First Circle Financial, established in 1991, is a private lender offering a variety of mortgage products throughout Southwestern British Columbia. First Circle Financial manages two Mortgage Investment Corporations, First Circle MIC and Crown Vista MIC, with assets under administration totaling over $200M.
Stephen Cross, Vice President of Mortgage Lending and Operations at First Circle Financial, told us about their progress with Automator. Stephen is a licensed mortgage broker, holds an MBI certificate, was a 2021 CMP Rising Star, and currently sits as the Co-Regulator Chair on the BC MIC Managers Association Board of Directors.
When Stephen joined the family business, First Circle Financial managed their operations in Word. In addition to driving around and dropping off rate sheets to mortgage brokers, Stephen helped migrate First Circle Financial’s operating data from Word to Excel.
But even in Excel, the manual workload still proved to be extremely time-consuming. First Circle Financial was running ledgers by hand. All pre-authorized debit payments uploaded to their bank were on a spreadsheet that needed to be adjusted each time a new file was funded, renewed, had additional funds advanced, partially paid down, or paid out in full. The company offered both fixed-rate and variable-rate mortgages, so payments changed on a month-to-month basis.
All of these tasks resulted in a slower pace and made it more difficult to focus on the growth of the business. It was apparent to Stephen that in order to remain competitive in this time-sensitive industry, they needed to adopt a more efficient way to manage their processes and sustain First Circle Financial’s growth.