CAAMP is ramping up its lobbying efforts in Ottawa, aiming to grow the profile of its members and, by extension, the industry with a federal government relations consultant.
“We already enjoy a good and positive relationship with the Department of Finance,” CAAMP head Jim Murphy told MortgageBrokerNews.ca. “We want to increase our role and presence with other decision makers in Ottawa; for example, other government departments, regulators and members of Parliament.”
The association is now reviewing applicant submissions, after putting out a request for proposals in Ottawa. It hasn’t publically pinned a price tag to the initiative, which follows CAAMP’s recent efforts on Parliament Hill, specifically looking to forestall the introduction of another round of federal mortgage rules.
The lobbying consultant should help the association more effectively influence public policy affecting mortgage brokers, suggests Murphy, pointing to “federal issues, whether they be mortgage insurance, underwriting guidelines or tax policy like Canada Revenue Agency 250.”
That last item, focused on HST exemptions for financial services players, was the focus of industry lobbying in 2010, an effort to keep mortgage broker commissions free from GST/HST.
The association in looking to realize more of those kinds of successes in Ottawa, even as it expands its provincial lobbying.
“This is in addition to our ongoing effort at the provincial level with mortgage broker regulators and government,” Murphy told MortgageBrokerNews.ca. “We’re actively involved on new broker legislation in Quebec, Saskatchewan and Manitoba.”
Still brokers are increasingly concerned about changes on the federal level, pointing to the possibility of yet more tightening of the country’s mortgage rules, specifically the move to cull the 30-amortization on CMHC-insured home loans.
While the federal government has indicated no such move is on the drawing board, bank economists are increasingly convinced it may have little option but to bring in that key change if already high consumer debt levels rise even further.