AMP boosts mortgage consumer satisfaction

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The value of the AMP designation was given a boost by research showing those consumers very satisfied with their mortgage broker are even more satisfied if that broker is an AMP.

A Maritz report presented by Managing Director Rob Daniel, polled both consumers and brokers, along with other industry participants. When mortgage consumers were asked about their satisfaction when dealing with mortgage brokers, 52 per cent said they were satisfied, while 38 per cent were very satisfied. However, if the broker they dealt with was an AMP, the very satisfied category jumped to 46 per cent.

While that was good news, when it comes to communicating with clients, brokers still have some work to do. According to the report, clients were most receptive to brokers who reached out to them four to six times per year, yet 67 per cent of mortgage holders said they received less than two communications per year from their broker and just nine per cent of brokers are touching base four to six times per year.

“Brokers are great at closing deals, but not as good at communicating with clients,” said Daniel.

When it came to brokers and lenders, the report revealed some disconnect between the two parties. When asked if lender profitability was increasing, 31 per cent of brokers said “yes,” while only 10 per cent of lenders agreed with the statement. Then when asked to list the drawbacks for lenders dealing with brokers, 45 per cent of lenders pointed to fraudulent applications, compared to only 21 per cent of brokers. On the issue of cost/compensation, only 13 per cent of brokers listed it as a drawback, while 29 per cent of lenders did so.

There was also some interesting feedback in the report concerning how brokers are paid. When asked what will happen to broker compensation in the next five years, 35 per cent of brokers said it would be more heavily based on trailer fees and 14 per cent more heavily based on fees charged to the consumer.

In terms of job satisfaction, 87 per cent of brokers agreed or strongly agreed that they were satisfied with their job, up three per cent from 2010. Their perceptions of the challenges they face include: lack of consumer awareness (44 per cent), lender mobile sales force (32 per cent), risk of lenders leaving (21 per cent) and too many brokers (21 per cent).



  • no amp for me grab on 2011-11-23 5:16:13 AM

    lol...too funny

  • Chris on 2011-11-23 8:44:11 AM

    They should do a survey asking brokers what % of their clients ask if they're AMP. I've never been asked.

  • Ontario Broker on 2011-11-24 2:13:23 AM

    Talk about trying to blow smoke up someone's wazoo!!!
    When CAAMP stops working for the banks, & starts working for brokers & agents, I'll join.

  • John Bargis on 2011-11-24 6:23:08 AM

    With all due respect to Maritz, I find it hard to believe that this survey is a true depiction of reality. The big question in my mind is, how were the surveyed brokers chosen? Were the participants AMP's themselves?...The numbers just don't add up. There are approximately 12,000 CAAMP members, of which approximately 3,500 hold an AMP designation. A good number of the AMP's are on the lender side....As for the consumers sentiments reported, I've been in business successfully for 21 years in many different capacities, and not once has a consumer even so much has mentioned the term AMP or chosen not to do business with any of the firms I've been affiliated as a result of a missing acronym on business card....Like I said, this doesn't add up.....

  • BC Broker on 2011-11-24 6:59:55 AM

    Let's see... if I ask a customer if they prefer dealing with a Mortgage Broker / Agent / Advisor, or an ACCREDITED Mortgage Professional... what do you think they would say... That is like asking someone "Would you rather deal with a licensed professional or a non licensed person?" - How much money do you want to bet that the question did not quantify that Independant Mortgage Brokers are required to be licensed under provincial regulations? That AMP's get credit for attending parties, etc for their designation? Let's face it - the consumer has no idea what AMP stands for - and of the aprox 18,000 LICENSED brokers in Canada, only 3800 of them have their AMP. The broker community does not see any value in the AMP - the numbers don't lie. CAAMP is an old boys club that refuses to see the writing on the wall... just look at who attends CAAMP - it is mostly the older generation of brokers. Younger brokers don't do conferences. As for their membership numbers - if you are an agent and you go to work for a brokerage that is a CAAMP member - YOU MUST join CAAMP. It is in their bylaws. If they took that away and made it truly what it should be... a VOLUNTARY membership - I bet you that they would lose 80% of their members.

  • Toronto Broker on 2011-11-24 9:16:10 AM

    Please, the AMP means nothing. All CAAMP is doing is leading us down the same path that realtors did, and just look at the mess that industry is in now. The real estate boards all started the same... as member associations... then they started being self regulated, and now they are getting slapped around by the consumers and the competition bureau for having a monopoly. They collect millions in fees each year and all they do is fight with their membership. They told people that they would enhance the professionalism of the industry, and they did not. CAAMP is doing no better, and the AMP - with only 3800 in the entire courntry - is a useless designation. Even if all brokers had it, it would mean nothing. We are not doctors! Wake up CAAMP you are a dinasaur.

