Collin Bruce, a broker with Dominion Lending Centres
Mortgage Mentors, has done it all; he’s been named the top funding broker by volume three times, and has won a Canadian Mortgage Award as the country’s top broker.
Last year Bruce was as busy as ever, funding a whopping 1,163 deals – the most, by a longshot, of any top funding broker -- to the tune of $357.8 million. That impressive figure placed him second in our Top 75 feature.
Bruce shares his thoughts on the industry and finding success in challenging times.
CMP: What does the industry need to do to adapt to -- and replace the options previously provided by -- departing lenders?
Collin Bruce: The monoline lenders need to figure out a way to get competitive conventional financing. I know that is easier said than done. Hopefully the (recent) BMO announcement regarding bundling uninsured mortgages is a good first step!
CMP: How do you maintain success in the face of increasingly tight mortgage rules?
CB: With the increasingly tight mortgage rules it is important to maintain positivity and continue to adapt. Since 2007 mortgage rules have been getting tighter. We have lost 100% financing, 40, 35 and 30 year high ratio amortizations, high ratio refinances, etc.
Good brokers know how to deal with changes. Really you have two options: either complain and see your business decline or remain positive about the service brokers provide and adapt.
CMP: What is the biggest challenge facing brokers today and how do you adapt and thrive?
CB: The biggest challenge right now is the lack of conventional financing with the monoline lenders. My brokerage has top status with most lenders, both banks and the monolines. It is really important now to have strong partnerships with multiple lenders. This is where being part of a larger brokerage is a big advantage.
CMP: What is your key to standing out among your peers, as well as the big bank competition?
CB: It comes down to working hard, being completely transparent with your client, and putting yourself in your clients’ shoes. Getting a mortgage, whether it is someone’s first mortgage or a refinance can be stressful, and no matter how busy I get, it is important to remember this.
The silver lining as a result of mortgage rules
Lender provides reassurance to brokers