Kevin McFadden’s business partner is probably the only mortgage professional in Canada whose mere presence causes an autograph frenzy.

McFadden, a benefits consultant with Sigurdson McFadden & Associates Ltd. in Winnipeg, is a co-owner with former Toronto Maple Leafs captain Doug Gilmour in MonsterMortgage.ca. The Toronto-based company offers mortgage brokerage services to homebuyers, both on their own and as part of a corporate benefits package.

“It creates a bit of a buzz when Doug comes to talk,” says McFadden.

McFadden and Gilmour met at a charity golf tournament in Winnipeg in the fall of 2003, just months after Gilmour had played his last game in the National Hockey League.
They began talking shortly after and MonsterMortgage.ca was born. In addition to its Toronto office, it has opened an office in Winnipeg and has plans for a third in Calgary. McFadden says it’s a model that can be taken across the country.

Gilmour became familiar with mortgage brokers while playing in the U.S. for half of his 20-year career. He says the industry is ripe for growth north of the border because only one-quarter of Canadians use a mortgage broker, vs three-quarters of Americans.

Gilmour’s title is managing director and his primary focus is on the corporate benefit mortgage programs. His role includes group presentations, and he’s featured in some of MonsterMortgage.ca’s marketing and promotional material.

McFadden says Gilmour knows the basic concepts of mortgage brokering and has spent a lot of time since getting into the business learning about different products and services. “But he’s not booking mortgages. His knowledge doesn’t have to be as detailed as our mortgage consultants’,” McFadden says.

Gilmour agrees. “I’m learning this business every day. My involvement is going to businesses and educating people about what we do,” he says.

McFadden says the brokerage has partnered with a number of financial advisors in the Toronto area and has plans to expand such relationships further. “A mortgage is the biggest expense an average person will ever have. Advisors are aware of the debt and the size of mortgages people are carrying. But advising on mortgage products, rates and duration isn’t typically an area in which they get involved,” he says.

Advisors are paid a fee in return for referring a client to MonsterMortgage.ca. “It’s a win/win situation,” says McFadden.
“[Advisors] know their clients are in good hands and they are able to generate a little revenue for themselves.”

MonsterMortgage.ca has 12 mortgage consultants in Toronto and access to more than 30 lenders, including the major banks.
And, McFadden says, it is often able to find a better rate than buyers can get from dealing direct — even with their own banks.
Sigurdson McFadden is the exclusive distributor of the MonsterMortgage.ca employee mortgage program in Manitoba.

Gilmour played for seven teams during his NHL career, amassing 450 goals and 964 assists for a total of 1,414 points — 14th-highest in league history. He won his first and only Stanley Cup with the Calgary Flames in 1989.

McFadden and Gilmour aren’t the only people in the mortgage business making news. Cervus Financial Group Inc., which provides mortgages through selected mortgage brokers, completed a private placement first announced in February. The deal is for 105,000 common shares for the additional $1.5 billion in residential mortgage volume commitments it garnered from three of Canada’s leading mortgage brokerage firms (see page 32).

And Toronto-based Xceed Mortgage Corp.
has launched a home system warranty program for new residential mortgage customers. The program covers up to $10,000 a year in eligible repairs or replacement of key home systems.
IE