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True North Mortgage

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True North Mortgage is a retail store-based mortgage brokerage established in 2006 in Calgary by Dan Eisner.[1][2][3] True North Mortgage is known for employing its sales professionals on salary, not on commission.[2][4]

History

Eisner founded True North Mortgage as a low-rate brokerage firm coupled with the reliability of a bank.[5] In 2007, Eisner appeared on the CBC business television series “Dragon’s Den,” and was offered an investment deal for True North Mortgage, which he ultimately turned down to maintain ownership and control over the TNM business model.[3][5] In 2008, Dan Eisner entered into a partnership agreement with James Laird, selling him a 24% stake in the company.[2] James opened True North's offices in Ontario and Quebec.[2]

In 2008, True North Mortgage “ranked sixth among Canadian mortgage brokers for volume of mortgages handled.”[5] In 2009, Avenue magazine name founder and CEO Dan Eisner to its list of the “Top 40 Under 40.”[5] In 2012, CMP magazine named Dan Eisner the Top Broker of the Year in its list of the Top 75 Brokers based on 2011 sales figures.[6][7]

In 2012, True North Mortgage was “the first Canadian mortgage broker to break the "3 per cent threshold” for five-year fixed mortgage rates.[7]

In 2014, James Laird, left True North Mortgage.[8]

In 2016, True North Mortgage became the first mortgage brokerage in Canada to attain the status of NHA approved lender. This status is granted by CMHC and allows True North Mortgage to underwrite insurable mortgage files.[9]

In 2021, True North Mortgage relocated its headquarters, doubling its usable space.[10]

References

  1. ^ Mario Toneguzzi. "Retail locations unique for mortgage business". Calgary Herald. Retrieved August 14, 2013.
  2. ^ a b c d Stewart Thornhill. "Case study: Should I sell a piece of my business?". Financial Post. Retrieved August 14, 2013.
  3. ^ a b "True North Mortgage's Dan Eisner". Canadian Mortgate Trends. December 16, 2010. Retrieved August 12, 2013.
  4. ^ Vernon Clement Jones (12 July 2012). "True North answers critics". Mortgage Broker News. Retrieved August 12, 2013.
  5. ^ a b c d Carla Ciccone (October 23, 2009). "Dan Eisner CEO True North Mortgage". Avenue Magazine. Retrieved August 12, 2013.
  6. ^ Donald Horne. "Last year's top broker steps aside, wants someone else to win".
  7. ^ a b "CMP Top 75 Brokers" (PDF).
  8. ^ "Laird Steps Down from True North Mortgage - Mortgage Rates & Mortgage Broker News in Canada". Mortgage Rates & Mortgage Broker News in Canada. 2014-06-26. Retrieved 2018-05-04.
  9. ^ "True North Becomes a Lender". Canadian Mortgage Trends. 2016-06-10. Retrieved 2016-06-10.
  10. ^ "True North Mortgage Announces New Head Office". Financial Post. 2021-02-17. Retrieved 2021-02-17.
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