He’s back... Mortgage industry veteran Bob Ord will now lead a newly-formed MIC – focusing on non-conforming residential lending.
“The timing is right to develop fresh financing choices for the Canadian mortgage marketplace,” said Ord, in a press release issued Tuesday morning. “There have been huge changes in the financial sector over the last several years with the ABCP crisis and the more recent credit crunch, and overall mortgage originations have shrunk about 20 per cent. In addition, mortgage brokers today are challenged with expanding direct lender sales forces that offer only standard financial solutions. When operational, Title Mortgage will develop innovative, non-standard products and shorter-term financing solutions for mortgage brokers. The ultimate winner, of course, is the Canadian mortgage consumer.”
Exact funding for the mortgage investment corporation haven’t yet been announced, and Ord could not be reached of comment Tuesday morning.
“We were approached with the concept of a MIC,” Cameron Strong, chairman of Invis and Mortgage Intelligence, told MortgageBrokerNews.ca. “It is now in the very early planning stages for operation in late 2012. When it is operational, we are confident that it will help to differentiate mortgage brokers in an increasingly competitive market and add significantly to their resources.”
The announcement comes three months after Ord stepped down from his position at Mortgage Architects, the national brokerage he headed as both chairman and CEO. He launched the company in 2006, and presided over the operation when Pacific acquired it in March 2010. Lending arm myNext Mortgage Company was also part of the equation.
The veteran mortgage professional had also played pivotal roles in building FirstLine, Mortgage Centre Canada, Filogix and Mortgage Intelligence – an organization he is now preparing to partner with. This time it will be as a lender.
“Bob’s reputation in our industry is second to none,” said Cameron. “He is an innovator, and brings an unparalleled depth of experience in building and running both conforming and non-conforming lenders, as well as designing unique mortgage products. I am confident that this new undertaking will serve to increase product availability in our industry.”