Dan Putnam -- president of the retired MortgageBrokers.com brand – has found a new challenge, heading a startup residential division for one of Canada's leading commercial players.
“I’m honoured and delighted to have such a first class team in place for this exciting initiative,” said CMLS Financial President Chris Brossard Tuesday. “We intend to build this business on the same foundation of exceptional service, broad array of products and services, best-of-class technology, and competitive pricing that has resulted in the outstanding growth of our commercial mortgage business.”
Much of that building will take place under the watch of industry veteran Putnam, who’ll assume the post of VP for sales and business development for the broker-focused division. He was former president of the MortgageBrokers.com network, with its parent Pacific Mortgage Group having made the decision to roll the brand into the Mortgage Architects family.
Putnam, a 25-year veteran of the residential mortgage industry, has also served as the owner/operator of a large regional brokerage in addition to his time at the helm of MortgageBrokers.com and another national operation. He’s also played key roles on the lending side as president of originations for a national mono-line.
“It isn’t often that an opportunity presents itself to begin an exciting new business from
such a strong existing one, he said this week. “Obviously, my team and I are embracing this challenge and eagerly await the day when we are originating and servicing mortgages from the mortgage brokerage industry.”
Putnam is also a CAAMP board member and chair of the association’s government relations committee.
His challenge is now bringing the CMLS name into a market where many brokers are retreating to the comfort of longstanding network and lender relationships, said one analyst. Still, the mortgage rules have created more opportunity on the B side, something CMLS may be well positioned to seize.
Putnam isn’t, in fact, starting from scratch.
As a non-bank, non-OSFI regulated lender, Brossard told MortgageBrokerNews.ca, "we will utilize similar channels that we have developed to fund our approximately $2 billion commercial mortgage lending program, including conventional securitization programs and wholesale institutional funding relationships.
"In addition, we are a CMHC approved lender and have what is known as CMHC 'issuer and seller status,' allowing us direct access to the NHA MBS market and the successful Canada Mortgage Bond program. We are excited to start to try to earn the trust of the single-family mortgage brokerage community."
The residential division won’t officially begin operations until early 2013, with Kevin Fettig also onboard as VP for risk management.