Canada's largest producer leaves bank for brokerage

Canada’s largest producing team in the banking channel has chosen to switch to the broker side by joining Mortgage Alliance.

“After a careful review of the mortgage broker industry it became clear to us that Mortgage Alliance was the only organization that offered all the resources like a major financial institution backed with the entrepreneurial spirit of an aggressive national brokerage network,” said Clifford Choy, who left Scotiabank.

Choy , along with his $500-million team, joined Mortgage alliance following seven years spent with the big bank, where he was able to grow a four-person team into a venerable mortgage behemoth. His experience is expected to have an immediate impact at Mortgage Alliance.

“Every time a consummate professional like Clifford Choy and his team joins our ranks it validates our corporate strategy and positioning in the Canadian mortgage industry,” Michael Beckette, president and CEO of Mortgage Alliance said.

MAC saw another large bank team join its ranks, with the migration of Vancouver-based Anil Minhas, and his own $100-million team.

“It became clear that there was one place where I could extend my client offerings, build my own practice and better serve my database of customers,” Minhas said. “Mortgage Alliance’s reputation and commitment to their broker’s success will help me increase my profile, build my business while providing my clients a superior customer experience.”

Minhas, who came for RBC, was also seen as a validation of MAC’s business model, Beckette said. “When people like Anil join our network it validates our mission of providing the best possible environment and resources for entrepreneurial mortgage professionals in the Canadian mortgage industry.”

Still, the broker channel , in general is expected to see more mortgage specialists defections next year as high-flyers strike out on their own in order to maximize their commissions in a slowing market.