One broker is calling for more transparency from the industry’s national association around its funding sources
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.
“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.
