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Mortgage Broker News | 03 May 2013, 12:00 AM Agree 0
The company behind REDX is now answering a question CAAMP has been slow to, asserting the association does not directly file incident reports on brokers who drop the AMP designation.
  • Paul Mangion | 03 May 2013, 09:33 AM Agree 0
    CAAMP actually did approach Terranet about this product and there are certain lenders that greatly abuse this system and even after proving that they are mistaken still refuse to remove the info. Maybe someone needs to take legal action against REDX and the reporting lenders. I encourage everyone to request there report. You will be surprised at what you might find.
  • John Hamilton | 03 May 2013, 10:13 AM Agree 0
    Today I replied to a CAAMP email asking me to renew. Timing is everything. Here is copy/paste of my email reply to them;

    "Niro,

    For some time now I have been debating whether to renew my AMP designation or not. After reading all the news about Redix, my answer is simply no f------ way. And after 25 years plus as a broker, I will do my best to tell others to do the same thing.

    John Hamilton"
  • Jean-Francois Trahan | 03 May 2013, 10:18 AM Agree 0
    Just requests my reports and I just can't wait to see what on there. Cause I did let my AMP laps and even cancel my AMP last year
  • Mark | 03 May 2013, 10:49 AM Agree 0
    I think we have been missing something here. This is about the AMP, which IS NOT REQUIRED to keep your mortgage broker or agent license in Ontario. This is an elective option put out there by CAMMP, and thus they are overstepping their boundries by suggesting this is a reportable infraction under the description provided from RedX.

    On another note, if CAAMP is an endorser of RedX and doesn't report to it, then who the hell is reporting the choice of the individual to not renew their AMP designation to RedX? Hey CAAMP, why don't you come clean and admit that you are playing a shell game and now are messing with people's careers and lives.
  • Ron De Silva - RMA | 03 May 2013, 11:49 AM Agree 0
    I applaud Mr. McGowan for stepping forward and attempting to address some of the concerns that I have raised about Redx. His answer however, still doesn’t address why an organization that has a mandate to 'Prevent Fraud, Manage Risk, Protect Your Interests” needs to warehouse data regarding the AMP status of mortgage professionals? Furthermore, what unique Fraud prevention/Risk management abilities does the status of a broker’s designation bring to assist Redx subscribers to manage their interests? Notwithstanding it’s public information, I’m curious as to how Redx even gets this data compiled?

    Since yesterday’s article and the hullabaloo that it caused, I have been inundated with calls and emails from brokers about this issue. The common theme in all of the messaging I received has been, the lack of transparency in how this process works and the lack of caring for the affected parties. This issue was raised previously in October of 2011 in this very forum. (Search: Lender questions value of redx) In that article a broker was turned down from dealing with a lender because of two Redx “hits”. Upon further investigation it was discovered that it was related to “hits” about his AMP designation. To this date, no one has come to his aid, no one has righted this wrong and he still isn’t doing business with this lender. Sadly, no one that should care, cares….
  • John Dearin | 03 May 2013, 11:56 AM Agree 0
    Well I requested and received mine yesterday afternoon. Seems I am a good doobee for now. Even saying that may be breaking the confidentiality agreement I had to sign.

    At the same time myself and my partner are questioning the value of AMP and CAAMP, but this is still better than nothing. Where are the regional associations, I thought they were going to try to put something together that would have some credibility and be recognized?
  • James | 03 May 2013, 12:34 PM Agree 0
    I also let my AMP lapse last year as the lenders themselves don't even appear to support it as much when it was first introduced. Lenders, Insurers all used to offer good programs to assist us in our business and earn credits for the AMP. To keep the designation you pretty much have to attend the CAAMP yearly conference to get the credits and I have not seen much of interest at the last few that would have me spend 3 days of my time and 1500 dollars of my hard earned cash. If this is causing red flags and brokers to be black listed, someone needs to be held accountable.
  • Roman | 05 May 2013, 12:12 PM Agree 0
    It seems to me that those brokers and agents that refused to obtain an AMP designation are better of for it. They don't have to keep renewing the designation in fear of a report. My biggest issue with the AMP designation though has to be the fact that regular bankers are able to obtain it as well. I smell cash grab....
  • Sam Magoo | 06 May 2013, 08:20 AM Agree 0
    Teranet is owned by Borealis Capital, an investment arm of the Onatrio Municipal Employees Retirement System (OMERS)...send e-mails to their executives & Board members commenting on this "Star Chamber" -like
  • Elfie Hayes | 06 May 2013, 12:18 PM Agree 0
    From all the comments I've seen on the subject it would appear that CAAMP is not responding because they are the ones reporting to Redx.

    Our own association is working against the people it is supposed to help. What's going on here? Jim Murphy why do you refuse to reply to any of these comments?
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