caamp 2012:2013 annual report

7/29/2019 CAAMP 2012:2013 Annual Report

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Canadian Association o Accredited Mortgage ProessionalsAssociation Canadienne des Conseillers Hypothécaires Accrédités

2 0 1 2 / 1 3 A N N A E P O T



O Mon

To provide leaderhi,adcacy,edcati and irmati to ensure

successful collaboration between the

association, its members, regulators,

and mortgage consumers.



O Von

To be recognized as the remierice of Canada’s mortgage brokerchannel and the leadig athrity on mortgage issues.

abOut

Established in 1994, CAAMP is the national mortgage broker channelassociation representing the largest and most respected network o mortgageproessionals in the country. With 12,000 members, CAAMP’s membershipis drawn rom every province and rom all industry sectors. This diversifedmembership enables CAAMP to bring together key players with the aim oenhancing proessionalism.

In 2004, CAAMP created the Accredited Mortgage Proessional (AMP)designation as part o its ongoing commitment to increasing the level oproessionalism in Canada’s mortgage industry. AMPs must meet a numbero qualifcations which include successully completing mortgage education

covering ethical practice and responsibilities and completing ContinuingEducation (CE) units each year. AMPs are committed to providing the highestlevel o service and meeting Canadian homebuyers’ needs.

ObjectiVes

Promote consumer awareness o the beneits o dealing withthe mortgage broker channel

Advocate or member interests on legislative and regulatory issues

Develop, monitor and promote responsible mortgage industry

standards and conduct Deliver best-in-class training or mortgage proessionals

Provide timely and relevant inormation to members andmortgage consumers



Govnn2012/13 bOard Of directOrs

Eectie Cmmittee

Directr

Dan Putnam, AMPTreasurer

Todd Harris, AMPSecretary

Boris Bozic, AMPPast Chair

Daryl Harris, AMPChair

Daniel Migneault, CHAQuebec

Jim Murphy, AMPPresident and CEO

Thomas Antonick, AMPManitoba

Jennier Braid, AMPOntario

Michael Cameron, AMPAlberta/NWT

David Gyurits, AMPOntario

Paul Kozan, AMPVice Chair

Geo Parkin, AMPDirector-at-arge/MBABC

Sangeeta Nair, AMPOntario

Feisal Panjwani, AMPB.C./Yukon

Ajay Soni, AMPB.C./Yukon

Emilio Tammaro, CHAQuebec

Gino Tieri, AMPOntario

Michael Wole, AMPAlberta/NWT



Our Mission

Our Vision

Governance

A Message from the Chair

A Message from the President

Accredited Mortgage Professional (AMP)

Communications

Government Relations

Membership

Committee Members

Regional Broker Council Members

Education

Events

CAAMP Foundation

The Canadian Mortgage Market

Financial Highlights

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9

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Content



Canadian Association of Accredited Mortgage Professionals

Association Canadienne des Conseillers Hypothécaires Accrédités2

My term as Chair has been

extremely rewarding or a number

o reasons, however, by ar the

most important acet o my tenure

was the review o CAAMP’s Strategic Plan. Since the

last Strategic Plan review in 2005, the mortgage industry

landscape has altered signicantly as have member

needs and expectations. The time had come to revisit

the services we provide to ensure we were satisying

our membership. We have now developed a sharpened

ocus and determined measurable objectives and strategic

targets or both short-term and long-term action.

Strategic planning takes time, energy, and ocused

eort to coordinate the actions o groups o people.

Our research process included surveying our members,

creating internal sub-committees and discussions with

other stakeholders beore bringing recommendations to

the Board o Directors. Your Board o Directors worked

very hard to analyze all the key inormation and have

established a clear path to implementing strategic

business goals concentrating on our key areas: the AMP,

communications, government relations and education.

Changes to the AMP designation are underway to make

it both stronger in terms o requirements and more

meaningul in terms o value. We will also create a

designation or brokers only, while being cognisant o

our non-broker members.

Another key area o ocus is communications. Our

member survey results revealed that electronic

communication continues to be seen as critical which

makes sense given that a large percentage o our

members conduct their business via mobile devices.

The association is working on making changes to its

communication vehicles which will provide added value

and acilitate the way members receive inormation.

We will also continue to enhance our prole across our

social media vehicles. The new backbone o corporate

communications, social media provides us with a

platorm to build an engaged online community leading

to valuable conversations and dialogues among our

members and the borrowing public.

CAAMP has always ocused a great deal on government

relations and will continue to do so. Advocating or

our members’ interests and or the industry has become

more pronounced given that it has been identied as

the number one priority by our members. Mortgage

regulation, whether in Ottawa or at the provincial level

aects our members’ business. It will remain CAAMP’s

responsibility to advocate on their behal.

I have seen rsthand how CAAMP has played a vital

role in the debate over regulation o the mortgage

market. Without our call or a balanced approach, basedon sound, independent research, our members would

arguably be in an even more constrained marketplace.

CAAMP is recognized by government and the media

as a trusted advisor and credible source but we need to

build on that credibility to ensure that the interests o

our members and Canadian consumers continue to be

well represented.

In terms o education, CAAMP will invest in its

capacity to provide education programs at a level

sucient to establish its position in the market as the

leader in education. We will increase the number o

courses oered related to the AMP designation;develop new licensing courses or provinces as

required while continuing to oer existing licensing

courses; align entry level licensing courses to the

Mortgage Broker Regulators' Council o Canada

(MBRCC) standards and expand education oerings

in new jurisdictions. We will continue as a leading

provider o non-licensing mortgage industry training

and expand on continuing education oerings.

I would like to thank the CAAMP Board o Directors

and senior management or their advice and support

during the past year. I would also like to thank all

the volunteers and sponsors who make CAAMP thesuccessul association it is today.

Finally, thank you to my colleagues at Verico One

Link Mortgage & Financial or their support and

understanding throughout this busy past year. I wish

Paul Kozan, AMP and his new Board a successul year.

