O'Leary Mortgages no longer a Competitor against Mortgage Teacher for Canadian Brokerage Newcomer.

O'Leary Mortgages no longer a Competitor against Mortgage Teacher for Canadian Brokerage Newcomer.

April 10, 2014

As president of Mortgage Teacher, a new Brand in the Canadian Mortgage industry. I always keep an eye on the industry, and watch to see who the biggest, and newest competition.

Many Brokerages open up as a franchise under a much larger network such as Verico and Dominion Lending centres.... but in 2013, 2 Brokerages opened up as an entire unique and individual brand to the canadian Consumer.

Of course, there is us, Mortgage Teacher Inc, and the brokerage of a very popular canadian icon.... Kevin O'Leary opened his Brand of O'Leary Mortgages

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NEWS ALERTS: O'Leary Mortgages surrenders FSCO lisence.

Less than a year since its official launch, O’Leary Mortgages has surrendered its FSCO license effective March 31.

The company has shuttered its doors mere months after O’Leary Mortgage’s CEO, Alex Kenjeev, intimated the company was poised to share some big news in early 2014.

“I expect we will have some big news to share quite soon but I am not in a position to say much at the moment,” he told MortgageBrokerNews.ca at the time.

Kenjeev was also guarded when pressed for specifics on how the company had faired since its launch in late April 2013.

“We don't disclose specific numbers,” Kenjeev said in response to a MortgageBrokerNews.ca question on the number of originations in 2013. “Yes of course (we have originated deals).”

It has been a rocky road for O’Leary Mortgages, which drew the ire from brokers who believed his model was in direct competition with the mortgage industry. A planned CAAMP keynote speech – originally planned for 2012’s Mortgage Forum – was eventually axed following broker opposition.

"Kevin O'Leary was contracted last spring to speak at Mortgage Forum 2012 and recently announced the launch of O'Leary Mortgages," wrote CAAMP in a release issued in November 2012 following a MortgageBrokerNews.ca article outlining the depth of broker opposition to his planned appearance. "It has been CAAMP's long standing policy that industry participants not be featured as keynote speakers. Kevin O'Leary is mindful of the situation and has withdrawn from participating in Mortgage Forum 2012."

The official details can be viewed on FSCO's website.

via MortgageBrokerNews