Player calls for CAAMP’s funding breakdown

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CAAMP serves a wide swath of the industry – from brokers and bankers to mortgage insurers – and one industry player believes it’s about time the national association provide clarity on which segments provide the most financial support.

“I’d like to know where most of CAAMP’s money is coming from – is it banks, virtual lenders, or brokers?” Walid Hammami, a Quebec-based broker with Dominion Lending Centres told MortgageBrokerNews.ca. “They probably won’t disclose that information, but if they provided a breakdown of membership you would see a lot of bank managers on that list.”

When asked, CAAMP did not provide a detailed breakdown of its funding.

“There’s no cut and dry answer for this question,” Cindy Freiman, director of marketing and communications for CAAMP, wrote MortgageBrokerNews.ca in an email. “While our membership funds come mostly from brokers, our sponsorships funds are mainly from lenders and insurers.”

The country’s most influential broker association has been lauded for its government lobbying on behalf of the industry, but it has also drawn criticism for perceptions around a lack of broker-specific support.  

Recently, however, the national association launched a series of ads that explain the benefit of working with brokers.

CAAMP’s newest ad campaign focuses on marketing its entire broker community and not just AMPs.

“This is the largest scale consumer-direct campaign CAAMP has run to date for our entire broker membership,” Freiman told MortgageBrokerNews.ca in late July. “And since AMPs are part of our membership, they benefit as well, even though this is a Mortgage Broker Campaign, and not specifically highlighting AMPs in the message.”

At the time, Freiman specified that funds raised through the AMP designation are used exclusively for raising awareness about AMPs.
 
 
  • Marcus on 2015-08-18 12:50:43 PM

    That's the problem with an organization trying to generate income by being everything to everybody, it ends up serving no one very well. Of course CAAMP was not intended to further mortgage broker's interests, it tries (although unsuccessfully) to serve all Canadian Accredited Mortgage Professionals (often with competing interests).

    The concept of CAAMP is strange to begin with as mortgage brokers are regulated provincially, not federally. Although they have some common issues many of the issues are not shared and occur distinctly with the provincial regulating legislation, the provincial regulator, and in the provincial marketplace.

    True transparency would not be in CAAMP's interest as the unavoidable problems with its business model would become obvious.

  • Mr. Truth on 2015-08-18 1:49:44 PM

    Nothing is funnier and sadder to see when these new and uneducated brokers make stupid comments about the industry.

    MBN should only allow brokers with volumes of $20 Million+ to make comments! I know it sounds like a crazy idea and doable, but for god sake focus on your business and growing your business instead of making stupid comments about this industry!

  • Maurice on 2015-08-19 1:36:45 AM

    I don't understand the issue Walid Hammami is pointing to. Members are entitled to the financial statements of their association. If the association doesn't provide them, then a court application should be fairly straightforward and cheap. Appropriately done, the association can end up bearing the costs of the application. If the association provides overly broad statements, more detail should be demanded backed with the force of court action if necessary. Regardless, the starting point is for a member to demand the statements.

  • Ron Butler on 2015-08-19 9:53:17 AM

    "you would see a lot of bank managers on the list" completely wrong, ridiculously wrong.

    Sometimes these comments are so crazy that they are shocking. Bank executives and sales bosses might make up 5% to 7% of CAAMPs membership and I have a 100% certainty there are no bank branch managers at all.

    Really, it is not helpful to publish sheer foolishness in this blog.

    Again, in the interest of rationality: should an association publish the names and corporate affiliations of all its members? Sure, as long as that is in the by-laws. Associations are governed by rules, if you don't like the rules run for election to the board and change the rules.

  • jerryw1005@gmail.com on 2015-08-19 11:50:44 AM

    Who's The Player referred to in the headline????
    This publication is becoming a detriment to our industry.

  • Ross Kay on 2015-08-19 4:38:18 PM

    Just a warning to all members. Paid staff of non-profit trade associations rely on the ignorance of the membership to control the association. Quanity of members over Quality of members is a theme consistent throughout the non-profit employee sector for protecting their jobs not yours.

    MBs should be aware that paid staff at CREA a few years ago tried to take realtor.ca off the books only weeks before the new non-profit rules came into effect. They failed to inform membership those new rules protected members from losing realtor.ca control.

    Since they lost that vote they helped the board bring in FSBO companies under the REALTOR banner and standards upheld for decades have been thrown out to grow membership.

    This is not intended to be a negative comment but only a perspective gained watching what has happened to the REALTOR brand the last decade.

Broker news forum is the place for positive industry interaction and welcomes your professional and informed opinion.

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