A message from the Chair

Daryl Harris, AMP

A New Direction



Annual Report | 2012–2013 3

Our Service to Members

As CAAMP Chair Daryl Harris

reerences in his comments,

CAAMP is a successul association.

Membership remains strong,

events are being enhanced, media reach has hit new

heights, education courses are well subsribed to and our

infuence with government and regulators is at an all time

high. That does not mean, however, that we can rest on

our laurels.

This year marked the review o our Strategic Plan which

ocused on key areas including membership, the AMPdesignation, communications, government relations

and dening CAAMP’s role. The result o the review

will bring about changes that better refect the mortgage

broker channel moving orward. There is no question our

industry has slowed somewhat. Strong growth which

was recorded in previous years has either stabilized or

declined. On a positive note, overall mortgage broker

channel share remains at 25%. CAAMP is seizing the

moment by ocusing on its strengths and devising new

ways to better serve its members.

Over the course o the past year, CAAMP provided the

ollowing services to better educate; represent and inorm

its members:

› CAAMP’s Board o Directors established a special

government relations und o $200,000 to assist

in lobbying and advocacy eorts. Government

relations and advocacy were identied as the top

priority by members in a recent member survey;

› Specically, CAAMP once again maintained a

5% down payment on mortgages; ensured there

was no requalication at renewal and argued

against the elimination o 30 year amortizations

or conventional mortgages. CAAMP has been

the country's leading proponent o a balancedapproach to housing and mortgage policy;

› Provincially, with the assistance o its regional

Broker Councils, CAAMP responded to mortgage

broker discussion papers in British Columbia,

Alberta and drat regulations in Nova Scotia;

› On the education ront we were successul in

securing the Ontario Mortgage Broker Education

Program or an exclusive our year period. We

remain the leading provider o entry level licensing

courses in Ontario, Saskatchewan and Manitoba.

We also launched a Newoundland and Labrador

education course to complement our existing Nova

Scotia broker course;

› We held a successul national conerence, Mortgage

Forum 2012 - or the second time in Vancouver.

Over 1,300 mortgage proessionals were present;

› We held seven regional symposiums across the

country with over 2,100 attending, including a

joint event with MBABC in Vancouver. We hosted

Mortgage Fraud Summits in Toronto and or the

rst time in Calgary;

› We produced three separate research reports

working with our partner Maritz Research and our

Chie Economist Will Dunning. CAAMP continues

to be called upon or comment by the media on all

mortgage related issues.

› Our social media presence grew with 3,750 Twitter

ollowers, 6,675 members on LinkedIn and over

3,700 likes on Facebook;

› Our nancials remain strong with the Board

o Directors establishing reserve unds or

government relations, technology and a potential

building purchase.

I always say how honoured I am to be President

and CEO o such a dynamic organization in such

an important industry and this year is no dierent.

Thank you to our Chair Daryl Harris, AMP; our

Executive Committee; Board o Directors and

management or another successul year.

A message from the President and CEO

Jim Murphy, AMP



Professionalism.

Excellence.

Standards.

CAAMP’s commitment to upholding

the highest standards of industry

performance led to the creation

of Canada’s national designation

for mortgage professionals,

the Accredited MortgageProfessional (AMP). The AMP is

synonymous with professionalism

and ethical standards within

Canada’s mortgage industry.

As the designation and the industry

have evolved, the association has

undertaken compressive evaluationsand benchmarking exercises to

review objectives to ensure the

designation continues to set the

bar high.




AMP Promotion

CAAMP’s commitment to enhancing the value o

the AMP, particularly within the mortgage broker

channel, is a priority or the association. CAAMP

invests extensively in public advertising o the AMP

allocating over 90% o dues back into its promotion.

National advertising consists o print ads as well as

an enhanced online presence which allows or a wideconsumer reach and increased requency.

Ask an AMP on Facebook

Designed as a lead generating tool or AMPs and a

platorm or mortgage consumers seeking advice,

the Ask an AMP tab on Facebook provides an

environment where consumers can ask mortgage

related questions directly to AMPs and receive

expert advice. Potential new relationships are

established as a result o the connection.

AMP PosterThe seventh annual AMP Poster campaign attracted

18 corporate sponsors who share the common goal o

supporting the AMP. All AMPs receive a copy o the

poster along with additional sel-promotion items.

AMP Specializations

AMP originators who meet the specied requirements

can be recognized as a Residential Mortgage Specialist,

a Commercial Mortgage Specialist or both. AMP

Specialists are identied as such on CAAMP’s online

membership directory enabling consumers to nd an

AMP based on their area o expertise.

AMP Partnership with MBABC

CAAMP is pleased to continue its partnership

with the Mortgage Brokers Association o British

Columbia (MBABC), especially as it pertains to

the commitment o actively promoting the AMP

designation to its members.

This past year, the AMP represented one of the key areas of focus of CAAMP’s StrategicPlan review. An evaluation process was implemented that included membership surveysand industry focus groups. The consensus was the overall strengthening of thedesignation in terms of credibility, retention and awareness. There was also signicantsupport for creating a designation for brokers only without losing sight of lender andinsurer member requirements.

Accredited Mortgage Professional

AMP Awards

The AMP o the Year Award and AMP Corporate

Excellence Award were created to recognize an

individual and a corporation who demonstrate

outstanding commitment to the support and

enhancement o the AMP designation to their peers

and to the mortgage consumer.

During the 2012 Hall o Fame Awards Night in

Vancouver, the AMP o the Year Award was presented

to Gina Best, AMP and the AMP Corporate Excellence

Award was presented to Verico Island Pacic Capital.



Engage.

Connect.

Interact.As the consistent and

credible source for

industry information,

CAAMP reaches

its members andindustry stakeholders

through a variety of

distribution channels

such as targeted

email campaigns,

mass media coverage,

print and electronic

publications and socialmedia updates.




Industry and Consumer Research

On a regular basis, CAAMP undertakes credible and

authoritative research that highlights the issues that

matter most to the industry and its members. These

research reports produced twice a year, are created

based on statistical data collected rom surveys o

Canadian consumers and provide members with

inormation on consumer borrowing behavior as well

as the residential mortgage market landscape.

