I Love Mortgage Brokering was founded by Scott Peckford, a Kelowna BC mortgage broker who was looking to be a better broker. His original goal was to interview 100 successful mortgage brokers in 1 year to learn what made a successful broker successful. Having completed 50 interviews in 2014 and publishing them as podcasts, Scott decided that 2015 would be a great time to grow ILMB from being a simple podcast to being a community where mortgage brokers can share what has and hasn’t worked for them.
In addition to the now regular weekly podcast, we are excited to have recently launched the ILMB blog and a Video Podcast called Mortgage Broker TV. The goal of the blog is to comb through the information shared in the first 50 podcasts and really examine the data and share it with the community. The goal of MBTV is to have the top brokers in Canada weigh in on hot topic issues.
Why Scott started ILMB: in his words
This started as a personal journey for me. I have been a full time mortgage broker since 2006, and in that time I have operated a very inconsistent mortgage business. My volume has fluctuated between $20M to $40M per year. However, I have to confess my highest volume years were also some of my lowest net profit years. In 2012 I decided I needed to rework my business model and I did.
I am happy to say that 2013 & 2014 have been my highest net profit years even though I have written less overall volume than in previous years. My goal now is profitability, I have learned that high volume does not equal high profit.
Seeing small successes led me to chase after bigger and better successes in my own business.
One of the changes I made to my business was to work from a home office. This comes with a unique set of challenges and opportunities. As my only staff is a licensed virtual assistant, I find working primarily by myself to be uninspiring at times. I thrive on interaction and love working with people.
To stay motivated I attend Mortgage Broker conferences to connect with my colleagues. In fact, I usually get more value from a conversation over a beer in the lobby with a fellow broker than I do from most of the conference speakers. I found I would leave the conferences all jacked and ready to get back to work, but then return to my office… alone. Not to mention conferences are expensive and take time away from writing mortgages (which impacts profitability).
I Love Mortgage Brokering met my two most immediate needs, the desire to grow my personal business and my need for social interaction in my industry. I figured, if I interviewed 2 successful mortgage brokers every week, I would be inspired by their stories and I could share some of the information and make new friends. That is when the idea of the podcast came into play. I would record the interviews and share the successes of my guests with brokers across the country. Even though some of my guests have drastically different business models, I find I can always learn and apply something to my business.
The mission of the ILMB podcast is simple. Be a Better Broker.