President and CEO
At the end of 2016, National Bank announced it planned to use a third-party model for its mortgage funding, specifically through mortgage process outsourcing firm Paradigm Quest. As part of the agreement, Paradigm will only originate mortgages in the broker channel under the Merix Financial brand. Orchestrating this kind of deal with one of the Big Six banks is huge, and Merix Financial president and CEO Boris Bozic says Merix is “delighted the bank had this confidence in us. It adds to our list of institutional partners, lets Merix offer new products and lets us support mortgage brokers more than ever.”
A former broker himself, Bozic launched Merix Financial in 2005 and has worked his way into the Mortgage Hall of Fame. With more than $29 billion in funded mortgages and more than 200,000 customers across the nation, Merix consistently ranks as one of Canada’s premier lenders. Apart from the deal with National Bank, Merix had a busy 2016. The Lendwise brand formally launched NPX, an uninsured non-prime mortgage, which Bozic says will be enhanced in 2017 and beyond, and which could be just the beginning of a slew of new products designed to make Merix a “one-stop solution.” He’s hinted that 2017 will be another busy year for the lender, which has goals to digitize its business to increase its accessibility to consumers and simplify the lending process.
Although Bozic believes the role of brokers will change significantly in the coming years, he thinks the big guns in the industry will be able to face the consequences and outcomes. But the best way to do that, he says, is to become politically engaged and speak up in a unified way. “We must become far more politically involved,” he says. “As an industry, we’ve become far too reactive versus proactive.”