Mortgage Journal

CAAMP’s fagship publication, Mortgage Journal

magazine is the leader in mortgage industry journalism

and represents credible, actual and unbiased

reporting. Mortgage Journal provides coverage and

analysis o industry issues and trends rom mortgage

industry leaders and expert contributors. Mortgage

Journal is also available in electronic ormat with

search and share capabilities.

Building support and understanding o our industry

among the media and the general public is a major

ocus or CAAMP and this past year was no exception

with national, provincial and local media reaching out

to the association or comment and advice.

Communications

CAAMP is a leader in providing the best coverage and analysis of critical issues andtrends affecting the Canadian mortgage industry.

Mortgage Connect

Mortgage Connect represents an online community

platorm designed to acilitate eective communication

and engagement opportunities or mortgage

proessionals.

The Mortgage Connect site is where members can

share ideas with their peers; participate in community

orum discussions; stay current on association events

and activities; get industry updates on demand and

access education study groups. How To videos help

maximize the Mortgage Connect experience.

www.mortgageconnect.org

Social Media

Over the past 12 months CAAMP has increased its

social media presence on all its social media platorms.

CAAMP’s Facebook audience has grown to 3,700 total

“likes” and has a strong consumer ollowing. The

Facebook application “Ask an AMP” is a lead generating

tool connecting mortgage consumers with AMPs.

CAAMP’s Twitter account has grown its ollowers to

3,750 in the past 12 months. Regular tweets include

industry acts, updates on events, education and

government relations as well as relevant articles and

sharable images and statistics.

CAAMP’s LinkedIn group has become the industry's

orum with membership at 6,675. Group members share

ideas and network with industry peers.

Share your voice by actively participating in CAAMP's

various engagement platorms.

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Twitter

Facebook



Advocacy.Support.

Impact.Highlighting the industry’s

position with government

and advancing policymakers’

understanding of the issues

that matter most to members

is a top priority for CAAMP.

Effective lobbying helps

influence the outcome of

regulatory and legislative

changes and is essential

to achieving a balanced

approach to mortgage

policy particularly during

a shifting landscape.




CAAMP actively participates in engaging dialogue and manages strategic relationshipswith all levels of government. Having conversations that matter and shaping a strong andproven message ensures the interests of our members and Canadian consumers areprotected and well represented.


Lobbying eorts include regular communication

with the ederal Minister o Finance; retaining a

government relations rm in Ottawa; in-person

meetings with government ocials in Ottawa and

presenting research data to support our cause and

dene mortgage related legislation

Regulatory changes such as GST/HST treatment o

nancial services; maintaining a 5% down payment

on mortgages; ensuring no requalication atrenewal; arguing against the elimination o 30 year

amortizations or conventional mortgages and the

impact o securitization measures on monoline

lenders are just some o the issues in which CAAMP

has been actively involved.

CAAMP is also pleased to be working with the

Mortgage Broker Regulators' Council o Canada

(MBRCC), which represents mortgage broker

regulators in Canada. CAAMP is supportive o the

eorts o the MBRCC to collaborate with stakeholders

across the country to synchronize mortgage

broker regulation. In particular, eorts to establishharmonized education standards, disclosure and

licence categories represent an important incentive.

While government relations eorts have been active

at the ederal level, CAAMP’s regional mortgage

Broker Councils have also been eective in providing

important input on industry and regulatory issues.

In Alberta, CAAMP has been involved on potential

legislative changes to the Real Estate Act; in Ontario

participating in the review o the Mortgage Brokerages,

Lenders and Administrators Act, 2006; in B.C.

regarding the discussion paper on changes to the

Mortgage Brokers Act and in Nova Scotia consulting

with Service Nova Scotia on the regulations under the

new Mortgage Regulations Act.

Provincial regulators also spoke at several o CAAMP’s

regional symposiums this past spring providing updatesand inormation to members across the county.

Rallying behind the industry with all levels of government is

paramount to the association. Members have identied advocacy

efforts as being the most important activity CAAMP undertakes.



Connection.Value.Rewards.In an ever changing and somewhat

challenging environment, CAAMP

membership remains stable at

12,000 members.

CAAMP provides its members withvaluable products and services

to help them meet their business

needs and remain competitive.

Members benefit from advocacy with

government and regulators; access

to comprehensive professional

development courses and regional

and national events in addition

to industry survey reports and

specialized industry publications

and information.




CAAMP members enjoy belonging to Canada's largest network of mortgage professionalsin the country. Enhancements to CAAMP's existing membership package, including deepdiscounts with insurers and deals with more than a thousand major merchants, makebeing a member that much more rewarding.

Membership

Member Benefts Program

This past year marked the roll out o a new and

enhanced member benets program. CAAMP

members have exclusive access to discounts and

deals that oer potential savings that exceed

membership dues.

MemberPerks Program

CAAMP leveraged its position as Canada’s largest

network o mortgage proessionals, to develop

its MemberPerks program. The association hasnegotiated access to discounts with more than 1,200

merchants, so members can nd deals at restaurants,

retail shops, travel outlets, services and events.

MemberPerks provides members with access to

exceptional discounts at many major chains. Smaller

businesses are also included in the collection o

merchants to oer close-to-home or close-to-oce

options, no matter where you live and work.

A MemberPerks app is also available on multiple

types o devices.

Home and Auto Insurance

Members can also take advantage o preerred and

exclusive home and auto insurance rates with

CAAMP’s insuring partner, The Personal, a division o

Desjardins Insurance.

CAAMP negotiated deep discounts and better service

or our members with one o Canada’s leading

insurance providers who partner with more than 600

groups rom dierent sectors to oer the very best

possible deals or members.

Errors and Omissions (E & O) Insurance

CAAMP members benet rom the premier

Errors and Omissions insurance policy in the

marketplace providing peace o mind to the mortgage

proessionals and the borrowing public.

