And just like that, 2018 is coming to an end. As we prepare to close shop at Pillar to celebrate the holidays with family and friends, we want to take a moment to share some thoughts about the past year and our plans for the year ahead.
Rallying together through challenging times
We can’t talk about 2018 without acknowledging the challenges that popped up throughout the year. With new mortgage rules pushing more mortgage seekers away from Canada’s big banks toward alternative lenders, Pillar faced a surge of demand this year that overwhelmed our underwriting resources.
As a result, we took the unprecedented step of pausing our acceptance of new mortgage applications – first in July, and then again from mid-August onward. While we sincerely regret any disruption that this caused, we greatly appreciate the support and understanding from our community of brokers and other partners who rallied around Pillar.
Celebrating our wins
Of course, 2018 was not all obstacles – we also had plenty of successes to celebrate. For example, we expanded our presence in Southwest Ontario, opening the door to new markets, and we added to the Pillar team with new hires.
Throughout the year, we provided $80 million in new residential mortgages to borrowers across Ontario, helping families build, buy and refinance their dream homes. We are also pleased to report that even when Pillar put new mortgage applications on hold, we ensured that all existing deals remained fully funded and supported without disruption.
Strengthening Pillar with a new service approach
To build on our successes and improve how we serve our clients going forward, we plan to elevate Pillar into a more efficient and transparent model in 2019 and beyond.
We plan to streamline our underwriting processes to provide brokers with a smoother experience from start to finish when working with Pillar. At the same time, our broker partners will receive support benefits, rewards and exclusive access to resources.
Thanking our community
Pillar may be in the mortgage business, but the core of what we do and the key to our success is people.
- Our dedicated Pillar team, who pair deep industry expertise and professional capabilities with being a wonderfully fun and caring bunch.
- Our amazing network of mortgage brokers, who work collaboratively with us to deliver flexible, competitive mortgages to homeowners across Ontario.
- Our diverse borrowers, who come from all walks of life yet share a common need for outside-the-box mortgage solutions.
- Our many other stakeholders, who enable Pillar’s success by supporting our business and believing in our mission.
To all of you, we say thank you.
Thank you for standing by us throughout the ups and downs of 2018, and thank you for inspiring us to implement exciting new plans in 2019. We can’t wait to see what the year ahead has in store for Pillar. In the meantime, we wish you Happy Holidays and a Happy New Year!