Michael Ellenzweig aspired to be a mortgage dealer ever because the age of 13.
It was a dream sparked by the life-style of his greatest buddy 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 right down to Florida each Christmas. In distinction, his circle of relatives, being a one-car family, stayed dwelling.
“I needed to be a mortgage dealer once I grew up. And that’s what occurred,” he stated.
After college, he moved to Toronto to start out his profession. “I didn’t know that many individuals right here and I knew even much less in regards to the mortgage enterprise,” he recalled. “So, I joined OMBA, the Ontario Mortgage Brokers Affiliation, and I acquired 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 attorneys 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 trade. At the moment, over a 3rd of all homebuyers—and half of all first-time homebuyers—receive their mortgage by way of a dealer.
A legacy of management: shaping the mortgage trade
And Mortgage Professionals Canada, the affiliation born from the Canadian Institute of Mortgage Brokers and Lenders (CIMBL), which Ellenzweig co-founded, has grow to be the voice for the mortgage trade throughout Canada. Hundreds of brokers, from early entrants to veterans, have discovered from the trade schooling programs supplied by the affiliation.
“Michael was actually good at progressing the professionalism of the trade—whether or not it was by way of schooling, occasions, or shopper analysis,” says Samir Asusa, chief monetary officer at Mortgage Professionals Canada. “Michael is a giant a part of bringing us out of nothing to properly over 15,000 members.”
Ellenzweig entered the trade with an arts diploma from McMaster College, however rapidly rose the ranks to grow to be certainly one of Canada’s main mortgage brokers. However that wasn’t sufficient for Ellenzweig, who additionally devoted many evenings and weekends to educating licensing programs for newcomers to the mortgage enterprise.
When the brokers and lenders determined it wanted to start out 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 needed the highest job. They acquired Ellenzweig to comply with do it for a yr. “That yr ended up being the beginning of an extended profession within the affiliation area,” Asusa says.
Ellenzweig’s profession trajectory continued to soar as he performed a pivotal position in shaping the panorama of Canada’s mortgage trade. He was a founding member of CIMBL, which later grew to become 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 trade, Ellenzweig was famend for having an especially frank, straight-shooter model. He didn’t settle for excuses or imprecise solutions.
“His legacy is certainly one of 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 position in fostering development and schooling
“Michael might be probably the most 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 will 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, usually questioning them with phrases like, “Do you assume, 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 non-public {and professional} enchancment.
A watch for trade expertise
Apart from his frankness, Ellenzweig had one other key management high quality. He couldn’t solely spot proficient individuals, however carry 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 trade by introducing him to insurers, lenders and brokers.
“He pulled me into changing into a director of the affiliation,” Beckette says, “which was most likely probably the most fulfilling issues I’ve finished in my life – making a contribution to the expansion and improvement of the trade. I’ve acquired to thank him for convincing me to do one thing I had little 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 grew to become govt director of CIMBL, I bear 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 nice fortune to be taught from and to work with, 10 excellent board chairs.”
And when Ellenzweig realized he wasn’t the fitting man for the job, he had no drawback backing away from a prestigious place. After co-founding the affiliation, and serving as its govt director for years, he accepted a demotion to vice chairman 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 position as vice chairman 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 guide throughout the trade.
“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 robust bodily however nonetheless ever so sharp mentally suggesting concepts,” Asusa says.
After surviving a critical automobile crash in 2015, and going through quite a few well being challenges in his remaining years, Ellenzweig handed away peacefully at his dwelling 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 identify, his indelible affect on the nationwide mortgage trade 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 affect will proceed to form our trade for years to return,” Rocca stated. “Relaxation in peace, expensive Michael. Your legacy will without end be etched within the cloth of our trade, and your affect will likely be felt within the hearts and minds of all who had the privilege of figuring out you.”
