The mortgage industry’s biggest conference, the CAAMP Mortgage Forum, is nearing a close. 1,433 delegates made the trip to downtown Toronto (200 more than last year), including 685 mortgage agents.
The expo floor was a main attraction. If you didn’t make it to the event, here’s a sampling of what’s new…
This year’s show had 74 exhibitors, 12 more than last year. Some notable tidbits:
- Bridgewater Bank: Has now changed its focus from prime lending to alternative lending. It is launching brand new non-prime products in 2014.
- Canada Guaranty: Now offers its mortgage default insurance through MCAP.
- DLC: Leads the market with approximately 27% broker market share (including its Mortgage Centre Canada brand)
- DUCA: Is aggressively targeting broker business in 2014. DUCA has a whole new lending matrix (with strong pricing for 580-609 beacons with TDS up to 49%). Its new broker kit is easily one of the slickest we’ve ever seen. DUCA lends anywhere in Ontario within 100 kilometres of a DUCA branch.
- Effort Trust: Still doing 40-year amortizations on conventional insured deals (client pays the premium). Other conditions apply.
- Equitable Bank: Has a new VISA HELOC starting at 7.75% (currently). You must have an Equitable Bank first mortgage to qualify. A standalone VISA HELOC is planned for later.
- FSCO: Is randomly sampling Ontario brokers in 2014 to determine how they assess mortgage suitability.
- Home Trust: Is ramping up “A” business in 2014, following its favourable ruling from OSFI. It pays up to 45 bps on broker-assisted renewals, for both A and B business, depending on the rate, term and product. It also allows switches from B mortgages to A mortgages with full compensation and no legal or appraisal fees.
- ICICI: Recently launched a New to Canada program
- Street Capital: Once again allows a 5-year term in its equity program. It also just launched pre-approvals with no rate premium.
- Xceed Mortgage: MCAN, which owns 23% of MCAP, will use its funding capabilities to boost Xceed’s originations in 2014. Xceed will announce a unique new product in the first half of the year. Xceed, which is MCAN’s origination arm, will be operated separately from sister companies MCAP and RMG Mortgages.
CAAMP Hall of Fame
CAAMP packed the house for its Hall of Fame gala. A total of 550 were in attendance, compared to 500 last year.
Congratulations to all of this year’s inductees:
- Brian Matthey
The Mortgage Professionals – VERICO
- Grant & Debbie Thomas
TMG The Mortgage Group
- Kathy Gregory
- Paul Grewal
In his acceptance speech, Brian Matthey had a good quote that fits our times: “Change is inevitable” in this industry, he said. “Look for opportunities in change that you can capitalize on.” These five individuals have used change to their advantage all throughout their careers.
Here are a few pics from the last few days of lender and broker events…
Scotiabank Party – at Muzik
DLC Party – at RealSports
VERICO Party – at the Ritz Carlton
B2B, CMLS, First National, TD Canada Trust and so many others put on first-class broker events as well. Thanks to all of the lenders, brokerages and service providers for hosting these events. They’re not cheap, but they keep industry spirits high.
Rob McLister, CMT
CAAMP must do more to get rank and file mortgage brokers and agents to go to the CAAMP Forum. In an organization that only exists because of mortgage brokers it makes no sense that mortgage brokers make up less than half of the convention goers. Of the 685 brokers attending at least 350 are brokerage owners so to have a national convention attended by less than 350 everyday mortgage brokerage practitioners is just plain silly. I think lenders and networks are figuring this out; they are not interested to shell out big bucks to talk to each other.
CAAMP needs to change its whole approach to this meeting. I understand CAAMP believes that lenders and networks won’t boycott the event because the lender feels pressure not to be missed but sooner or later there is a tipping point and I think we are close.
Let’s forget about Generals and Astronauts and super high priced speakers. Get the ticket prices down and the pure mortgage content way up and lets make a point to get new mortgage brokers and agents to attend this meeting.
Something is sure broken if there are four times as many mortgage brokers at the parties than the meeting.
“get the…pure mortgage content way up”
In total agreement here, Ron. Despite the life lessons that some of the big name speakers impart, it’s typically the speakers in the mortgage or marketing-related trenches that deliver the most practical tips and information. Maritz’s Kyle Davies is a good example. Julie Dickson was also a great choice.
Thank you for the summary Rob for those of us who didn’t attend.
I agree, thanks for the summary! Couldn’t make it this year due to other obligations but it’s always nice to get the scoop on the biggest newsworthy items,for those of us who couldn’t attend.
I completely agree, “get the mortgage content way up”. I have attended 6 years in a row and every year the mortgage contents are getting lesser and lesser…