Forum

Broker news forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Notify me of new replies via email
Mortgage Broker News | 02 Jun 2011, 09:00 AM Agree 0
One of the broker channel’s biggest players – Pacific Mortgage Group – is now looming large on the national scene, with PROFIT magazine naming it the second most rapidly expanding company in Canada.
  • Phil McDowell | 03 Jun 2011, 01:37 AM Agree 0
    Old timers may recall a Saturday Night Live skit about a Bank that had a business model "We make Change". When asked how they made money, the response was "Volume!". A caution it's NET that makes Profit. This magazine needs a name change- GR Quarterly? (Gross Revenue in bookkeeping 101) Not that Pacific shouldn't be commended for its growth, but profit is profit after all is said and done.
  • Jim | 03 Jun 2011, 06:12 AM Agree 0
    @ Phil... didn't the same magazine claim one of Pacific's other companies was #1 in 2008 yet you look at their financial statements and they have never made a profit! I agree, Profit magazine needs to change their name... $55M in revenue? How much in expenses, $56M?
  • Jay | 03 Jun 2011, 07:56 AM Agree 0
    They employ 1085 people? I would love to see their financials and how much volume they are booking. It is all a numbers game and when you have a exclusive lender that only books "A" business that caters to a small sales force it doesn't make alot of money. That is the reason for them trying to buy INVIS and MI. Now with Bob Ord leaving they needed some positive press. Good Luck.
  • @Jim | 03 Jun 2011, 11:44 AM Agree 0
    Seriously, is CMP really running this story? Since when does a record not speak for itself? It's time for the industry and CMP Magazine to pull the curtain back and expose the truth behind, Pacific and MortgageBrokers.com. One has already gone to zero. In my opinion it's a matter of time before the other does.
  • David | 04 Jun 2011, 12:54 AM Agree 0
    We all know that mortgage brokerage business margins are small in Canada. What Pacific NA is doing is diversifying sources of income and sources of informations for their clients. That company should achieve top spot in Profit in upcoming years as they have a strong plan of action backed with solid management and top quality brokers around the country.
  • Jim | 04 Jun 2011, 01:14 AM Agree 0
    @Jim of course they are... look at the banner on top, MA is an advertiser. Notice they have not reported that one of the industries biggest players is no longer with Pacific? Just this "Profit Magazine... 2nd biggest increase in revenue" article... smoke and mirrors my friends smoke and mirrors.
  • @David | 04 Jun 2011, 05:47 AM Agree 0
    Profit magazine is a joke. They are just another magazine that doesn't verify information. It is not the amount of gross revenue that makes the difference but what is left at the end of the day that does and based on the volume that both mbkr and ma book that is not alot of money left that the lender is generating. There was a reason why mynext was sold and it wasn't because they were making money. Again with Ord gone i wish them luck because it will be an uphill battle.
  • braden | 08 Jun 2011, 06:07 AM Agree 0
    In order to grow, and grow at an accelerated pace you need to make acquisitions. In order to make acquisitions you need to spend money. So If you know how to read financial statements you probably should before you call it all smoke and mirrors.
  • @braden | 08 Jun 2011, 08:30 AM Agree 0
    I know how to read financial statements and it is very clear that it is all smoke and mirrors. When your liabilities are larger than your assets and you are not showing net profit then you should not be in profit magazine.
  • Alex Haditaghi | 09 Jun 2011, 10:22 AM Agree 0
    It is time to set the record straight and lift the veil of ignorance that seems to so permeate this industry. In order to be considered and evaluated by Profit Magazine, the candidate company must submit audited financial
    statements where the results are verified by independent third party auditors in accordance to Canadian GAAP. I would suggest that Profit
    Magazine's editorial staff and company evaluation process is one of
    integrity as a national magazine and that Canadian companies like Research
    in Motion, Western Financial Group and Canada Goose, who have participated
    in Profit's annual list for eleven, five and three years respectively, would not if it had no integrity.

    One of the hardest things for any hyper-growth company to achieve is profitable growth. Pacific Mortgage Group organization achieved profitable growth in the period ending December 31, 2010. Continued profitable growth
    is expected in 2011 and beyond. These profitable results are primarily due to our great business model, exclusive lender and
    management team, which in my opinion is the best in the industry. Only two
    of the top five listed companies had profitable growth and Pacific was one of them! For those of you who took the time to write disparaging remarks, you should take the time to click on each individual company profile to
    obtain the 2010 profit margin details.

    Instead of putting each other down and fighting over scraps, we should be
    celebrating our successes and building our businesses. I would welcome any
    of you to rise to the occasion.

    Alex Haditaghi

    CEO, Pacific Mortgage Group Inc.
  • Mike | 10 Jun 2011, 01:36 PM Agree 0
    Speaking of lifting the veil, full marks to Alex for using his real name.
    In my opinion numbers speak for themselves. One of Mr. Haditaghi’s other companies (Mortgagebrokers.com) has failed to achieve good results since inception. This company was also profiled in Profit Magazine a number of years ago and it has continued to struggle. As a matter of fact, Mortgagebrokers.com was number one at the time yet the security filings continue to read “The Company's consolidated financial statements are presented on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business”
    Does this mean that Pacific Mortgage Group Inc will put up similar results? Who knows? Mortgage Architects has some of the best brokers in the business but will they share the vision and believe in the leadership that Mr. Haditaghi has to offer?
    The Quarterly Summary report can be found at http://biz.yahoo.com/e/110516/mbkr.ob10-q.html
    With respect to Mr. Haditaghi’s comments saying “Instead of putting each other down and fighting over scraps, we should be celebrating our successes and building our businesses. I would welcome any of you to rise to the occasion”
    I say, look in the mirror and practice what you preach!

  • @Mike | 11 Jun 2011, 08:11 AM Agree 0
    Well said Mike. The one question I have though is, if mortgagebrokers.com is now under control if pacific then where is the press release? I would think that a change of control is material enough that it would require a filing.
Post a reply