Web-Based Solutions

Purview or Mortgage Brokers (Ontario), a web-based

solution enabling mortgage brokers to generate quick,

accurate property valuations, conrm property

ownership and location.

CAAMP members also receive discounts on a wide

variety o events and education oerings.

CAAMP-MBABC Joint Membership Initiative

CAAMP and MBABC have a joint membership initiative

representing both a time and cost saving or those who

choose to be members o both associations. CAAMPmembers are viewed as a trusted source or borrowers.

Membership Regional Breakdown

BC /Yukon

Alberta/NWT

Saskatchewan/Nunavut

Manitoba

Ontario

Quebec

Atlantic

13%

12%

3%2%

58%

7%4%

Member contact listings can be ound on the

ully interactive online Membership Directory

at www.caamp.org.



Dedication.Teamwork.Enthusiasm.CAAMP would like to acknowledge the

many volunteers whose participation,

coopearation and commitment help to

develop and grow the association.




Committee Members

Audit and Finance

John Gabriel, AMP

David Gyurits, AMPDaryl Harris, AMP

Paul Kozan, AMPFeisal Panjwani, AMPDaniel Putnam, AMP

Ajay Soni, AMP

Communications

Indra Bains Ladha, AMPJohn Baldassarra, AMPJennifer Braid, AMP

Gurdeep Brar, AMPMichelle Drover, AMPDaniel Migneault, CHA

Melissa Rizzi, AMPPaula Roberts, AMPLori Smith, AMP

Ajay Soni, AMPDeb White, AMP

Education

Lisette Amal, AMPRobert Beach, AMP

Sam Carnovale, AMPLorne Collis, AMPDavid Gyurits, AMP

Michele Hall, AMPTodd Harris, AMP

Anthonet Maramieri, AMPGlenn May-AndersonRichard Moxley, AMPIan Murray, AMP

Sangeeta Nair, AMPFeisal Panjwani, AMPNancy Patterson, AMP

Sanjay Ramwani, AMPLaurel Reed-Groves, AMPPeter Wakeeld

Darren Woodcock, AMP

Foundation

Sam Carnovale, AMP

Colin Dreyer, AMPPaul Grewal, AMP

Jane LondervilleAndrew Moor, AMPKarl Straky, AMP

Hali Strandlund, AMPRonald Swift, AMPPeter Vukanovich, AMP


Kris Barnier

Denis Brunet, AMPJared Dreyer, AMPMichell Drover, AMP

Daniel Eisner, AMPDavid Gyurits, AMP

Scott Hunter, AMPPaul Kozan, AMPTim Mezik, AMP

Andrew Moor, AMPSangeeta Nair, AMPSteven Offer

Daniel Putnam, AMPAjay Soni, AMPHali Strandlund, AMP

Peter WakeeldMicahel Wolfe, AMP

Lender/Insurer Advisory

Boris Bozic, AMPJennifer Braid, AMPBarbara Chiarantano, AMP

James Clayton, AMPMark Clearihue, AMP

Colette Delaney, AMPArmando Diseri, AMPMoe Forget, AMP

Ed Gettings, AMPPaul Grewal, AMPJeff Johnson, AMP

Michael Jones, AMPNick Kyprianou, AMPKim Luxton, AMP

Grant MacKenzie, AMPMark McInnis, AMPScott McKenzie, AMP

Debbie McPherson, AMPAndrew Moor, AMPKaren O'Hanley

Jill Porter, AMPMary Putnam, AMPMartin Reid, AMP

Lester Shore, AMPRobert Sinclair, AMP

Mark Squire, AMPHali Strandlund, AMPRonald Swift, AMP

David Terletski, AMPDarren Thompson, AMPGino Tieri, AMP

Membership

Thomas Antonick, AMP

Michael Cameron, AMPTodd Harris, AMPPaul Kozan, AMPDaniel Migneault, CHA

Sangeeta Nair, AMPEmilio Tammaro, CHAMichael Wolfe, AMP

National Ethics

Committee (NEC)

Denis Brunet, AMPPat Dell, AMPJohn Gabriel, AMP

David Gyurits, AMP

Christine Lemieux, CHAIan Murray, AMP

Sangeeta Nair, AMPSylvian Poirier, CHADan Putnam, AMP

Lorraine Sato, AMPBernard Schwidder, AMPKarim Talib, AMP

Michael Wolfe, AMP

National Ethics Committee

(NEC) Appeals

Marty Coubrough, AMPPaul Grewal, AMP

Pierre Martel, CHAAndrew Moor, AMPJoe Pinheiro, AMP

Ajay Soni, AMPKarl Straky, AMPHali Strandlund, AMP

Emilio Tammaro, CHA

National Conference

Boris Bozic, AMP

Catherine Adams, AMPLouise Dunn, AMPDaniel Migneault, CHA

Maria Pimenta, AMP

Lori Smith, AMPHali Strandlund, AMP

Professional Standards

Ozzy Abel-Ati, AMP

Mickey Baratz, AMPDenise Boaventura, AMPJennifer Braid, AMP

Professional Standards

(continued)

Wendy Bruchal, AMPMichael Cameron, AMPPatty Chow, AMPDonna Coo, AMP

Michael Cubirc, AMPJohn Gabriel, AMPSusan Garden, AMP

Norm Holmes, AMPNancy Patterson, AMPDaniela Perciballi, AMP

Sabha Sajjad-HazaiDustan Woodhouse, AMP

Fraud Prevention

Sub-Committee

Ana Ialeggio AMPAndrina McMillan

Armando Diseri, AMPBernard Schwidder, AMPColleen Lindsay

Dong Lee, AMPDonna Coo AMPDonna Driver, AMP

Jane Kulbida AMPJennifer Braid, AMPJill Porter, AMP

John Gabriel, AMPJohn Tracy

Kathleen Woods, AMP

Leslie MartinLoraine Sato AMP

Marie Dyck AMPMarie MizgalaMihai Heroiu,AMP

Nancy Patterson AMPOzzy Abdelati, AMPPatrizia Greco

Peter GuzzoRocca D'AngelaRon Bennett

Rosa DiasSangeeta Nair, AMP





Atlantic Broker Council

Gurdeep Brar, AMP G. Brar Mortgage Consultants Inc.

