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Canadian Association of Accredited Mortgage Professionals Association Canadienne des Conseillers Hypothcaires Accrdits

Our Mission
To provide leadership,advocacy, education and information to ensure successful collaboration between the association, its members, regulators, and mortgage consumers.

Our Vision
To be recognized as the premier voice of Canadas mortgage broker channel and the leading authority on mortgage issues.
about
Established in 1994, CAAMP is the national mortgage broker channel association representing the largest and most respected network of mortgage professionals in the country. With 12,000 members, CAAMPs membership is drawn from every province and from all industry sectors. This diversified membership enables CAAMP to bring together key players with the aim of enhancing professionalism. In 2004, CAAMP created the Accredited Mortgage Professional (AMP) designation as part of its ongoing commitment to increasing the level of professionalism in Canadas mortgage industry. AMPs must meet a number of qualifications which include successfully completing mortgage education covering ethical practice and responsibilities and completing Continuing Education (CE) units each year. AMPs are committed to providing the highest level of service and meeting Canadian homebuyers needs.

objectives
Promote consumer awareness of the benefits of dealing with the mortgage broker channel Advocate for member interests on legislative and regulatory issues Develop, monitor and promote responsible mortgage industry standards and conduct Deliver best-in-class training for mortgage professionals Provide timely and relevant information to members and mortgage consumers

Governance
2012/13 Board of Directors
Executive Committee

Daryl Harris, AMP Chair

Paul Kozan, AMP Vice Chair

Boris Bozic, AMP Past Chair

Todd Harris, AMP Secretary

Dan Putnam, AMP Treasurer

Jim Murphy, AMP President and CEO

Directors

Thomas Antonick, AMP Manitoba

Jennifer Braid, AMP Ontario

Michael Cameron, AMP Alberta/NWT

David Gyurits, AMP Ontario

Daniel Migneault, CHA Quebec

Sangeeta Nair, AMP Ontario

Feisal Panjwani, AMP B.C./Yukon

Geoff Parkin, AMP Ajay Soni, AMP Director-at-Large/MBABC B.C./Yukon

Emilio Tammaro, CHA Quebec

Gino Tieri, AMP Ontario

Michael Wolfe, AMP Alberta/NWT

Content
Our Mission Our Vision Governance A Message from the Chair A Message from the President Accredited Mortgage Professional (AMP) Communications Government Relations Membership Committee Members Regional Broker Council Members Education Events CAAMP Foundation The Canadian Mortgage Market Financial Highlights i ii iii 2 3 5 7 9 11 13 14 17 19 21 22 24

A New Direction

A message from the Chair Daryl Harris, AMP

My term as Chair has been extremely rewarding for a number of reasons, however, by far the most important facet of my tenure was the review of CAAMPs Strategic Plan. Since the last Strategic Plan review in 2005, the mortgage industry landscape has altered significantly as have member needs and expectations. The time had come to revisit the services we provide to ensure we were satisfying our membership. We have now developed a sharpened focus and determined measurable objectives and strategic targets for both short-term and long-term action. Strategic planning takes time, energy, and focused effort to coordinate the actions of groups of people. Our research process included surveying our members, creating internal sub-committees and discussions with other stakeholders before bringing recommendations to the Board of Directors. Your Board of Directors worked very hard to analyze all the key information and have established a clear path to implementing strategic business goals concentrating on four key areas: the AMP, communications, government relations and education. Changes to the AMP designation are underway to make it both stronger in terms of requirements and more meaningful in terms of value. We will also create a designation for brokers only, while being cognisant of our non-broker members. Another key area of focus is communications. Our member survey results revealed that electronic communication continues to be seen as critical which makes sense given that a large percentage of our members conduct their business via mobile devices. The association is working on making changes to its communication vehicles which will provide added value and facilitate the way members receive information. We will also continue to enhance our profile across our social media vehicles. The new backbone of corporate communications, social media provides us with a platform to build an engaged online community leading to valuable conversations and dialogues among our members and the borrowing public. CAAMP has always focused a great deal on government relations and will continue to do so. Advocating for our members interests and for the industry has become more pronounced given that it has been identified as the number one priority by our members. Mortgage regulation, whether in Ottawa or at the provincial level affects our members business. It will remain CAAMPs responsibility to advocate on their behalf. I have seen firsthand how CAAMP has played a vital role in the debate over regulation of the mortgage market. Without our call for a balanced approach, based on sound, independent research, our members would arguably be in an even more constrained marketplace. CAAMP is recognized by government and the media as a trusted advisor and credible source but we need to build on that credibility to ensure that the interests of our members and Canadian consumers continue to be well represented. In terms of education, CAAMP will invest in its capacity to provide education programs at a level sufficient to establish its position in the market as the leader in education. We will increase the number of courses offered related to the AMP designation; develop new licensing courses for provinces as required while continuing to offer existing licensing courses; align entry level licensing courses to the Mortgage Broker Regulators' Council of Canada (MBRCC) standards and expand education offerings in new jurisdictions. We will continue as a leading provider of non-licensing mortgage industry training and expand on continuing education offerings. I would like to thank the CAAMP Board of Directors and senior management for their advice and support during the past year. I would also like to thank all the volunteers and sponsors who make CAAMP the successful association it is today. Finally, thank you to my colleagues at Verico One Link Mortgage & Financial for their support and understanding throughout this busy past year. I wish Paul Kozan, AMP and his new Board a successful year.

