Chuck Nash is hosting the podcast for the first time today. Joining him as a guest is Doug Adlam from Champion Mortgage. He and his brokerage won the 2017 Brokerage of the Year award for a staff of under twenty-five.
This episode is sponsored by Finmo. Finmo is Canada’s fastest growing mortgage origination platform. To find out if Finmo is right for your business visit www.finmo.ca/scott
Timestamped Show Notes
(click the timestamp to jump directly to that point in the episode.)
[0:52] How did you get into this industry?
- I was working in market research and teaching at the University of Guelph, advising my parents who opened Champion in 2001.
- Other research I was doing allowed me to see that there was a growth opportunity for mortgage brokering in Canada.
[2:26] What has put you on the track to do $100,000,000 this year for the first time?
- Slow and steady wins the race. We’ve really grown organically.
- We treat every scenario as if we were in the same position as our client.
[3:28] Why is CRM so important to you?
- CRM is critical to our structure. One of our goals at the new office of Champion is to create a brokerage where everyone can be in their HUBU (highest use, best use).
- This is achieved through process, and in order to achieve a standard process, we needed to have a CRM system in place.
[6:26] CRM ties into Finmo, a software that you are a co-founder of. How did that start?
- It evolved from a couple of mastermind groups across the country.
- The consistent problem identified was speeding up the application process.
- We knew we needed to let brokers spend more time on the true value that they bring.
[9:47] Where is Finmo going?
- We’re continuing to evolve by looking at borrower pain points.
- We identified that if we could create a transparent way for the broker to prepare the client for the documentation that they’re going to need, and give the borrower the opportunity to upload that documentation as soon as they’re done their application, we’re one step closer to a complete application.
[12:34] What else is integrated with Finmo?
- We’re in a partnership with Finastra, which allows us to push data seamlessly.
- The back end of Finmo is left open for Zapier, which is a tool that allows Finmo to connect to over fifteen hundred apps.
[14:38] Tell us about a client with an interesting problem.
- A young couple came in for an application.
- The lady’s credit was extraordinarily low because it was being checked every two weeks.
- This was done by her boyfriend’s dad’s company without her consent. She exploded.
[16:10] For someone starting out in the business, what would be your biggest piece of advice of something not to do?
- A lot of brokers blow the bank on marketing in their first year. There’s a lot of creative marketing you can do without a big budget.
[17:28] What do you know now that you wish you knew when you started?
- This business is way harder than anyone expects it to be. I truly underestimated it.
[19:23] Rapid fire questions.
- What’s the most important habit for a broker to have?: Don’t lose sight of your leads.
- Describe yourself in three words: Meticulous, process-oriented, driven.
- Who’s your favourite A lender and why?: First National. They’re simple and consistent.
- What book are you currently reading?: I read three or four books a day.
- What’s your favourite hockey team?: I grew up as a referee, so I’m neutral.
- If you could be a superhero, who would you be and why?: Superman so I could fly.
If you’re interested in becoming a deal creator, visit http://www.10loansamonth.com/call to find out more.