The Canadian Mortgage Hall Of Fame

Published In Mortgage Journal

Canada's hockey players have their Hockey Hall of Fame. Now, Canadian mortgage professionals have a league of their own.

On September 23, 2004, CIMBL foundation launched the first annual Canadian Mortgage Hall of Fame to recognize six exceptional players in the mortgage industry, Frances Blau, Michael Braid, John Ribalkin, Brendan Calder, Bob Ord, and Ivan Wahl. These professionals were honored in true red carpet-style at Toronto's Royal York Hotel and all in attendance enjoyed a black tie bash that will surely go down in mortgage event history!

The theme of the night was a sea cruise and it was first class all the way. Three hundred and fifty guests arrived and were welcomed onboard the S.S. CIMBL with cocktails served by uniformed ship crew. We received seating cards with passenger table numbers and had a chance to explore the silent auction room, which was dubbed the duty free shop. Guests were simply wowed by the production

Most importantly, you could feel the excitement. Both regional and national firms were there to celebrate, along with industry suppliers including title insurers, mortgage bankers, technology suppliers and mortgage insurers. There was enthusiasm and energy throughout the crowd that set the evening apart from a run-of-the-mill function.

"We're celebrating the history and success of the past," says Chair of the CIMBL Foundation, Ric McGratten, "And I think that changes the overall nature of the event,"

The eventful night officially kicked off with a live performance of the song "Won't You Let Me Take You On A Sea Cruise." This put us in the mood to cruise, especially when we sat down for a divine 3-course dinner that's renowned at the Royal York Hotel.

A Chance To Hear From Our Industry Leaders

All of this was entertaining. However, the six Hall of Fame inductees really stole the show. The first one to take the stage and enter the Hall of Fame was Toronto's Frances Blau, who was greeted by overwhelming applause.

"The fact that I got a standing ovation… I was just really flattered," says Blau. Starting her career as legal secretary, she then received her mortgage brokerage license and later became President of The Ontario Mortgage Brokers Association and Chairperson of The Ethics Committee. She is also the President of Abacus Mortgages Inc.

In her speech, Blau reflected on 43 years in the business. She recalled a time when things were different and you could do business on a handshake. She also talked about the importance of family, and gave special thanks to Howard, her husband of 46 years. "If I didn't have the support of family, I wouldn't be able to do what I'm doing," she says. Blau concluded by saying "I love the business."

This passion was a common theme throughout the evening. The second inductee, Winnipeg native, Michael Braid began his talk by saying, "I'm amazed that I'm being recognized for doing a job that I love."

Now retired, Braid was the Vice President of TD's Mortgage Development Financial Services and one of the original founders of CIMBL. The special night gave him an opportunity to look back on his fond years with CIMBL.

"It was a pleasure to be able to serve the membership like that over the years. It has been a real exciting adventure to see how it started and where it is now," says Braid in a post-gala interview. He believes that the CIMBL membership demonstrates a passion for the business. "I think people get allot of enjoyment out of putting people into their own homes. And that to me is what the association is all about."

Equally passionate and committed was the next honoree, John Ribalkin. A sub-mortgage Broker at Mortgage Intelligence Inc. in North Vancouver, Ribalkin was also President of Nova Financial Services and one of the founding members of the Mortgage Broker's Association of B.C.
That night Ribalkin looked back on the evolution of mortgage professionals. He remembered, "People didn't was to deal with mortgage brokers, they wanted to deal with the banks," he said, and TD was the first major bank to initiate finder's fees.

It has been quite an industry evolution. After the event, Ribaulkin says, "There was a time where we were rated 2nd or third class and now we're a first choice for allot of consumers."

The final three honorees, Brendan Calder, Bob Ord and Ivan Wahl, were inducted into The Mortgage Hall of Fame together. It was only fitting, since the three were partners that started FirstLine Trust Company and it's predecessor in 1984, the first company in Canada to issue Mortgage-Backed Securities as a funding vehicle.

This dream team was also three of the founding members of CIMBL 10 years ago. So, for the first of the three speakers, Brendan Calder, currently a professor at the University of Toronto's Rotman School of Management, the Hall of Fame gala was a great reunion.

"I loved being in the same company as my two long time partners," he says. In his speech, Calder talked about the one thing you bet on in the mortgage industry. "All you have to bet is that people want to live in their own homes. And then figure out a way to make it simple"

In fact, Bob Ord, now President of Mortgage Intelligence Inc. spoke after Calder and recalled how they developed hundreds of mortgage products. They created them on cocktail napkins, and even launched them overnight. Ord said. "I remember Ivan and I designing a product on a flight to Atlanta, and calling our agency the next morning with a go-ahead."

He also reflected on how much has changed and how far the industry has come. "When we launched KCR and Title Mortgage in the mid 70's in Vancouver and Calgary, the brokers said 'you'll never make it on finder's fees.' Now this industry lives and dies on finders and volume bonus."

The last to speak was Ivan Whal, Chairman and CEO of Xceed Mortgage Corporation. He was happy to be there and thanked his partners. Like all of the six inductees, it was a rewarding night for him. Wahl says, "I've seen a remarkable increase in the credibility of the mortgage brokerage industry. I am very pleased to have been part of that and I hope in some small way that I have contributed to that growth."

The Hall of Fame This Year And Next…

After the energizing award ceremony, many guests made it on to the dance floor and enjoyed a night of music, entertainment and celebration.

Overall, the night was a success on many levels. "It's a testimony to the industry 's evolution and development," says 2003/2004 President of CIMBL, Colin Dreyer. "It shows the maturity of the industry to have an event of that nature."

"It was a fun evening," adds Ric McGratten. "And that's the feedback we had." Extending invitations to spouses, making the affair black tie and celebrating the industry's history and successes created a social and successful event. "It made an evening out of it," says McGratten. "That's why it was successful and that's what we want to build on in the future."

The Foundation plans to stay ahead of the game, so the team at CIMBL is already brainstorming next year's Mortgage Hall of Fame celebration. Stay Tuned!