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CAAMP-Expo-2010Here’s some snippets from day two of the CAAMP Mortgage Forum in Montreal.

Opening Ceremonies

  • CAAMP’s new chairman, Joe Pinheiro, stated his two main priorities for the following year:

1. Creating more unity in the mortgage broker channel so the industry can communicate its value to consumers in an effective and coordinated manner

2. Enhancing the standards, marketing, and value behind the Accredited Mortgage Professional (AMP) designation

  • CAAMP’s new Hall of Fame inductees were recognized. Congratulations to each of them!
    • Pierre Martel, CHA
    • Jan Rice, AMP
    • Gary Siegle, AMP

Maritz Research Update

Maritz-Mortgage-ResearchMaritz researcher and Managing Director, Robert Daniel, shared these stats from a recent Maritz survey:

  • Only 33% of consumers have a good understanding of the value that mortgage brokers provide
  • 52% of borrowers consult with just one mortgage professional. Daniel says this indicates that “it’s not all about price.”
  • Brokers cite “fast approvals” as their top priority when choosing a lender. Commission was ranked #9. When lenders were asked, however, they expected brokers to rank commissions #1.
  • 97% of consumers want after-sales contact from their mortgage professional, and most (56%) cite email as their preferred contact method. The optimal contact period is every 2-3 months. Any more frequent than that, and “it becomes spam.”

More coverage will follow on Tuesday, including key points from the international broker panel, Ben Tal, and Kevin O’Leary…

Robert McLister, CMT