  • Kristina MortgageDiva Berg on 2011-11-24 9:20:15 AM

    No AMP for me either. I would consider myself a terrific broker with tons of experience, lots of volume for a 3rd year gal. I work 16 hours a day with underwriting research, connecting with my BDM's, reading books such as Peter Kinch, Don Campbell or Blair Anderson (learn for the best), I focus on amazing follow-up client care, helping my referral partnership prosper, mortgage education for the outside world through seminars and meetup groups. These should be what defines an AMP...not credit courses that cost money and courses that SHOULD be common sense.
    Just sayin...

  • Ontario Broker on 2011-11-24 10:57:08 PM

    To BC Broker: if CMHC & the major lenders didn't pay from the corporate pockets for their employees to belong to CAAMP or have an AMP,i.e. they were like brokers & agents, & had to pull their CAAMP/AMP dues out of their own personal pockets, membership of CAAMP would be cut by two-thirds.

  • Lender employee on 2011-11-26 5:01:20 AM

    I was an AMP since its its inception and never once reported having taken any requisite training after attaing the designation. Every time I spoke with them the only matter that concerned them was making sure I made the payments necessary to maintain the registratrion - that was the sole focus.. You tell me, how conceivable is it that they might at all be concerned with the service provided to clients if they never ask whether I continue to meet the proficiency requirements they purport are necessary for delivering good service.. Its a cash grab!!

  • Financial planner on 2011-11-26 5:29:49 AM

    In financial planning industry to become a CFP we have many courses that we must take as well as continuing education AND have direct practical experience. I have read many commens that anyone can become a CFP with a few limited courses and without directly related experience??? Also maritz is paid bvy CAAMP to conduct the survey so frankly how independent is the research here? There should be a designation for brokers related to ethics and both initial and continuing education combined with a minimum of experience requirment and this should be separate from any designations for bankers , credit union staff etc. Need for a real broker only designation and lot of marketing put behind it but takes a lot of $$$. If lenders did not have the staff enrolled what would CAAMP membership be at and how would it effect caamp revenue.

  • Steve on 2011-11-26 7:38:02 AM

    22 yrs in the business. 14 as a lender. 8 as a broker. a founding CIMBL member... founding CAAMP member... founding AMP member.... dropping my AMP designation this year... education requirements are a joke.. not one client of referral contact has ever asked me if i an AMP.. the public doesn't even know what it stands for.. it's a cash grab and we know it... improve the designation and i'll return..

  • Time for a Reality Check on 2011-11-29 4:27:03 AM

    AMP like any other association created designation holds no validity in the eyes of the consumer. History shows this to be true, just look to our sister industry where there have been dozens of designations that have come and gone. Designations only have meaning when they are provided by accredited educational institutions... PHD, MBA, etc. OR when the designation is mandated by legislation for the performance of the job. Even then, how many consumers really care if they are dealing with an MBA? They do not.

    The AMP does more for the person who carries it because it gives them a sense of pride, but to the consumer... It will never mean more than it does today.

    Here we have a member organization which has over 12,000 members and who's name is the Canadian Association of Accredited Mortgage Professionals, yet only 3800 of those members have the AMP designation. What does this tell the consumer? That of the 12,000 members only 3800 of them are accredited?

    CAAMP would be better served if they gave all members of CAAMP the designation and made membership carry educational requirements. Why? Because right now I can tell the consumer that I am a member of CAAMP and they will assume, rightfully so, that I am an accredited professional. Why would that be correct? Because I have to renew my license every year with the regulator, and I have to do reeducation to renew my license. My license with government regulators will always hold more weight than an association membership.

    Unless CAAMP makes this bold move then they will always be telling the consumer the same thing. Some of our membership are more professional than others, and that will create conflict internally, will devalue them as an association, and the AMP will never be seen more than a cash grab as it is today by the vast majority of their membership (it is why there is only 10% acceptance of the AMP).

    I support associations, but let's get some focus on what is really important here. It is the ability of that association to influence regulators and the consumer, it is not the creation of a designation that in reality all of their members already have because they are a member.

    I am a member of the Canadian Association of Accredited Mortgage Professionals, and I am accredited by my regulatory body and by the university that provided me with my licensing courses and gave me my professional broker designation. I also have the university certificate that proves it.

  • Nova Scotia Broker on 2011-11-26 4:45:14 AM

    I have been in the business for over 20 years and held a CAAMP membership for 8 of those. I refuse to hold an AMP because some of the brokers out here in Nova Scotia have there AMP status and I know that they have done a few things that have not been too honest. So, until CAAMP does a better job at cleaning house then I may decide to join. Until then I find AMP status is just a waste of money.

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