Jack Cameron, AMP Mortgage Centre (The) - Mortgage Advantage Inc.

Michelle Drover, AMP Premiere Mortgage Centre Inc.

Dale Evans, AMP Invis/Mortgage Intelligence

Rosemary Ghiz, AMP Dominion Lending Centres Tidal Bay

Todd Harris, AMP CMHC - Business Development Atlantic

Mark Norman, AMP Verico Acme Financial Inc.

Adam O'Donnell, AMP Mortgage Architects Inc.

David Skinner, AMP TMG The Mortgage Group Atlantic Inc.

Craig Spicer, AMP Verico Premium Mortgage

Debra Williams Mortgage Architects Inc.

Geoffrey Woodford, AMP HLC Home Loans Canada

Alberta Broker Council

Michael Cameron, AMP Axiom Integrity First Mortgage Solutions Inc.

Jacquie Carstensen, AMP Mortgage Architects Inc.

Marc Crossman, AMP Dominion Lending Centres Mortgage Mentors

Brian Gentles, AMP TMG The Mortgage Group Alberta Ltd.

Yousra Jomha, AMP Western Mortgage Services Inc.

Leonard Lane, AMP Verico Brokers For Life Inc.

Brandi Pierik, AMP Dominion Lending Centres Regional Mortgage GroupKelly Porter, AMP Mortgage Alliance Upright Mortgage Services Inc.

Leann Scarlett, AMP Verico The Mortgage Writers

Manitoba Broker Council

Thomas Antonick, AMP Avenue Mortgage Inc.

Rosa Bovino, AMP Invis/Mortgage Intelligence

Denis Brunet, AMP Mortgage Architects Inc.

Hellen Burnell, AMP Centum Mortgage Choice Corp.

Thomas James Burnett, AMP Integrity Mortgage Service

Marty Coubrough, AMP Verico One-Link Mortgage & Financial

Buzz Grant, AMP Mortgage Logic

Daryl Harris, AMP Verico One-Link Mortgage & Financial

Ron Margolis, AMP Margolis Capital - Commercial Mortgage Professionals

Brent Parnell, AMP Mortgage Centre (The) - Vertuity Mortgage

Jason Zarrillo, AMP Integrity Mortgage Service

To ensure regional representation, CAAMP has established Regional Broker Councils

in Alberta, Saskatchewan, Manitoba, Ontario, Quebec and Atlantic Canada. Mortgagebrokers from the regions participate on the councils and provide important input onindustry and regulatory issues.

Regional Broker Council Members



Creating a New Direction


Ontario Broker Council

Jetmir Amitofski, AMP Networth Mortgage Centre

Ron Butler, AMP Butler Mortgage Inc.

David Gyurits, AMP Mortgage Alliance

Sarkar Khan, AMP Ijara Mortgage Brokers Ltd.

Mary-Ann Legato, AMP Real Mortgage Associates Inc.

Glen May-Anderson FDS Broker Services Inc.

Gary Meger, AMP Neighbourhood Dominion Lending CentresSangeeta Nair, AMP Invis/Mortgage Intelligence

John Panagakos, AMP Dominion Lending Centres Home Financial

Claire Providenti, AMP OMAC Mortgages

Quebec Broker Council

Richard Buckberrough, CHA Hypotheca Courtier Hypothécaire De L'Avenir

Guy Cayer, CHA Invis/Mortgage Intelligence

André De Grandmont Verico Complete Mortgage Services

Isabelle Gendron Centum Boulevard Hypothecaire

Christine Lemieux, CHA Multi-Prêts Hypothèques

Jean-Pierre Lessard, CHA Imeris Agence Hypothecaire Inc.David Mayrand, CHA Maoki Inc.

Daniel Migneault, CHA Multi-Prêts Hypothèques

Robert Perrier, CHA Dominion Lending Centres

Luisa Simonetti Les Architectes Hypothecaires

Emilio Tammaro, CHA MCAP

Anik Vlachos, CHA Les Architectes Hypothecaires

Saskatchewan Broker Council

Pat Dell, AMP Verico Crown Mortgage Services

Jason Dornstauder, AMP Focus Mortgage Solutions

Marina Fedoroff, AMP TMG The Mortgage Group Prairies Inc.

Paul Kozan, AMP Mortgage Centre (The) - Power Mortgage

Lionel Lewko, AMP Verico Sask Mortgage Corp.

Jackson Middleton, AMP First Foundation Residential Mortgages

Linda Plese, AMP Mortgage Alliance

Jacqueline Simpson, AMP Centum Canada Mortgage Direct Ltd.



Knowledge.

Training.

Success.Advancements in education

have always been a priority

for CAAMP. With extensive

program development

and delivery experience insupport of professionalism,

CAAMP’s comprehensive

courses are structured to

assist mortgage industry

professionals improve current

practices and keep pace with

our ever-evolving industry.




Education

Accreditation

CAAMP's pre-accreditation course, Mortgage Practice

Standards is the rst step needed to become an

Accredited Mortgage Proessional. The course covers

a oundation in ethical practice in the mortgage

industry, agency and duciary duty, mortgage

origination standards, understanding your privacy

responsibilities and maintaining lender relationships.

Fundamental Mortgage Principles Program is

designed to ensure mortgage industry knowledge and

competency or AMP applicants with less than twoyears' industry experience. The Program is comprised

o the ollowing modules: Mortgage Origination,

Regulatory Compliance, Fraud Avoidance, Housing

and Mortgage Economics and Advertising and

Marketing Standards.

Provincial Licensing

Manitoba

CAAMP is pleased to oer the Manitoba Mortgage

Salespersons Course oered to those looking to

become a Mortgage Salesperson or eventually an

Authorized Ocial in Manitoba. This course isrequired by the Manitoba Securities Commission

– Real Estate Division or Mortgage Salesperson

registration under the Mortgage Brokers Act.

