the CAAMP/MBBC Spring Conference & Trade Show. The panel discussion was about the state of the market and what our crystal ball says about the future of our industry.  To be totally frank I’m somewhat hesitant to participate on these panel discussions given some of my prior experiences.  I’ve been on panels in the past where panelists offered nothing but motherhood statements or they use the time to extoll the virtues of their own companies.  Being a part of some financial institutions gloried infomercial does nothing for me.   So now when I’m invited to take part in panel discussion, my agreement to do so will be based on who the other panelists are.  That’s why there was no hesitancy on my part when I was asked to participate at the conference in Vancouver. The gentlemen noted above know their stuff, and they speak freely.

I’m not sure what insights the audience garnered during the session but I can tell you I learned a few things.  For example, I have to remind myself that when I speak publicly I’m speaking to a much broader audience.  Someone mentioned to me, a few hours after the session, that there were a number of tweets during the panel discussion.  I’m still coming around to the notion that the social media is providing a vehicle for people to provide instantaneous commentary and judgement on what you’re saying.  Don’t get me wrong, even if I write “don’t forget twitter” on the palm of my hand prior to a public address it wouldn’t change my message.  What might change is certain phraseology.  After addressing audiences I always mentally critique my own performance and make note of things I could or should have said differently.  Today an improper or incorrect phraseology can become memorialized, thanks to twitter.

I always get feedback after participating at an event and the most recent event was no different.  The feedback is motivated by those simply being polite to those who wish to offer suggestions how the session could have better; which is code for how I could have done a better job.  No offense taken.

Until next time,

Cheers.

By the time this blog is posted the CAAMP/MBABC Spring Conference and Trade Show will have come and gone.  In a spirit of cooperation, and market feedback, CAAMP and MBABC have worked closely together in an effort to meet the growing demand of members to eliminate duplication.  Not an easy task given that both associations share common interests, serving their members, while still being able to meet their financial responsibilities for the services they provided for their respective members.  It’s a balancing act to say the least.  Kudos to both associations for taking steps to address the issue of duplication, and for at least trying.

The issue of industry duplication is interesting and nobody has a clear cut answer as to how we can most effectively eliminate it. There was time when the CAAMP Mortgage Forum, previously known as the CIMBL Conference, was the go to event.  It was a unique opportunity in which all stakeholders could meet under one rooftop; equal measure of education, networking and socializing.  For many years the conference held its rightful place as THE event. But like everything else today, things changed.  The first wave of duplication started when the provincial associations decided to emulate the CAAMP Mortgage Forum.  Not suggesting that’s right or wrong.  What I am suggesting that if you have a conference with speakers, trade show, a gala event, guess what?  It’s a duck!  Geography does not change the experience, the format and the overall quality does.  Another contributor to the wave of duplication was made by CAAMP itself. A mini-me version of the national conference, regional symposiums, is in part, well, an imitation of the national conference.  Quack-quack.  The most recent wave of duplication is individual firms are now hosting their own national conferences, albeit in far more exotic locations. To be absolutely clear, I am not passing judgment on the wisdom of individual firms hosting such conferences.  If it works for them, and their employees are happy, terrific.  But if the format is the same as the industries national conference, as well as the Provincial one’s, foie gras anyone? Last but not least is the recent foray into mortgage conference world by a privately owned publishing company.  Certainly their propagative but the fact is they’re contributing to the duplication, and just because it’s theirs does not make it any different or special.  Can’t think of another duck reference other than the decision to create yet another conference is Daffy, as in the duck of course.  So there we have it a bunch of ducks, and I’m not suggesting any one is better than the other – just a lot of the same in our industry.
So what do we do as an industry going forward as it relates to duplication of conferences, golf tournaments etc.?  Firstly, we have to be completely honest with ourselves.  Do we really care? Or is this issue something for the industry to just grumble about?  I ask because last time I checked sponsorships and tickets are still being sold for the multitude of conferences being held across the country.  Everyone seems to attend and participate begrudgingly, but they still participate and attend.  So if you’re an organizer of one these conferences what do you make of this? I suspect the duplication debate will carry on, and in time we will find out if it’s a real or a perceived issue for the industry.  One thing is for certain, the industry desperately needs some creativity.  Kudos to those who care and are giving an honest effort do things differently, we need more people like you in the industry.

Until next time,

Cheers.