This week I experienced a momentous occasion.  A birth of a child?  Extraordinary company results?  The solution for peace in the Middle East?  No, something far more significant.  The event occurred at my home golf course, Meadowbrook Golf and Country Club.  I was on the seventh hole – par 3; it’s a beast of a hole.  From the Gold’s it plays 207 yards.  The hole is slightly elevated, the green slopes left to right, and it’s fast, bikini waxed fast.   To make the hole more challenging, the greens keeper decided to place the pin front left, which meant the hole was well protected by a front side green bunker.  Just evil.  The wind was blowing slightly into me from left to right, which would pose a challenge for my natural ball flight of right to left, a draw in golfing vernacular.  I had to choose my weapon and I decided to pull out my Adams 3 iron hybrid.  The club was a Christmas gift from my little brother Tom, he’s eight years younger than me but he’ll always be my little brother.  Truth of the matter is I’ve been struggling with that club.  Just can’t seem to get my natural ball flight when I use that club.  I wasn’t feeling overly confident when I pulled the club out of my bag.  I know what you’re thinking, “so this was when one of the old codgers you were playing with suffered a massive heart attack, and there was no time to get the defibrillator, and that’s when you sprang into action, administered CPR and breathed life into the golfer who was on the verge of walking towards the bright lights of the hereafter?”  Patience, grasshopper.  I walked slowly to the gold tee blocks, my playing partners (one of which who’s been a member of the course for 50 years) were playing the blue tees, some fifty yards in front of the tee blocks I was playing.  Therefore, I had to take the lonely walk by myself to the tee block, just me and my thoughts. Knowing full well that three sets of eyes were on me, willing me to get on with my shot so they could get on with their game.  You’re probably thinking, “so this is when the momentous occasion occurred?  A wild animal emerged from the woods, charged one of your playing partners and you gallantly, and bravely, interceded and fended off the wild beast?”  Forbearance, dear reader.  I took a deep breath and reminded myself not to over swing.  I pulled the trigger and made contact with ball, and watched it make its journey towards the green.  My playing partner, the 50 year member who knew every subtly of the course, says out loud ‘’this is gonna be good”.  That was sweet of the older gent to be so kind.  I watched the ball hit the front slope of the green, it took one hop and rolled forward about 10 feet.  And then it happened, I heard the noise of the ball hitting the flag first, and then the ball disappeared.  I just jarred my first ace, a hole- in-one!

There was a delayed reaction by me and my playing partners.  That’s probably because you think your eyes have deceived you, and that the golf gods were playing a cruel hoax on me.  But then reality sets in, and my emotional outburst was based on playing this stupid game for over 30 years, and all the frustration that comes with it.  I think everyone in Southern Ontario heard me yell, ” IT’S IN”!  A 207 yard par 3 hole-in-one, a manly man’s hole.  My playing partners congratulated me, and the 50 year member told me that after the 9^th hole I’m to go to the administration office, report my hole-in-one so that they can prepare the 50 free drink tickets the course provides for any member making an ace. I had no idea the course did this, and if the truth be told I would have gladly bought 50 drinks to celebrate.   Needless to say I was pretty popular after the round.  Free alcohol increases popularity levels.  Everyone was very gracious and congratulated me, and some even shared with me their hole-in-one experience.  I smiled and listened patiently, all the while thinking, “SILENCE, THIS IS ABOUT ME”.

I love the game of golf but alas she does not love me back.  She continuously seduces me with her majestic beauty, and at times she lets me believe that I can have my way with her.   The quick study I am, I’ve been falling for this for over 30 years.  What made her decide to give me this one moment is beyond me.  Maybe it was a reward for my faithfulness.  But I fully anticipate that she’s already made plans to keep me in line.  By the way, if you would like to hear more about my hole-in-one, feel free to call me.  I’ll provide background music (to help set the mood) and put on my best radio voice while regaling you with every detail. 

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.

I have a tremendous amount of admiration for those that can craft words in in a way to enlist emotion, and to make people say, “What the hell?”  I’m not talking gibberish or some inane cliché.  Real articulation and pictures being painted with words is an art.  Indeed, my tired eyes have glimpsed a Picasso of statements.  The artist? Outgoing Bank of Canada Governor, Mark Carney. Today was Mr. Carney’s last monitory policy update prior to his departure this summer.  It’s an art form to be able to say the same thing 32 consecutive times, and make it sound interesting.

In fairness I did detect something new when reviewing the text of his speech.  For example, how would you describe your business today?  Challenging?  Concerning? Apprehensive?  I have a sneaking suspicion you didn’t think of this, “constructive evolution of imbalances in the household sector.”  These were Mr. Carney’s words used to describe the current economic state of affairs.  In fairness, here’s the entire statement, “With continued slack in the Canadian economy, the muted outlook for inflation, and the constructive evolution of imbalances in the household sector, the considerable monetary policy stimulus currently in place will likely remain appropriate for a period of time, after which some modest withdrawal will likely be required , consistent with achieving the 2 per cent inflation target.”  See, nothing has really changed with exception of the categorization of our industry, and the real estate market in general.  “Constructive evolution of imbalances in the household sector” sounds so much better than the market has slowed down significantly, the condo market is weak, job loss in the housing sector may reach 180,000 due to a real estate slowdown, many borrowers can no longer qualify for mortgages and household credit posted its slowest annual growth in 17 years in April.  I’m not debating the importance of slowing down consumer debt or the Bank of Canada’s policy in general.  I’m just admiring the phraseology.

So Mr. Carney bids us adieu with a message of, well, much of the same.  So we wait with bated breath to hear from the new leading man, Stephen Poloz.  The market will cast its eyes, and especially its ears, to the new governor of the Bank of Canada.  Markets move up and down based on statements made by the governor of the Bank of Canada.  So don’t expect absolute clarity from the new governor as it relates to future predictions of what the Bank of Canada may or may not do.  Wiggle room is always required.

Until next time,

Cheers.

This is one of my favorite times of the year.  I’m about to take part in what has become a marker of history for MERIX.  Every year since inception we gather as group to reflect on the past twelve months but more importantly focusing on the future.  It’s the one time of year where we gather to share ideas, to council, motivate and enjoy eachother’s company. We’ve taken our gathering across our country, and last year we converged on the city of San Francisco.  This year?  We gather in our nation’s capital.  When I asked the organizers of the event why Ottawa?  The answer was simple, not everyone on the team has been to Ottawa. So Ottawa it is.  

I’ll be with the MERIX team for the remainder of the week, which is code for I’ll get back to regular blog posts next week.  For the next few days I get to spend time with an inspiring group of people from across our country.  

Until next time,

Cheers.