'We have to be better at explaining to the client the time is now,’ said CEO
Tristan Kirk (pictured), CEO and managing partner of Citadel Mortgages in Canada and Simply Approved Mortgages in the US, is acutely aware of the changes shaping the mortgage industry in North America. And, when asked about the recent growth in broker market share in the US, he emphasized the need for stronger connections between brokers and lenders, alongside attracting a younger generation into the brokerage world.
"The average age being 44 down here in the US, it's pretty old," Kirk said. “We have to incorporate some younger generations because, without them, we're not going to be able to grow. The US market, I believe, is a fantastic one. Using tools like AI, from a lender point of view, to the broker so they get answers in real time [is important here].”
In Canada, where Citadel Mortgages operates, one of the most persistent challenges is the rate game. And, as interest rates fluctuate, many potential buyers are waiting on the sidelines, hoping for lower rates. Kirk, however, believes this hesitance can backfire.
"We have to be better at explaining to the client the time is now,” he said. “What's going to happen when that house goes 50,000, 100,000, 200,000 of equity in a year, and they can't afford it anymore?"
His message is straightforward: holding off for lower rates could end up being more expensive as property values keep climbing.
Challenges of the US mortgage market
Since expanding from Citadel Mortgages to Simply Approved Mortgages in the US, Kirk has faced distinct challenges unique to this new and competitive market.
"The biggest thing for me is being not an American citizen," he noted. “There’s the challenge of crossing over into this market and understanding how that whole process works from state to state to state. I think not being here enough in the US, as well, to connect with a lot more of our partners and our lenders – that was a challenge. Because unlike in Canada, [in the US] there's a conference every month in every state And if you're not here, if you're not at these things, you're going to miss the information that's going to take your business to the next level.”
Kirk is eager to replicate in the US what has made Citadel Mortgages successful in Canada: a focus on people.
"What made us unique in Canada is that we're really for our people," he said, highlighting the company's strong internal culture and educational support system. Kirk believes the same family-oriented approach can succeed in the US. He’s confident that their tested system will work south of the border: "We've tested it... now we're rolling it down here."
Attending industry conferences has been key to Kirk's growth and understanding of the US market. Reflecting on a recent conference in Las Vegas, Kirk described being inspired by the stories shared by brokers of all sizes. "We're all going to fail, right? And we fail our way to success," he said, highlighting the importance of resilience in the mortgage business.
For Kirk, the future of the mortgage industry in both Canada and the US is all about creating opportunities for growth—both for his business and for his clients. His vision is clear: real-time communication through technology, a commitment to educating clients about long-term investment strategies, and the importance of staying agile in an ever-evolving market. Kirk is betting on the broker channel, and he's ready to invest in the next generation to secure its future.