Canadian Association of Accredited Mortgage Professionals Association Canadienne des Conseillers Hypothcaires Accrdits

Our Service to Members

A message from the President and CEO Jim Murphy, AMP

As CAAMP Chair Daryl Harris references in his comments, CAAMP is a successful association. Membership remains strong, events are being enhanced, media reach has hit new heights, education courses are well subsribed to and our influence with government and regulators is at an all time high. That does not mean, however, that we can rest on our laurels. This year marked the review of our Strategic Plan which focused on key areas including membership, the AMP designation, communications, government relations and defining CAAMPs role. The result of the review will bring about changes that better reflect the mortgage broker channel moving forward. There is no question our industry has slowed somewhat. Strong growth which was recorded in previous years has either stabilized or declined. On a positive note, overall mortgage broker channel share remains at 25%. CAAMP is seizing the moment by focusing on its strengths and devising new ways to better serve its members. Over the course of the past year, CAAMP provided the following services to better educate; represent and inform its members: CAAMPs Board of Directors established a special government relations fund of $200,000 to assist in lobbying and advocacy efforts. Government relations and advocacy were identified as the top priority by members in a recent member survey; Specifically, CAAMP once again maintained a 5% down payment on mortgages; ensured there was no requalification at renewal and argued against the elimination of 30 year amortizations for conventional mortgages. CAAMP has been the country's leading proponent of a balanced approach to housing and mortgage policy; Provincially, with the assistance of its regional Broker Councils, CAAMP responded to mortgage broker discussion papers in British Columbia, Alberta and draft regulations in Nova Scotia; On the education front we were successful in securing the Ontario Mortgage Broker Education Program for an exclusive four year period. We remain the leading provider of entry level licensing courses in Ontario, Saskatchewan and Manitoba. We also launched a Newfoundland and Labrador education course to complement our existing Nova Scotia broker course; We held a successful national conference, Mortgage Forum 2012 - for the second time in Vancouver. Over 1,300 mortgage professionals were present; We held seven regional symposiums across the country with over 2,100 attending, including a joint event with MBABC in Vancouver. We hosted Mortgage Fraud Summits in Toronto and for the first time in Calgary; We produced three separate research reports working with our partner Maritz Research and our Chief Economist Will Dunning. CAAMP continues to be called upon for comment by the media on all mortgage related issues. Our social media presence grew with 3,750 Twitter followers, 6,675 members on LinkedIn and over 3,700 likes on Facebook; Our financials remain strong with the Board of Directors establishing reserve funds for government relations, technology and a potential building purchase. I always say how honoured I am to be President and CEO of such a dynamic organization in such an important industry and this year is no different. Thank you to our Chair Daryl Harris, AMP; our Executive Committee; Board of Directors and management for another successful year.

Annual Report | 20122013

Professionalism. Excellence. Standards.

CAAMPs commitment to upholding the highest standards of industry performance led to the creation of Canadas national designation for mortgage professionals, the Accredited Mortgage Professional (AMP). The AMP is synonymous with professionalism and ethical standards within Canadas mortgage industry. As the designation and the industry have evolved, the association has undertaken compressive evaluations and benchmarking exercises to review objectives to ensure the designation continues to set the bar high.

