"Operating for 27 years in the Mortgage Business doesn't come easy," states Wayne Sudsbury, President of VERICO Homeguard Funding Ltd, on the company’s website.

With over three decades of experience in the mortgage industry, Mr. Sudsbury has truly seen it all. “There was a time when my partner, Bill Eves, and I took turns delivering client documentation to our lenders and picking up mortgage commitments to deliver to our clients,” says Mr. Sudsbury.  “Most mortgage transactions were done at the client’s kitchen table then.  A lot has changed over the last 30 years.”

“In my early days, we waited 21 days for CMHC to approve a mortgage.  Today, we can provide mortgage and insurance approvals in 24 hours,” he says. “With rates that update daily, different products that are available, changing lending policies, technology has allowed lenders and suppliers to quickly communicate to brokers and keep us up to date with information.”

“Technology has made our jobs a lot more efficient but it is slightly less personal in this marketplace.  But I think it is still very important to maintain personal relationships with clients and lenders.”

From the company’s beginnings, Mr. Sudsbury and his partner, company Vice President, Bill Eves, ensured that old fashioned personalized client care was a part of doing business.  “We pride ourselves on creating life long mortgage relationships while providing professional and courteous service.  We started a simple keep in touch program before we ever heard of the acronym CRM.”

When asked if the consumer experience changed over the last 30 years, Mr. Sudsbury says, “Most definitely – clients are much more savvy and informed than 10-20 years ago.  Clients are going to the web first to do their own research and there is not as much face to face time as in years past.

“There’s also been a shift in consumer attitude towards mortgage brokers.  We are no longer the last resort for lending as we were 15-20 years ago.  Mortgage broker market share has remained pretty stable at around 30% over the last few years but I think it will grow in the coming years.”

Mr. Sudsbury says the most commonly asked question he receives from consumers are: What’s your best rate? And Is there a fee to do business with you?

“My staff and I take these opportunities to provide some more information to clients about what we do.  We all know you can’t compete on rate in this industry; so we match the best rates and the best product to meet their budgetary needs.  Of course, we also do not charge a brokerage fee for prime qualified applicants and prime real estate. For more difficult mortgage placements in the B market and for privately placed mortgages, our services fees are very competitive.”

Mr. Sudsbury is an active member of mortgage associations and has an established reputation in the industry.  He served as past president of IMBA in 2006 – 2007 and past president of OMBA, now CAAMP, in 1989.  As well, Mr. Sudsbury was part of an initial steering committee, on the invitation of Maple Trust, to advise on a broker/lender model, pricing strategies and compensation program.

For those looking to get into the mortgage industry, Mr. Sudsbury offers this advice:

• Knock on doors; don’t expect the deals to come to you. From day one you have to start building your database and have a good CRM system.
• Develop sound relationships with BDM’s who will assist you.
• Have a good mentor who will be able to show you the ropes. Every person entering this industry should be working with someone.  We at VERICO Homeguard Financial have great mentors; Martin Marshall and Grant Brown, who have been in the industry for years besides Bill and I. They enjoy training new agents, teaching them how to package their deals, helping them build a reputation with lenders and customers, and assisting them in their marketing initiatives.

What does the future hold for Wayne Sudsbury?  “Over the next five year, my team and I aim to grow our agent base selectively and with quality agents.  We will be increasing our web presence and inbound marketing.”

“This is an exciting and challenging business. Every deal is different and there is always something new to work with.  Having been at this for over 30 years, I now get the satisfaction of assisting three generations of families, previous clients’ children and grandchildren.”