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Friday, November 27, 2015

Highlights from Mortgage Professionals Canada's (CAAMP) annual report

Another year is about to enter the record books, and the newly-re-named Mortgage Professionals Canada has provided a retrospective for brokers. This is what you need to know.

Government relations

“(Mortgage Professionals Canada) visited Ottawa several times this year in order to share mortgage market data with policymakers, support consumer access to more mortgage options and keep issues facing mortgage brokers front and centre,” the association wrote in its annual report.

The association met with the Financial Consumer Agency and the Conservative housing Caucus to share data and housing numbers. It also explained what impact OSFI’s guidelines have had on the industry.

Changes to the AMP

Mortgage Professionals Canada said it has made the voluntary designation more meaningful and tougher to acquire by instituting a National Competency Exam. That test was established in collaboration with UBC’s Sauder School of Business. The association also said 90% of AMP generated funds are used for promoting that designation.

Raising industry awareness

The associations launched the Value of the Mortgage Broker campaign this year. To learn more about that initiative, click here.

“Valuable promotional videos are also in the works that will build on the Value of Mortgage Broker campaign,” Mortgage Professionals Canada writes. “These useful tools will be easily shareable via social media, email, etc.”

The association also purchased Canadian Mortgage Trends and launched the Mortgage Dashboard this year, both with the intent of raising consumer awareness.

Financials

Mortgage Professionals Canada focused on spending in four areas in 2015; broker channel promotion, advocacy, research, and professionalism.

The industry in the future

“(Mortgage Professionals Canada) remains vigilant of market conditions and the economic factors that could affect the industry,” the association writes. “We are committed to taking the necessary steps to ensure the association is prepared financially to support our members’ needs throughout the coming years.”

MBN

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