Yesterday, I went for a walk in the woods on a road that was abandoned long ago. It reminded me of the journey we take in life. Sometimes the road is clear and other times we must look a little harder for that road. The outline of it is there but we might have to climb over a few obstacles or cross a brook to find our way.
My professional journey started back in 1989. I would have taken my first mortgage application while working as a Loans Clerk at Canada Trust. That would have been thirty-six years ago for those of you that need help with the math. (Yes, I’m feeling OLD and crotchety!)
Since 1994 I have been working as an independent mortgage broker, minus a year where I helped launch a mortgage brokerage for a private equity firm.
I’ve always enjoyed helping solve financial problems for clients, but the commoditization of mortgages has dampened that joy over the years. (If you’ve ever spent weeks working with a client only to have them choose to deal directly with their bank at the last minute you will know what I’m talking about.)
About six or seven years ago I was chatting with a colleague, Mal Eccles, that I worked with while I was a Director of the Independent Mortgage Brokers Association of Ontario. Mal was a seasoned mortgage broker and was about ten to twenty years my senior. He had told me that he was doing a lot of work as an Expert Witness for litigation involving mortgage brokers and mortgage agents in Ontario. That conversation stuck with me and a few years ago I reached out to Mal to find out more about the expert work he was doing. Unfortunately, Mal had suffered a stroke and passed away before we could speak.
Even before the Pandemic, I had been questioning the irrational exuberance in the real estate market in Canada. None of it made sense. Homes were no longer affordable, and leverage was being used like a drunken sailor on leave in Vegas (recklessly). Leading up to the Pandemic I had been dealing predominantly in private mortgages but with the risk I was seeing I was hesitant to suggest anything but the most conservative private mortgage investments to my lenders.
Back to Mal… our conversation stuck with me, and I started to seriously research what it took to act as an Expert Witness. I reached out to several lawyers I knew and cold called expert witnesses in other fields to pick their brains. I met with several folks over lunch and I’m grateful that they took the time to meet with me and allowed me to ask all my question (there were lots)!
It’s been about a year now since I started working as an Expert Witness for litigation involving mortgages, mortgage brokers, or mortgage agents, in Ontario. It is truly satisfying work and I’m glad I finally pursued it. The work uses a different part of my brain. Analyzing documents, stories, and perspectives to draw my own opinions that will hopefully be helpful to the courts.
The road I followed since I last spoke to Mal has been a winding one, but I think I have found my way. If I can be of assistance with any litigation involving mortgages, mortgage brokers or mortgage agents, in Ontario, please let me know.
(References from several litigators are available.)