Newfoundland and Labrador

The Newoundland and Labrador Mortgage Broker

Course is or individuals looking or province-specic

mortgage broker education or or those wishing to

gain knowledge about Canada's mortgage industry.

The course contains material specic to the current

Newoundland and Labrador regulations and land

registration system and covers industry basics and

legislative requirements or conducting mortgage brokering business.

Nova Scotia

The Nova Scotia Mortgage Broker Course contains

inormation specic to the current Nova Scotia

regulations and land registration system. Anyone

wishing to become a mortgage broker in Nova Scotia is

advised to complete this course which covers industry

basics and legislative requirements or conducting

mortgage brokering business in the province.

Ontario

CAAMP's Ontario Mortgage Agent Course is available

or those looking to become a Mortgage Agent or

eventually a Mortgage Broker in Ontario. The course

is required by the Financial Services Commission o

Ontario to be licensed under the Mortgage Brokerages,

Lenders and Administrators Act. The course outline

includes all the Mortgage Agent Qualiying Standards

as required under the regulations.

Saskatchewan

CAAMP’s Saskatchewan Mortgage Associate Coursehas been approved by the Superintendent o Financial

Institutions or the purposes o mortgage associate

licensing. The course is available or those looking to

apply or a Mortgage Associate license in Saskatchewan.

Broker Licensing

In 2012, CAAMP was selected by the Financial

Services Commission o Ontario (FSCO) as the sole

provider o the mortgage broker education program

or the purposes o licensing in Ontario.

CAAMP's Ontario Mortgage Broker Education

Program is designed to meet the needs o thosewishing to become licensed as Mortgage Brokers

under the MBLAA. The primary ocus o the Program

is to prepare mortgage brokers to serve as a Principal

Brokerage o a mortgage brokerage.

Continuing Education (CE)

CAAMP CE oerings are designed to ensure mortgage

proessionals have the knowledge and capabilities

or continued proessional growth and business

success. 12 CE Units are required each year in order

to maintain the AMP designation.

CAAMP works in partnership with leading training

providers such as Carson Dunlop, Learnware Design

and Moody's Analytics Global Education (Canada)

Inc. to oer additional quality, cost-eective

continuing education oerings.

www.mortgagecampus.org

CAAMP is the foremost provider of mortgage related instruction. Course offerings include

accreditation; provincial licensing and re-licensing; broker licensing; commercial mortgages

and continuing education.

MortgageCampus




Events

Mortgage ForumCAAMP's national conerence and expo, Mortgage

Forum 2012 was recognized or its outstanding

achievements and received the Best Conerence

Award at the Canadian Event Industry Awards Night.

Mortgage Forum also received this same honour

in 2011 and 2009. For three days in November,

over 1,300 mortgage proessionals rom across the

country converged in Vancouver or the largest

industry gathering o the year. CAAMP’s national

conerence eatured a variety o talented speakers, new

perspectives and industry insights through thought

provoking sessions while exhibitors oered delegates

with new ways to develop and improve their business.

The Art o Marketing was a highlight or many which

oered solutions or harnessing creativity or your

business. Always a hilarious evening, COMEDYFEST

eatured Lewis Black and Erica Sigurdson.

Canadian Mortgage Hall o Fame

Some 600 attendees enjoyed the Mortgage Hall

o Fame Awards Night honouring Hall o Fame

inductees: Andy Charles, AMP, Patrick Chetcuti,

AMP and Gord Dahlen, AMP. Evening entertainment

was provided by Canadian songstress Suzie McNeil.

Industry Excellence Awards

Also honoured or their industry contributions were the

recipients o the 2012 Industry Awards: Stan Falkowski,

AMP (Michael Ellenzweig Outstanding Service Award);

Hali Strandlund, AMP (Founders Award); TMG The

Mortgage Group (Partners in Excellence Award); Gina

Best, AMP (AMP o the Year Award); Verico Island

Pacic Capital (AMP Corporate Excellence Award);

Bob Hanscom, AMP (CAAMP-AMBA Award); Art

Appelberg, AMP (CAAMP-IMBA Award) and Sandy

Higgins, AMP (CAAMP-MBABC Award).

Mortgage Fraud SummitsCAAMP was pleased to host high level raud summits

in Toronto and Calgary aimed at helping mortgage

proessionals identiy and combat nancial crime.

CAAMP would like to thank CMHC, Canada

Guaranty and Genworth Canada or their ongoing

support o these initiatives.

Regional Symposiums and Trade Shows

The spring regional symposium circuit eatured

comprehensive one day events with industry experts

providing knowledge and resources designed to help

mortgage proessionals advance their business while thetrade show component showcased the latest mortgage

products and services. A special CAAMP-MBABC joint

event represented the largest B.C. mortgage event o

the year and survey results indicate that the majority o

attendees are in avour o a continued joint event.

Gol Tournaments

CAAMP’s annual charity gol tournaments were held

in Vancouver, Toronto, Haliax and London. These

tournaments provided an excellent opportunity

to network with peers and develop new business

relationships all while supporting Habitat or Humanity

and the Children’s Wish Foundation. Sponsors o the

AMP Poster also received onsite corporate recognition.

CAAMP would like to thank all the volunteers,

exhibitors, presenters and sponsors whose support and

dedication help to make these events possible.

Leading edge events designed for professional and personal enjoyment are offered throughout

the year and across the country.



Education.Community.Support.The CAAMP Foundation has been

giving back to our communities

and contributing to the well-

being of Canadians for nearly 15

years. It is committed to raising

awareness of the importanceof nancial literacy by helping

Canadians better understand

their choices when it comes to

their nances.

The CAAMP Foundation is a

proud sponsor of Credit

Education Week and FinancialLiteracy month aimed at helping

consumers manage their money

and take control of their nances.




The objectives of the CAAMP Foundation are geared towards helping Canadians meettheir housing needs and becoming a responsible homeowner. This not only benets thepublic, but also reects the values of the mortgage profession as a whole.

