Paying for errors & omissions
With a spate of E&O claims pinned to private lending deals, brokerages are increasingly straying from their association-endorsed insurers and, as Vernon Clement Jones finds out, shopping around for the best rates, wherever that search takes them
Broker: Industry set to double number of CFP/mortgage brokers
A CFP/broker is predicting the mortgage industry will more than double its number of dually-certified professionals in the next five years as brokers look to differentiate themselves from the madding crowd and broaden their usefulness to clients.
CAAMP chair answers AMP critics
CAAMP’s chair is acknowledging, and even welcoming criticism of the AMP designation, and its qualifying standards, at the same time pointing to real progress – past and present – in strengthening it.
Mortgage Revolution takes on AMP designation
The head of a national broker network – and the “Mortgage Revolution” – is ramping up lobby efforts to increase qualifying standards for the AMP designation, arguing the barrier to entry is simply too low to promote industry professionalism.
Competition grows for association-annointed E&O insurers
E & O insurance providers endorsed by CAAMP and other professional associations are facing a run for their money as competing insurers win over brokerages fleeing premium hikes.
Brokers re-thinking Internet lead-generation strategy
Brokers looking to generate leads from the Internet may ultimately find it easier and, indeed, cheaper to hand the job to one of a growing number of online referral agents, suggest brokers now winning as much as a 50-percent conversion rate. Still, even then, success largely depends on one thing: rate.
Laurentian HELOC expands broker business
Laurentian Bank’s broker arm is reporting a significant uptick in demand for its home equity lines of credit, most likely new business for brokers and not merely the re-routing of clients normally bound for the refi market.
CAAMP addresses educational concerns
CAAMP is reiterating its pledge to work with provincial governments to ensure minimal education standards for mortgage professionals in response to concerns about inexperienced agents “flying solo” in Ontario markets.
And this survey says…broker market share staying steady
Overall market share for Canada’s mortgage brokers remains steady in 2011 at 23 per cent, although, according to the latest CMHC poll of consumers, they continue to attract just under 40 per cent of home purchase transactions.
CAAMP President Makes Bold Statement in Australia
CAAMP President Jim Murphy made a bold statement a...