Jim Murphy, the new president and CEO of the Canadian Association of Accredited Mortgage Professionals (formerly the Canadian Institute of Mortgage Brokers and Lenders) straddles a rapidly evolving mortgage industry — and an organization that wants to be its voice.
“The mortgage industry has grown enormously and will continue to grow,” Murphy says. “The majority of Canadians have most of their equity in their houses, and the mortgage industry is responding to the desire of Canadians for home ownership with a number of new products.”
These new mortgage products have caused quite a stir. Longer amortization periods, interest-only mortgages and the growth of the sub-prime market have made owning a home seem much more affordable — initially. But the longer repayment periods and heavier debt loads lock homebuyers into paying much more for a mortgage in the long run.
“These products aren’t for everyone, but they do meet the desires of Canadians to own their own homes,” Murphy says. “All of these attributes are positive for Canadian homeowners and should be encouraged. And you’ll see more products, more variations and a lot more mortgage providers.”
The CAAMP was created to ensure country-wide standards. On May 1, the CIMBL, the trade organization, officially becomes the CAAMP, the professional organization. One way the CAAMP is realizing its dedication to the profession is by promoting the accredited mortgage professional designation.
The AMP is designed to give those working in the mortgage industry a benchmark of credibility; and the CAAMP boasts the designation as its commitment to improving the industry. It requires a tested level of industry proficiency, a minimum of two years experience and continuing education credits every year.
“We believe so much in the designation, so much in the professionalism that it would demand, that we wanted to move in that direction,” Murphy says.
The CAAMP is also aiming to become the voice of the mortgage industry by publishing reports, administering surveys and advocating for mortgage issues and issues that will support home ownership.
As Canada’s first national mortgage association, Murphy cites the 10,000-strong slate of members (80% are mortgage brokers or agents and 20% are lenders, banks, credit unions, insurers and title insurers) and a $6-billion budget to back up his claim that it is “enormously successful.” About 300 AMPs have financial planning or Canadian securities designations as well.
“I think one of CIMBL’s greatest strengths is that we have become the voice of the industry,” Murphy says. “We have become experts on mortgage issues in a very short period of time. That’s a strength I want to build on.” IE
The voice of Canada’s mortgage industry
The CAAMP was also created to ensure country-wide standards
- By: Cynthia Innes
- April 3, 2007 April 3, 2007
- 09:17