DLC nixes sponsorship of O'Leary at CAAMP

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Dominion Lending Centres has jettisoned plans to sponsor Kevin O’Leary’s appearance at CAAMP’s upcoming Mortgage Forum, its president citing the Dragon’s new mortgage business and the direct competition posed to brokers.

“Why would I spend $50K to sponsor any competitor, especially one who has little respect and appreciation for the commitment, expertise and great work that mortgage professionals do," said Gary Mauris Monday and on the heels of last week’s MortgageBrokerNews.ca story outlining O’Leary’s model. “We have notified CAAMP that we will not be participating in the sponsorship of Mr. O'Leary and have cancelled the meet-and-greet session we had arranged for our agents.

"I believe CAAMP should cancel his speaking contract altogether as they tell me when they signed Mr. O'Leary to speak he made no mention of getting into the mortgage business."

The pullout -- DLC will continue to sponsor the event, but a different session --  is arguably the most strident objection to O’Leary’s planned foray into Ontario’s faltering mortgage industry. His intentions to originate “O’Leary mortgages” outside the broker channel have nonetheless riled brokers across the country.

O'Leary will, as MortgageBrokerNews reported Thursday, use one of the channel’s biggest mortgage servicing companies to underwrite and service those mortgages.

As late as last week the head of that company told MortgageBrokerNews.ca that negotiations remain ongoing.

Still, broker reaction to the venture capitalist’s plans to enter the market, leveraging his notoriety and a veritable blitzkrieg of marketing and advertising, has been swift.

O’Leary’s suggestion that he ultimately aims to work with brokers at some point haven’t lowered the volume on that reaction.

“I wish Kevin the best of luck,” said Mauris, “but I find the concept of sponsoring a session that competes in our industry while bypassing the broker channel altogether to be a disservice to our industry members who feed their families via the broker channel.

“I find it questionable that now there is pressure to really understand how Kevin's model will work, he states that he will be working with brokers in the future (?)”
  • NIck Mitskopoulos on 21/11/2012 4:58:53 AM

    Agree with Garys move.... there are many other talented inspirig speakers I'm sure Caamp can organize in time...

  • Dave McNabb on 21/11/2012 5:03:00 AM

    Great call Gary. Personally, I would prefer not to see Kevin at the forum at all.

  • Morris Briglio on 21/11/2012 5:07:20 AM

    I am proud and passionate about our Industry. To have someone openly confirm his intentions to be direct competition with our channel one week prior to our National Conference is insulting. Guest Speakers at this conference support and provide motivation to our Industry. If Mr. Wonderful chooses not to support that's his choice. CAAMP should tell him "their out". I would have done the same as Gary.

  • BobW on 21/11/2012 5:07:42 AM

    I guess it comes down to integrity… Something this industry needs more of!
    When O'Leary accepted his speaking engagement I would think he would have disclosed to CAAMP of a perception and possible conflict of interest as he got ready to launch his new firm? As a Director in a number of companies that operate within the Financial Industry, Mr O’Leary would be well aware of what and when he is expected to disclose…. Prior to accepting a speaking engagement! So did CAAMP just let it slide, or did he choose not to say anything?
    Gary I applaud your clear stance when it comes to dealing with those who feel transparency and disclosure is not important.

  • BobW on 21/11/2012 5:10:52 AM

    Ivan, CAAMP,IMBA,MBAC all have a place and although they can't please all of us all the time, they do support us.

  • Tony Anagnostou - DLC on 21/11/2012 5:20:13 AM

    I support Gary coments. O'leary a competitor,or "originator" at the CAAMP conference? That doesn't make sense. Sounds like the timing was off in the O'leary camp. I'm sure O'leary would feel the same way if it were reversed. Thank you Gary for for stating O'leary's disregard for the quality work and service thousands of DLC agents and other originators provide Canadians

  • IB on 21/11/2012 5:24:54 AM

    Absolutely bang on Gary!! You are completely supported in this. As someone pointed out, it comes down to integrity, something that Mr. O'Leary is clearing lacking. Thank you for standing up for our industry.

  • SharonB on 21/11/2012 5:24:55 AM

    CAAMP should definitely be cancelling his speaking engagement based on the information that we currently have. Lets see if they do the right thing !!

