Mortgage Awards

Insight into the New Industry-Created Mortgage Awards of Excellence

Earlier today, a press release was issued announcing the launch of the Mortgage Awards of Excellence, a new industry-driven event taking place on May 3, 2018.

There are a number of  different events that recognize and celebrate excellence in the industry so some may be asking the question: Why create a new one?

To answer this question, we reached out to Albert Collu, Chair of Mortgage Awards of Excellence, to gain insight into the creation of the awards and to understand how the members of the Awards Committee were selected.

 

What prompted the creation of this new night of celebration, and why another awards show for the mortgage industry?

Great question. Currently, there are iterations of industry awards such as  association awards or third-party events. Recently, there was a loud industry call to organize an awards ceremony which is brought to the industry by the industry, and one that was non-partisan. As such the Mortgage Awards of Excellence was created.

How did the idea of the Mortgage Awards of Excellence come about?

The idea has been percolating for a number of years now but the demand has been very pronounced over the past year or so. There was much discussion among industry stakeholders (lenders, brokers, insurers, technology providers, associations and the like) to take the idea and make it a reality. I was asked by various industry participants to lead the initiative and very humbled to do so.

Who was invited to be on the awards committee, and how were they selected?

As Chair of the Mortgage Awards of Excellence, I felt it was very important that the initiative be represented by a cross section of various individuals representing the diverse roles and organizations within our industry. As such, I targeted lenders, mortgage insurers, technology organizations, mortgage organizations (franchisors, brokerages, networks, etc.), industry associations, and special interest groups (I.e. WIMI, I Love Mortgage Brokering) which manifested into a committee of 20 people and organizations.

The real testament of the demand is how broad the committee is and how well represented the industry is. There truly was no convincing required for reasons aforementioned. It was quite overwhelming to see how quickly all these individuals wanted to jump on board for what they deemed as “the right thing to do for the industry”. The press release committee members clearly demonstrate the breadth of industry leaders that are empowering this initiative though their time and support, something that should be applauded because they have all set aside the day-to-day competitive forces to do right by the industry.

With so much change occurring within our industry, this is a wonderful initiative to band together for a very positive cause and who knows…perhaps it will demonstrate that we are all capable of doing great things as a collective group for the betterment of Canada’s mortgage industry.

 

More details are to be released in the coming weeks, all of which can be found at the awards official website at www.mortgageawards.org.

Mortgage Awards
  1. To Albert Collu:

    No offense but you danced around the question of why the industry needs yet another awards night.

    Here are my questions for you:

    Why specifically was there a “loud industry call” for more awards? You answer suggests that CMP awards are “partisan.” How so?

    Why should lenders have to sponsor yet another expensive event?

    Do you anticipate that multiple Mortgage Awards of Excellence sponsors will now abandon the CMP awards?

    How exactly will your awards be better?

    Let’s cut the PR responses and get down to brass tacks. This industry spends way too much time patting itself on the back and lauding its accomplishments and not enough time worrying about the profitability of lenders. If margins keep declining for broker originations, there won’t be anyone left to hand your trophies to.

  2. There is no question that there are many people in the mortgage brokerage channel that need some recognition:, underwriters, funders, BDMs and those in the channel that are involved in their communities doing great charitable work. But let’s wake up to the fact that in a business that is made up of self-employed salespeople the reality is that performance is its own reward and yet many brokers are heading down the Facebook rabbit hole of posting a 26th highest producer of the month scroll like it was a Nobel Prize. Honestly, the public is not fooled. Our attention should be directed at providing great advice, great value and developing great tech that serves our clients better, faster, more efficiently. If we took every ounce of effort, energy and money spent on Awards night and made it our top priority to really influence government policy in our space we would start to look like the real business people we need to be.

  3. So Verico is doing its own “industry” award show. How would this recognize the industry, if Verico is picking all the winners. Why don’t the leaders focus on leading?

  4. Hahahaha – So Verico chairman gets to ‘pick’ winners – send all your corporate info to competitors to vet? Who are you kidding? Nice try, no thanks! Oh that’s interesting – has pitched the awards almost same time as CMP awards – could be accused of trying to confuse people so that they think Verico awards are somehow linked – really? We’re better than this

  5. This so called “NEW AND IMPROVED” industry awards event, isn’t really so new and improved. In fact it’s more of the same old self-interest groups jockeying for a flex, and a chance to serve their own agendas……If this were an earnest attempt at helping lenders cut costs, and to bring our industry together, why would this incognito event “COINCIDENTALLY” be scheduled days around CMBA’s Conference and Trade Show, and not MPC’s and their awards ceremony??? Could it be because what’s good for the goose isn’t so good for the gander?….Are the lenders that participated in this endeavour telling our industry that they’re on board with the self-interest groups monopolizing the playing field that may just turn on them one day? I certainly hope not!!….Like I said, more of the same old, same old agenda.- And just when I thought there was hope. What a shame!!!

Your email address will not be published. Required fields are marked *

More Stories
CMHC's Siddall Delivers Gloomy Economic Forecast
CMHC’s Gloomy Outlook: Up to 18% Drop in Home Prices, 20% Arrears Rate
Copy link