Brokers have spoken, and now CAAMP
has listened, announcing Kevin O'Leary has withdrawn plans to address the Mortgage Forum.
"Kevin O'Leary was contracted last spring to speak at Mortgage Forum 2012 and recently announced the launch of O'Leary Mortgages," writes CAAMP
in a release issued late Tuesday and following a MortgageBrokerNews.ca article outlining the depth of broker opposition to his planned appearance."It has been CAAMP
's long standing policy that industry participants not be featured as keynote speakers. Kevin O'Leary is mindful of the situation and has withdrawn from participating in Mortgage Forum 2012."
hasn't confirmed details about what if any speaking fees he will collect.
The move comes after Dominion Lending Centres
told MortgageBrokerNews.ca that it had cancelled plans
to sponsor the Dragon's session as well as a meet-and-greet with DLC
“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."
A torrent of broker comments followed on MortgageBrokerNews.ca, critical of CAAMP
As MortgageBrokerNews.ca was the first to report last week, O’Leary plans to enter Ontario’s faltering mortgage industry as a direct-to-consumer originator, with his “O’Leary mortgages” focused on five-year loans. He will bypass brokers, although will use one of the channel’s biggest mortgage servicing companies to underwrite and service those mortgages.
has now found a replacement for the venture capitalist.
"We are excited to announce that David Baxter, Demographer, Economist and Futurist will be joining the speaker lineup at Mortgage Forum 2012," reads the release. "David will be speaking on Monday at 2:30 pm, the original time slot for Kevin O'Leary."
Still, some mortgage professionals expressed frustration with the association's slow response to the O'Leary conflict of interest.
"They should have moved last week to oust him," wrote one MortgageBrokerNews.ca reader.