  • Ivan in Toronto on 21/11/2012 5:25:39 AM

    BobW, given the news about O'Learys appearance and intentions, CAAMP is not supporting us if they let him speak. And furthermore, my point is that campaign and imba need to do a better job of promoting the use of brokers. They are not doing what we need them to do. Ask any person on the street who or what CAAMP are and they would have no idea. They don't promote brokers enough on tv ads or Internet or print and that is my complaint. Again, where are our fees going to help us build our services as brokers. I've been a broker for 10 years and never been impressed by caamps efforts to help our business as a whole.

  • Jim A. - Toronto and Durham Broker on 21/11/2012 5:49:03 AM

    I am glad Gary has spoken out here. Though Kevin is very interesting in the Dragom's Den he should not be speaking to professional mortgage brokers about mortgage funding. He has no true education or knowledge that professional mortgage brokers and mortgage have. I believe Kevin should focus on Dragon's Den and his O'leary funds and not get into a business field he truly has no expertise in.

  • Mike Havery on 21/11/2012 5:51:50 AM

    O'Leary is trying to take the food off our table not build or enhance the broker channel. He should have done the right thing and cancelled when he entered the business.

  • Michael Mullis on 21/11/2012 5:52:21 AM

    Great stand Gary... We as brokers are still fighting for market share, and any "Lender" who is going to associate themselves with Kevin, a guy that has proven to us Canadians that he only cares about his own pockets.... well,why would we want to associate with that ?

    Let's just see what our trusted consumers think of borrowing from a "Shark"...interesting none the less.

  • George Christopoulos on 21/11/2012 6:03:20 AM

    Well done, CAAMP what were you thinking?

  • Ron Butler on 21/11/2012 6:15:04 AM

    CAAMP has contracted to pay O'Leary the $50K so I doubt they will cancel at this late stage.

    If you are mad at Kevin, boo him at the meeting.

    I agree with Gary that it makes no sense to sponsor someone who represents a non-broker lender.

    For all those brokers who are talking about direct mortgage sellers taking food off their tables, maybe its time to get a hunting license and look for a moose because there will continue to be more direct sellers entering the business.

  • Jim T, Advent Mortgage on 21/11/2012 6:16:44 AM

    Good on you Gary. This conference is about supporting our channel and furthering our cause, not ,moving it in the other direction. I find it difficult to believe that CAAMP does not see this as a detriment to our channel. Maybe brokers should not attend the conference and see if CAAMP can sell tickets to O'Leary and his camp.

  • Faye Drope on 21/11/2012 6:27:49 AM


    I wasn't going to attend his speaking engagement. I want to say thanks Gary for standing up for the industry. This globe & Mail article makes me see that we have bigger issues in our industry. Read the comments section.
    http://www.theglobeandmail.com/report-on-business/economy/housing/flahertys-rule-changes-will-bite-hard-mortgage-brokers/article5410889/

  • Catherine Evel on 21/11/2012 6:41:07 AM

    Well said Gary and great call on not sponsoring him.

  • MP on 21/11/2012 6:46:47 AM

    Finally a smart decision from Gary!

  • Kristina MortgageDiva Berg on 21/11/2012 6:52:24 AM

    Way to go Gary! I smell a shark! Mr. Wonderful should have made his intentions clear to CAAMP about his upcoming mortgage business that will cut out mortgage brokers (at least for now). O'leary's disregard for what value we bring to our clients is clear and CAMMP should not be supporting him as a speaker. Thank you Gary for your support from all of us brokers - DLC, Verico and all the other brokerage houses.

  • Janelle Bentz on 21/11/2012 4:21:01 AM

    Absolutely Gary! Great stand!

  • Joe the broker on 21/11/2012 4:22:01 AM

    Glad to see DLC doing this and CAAMP should be cancelling his appearance.

  • Dave Trithart on 21/11/2012 4:22:56 AM

    Well done and well said Gary. I have to say when I first heard of the O'Leary plan, I was seriously questioning CAAMP's motivation. I am surprised that CAAMP did not address this themselves. Hopefully they have our best interests in mind and not the money?

