Big things on the horizon for O'Leary Mortgages?

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O’Leary Mortgages is mum on how the business is faring in the choppy waters of the current market other than to suggest it will make big waves of its own in 2014.

“We don't disclose specific numbers,” said Alex Kenjeev, CEO of O’Leary Mortgage, answering a MortgageBrokerNews.ca question on the number of originations this year. “Yes of course (we have originated deals).

“As for a quote, normally I'd be happy to oblige but at the moment will have to pass.”

The company’s unwillingness to disclose any financial details may just be due to the fact that establishing and executing its brand strategy has been a slow build – something Kenjeev touched on when MortgageBrokerNews.ca spoke with him in April.

“We’re open for business and writing mortgages today,” he said at the time. “What we’re really trying to do right now is take a really great brand – like Kevin O’Leary and Dragon’s Den – and see how much we can leverage that in the market. It takes time to put together that kind of branding.”

At the time, the company was confident it would have a positive impact on the mortgage broker industry as a whole.

“The overall share of the market brokers once held has gone down, in my personal view,” Kenjeev said at the time. “Most Canadians don’t realize they can go to a broker instead of a bank; they don’t realize they have other options. We are raising the profile of brokers, and we are expanding the channel.”

The company’s website, olearymortgages.com, is accepting applications and it currently advertises 3.49 per cent as its best five-year fixed rate rate.

While Kenjeev has chosen to play the company’s cards close to his chest, he is hinting at a significant announcement for the new year.

“I expect we will have some big news to share quite soon but I am not in a position to say much at the moment,” he said.

  • Lior, Mortgage Edge on 2013-12-25 10:06:08 PM

    I'm still trying to figure out what O'Leary Mortgages is all about. Aside from the Kevin O'Leary name that's attached to the venture, they offer nothing of value.

  • Ron on 2013-12-30 8:10:51 AM

    So Kevin's business moto 'greed is good' doesn't work in the Canadian mortgage market, who knew.

  • Eric Putnam on 2014-04-10 8:30:27 AM

    FYI Oleary mortgage license has been surrendered according to FSCO site http://www5.fsco.gov.on.ca/mbsweblist/ShowLicence.aspx?12319~_EN

  • Dave, Broker on 2014-04-10 11:22:07 AM

    O'Leary Mortgages is a total bust. Tried to use his name (which ain't much to start with) and get into an already saturated mortgage lender arena.

    Stick to barking at people on Dragons Den buddy.

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