TORONTO, July 2 /CNW/ - The Canadian Association of Accredited Mortgage
Professionals (CAAMP) welcomes the introduction of the Mortgage Brokerages,
Lenders and Administrators Act, 2006 which came into effect on July 1, 2008 in
Ontario. CAAMP backs the Government of Ontario's move for increased
professionalism in the mortgage industry.
"CAAMP supports the Mortgage Brokerages, Lenders and Administrators Act,
2006, which reflects the growth and development of the mortgage industry and
the need for clear and valuable professional standards," said Jim Murphy,
President and CEO, CAAMP. "The introduction of this legislation will directly
benefit Ontario consumers who are increasingly turning to mortgage brokers and
agents for mortgage solutions."
In a recent CAAMP report entitled "Housing and Mortgage Market Trends in
Canada," it was reported that there was $833 billion in total mortgage credit
in Canada in February 2008, with over 40% from Ontario. Based on the housing
forecasts, the volume of residential mortgage credit outstanding is forecast
to expand to $913 billion in 2008. Mortgage brokers and agents are responsible
for roughly 30% of all mortgage transactions in Ontario.
Ontario mortgage consumers will experience firsthand the benefits of this
new legislation. The legislation introduces new education, experience and
suitability requirements for mortgage brokers and agents and new mandatory
errors and omissions insurance for brokerage firms, where none existed in the
past. The Mortgage Brokerages, Lenders and Administrators Act, 2006 also
establishes a tiered registration system for mortgage professionals and
increased transparency about how mortgage brokers and agents are remunerated.
For more information, please visit www.caamp.org.
For full details on the Mortgage Brokerages, Lenders and Administrators
Act, 2006, please visit the Financial Services Commission of Ontario, an
agency of the Ministry of Finance, at www.fsco.gov.on.ca.
Established in 1994, the Canadian Association of Accredited Mortgage
Professionals (CAAMP) is Canada's national mortgage industry association.
CAAMP has assumed a leadership role in the industry it serves and has set the
standard for best practices for Canada's mortgage practitioners. In 2004,
CAAMP created the Accredited Mortgage Professional (AMP) designation as part
of an ongoing commitment to increasing the level of professionalism in
Canada's mortgage industry.
As a membership-based organization, CAAMP strives to develop its network
of professionals and to represent the interests of these individuals to
government, media and consumers. CAAMP has attracted over 11,500 members and
1,300 companies from across Canada - representing over 90% of Canada's
mortgage activity. CAAMP members make up the largest and most respected
network of mortgage professionals in the country. CAAMP's membership base
consists of mortgage lenders, brokers, insurers and other industry
CAAMP's other primary role is that of consumer advocate. On an ongoing
basis, CAAMP aims to educate and inform the public about the mortgage
industry. Through its extensive membership database, CAAMP provides consumers
with access to a cross-country network of the industry's most respected and
Please visit www.mortgageconsumer.ca for more information.
For further information:
For further information: Renée Mellow, Media Profile, (416) 504-8464,
firstname.lastname@example.org; Jim Murphy, CAAMP, (416) 385-2333, ext. 31,
1-888-442-4625, Cell: (416) 940-0011, email@example.com