  • JM on 21/11/2012 4:28:31 AM

    Gary Mauris is one hundred percent correct in not sponsoring Keven O'leary. CAAMP should cancel his appearance immediately also.
    Everything is wrong with regards this guy appearing at this conference.

  • Kathleen on 21/11/2012 4:29:35 AM

    Good for DLC.
    Why on earth is CAAMP featuring him? It makes no sense at all.

  • John Panagakos on 21/11/2012 4:31:33 AM

    Koodos to Gary! Very Brassy of Kevin O'Leary to come to CAAMP as a guest to announce his direct to consumer mortgage line.Love The Sharks I expected better. Good Luck Kevin

  • Peter Majthenyi on 21/11/2012 4:36:01 AM

    Right on!

  • Laurel Whittall on 21/11/2012 4:36:20 AM

    Thanks for once again taking a stand for our industry Gary! That is the question that CAAMP should also be asking of Mr. O'Leary's plans that seem to be in direct competition with the broker channel.

  • Kim Strynadka, DLC Integrity Mortgage BC on 21/11/2012 4:37:24 AM

    Thank you for taking action here Gary! We fully support your decision.

  • Mario on 21/11/2012 4:40:45 AM

    Another clear example of CAAMPS's inability to truly represent the Broker channel.

  • Ron De Silva - RMA on 21/11/2012 4:45:58 AM

    Good call, Gary!

  • 1 for Brokers 0 for CAAMP on 21/11/2012 4:47:08 AM

    Great to see a leader in our industry stand up and take a lead for brokers. CAAMP is probably scratching their heads on this one. Their star struck wide-eye blinded them even when the trojan horse Mr. Wonderful comes out with his true intentions for his role in our business. Looks like CAAMP has caught deer in headlights. I have no problem with any business opening to compete against the broker channel; its free enterprise. But to do it around the same time and using the broker forum platform to create noise and buzz to compete against us in entirely inappropriate.

  • Gerry Garvey on 21/11/2012 4:51:49 AM

    Great job Gary. We support you 100%.

  • Michael Cameron on 21/11/2012 8:24:24 AM

    I think you will find CAAMP will do the right thing. See you at Mortgage Forum 2012

  • Mary Allen on 21/11/2012 8:47:02 AM

    Thank you Gary Mauris for taking action regarding O'Leary! CAAMP will you please listen to brokers??

  • Stan on 21/11/2012 9:00:14 AM

    This is the right thing to do. Well done

  • Susan Zanders on 21/11/2012 9:18:09 AM

    Why didn't CAAMP take the initiative and why does it take Gary to pull sponsorship for CAAMP to address the issue. Thank you Gary for taking the lead on this.

  • Ron Butler on 21/11/2012 9:38:27 AM

    CAAMP just announced Kevin has backed out of the event, looks like the pressure worked. He's also a big enough guy to pass on the fee. Either that or it was just too much of a conflict and CAAMP had some leverage.

  • Concerned Broker on 21/11/2012 11:24:00 AM

    The right move. Of note is that as early as May 28 of this year O'Leary, on the news section of his web site, announced he was entering our market in some way shape or form. CAAMP (or DLC) missed this earlier public announcement that should have forced O'Leary to be accountable, and could have remedied this embarrassing situation sooner.

