Beginning his financial services career in 1981 as a loan officer with TransCanada Credit, Joe Rosati joined Guaranty Trust a year later as an underwriter in the broker services division, and he hasn’t left the broker space since.
In 1991, he joined Montreal Trust, where he headed the mortgage broker division. The company sold to Scotiabank in the mid-1990s; at the time, the bank didn’t source mortgages from the broker channel. Rosati saw this as an opportunity to introduce the bank to the benefits of using the broker channel as a customer acquisition strategy. They agreed and appointed him to pilot the program. In his 12 years as director of national sales at Scotiabank, he helped grow the broker channel to more than 25% of the bank’s mortgage origination.
After Scotiabank, Rosati held leadership roles at MCAP, Home Trust Company and as the inaugural executive director of the Independent Mortgage Brokers Association. Today he serves as the CEO of Broker Financial Group, a startup national broker network that has grown to encompass more than 900 mortgage brokers and agents in its short two-year history.
“If I have learned anything in my long career, it is that the mortgage brokerage industry has the most resilient group of professionals that I have had the pleasure to work with over the past 35 years,” Rosati says. “In that time, we have seen extremely high interest rates in the early ’80s, the collapse of many of the trust companies that supported the broker channel and a real estate crash in the ’90s. The great recession of 2008, which almost destroyed the mortgage brokerage industry in the US, saw the exit of many subprime lenders in Canada. And in most recent history, there have been all the regulatory and mortgage rule changes our industry has had to endure since 2008. The only constant we can be sure of is change itself. However, the other thing I am sure of is that this industry has had the benefit of many bright minds that will continue to innovate, grow and thrive as we battle and progress towards becoming the primary choice for consumers’ mortgage needs.”
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