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Michael Ellenzweig aspired to be a mortgage dealer ever for the reason that age of 13.
It was a dream sparked by the life-style of his finest pal Howard’s household whereas rising up in Hamilton, ON. Throughout Ellenzweig’s 2007 Mortgage Corridor of Fame acceptance speech, he fondly remembered how Howard’s household had a Pontiac convertible and would drive all the way down to Florida each Christmas. In distinction, his circle of relatives, being a one-car family, stayed residence.
“I wished to be a mortgage dealer after I grew up. And that’s what occurred,” he stated.
After college, he moved to Toronto to begin his profession. “I didn’t know that many individuals right here and I knew even much less concerning the mortgage enterprise,” he recalled. “So, I joined OMBA, the Ontario Mortgage Brokers Affiliation, and I obtained concerned.”
The remaining, as they are saying, was historical past.
When Ellenzweig began his profession in 1975, a dealer was a home-owner’s final resort. The overwhelming majority of first-time homebuyers negotiated instantly with lenders with out consulting knowledgeable, or labored by way of actual property brokers or legal professionals to shut a deal.
By the point of his passing earlier this week on the age of 76, Ellenzweig had witnessed and contributed to a profound transformation throughout the mortgage business. Right now, over a 3rd of all homebuyers—and half of all first-time homebuyers—acquire their mortgage by way of a dealer.
A legacy of management: shaping the mortgage business
And Mortgage Professionals Canada, the affiliation born from the Canadian Institute of Mortgage Brokers and Lenders (CIMBL), which Ellenzweig co-founded, has turn out to be the voice for the mortgage business throughout Canada. 1000’s of brokers, from early entrants to veterans, have discovered from the business training programs offered by the affiliation.
“Michael was actually good at progressing the professionalism of the business—whether or not it was by way of training, occasions, or shopper analysis,” says Samir Asusa, chief monetary officer at Mortgage Professionals Canada. “Michael is an enormous a part of bringing us out of nothing to effectively over 15,000 members.”
Ellenzweig entered the business with an arts diploma from McMaster College, however shortly rose the ranks to turn out to be one in all Canada’s main mortgage brokers. However that wasn’t sufficient for Ellenzweig, who additionally devoted many evenings and weekends to instructing licensing programs for newcomers to the mortgage enterprise.
When the brokers and lenders determined it wanted to begin a brand new group to assist brokers, the management on the time reached out to Ellenzweig asking for assist. They didn’t have any cash, and realized nobody wished the highest job. They obtained Ellenzweig to conform to do it for a yr. “That yr ended up being the beginning of a protracted profession within the affiliation area,” Asusa says.
Ellenzweig’s profession trajectory continued to soar as he performed a pivotal function in shaping the panorama of Canada’s mortgage business. He was a founding member of CIMBL, which later turned the Canadian Affiliation of Accredited Mortgage Professionals (CAAMP), which was then rebranded in 2015 to the present Mortgage Professionals Canada (MPC).
All through his time within the business, Ellenzweig was famend for having a particularly frank, straight-shooter model. He didn’t settle for excuses or obscure solutions.
“His legacy is one in all outstanding management, characterised by a uncommon mix of toughness and equity that commanded respect from all who had the privilege of working alongside him,” stated Peter Rocca, president of RDA Insurance coverage.
His function in fostering progress and training
“Michael might be some of the environment friendly communicators I’ve ever seen in my life,” says Michael Beckette, President of M3 Ventures. “He might say a number of issues and it could be both extraordinarily on level, or extraordinarily sarcastic – and he might get away with issues that I couldn’t presumably get away with.”
These qualities may very well be used to outstanding impact.
Asusa says Ellenzweig persistently challenged these round him to excel, typically questioning them with phrases like, “Do you suppose, or have you learnt?”
He additionally inspired distributors with the mantra, “be higher…not only for shoppers, however for your self,” highlighting his perception within the worth of private {and professional} enchancment.
A watch for business expertise
Apart from his frankness, Ellenzweig had one other key management high quality. He couldn’t solely spot gifted individuals, however convey them into his orbit and encourage them to hunt out their very own management positions, all of the whereas making them really feel as if it was their concept all alongside.
Beckette stated Ellenzweig was instrumental in serving to him get his foot within the mortgage business by introducing him to insurers, lenders and brokers.
“He pulled me into turning into a director of the affiliation,” Beckette says, “which was most likely some of the fulfilling issues I’ve carried out in my life – making a contribution to the expansion and growth of the business. I’ve obtained to thank him for convincing me to do one thing I had no real interest in doing till he satisfied me.”
Ellenzweig chalked up his personal success within the affiliation to the individuals he met and taught and discovered from for therefore a few years.
“After I turned government director of CIMBL, I keep in mind shopping for a number of books on affiliation administration,” he stated in his 2007 acceptance speech. “And if I’ve achieved a small measure of success during the last 10 years, it’s not due to something I learn in these books, it’s as a result of I had the great fortune to study from and to work with, 10 excellent board chairs.”
And when Ellenzweig realized he wasn’t the proper man for the job, he had no downside backing away from a prestigious place. After co-founding the affiliation, and serving as its government director for years, he accepted a demotion to vp of member providers.
Beckette says the affiliation’s management believed that, within the face of extra authorities regulation, they wanted somebody who was extra skilled in authorities and public relations. “The affiliation,” Beckette says, “was extra vital to him than his ego.”
Ellenzweig held onto his function as vp for over 15 years. In 2007, he was inducted into the Canadian Mortgage Corridor of Fame. He retired in 2014, however continued to behave as an advisor and marketing consultant throughout the business.
“The nationwide mortgage convention was his child, and it was nice to see him there as soon as once more final fall on the commerce present, not as sturdy bodily however nonetheless ever so sharp mentally suggesting concepts,” Asusa says.
After surviving a critical automobile crash in 2015, and dealing with quite a few well being challenges in his last years, Ellenzweig handed away peacefully at his residence on February twenty fifth. He’s survived by his spouse, Shelley, in addition to three youngsters and 5 grandchildren.
Whereas not each mortgage dealer might know his title, his indelible influence on the nationwide mortgage business cements his legacy. Because the architect behind the precursor to Mortgage Professionals Canada and the creator of pivotal licensing programs for aspiring brokers, Ellenzweig’s work has not solely guided the present era of brokers, however will proceed to affect and encourage future ones.
“Although his bodily presence could also be gone, his indomitable spirit and enduring influence will proceed to form our business for years to return,” Rocca stated. “Relaxation in peace, expensive Michael. Your legacy will ceaselessly be etched within the cloth of our business, and your affect might be felt within the hearts and minds of all who had the privilege of realizing you.”
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