  • Paul Therien - CENTUM on 21/11/2012 11:24:30 AM

    I cannot recall CAAMP ever not allowing industry participants to speak at events previously - in fact quite the opposite. That being said, I think that this whole situation poorly represents our industry. Mr. O'Leary has never publicly stated that he would never deal with brokers, nor has he outlined any concrete plans for O’Leary mortgages. In fact I cannot find anything that states he has even spoken to anyone to clarify what his plans are. All of the conjecture thus far has come from un-named sources, and in fact it is these “sources” that have ‘suggested’ he will bypass brokers. From the article:
    “Sources are telling MortgageBrokerNews.ca more about Kevin O’leary’s foray into the industry, suggesting he'll brand a white-label product offered by a leading mortgage servicing company then use his name and an advertising campaign to generate leads -- leads meant to bypass brokers.”
    No-where in this or other articles that I have read does it state that Mr. O’Leary has confirmed, or denied, any of the rumours. And that is all it is, speculation, and rumours. A shame we don’t actually give someone the opportunity to show us their mettle before we judge them.
    We, as brokers, openly support lenders that actively compete with us and have done so for many years - TD, Scotia, CIBC to name a few. If we really want Mr. O’Leary to have a mortgage company that values mortgage brokers as partners, then perhaps we need to welcome him with open arms, instead of treating him like a enemy. As it is now, he has been told that he is not welcome, locked out from our national conference, and for all intense purposes… shunned.
    I can’t help but wonder if this highly negative reaction, and public flaying, of Mr. O’Leary will only ensure that when he does launch he decides that a relationship with the very volatile mortgage broker community is simply not worth it. At a time when there is uncertainty, and when most brokers are lamenting the lack of lenders who value us as partners, this is not the first impression we should have given a potential partner.
    Mr. O’Leary, if you do happen to read this, I want you to know that CENTUM is always supportive of new lenders in Canada. Diversity and competition leads to innovative products for the consumer, and makes for a healthy Canadian housing and mortgage industry. If, despite this early reception, you do decide that you want to look at brokers as a viable originations channel, we would be pleased to enter into discussions with you.

  • Don C on 21/11/2012 12:59:45 PM

    Hey, isn't DLC going to be doing Dragon's Den? Gary going to pull the plug on that too?

  • Vans LeBlanc on 21/11/2012 3:59:52 PM

    It seems to me that our industry needs a cohesive agent to give national influence, an unmistakable national identity and a national acceptance by the public that elevates and differentiates us from the banking sector (something akin to the Insurance Brokerage Industry). If Kevin is that elusive, with his arrogance and all, then so be it.

  • Lou on 22/11/2012 2:10:01 AM

    Seems to be if you are attending the conference and Mr. O shows up the best way to show your feeling is to get up and leave his talk.

  • Kim D. on 22/11/2012 6:00:53 AM

    Thank you for your comments Paul Therien!!

  • Ivan in Toronto on 21/11/2012 4:56:57 AM

    If CAAMP doesn't cancel O'Leary's appearance then we as brokers should revolt against them. What is their purpose and why are we paying them fees? Do they ever advertise on tv helping promote brokers? I think it's time to find a new association for brokers.

  • Lyndon on 21/11/2012 7:10:40 AM

    As I find this a good thing that the industry is bucking Kevin O'Leary from the forum. He has made a name for himself as being the in-your-face, bold type of guy. Yes, Integrity is called into question on Kevin's behalf, due to the fact of not disclosing this information prior. But what needs to be looked at is the marketing stand point of this. The more bucking and kicking we do at this, towards a man that has national exposure, and turns most things he has invested in into gold, what do you think he is thinking at this point.

    An industry that he has said he will pass down referrals to eventually, one that HE feels has low integrity, making a big stink about him being there.....He is going to use this to his advantage, and make the best of it.

    Being an Agent myself, I feel that O'Leary Mortgages skipping the Broker channel is a bad move. I operate with Honesty & Integrity in my position of being an Agent, & yes I feel that he is attacking those of us that act in the same fashion.

    There is an internet saying that makes the most sense in this entire span of events....

    "Don't feed the troll"

  • Kathryn Kotris on 21/11/2012 7:54:13 AM

    Bravo Gary! Report on Business Magazine recently featured a history of O'Leary's business dealings. I chose not to go to CAAMP due to his appearance - I agree; cancel him.

  • DebT on 21/11/2012 8:18:52 AM

    Why are we beating up on Kevin?
    Perhaps Mr O'Leary did disclose to CAAMP and it was CAAMP’s decision to proceed? I would like to think that he would have the good moral fibre and ethics to tell CAAMP before accepting a $50k speaking engagement because that is what we as mortgage brokers/agents are required to do!
    Who did, or did not due their due diligence ... I notice how CAAMP is VERY silent on this matter.
    I would assume Gary would have already had this conversation with someone at CAAMP. So if Gary saw this being an issue (as clearly as the nose on his face) then why didn’t someone at CAAMP?

    Will O’Leary speak… I for one will not be there to find out!

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