News From CAAMP 2008

Canada's biggest mortgage convention has drawn to a close.  This year's Canadian Mortgage Conference and Expo was as informative and professionally run as ever.

The show featured a variety of events including:

• Stimulating speakers (Deepak Chopra, Ben Stein, etc.)
• Mortgage industry discussions (Two industry panels plus Benjamin Tal)
• The usual fun stuff (CAAMPFEST, luncheons, and lender parties)

The industry discussions were especially worthwhile.  Mortgage-specific sessions were rather lacking at last year's show so this year's lender and broker panels were a nice addition.  (We'll cover these panels in separate articles later this week.)

On the Expo floor there were 86 lenders and mortgage services companies displaying their products.  Below is a sampling of the new products and services we heard about...

• Abode Mortgage:  Launching a new construction draw mortgage "sometime next year."
• CMHC:  Added a new website where brokers can customize CMHC materials for distribution to consumers.
• CAAMP:  Introducing a new AMP designation for brokers who have been in the industry less than the normally required two years.  It's called "AMP Candidate."
• Equitable Trust:  Expanding their lending area to BC within the next six months.
• Filogix:  Launching Exchange 2.0 in spring 2009.  Essentially, Exchange 2.0 will provide brokers with an improved alternative to faxing documents to lenders. It's designed to be a "paperless" system that minimizes broker and lender follow-up and document confirmation.
• FSCO:  Among other things, FSCO's new "suitability" rule will take effect in Ontario on January 1, 2009. (More on this in a future story)
• Macquarie Financial:  Unveiling a new 1-year convertible mortgage, possibly in a "month or two."  Also introducing a new variable-rate mortgage offering later this month.
• Marlborough Sterling:  Demonstrated the recently released MorWEB 2.0 and announced the addition of ING as a compatible lender.
• National Bank:  Supposedly working on a new 3-year variable-rate mortgage for release "in 2009."
• VFC Home:  VFC is a new "near-prime" lender that is launching 3 and 5-year fixed-rate mortgages in January.  Rates will be predicated on a "5-tier" system that is not based on credit score.  90% is the maximum LTV. VFC will not offer a variable-rate product for now, but will finance purchases, refinances, BFS stated income deals, and rental properties.  The company is currently completing work on its Filogix connectivity.
• Wells Fargo:  Recently launched open fixed-rate mortgages with 3-year or 5-year terms.  These products are priced at a 1/2% premium to Wells Fargo's normal rates.

If you thought this year's Expo was fun, you'll be able to do it all over again next year.  CAAMP 2009 will take place on November 22-24, 2009 at the Metro Toronto Convention Centre.