Profile
"West Oak’s success has come from always putting our clients’ best interests first and always finding ways to improve and add more value to them"
Andrew mcquiston,
west oak family office, wellington-altus private wealth
A founding partner of RESCO Mortgage Investment Corporation, Phoebe Lam knows what it means to build a mortgage business from the ground up.
Having started her mortgage career with TORCE Financial Group, Lam was tasked with creating a mortgage department for the business, which at the time only offered financial planning, insurance and mutual funds. In 2013, she became a co-founder of RESCO MIC, and has been building the business up over the last decade.
RESCO has two investment and mortgage portfolios: the RESCO Mortgage Investment Corporation and the RESCO First Mortgage Fund LP. Lam is the director and chief risk officer for both. These portfolios are under the umbrella of RESCO Group of Funds, and their combined total assets under management are worth $100 million.
As a scientist with a major in microbiology and no experience in running a business, Lam says that becoming a founder of RESCO was certainly a challenge. But with the ongoing support of her business partner, she quickly became a key player and a high-profile figure in Canada’s mortgage industry.
“We’ve built a strong, high-yielding but risk-minimized mortgage portfolio that has maintained a consistent return of 8% per annum for our investors since its inception,” she says.
“August 2022 was a particularly great milestone for us because it was the 100th consecutive month that we gave out an 8% per annum dividend since we began. Seeing this incredible business growth has been the greatest experience, and it’s certainly a highlight of my career to date.”
Lam says that the mortgage industry has been an incredibly rewarding place to work, and her greatest motivation throughout her career has been to help people achieve their financial goals. Whether it is by purchasing a first home, investing in a rental property, or taking equity out of a home to fund a business, helping people to leverage their property to generate income has been a great source of personal satisfaction for Lam.
With the private mortgage space becoming increasingly competitive in Canada, she says that now is also a prime opportunity to evolve, and to be creative in how one stays ahead of the competition. Over the coming years, she says that alternative lending will become a strong new area of focus for the business. However, as chief risk officer, her role will also become more important than ever amid the current financial turmoil.
“Our goal for next year is to continue to grow our business by providing mortgage products and solutions to brokers and their clients, while preserving our investors’ capital,” Lam says.
“Demand for alternative lenders has exploded in recent years, and it continues to increase as rising rates make it increasingly challenging for many borrowers to qualify for traditional lending.”
“However, as enticing as it is to grow the alternative lending business, we must stay disciplined with our risk management strategies,” she explains.
“We are in the midst of a financial storm with an uncontrollable inflation rate, high-interest rate, a cooldown of the real estate market and a possible recession in 2023. As chief risk officer for the RESCO Group, my primary focus must be on managing and minimizing credit risks by keeping a close eye on the economic indicators and adjusting our underwriting and risk management strategies accordingly.”
Phoebe Lam has been named a Woman of Influence 2022 by Canadian Mortgage Professional.
360 Highway 7 East, Unit 28, Richmond Hill, ON, L4B 3Y7
647 981 9592
phoebe.lam@rescomic.ca
linkedin.com/in/phoebe-lam-0b392942
rescomic.ca
Phoebe Lam
Director and Chief Risk Officer
RESCO Mortgage Investment Corporation
Read on
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Home
Bio
Milestones
Profile
Milestones
2020–present
Insurance Business Magazine | Key Media
Deputy Principal at Australian Christian College - Southlands
Doctor of Education
2020–present
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2021
Ted Talk in collaboration with key media
Year 7 Community Leader and Leader for Learning Technologies and Platforms at Northern Beaches Christian School
Master of Business Administration, 2017–2019
2021
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2011-2012
2013
2017
2020
2021
Phoebe Lam
Director and Chief Risk Officer
RESCO Mortgage Investment Corporation
Read on
Special Report
Home
Bio
Milestones
Profile
Milestones
Insurance Business Magazine | Key Media
Lorem ipsum dolor sit amet, consectetur adipiscing elit. A volutpat laoreet suscipit duis. Diam aliquam sed ut massa viverra a, eget libero.
Ted Talk in collaboration with key media
Lorem ipsum dolor sit amet, consectetur adipiscing elit. A volutpat laoreet suscipit duis. Diam aliquam sed ut massa viverra a, eget libero.
Ted Talk in collaboration with key media
Lorem ipsum dolor sit amet, consectetur adipiscing elit. A volutpat laoreet suscipit duis. Diam aliquam sed ut massa viverra a, eget libero.
Ted Talk in collaboration with key media
Lorem ipsum dolor sit amet, consectetur adipiscing elit. A volutpat laoreet suscipit duis. Diam aliquam sed ut massa viverra a, eget libero.
Ted Talk in collaboration with key media
Lorem ipsum dolor sit amet, consectetur adipiscing elit. A volutpat laoreet suscipit duis. Diam aliquam sed ut massa viverra a, eget libero.
2011-2012
2013
2017
2020
2021
Phoebe Lam
Director and Chief Risk Officer
RESCO Mortgage Investment Corporation
Read on
Special Report
Home
Bio
Milestones
2022
2020
2017
2013
2011-2012
2021
Insurance Business Magazine | Key Media
Chief Risk Officer at RESCO
Nominee for the 29th Annual RBC Canadian Women Entrepreneur Awards
2021
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2020
Human Resources Magazine | key media
CO-FOUNDER AND MANAGING DIRECTOR AT RESCO FIRST MORTGAGE FUND LP
2020
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2017
Human Resources Magazine | key media
Principal Broker at 5C Capital in Manitoba
2017
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2013
Human Resources Magazine | key media
Co-founder and Managing Director at RESCO Mortgage Investment Corporation
Principal Broker at Radiance Mortgage Brokerage
2013
1997
2011-2012
human resources | key media
Sales Manager at Torce Capital
Top New Mortgage Agent Award at Mortgage Centre
2011-2012
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Milestones
2021
Insurance Business Magazine | Key Media
2022
Excellence awardee – Independent Mortgage Adviser of the Year category at the New Zealand Mortgage Awards
2022
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2022
2020–present
Insurance Business Magazine | Key Media
Deputy Principal at Australian Christian College - Southlands
Doctor of Education
2020–present
Lorem ipsum dolor sit amet, consectetur adipiscing elit. A volutpat laoreet suscipit duis. Diam aliquam sed ut massa viverra a, eget libero.
2021
Launched his own business,
Ascend Financial Services
2022
2022
Insurance Business Magazine | Key Media
Lorem ipsum dolor sit amet, consectetur adipiscing elit. A volutpat laoreet suscipit duis. Diam aliquam sed ut massa viverra a, eget libero.
2021
Launched his own business,
Ascend Financial Services
2022