CAAMP Foundation

The CAAMP Foundation is committed to:

› the advancement o education, including

knowledge o nancial literacy and responsible

consumer borrowing;

› unding scholarships or post-secondary school

students in need o nancial assistance to continue

with their education;

› supporting activities that oster the advancement

o teaching methods and tools, through initiatives

such as research, education and the developmentand distribution o publications.

The Foundation has also developed a range o

eective online tools or consumers including the

mortgage calculators; the Homebuyers Fundamentals

course, an interactive learning platorm developed

in partnership with Credit Canada which provides

consumers with access to basic hombuying

undamentals as well as inormative papers on

nancial literacy.

Recent initiatives in support o the advancement o

nancial literacy and education include:

Financial Literacy Video CompetitionScholarship

Aimed at raising awareness o nancial literacy,

this scholarship is or outstanding videos on the

topic o nancial literacy created by post-secondary

school students.

Building Community Financial LiteracyFunding Program

In support o raising the level o nancial literacy

among economically disadvantaged groups, this

program provides application-based unding or

charitable and not-or-prot organizations that oer

nancial education programs to these groups.

Karen Kinsley Scholarships

Scholarships with a special emphasis on real estate

nance or outstanding academic achievement by

undergraduate and graduate students have been

established in the name o ormer CMHC President

Karen Kinsley.

Real Estate Finance Papers Award

This award is presented or outstanding undergraduate

and graduate research papers related to real estate

nance.

Up to three Real Estate Papers Awards will be given

in one year; one award or a Doctoral dissertation;

one award or a Master’s thesis; and one or a research

paper written at any level o post-secondary education.

Financial Literacy Resources

The Foundation has also developed a range o

eective online tools or consumers includingmortgage calculators; the Homebuyers Fundamentals

course, an interactive learning platorm developed

in partnership with Credit Canada which provides

consumers with access to basic homebuying

undamentals as well as an inventory o inormative

papers on nancial literacy.

www.caampoundation.org





The Canadian Mortgage Market

The Canadian economy continues

to expand. Jobs are being created

at about the same rate as the

population is growing, which is

a healthy economic situation. Meanwhile, mortgage

interest rates remain very attractive. I estimate that or

5-year, xed rate mortgages, ater typical discounts,

the average rate during CAAMP’s 2013 scal year

was 3.17%. This was a drop rom the prior scal

year (2012), when the average rate was 3.67%

This avourable combination o job creation and allinginterest rates should have resulted in stable or increasing

housing market activity during the year. However, sales o

existing homes (as reported by the Canadian Real Estate

Association) totalled about 440,000 units during scal

2013. This is about 7% lower than during the prior scal

year. The reduction o sales was the result o a change

in the ederal government’s mortgage insurance policies,

which took eect in July 2012. The policy change meant

that mortgages with amortization periods exceeding 25

years were no longer eligible or mortgage insurance.

At the end o CAMP’s 2013 scal year, the volume o

outstanding residential mortgage credit in Canada stoodat $1.17 trillion, which was $58 billion (5.2%) higher than

a year earlier. The chart on mortgage credit growth hows

quite clearly that there has been a substantial evolution

in the demand or mortgages. Prior to the recession o

2008/09, activity was exceptionally strong. Ater the

recession, growth moderated, but was still quite robust.

Most recently, ollowing the policy change that took

eect in July 2012, the drop in housing market activity

has resulted in a urther slowing in the mortgage market.

The percentage o Canadian adults who are employed

(the “employment rate”) is a very useul statistic to

indicate the health o the economy. This data shows thatthe Canadian economy has not returned to the very robust

state it was in prior to the recession o 2008/09. But, in a

long-term perspective, the job situation in Canada is quite

encouraging. Based on this data, we should expect that

the mortgage market and housing market cannot be as

strong as they were prior to the recession. But, we can

expect that housing and mortgage activity will be healthy,

when viewed in a long-term perspective. We have seen

healthy activity in recent times (although since the

summer o 2012, activity is lower than it should be).

During the early phases o the economic recovery,

house prices increased rapidly in many parts o

the country: in many areas o Canada house prices

are now about 20% higher than they were pre-

recession. Rates o price growth vary across the

country. In general, house price growth is close to

the overall rate o infation in Canada, or about 2%.

Aordability Remains Very FavourableThere are several housing aordability indexes in

Canada. However, they share one limitation, which

is that they use posted mortgage rates, rather than

the discounted rates that can be obtained in our very

competitive marketplace. The chart below shows

my estimates o evolving housing aordability in

Canada, using typical discounted rates. (In this

chart, a high index indicates improved aordability.)

While house prices have increased very rapidly

in Canada, reductions o interest rates have been

largely o-setting. During CAMP’s 2013 scal year,

mortgage interest rates ell urther. Meanwhile,house price growth was muted. Moreover, wages

continue to rise. The result is that during the past year

aordability has improved quite substantially and

this is a very positive actor or the housing market.

Looking Forward

As I write this, the resale market has shown signs

o improvement. But, it is quite possible that

this is the result o recent changes in interest

rates. Improved aordability has meant that

more Canadians can move into home ownership.

However, very recently (in late June) interest rates

unexpectedly increased by about one-hal o a

point: buyers have rushed into the housing market

to take advantage o interest rate guarantees. It is

possible, thereore, that later in the year activity

will return to the lower levels that were seen during

the second hal o 2012 and into early 2013.

On the other hand, job creation is an important

actor in the housing market: having a stable job

CAAMP Chief Economist

Will Dunning




gives people the ability (and condence) to be

active in the housing market. It is possible that

an improving economy in the US will result

in aster job creation or Canada as well. This

would add impetus to housing activity.

I expect that resale activity will total about

440,000 units or all o 2013. This would be

slightly (about 3%) lower than in 2012. For 2014, I

expect a similar level o sales. The actual outcome

or 2014 will be infuenced by any changes in

the mortgage lending policy environment.

