O'Leary Mortgages Surrenders FSCO Licence

(April 10, 2014 )

This article comes from Mortgagebrokernews.ca and was written by Justin da Rosa.

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 about how the company has 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 Kevin O'Leary is mindful of the situation and has withdrawn from participating in Mortgage Forum 2012."