In his own life, in the early 1980s he remembers paying 12% interest on his own property – while his parents were paying as much as 20% just two years earlier in 1981.
“Why’s everybody so mad at 6%?” he wondered. “It’s not 12%. But it’s still three times as much as somebody was paying last year. Of course, this is all relative to today’s market and the cost of living.”
He’s come a long way from when he started in the industry back in 1983, when his older brother, who had started in ’81, asked him to join forces with him. Over the years, he has gone from mortgage brokering to now mortgage lending as a mortgage investment corporation (MIC).
And in that time, he has seen other changes in the mortgage industry – as well as some things he would like to see changed.
“My disappointment is that education for brokering out there is not at the level it should be,” he said. It has taken a long time for regulators to “weed out the pretenders from the contenders,” with some pretenders not knowing the difference between a blanket mortgage and a collateral mortgage.