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Mortgage Broker News | 11 Nov 2014, 11:00 AM Agree 0
One of the broker network’s main lenders is applying to the Minister of Finance for a Schedule I bank charter.
  • Ronald Caissie | 11 Nov 2014, 11:59 AM Agree 0
    Could we be losing another sub lender
  • Ron Butler | 11 Nov 2014, 12:05 PM Agree 0
    I think this is a opportunity to comment on the incredible success and achievements of Gerry Soloway. Many years ago in Hamilton ON, Gerry started with a small group of mortgage investors, morphed into a Savings and Loan, then a Trust and now in his crowning achievement the conversion to a Schedule 1 Bank.

    Over that whole history of growth, Gerry was constantly told that starting from effectively zero, no one could ever build a Trust company and that the idea of running a bank was sheer foolishness. Banks were the domain of a patrician group of the Canadian business elite, CEOs were carefully selected from a small cadre of very similar looking and acting men steeped in their corporate culture and vetted by the bank boards who represented the old guard of the Canadian Establishment and there was no place for someone who's dream was to create a major financial institution simply from an idea of lending and deposit taking WITHOUT branches (Gerry's was a virtual financial institution before anyone knew what virtual was).

    I have always believed that the greatest thing in business is to create something from nothing. With the help of a great team Gerry Soloway has built what is soon to be a Schedule 1 Bank from a vision of new financial processes decades ago in Hamilton before fax machines, before computers, before the internet.

    Most importantly, from Day One; Home ALWAYS supported mortgage brokers and deposit brokers. Today Home Trust sends tens of millions in finders fees to mortgage brokers every month for mortgages that our other lenders have turned down.

    Congratulations to a Canadian business giant who proved that through intelligence, focus, relentless hard work and absolute belief in his own vision that you can accomplish anything.
  • AM | 11 Nov 2014, 12:26 PM Agree 0
    Well said Ron!
  • John Martin | 11 Nov 2014, 06:10 PM Agree 0
    This industry is complimented by the Gerry Soloway's of the World. All the best with the new Bank. Great job, well done. JM
  • Vince Gaetano | 12 Nov 2014, 08:32 AM Agree 0
    Gerry and his team have always had focus and understood their place in this industry. As they have expanded their reach, it was only a matter of time before they achieved Schedule 1 Bank status. Hats off to Gerry and a great team at Home!
  • Vince Gaetano | 12 Nov 2014, 08:32 AM Agree 0
    Gerry and his team have always had focus and understood their place in this industry. As they have expanded their reach, it was only a matter of time before they achieved Schedule 1 Bank status. Hats off to Gerry and a great team at Home!
  • Mark Balcar | 13 Nov 2014, 08:50 AM Agree 0
    I also like the move. I think more mono-line lenders need to diversify to compete in the market. Offering solely a good mortgage product might not be enough. Having said that diversifying the model also needs to be broker friendly.

    Sure, I am saying that because I am mortgage broker. I am not saying that solely because I am selfish rather I am looking for more services to offer my clients and ways to be more of a mobile banker.

    Clearly I cannot advice clients in certain capacities however as brokers we see clues and areas where our clients need additional support. I'd to see our role more on that forefront.
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