Who: Phil Fiuza
What: Managing director, single family mortgages
Where: Canadian Mortgage Capital Corp. and Atrium Mortgage Investment Corp.
Milestones achieved in 2013
- We launched a single family division in 2013
- We are not interested in competing on pricing to grow receivables quickly
- We prioritize a safe risk profile while targeting an eight per cent dividend yield to our shareholders.
- Our challenge for 2014 will be building on our current relationships with the existing broker community and enhancing it
- Building new relationships is important, but keeping Atrium top of mind with the existing set is top priority. We feel that we have a responsibility for helping to spread the MIC message, that’s why events like the Mortgage Summit are very important to us
- Atrium also has offices in Alberta and B.C. Most of the business out west is commercial. We want to expand our residential portfolio in these areas as well. We plan to establish a larger single family presence in the west during 2014
- Hiring more underwriters to increase our underwriting capacity in Ontario and in Western Canada
“2014 will continue to bring its challenges to the broker channel. Rule changes, tighter underwriting criteria, the fear of a landing (pick one – hard, soft, none at all?). It’s a bit upside down out there when I tour the offices and talk to the agents directly. They are struggling and are frustrated with underwriting policies that some lenders are implementing because pick and click underwriting doesn’t really work these days. What I do see is an increase in the quality of the transaction we are getting. When people hear alternative lending, they immediately think bad credit, bankruptcies, high ltv’s. Let me tell you, this is not the case. We are seeing applications with quality borrowers and quality real estate.”
|Years of Experience:
Over 25 years' experience in the Canadian mortgage
To read the full feature, click on the following link CMP Hot List 2014 to download the PDF.