Well-known executive named national business development manager at DLCG-backed lender
Heartwood Financial Group has appointed veteran mortgage executive Reaza Ali (pictured top) as national business development manager, adding the well-known industry member to its leadership team as it eyes further growth.
The move marks a big-name appointment for the lender, which was launched last year with significant backing from Dominion Lending Centres Group (DLCG) in a bid to make inroads in the non-B20 residential market.
Ali is a familiar name to mortgage brokers in Ontario and across Canada, having held senior roles with Fisgard Asset Management, Home Trust, and Neighbourhood Holdings, as well as prominent positions within the Canadian Mortgage Brokers Association (CMBA).
Earlier in his career, he worked in advisory and origination roles at firms including Investors Group Financial Services and The Mortgage Centre.
Jonathan Bundle, head of sales and operations at Heartwood, pointed to Ali's reputation in the industry and strong relationships with brokerages and agents, as well as his years of experience in lending, as key reasons for the move.
"I think it’s just something that’s going to supercharge Heartwood’s growth,” he said.
Ali, who spent much of his career in broker‑facing roles in the alternative channel, said Heartwood’s ownership and leadership bench were key to his decision. He said it marked a "huge opportunity to make an impact in the industry" by growing Heartwood out in the lending space. "I really wanted to be a part of that... and take it to the next stage," he said.
Non‑B20 growth and broker demand
For DLCG, which already houses one of Canada's largest broker networks, the growth of Heartwood Financial will be closely watched as it aims to expand its reach in another segment of the mortgage space.
On the potential of the non‑B20 space, Bundle said: “The reality is there are a lot of underserved clients here. More and more people are getting pushed towards this growing segment of the industry, which used to be under 10%, and is now between 12% and 14%. And they’re going to this segment because of affordability challenges.
“It’s up to us as lenders to figure out how we address these challenges for clients, doing it in the right, prudent manner so that we’re helping them achieve their objectives while recognizing that we’re not putting them in a situation that doesn’t make sense for them.”
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