The most challenging (and interesting) component

o housing market orecasting is prices. During the

past decade, the average resale price in Canada

increased by about 85%, a very rapid average rate

o 6.4% per year. Price growth depends on the

“state o balance” in the market. My orecasting

system estimates that prices will rise at about thesame rate as overall infation when the “sales-to-

new-listings ratio” is about 51%. The ratio has been

close to that threshold or the past two years. On

that basis, I expect that we will see modest price

growth (close to 2%) during the coming year, but,

o course, with variations across the country.

A urther important actor or growth o the

mortgage market is completions o new housing.

Due to strong housing starts during 2011 and

2012, substantial numbers o new dwellings will

require mortgages during 2013. But, a developing

slowdown o housing starts during the remainder

o this year might result in alling numbers o

housing completions during 2014 and 2015, bringing slower growth o mortgage demand.

Combining orecasts or resale activity, prices, and

housing completions, the residential mortgage

market will expand by about 4.5% to 5% in 2013 and

by 2.5% to 3.0% in 2014. By the end o CAAMP’s

scal year 2013 (in April 2014), the total amount

o residential mortgage credit might be about $1.22

trillion. A year later, it might reach $1.25 trillion.

600

550

500

400

450

350

300

2 0 0 3

2 0 0 5

2 0 0 7

2 0 0 9

2 0 1 1

2 0 1 3

Growth of Residential Mortgage Credit in Canada

Source: Canadian Real Estate Association Annual Rate - 1000's

Employment Rate in Canada

65

63

59

61

57

55

1 9 7 6

1 9 8 1

1 9 8 6

1 9 9 1

2 0 0 1

1 9 9 6

2 0 1 1

2 0 0 5

% EmployedSource: Statistics Canada

Average Resale Home Price in Canada

$400

$350

$300

$200

$250

$150

2 0 0 3

2 0 0 5

2 0 0 7

2 0 0 9

2 0 1 1

2 0 1 3

$1,000'sSource: Canadian Real Estate Association

Housing Affordability Index for Canada

120

110

100

80

90

70

1 9 9 8

2 0 0 1

2 0 0 4

2 0 0 7

2 0 1 0

2 0 1 3

2002 = 100.0Source: Will Dunning

2 0 0 3

2 0 0 5

2 0 0 7

2 0 0 9

2 0 1 1

2 0 1 3

14%

12%

10%

6%

4%

8%

2%

0%

% GrowthSource: Bank of Canada

Growth of Residential Mortgage Credit in Canada





Management worked diligently on many ronts.

Last year unds were internally restricted or special

issues. A portion o the unds were used during the

year to augment CAAMP’s own sta as required. The

association was in a position to replenish the und

at year end to continue its work in this critical area.

Additionally CAAMP given its current acility rental

expenses, CAAMP is investigating the easibility o

purchasing a property to house its operation and

classroom requirements. A reserve und has been

setup to be able to address this potential need.

CAAMP’s popular in-depth industry studies continue

to be a much sought ater source or government

policy makers, media and the public. These assist

highlighting the broker channel in Canada.

Education continues to be a ocus. CAAMP now

oers licensing courses in three provinces and

prociency courses in two others. Additionally

our textbook is used extensively, including in

Quebec. The AMP program remains an integral

part o CAAMP. The Board o Directors has made

strengthening the AMP program one o the key

elements o its Strategic Plan. Work on this has

started, and will continue into next year.

CAAMP remains in a strong nancial position but is

keenly aware o the market conditions our membersare acing. The association is committed to taking the

necessary steps to ensure the association is prepared

nancially to support our members’ needs over the

coming years.

The nancial information has been prepared by management in accordance with

Canadian accepted accounting principles.

Financial Highlights

Key Activities

For the year ended April 30

Events

AMP

Education

Government, Industry and Public Relations

Governance and Professional

Membership Expenses

9%

19%

23%16%

15%

18%

Note: Percentage are representative of the associationresources allocated to the key activities.



Annual eport | 2012–2013 25

For the year ended April 30 2013 2012

Reee

Membership fees $2,660,516 $2,721,020

Events 2,333,431 2,694,599

Education 841,351 984,350

Designation dues 544,916 602,006Publications, interest and sundry 285,191 307,046

6,665,405 7,309,021

Eee2

Events 1,827,599 2,238,743

Salary expense 1,522,156 1,533,086

Education 573,899 644,617

Designation promotion 564,588 577,885

Government, industry and public relations 464,244 323,857

Ofce and general 462,617 463,104

Membership 274,681 414,591

Governance, strategic direction 252,821 213,060

Employment costs 212,712 217,756

Rent and occupancy 204,861 207,445

Surveys and research 156,846 177,940Professional, insurance, and consulting 109,805 79,991

6,626,829 7,092,074

ExCEss of REvEnuE ovER ExpEnsEs 38,576 216,947

1 Financial information extracted from the association’s audited nancial statement. If you would like a copy of the complete report,please contact the association, or email [email protected]

2 The association does not allocate salaries and other overhead expenses between the various functions and departments.

sTATEMEnT of fInAnCIAL posITIon

As at April 30 2013 2012

AssETs

Crret Aet

Cash and short-term investments $1,681,712 $1,930,301

Long term investments 2,915,743 2,467,030

Accounts receivable and prepaid expenses 253,238 294,404

Capital assets 55,903 64,950

$4,906,596 $4,756,685

LIABILITIEs AnD nET AssETs

Liabilitie

Accounts payable and accrued liabilities $701,144 $542,689

Deferred revenue 1,814,295 1,861,415

2,515,439 2,404,104

net Aet

Invested in capital assets 55,903 64,950

Internally restricted

Building fund 1,000,000 -

Operating contingency fund 800,000 1,800,000

Special issues fund 200,000 185,000

Technology fund 100,000

Unrestricted 235,254 302,632

2,391,157 2,352,582

$4,906,596 $4,756,686

sTATEMEnT of opERATIons1

caamp 2012:2013 annual report

Documents