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Michael Ellenzweig aspired to be a mortgage dealer ever because the age of 13.
It was a dream sparked by the approach to life of his greatest 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 dwelling.
“I wished to be a mortgage dealer once I grew up. And that’s what occurred,” he mentioned.
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 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 straight with lenders with out consulting an expert, or labored by 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 inside the mortgage business. Right now, over a 3rd of all homebuyers—and half of all first-time homebuyers—get hold of their mortgage by 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. Hundreds of brokers, from early entrants to veterans, have discovered from the business schooling programs offered by the affiliation.
“Michael was actually good at progressing the professionalism of the business—whether or not it was by schooling, occasions, or client 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 among 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 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 wished the highest job. They obtained Ellenzweig to comply with do it for a 12 months. “That 12 months ended up being the beginning of an extended profession within the affiliation house,” Asusa says.
Ellenzweig’s profession trajectory continued to soar as he performed a pivotal position in shaping the panorama of Canada’s mortgage business. 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 business, Ellenzweig was famend for having an especially frank, straight-shooter fashion. He didn’t settle for excuses or imprecise solutions.
“His legacy is one among outstanding management, characterised by a uncommon mix of toughness and equity that commanded respect from all who had the privilege of working alongside him,” mentioned Peter Rocca, president of RDA Insurance coverage.
His position in fostering progress and schooling
“Michael might be one of the environment friendly communicators I’ve ever seen in my life,” says Michael Beckette, President of M3 Ventures. “He may say a number of issues and it will be both extraordinarily on level, or extraordinarily sarcastic – and he may get away with issues that I couldn’t probably 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 suppose, or have you learnt?”
He additionally inspired distributors with the mantra, “be higher…not only for purchasers, however for your self,” highlighting his perception within the worth of private {and professional} enchancment.
An eye fixed for business expertise
Except for his frankness, Ellenzweig had one other key management high quality. He couldn’t solely spot proficient folks, 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 thought all alongside.
Beckette mentioned 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 in all probability one of the fulfilling issues I’ve finished in my life – making a contribution to the expansion and improvement 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 folks he met and taught and discovered from for therefore a few years.
“After I grew to become government director of CIMBL, I bear in mind shopping for a number of books on affiliation administration,” he mentioned 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 precise 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 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 necessary 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 advisor inside 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 severe automotive crash in 2015, and going through quite a few well being challenges in his last 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 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 technology 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 business for years to return,” Rocca mentioned. “Relaxation in peace, expensive Michael. Your legacy will eternally be etched within the material of our business, and your affect might be felt within the hearts and minds of all who had the privilege of figuring out you.”
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