Accredited Mortgage Professional

This past year, the AMP represented one of the key areas of focus of CAAMPs Strategic Plan review. An evaluation process was implemented that included membership surveys and industry focus groups. The consensus was the overall strengthening of the designation in terms of credibility, retention and awareness. There was also significant support for creating a designation for brokers only without losing sight of lender and insurer member requirements.
AMP Promotion
CAAMPs commitment to enhancing the value of the AMP, particularly within the mortgage broker channel, is a priority for the association. CAAMP invests extensively in public advertising of the AMP allocating over 90% of dues back into its promotion. National advertising consists of print ads as well as an enhanced online presence which allows for a wide consumer reach and increased frequency.

AMP Awards
The AMP of the Year Award and AMP Corporate Excellence Award were created to recognize an individual and a corporation who demonstrate outstanding commitment to the support and enhancement of the AMP designation to their peers and to the mortgage consumer. During the 2012 Hall of Fame Awards Night in Vancouver, the AMP of the Year Award was presented to Gina Best, AMP and the AMP Corporate Excellence Award was presented to Verico Island Pacific Capital.

Ask an AMP on Facebook

Designed as a lead generating tool for AMPs and a platform for mortgage consumers seeking advice, the Ask an AMP tab on Facebook provides an environment where consumers can ask mortgage related questions directly to AMPs and receive expert advice. Potential new relationships are established as a result of the connection.

AMP Poster
The seventh annual AMP Poster campaign attracted 18 corporate sponsors who share the common goal of supporting the AMP. All AMPs receive a copy of the poster along with additional self-promotion items.

AMP Specializations
AMP originators who meet the specified requirements can be recognized as a Residential Mortgage Specialist, a Commercial Mortgage Specialist or both. AMP Specialists are identified as such on CAAMPs online membership directory enabling consumers to find an AMP based on their area of expertise.

AMP Partnership with MBABC

CAAMP is pleased to continue its partnership with the Mortgage Brokers Association of British Columbia (MBABC), especially as it pertains to the commitment of actively promoting the AMP designation to its members.

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Engage. Connect. Interact.

As the consistent and credible source for industry information, CAAMP reaches its members and industry stakeholders through a variety of distribution channels such as targeted email campaigns, mass media coverage, print and electronic publications and social media updates.

Communications
CAAMP is a leader in providing the best coverage and analysis of critical issues and trends affecting the Canadian mortgage industry.
Industry and Consumer Research
On a regular basis, CAAMP undertakes credible and authoritative research that highlights the issues that matter most to the industry and its members. These research reports produced twice a year, are created based on statistical data collected from surveys of Canadian consumers and provide members with information on consumer borrowing behavior as well as the residential mortgage market landscape.

Mortgage Connect
Mortgage Connect represents an online community platform designed to facilitate effective communication and engagement opportunities for mortgage professionals. The Mortgage Connect site is where members can share ideas with their peers; participate in community forum discussions; stay current on association events and activities; get industry updates on demand and access education study groups. How To videos help maximize the Mortgage Connect experience.

Mortgage Journal
CAAMPs flagship publication, Mortgage Journal magazine is the leader in mortgage industry journalism and represents credible, factual and unbiased reporting. Mortgage Journal provides coverage and analysis of industry issues and trends from mortgage industry leaders and expert contributors. Mortgage Journal is also available in electronic format with search and share capabilities. Building support and understanding of our industry among the media and the general public is a major focus for CAAMP and this past year was no exception with national, provincial and local media reaching out to the association for comment and advice.
7000 6000 5000 4000 3000 2000 1000 0 Sept. 2012 Oct. 2012 Nov. 2012 Dec. 2012 Jan. 2013 Feb. 2013 March 2013 April 2013 May 2013 June 2013 July 2013 Aug. 2013

www.mortgageconnect.org
Social Media
Over the past 12 months CAAMP has increased its social media presence on all its social media platforms. CAAMPs Facebook audience has grown to 3,700 total likes and has a strong consumer following. The Facebook application Ask an AMP is a lead generating tool connecting mortgage consumers with AMPs. CAAMPs Twitter account has grown its followers to 3,750 in the past 12 months. Regular tweets include industry facts, updates on events, education and government relations as well as relevant articles and sharable images and statistics. CAAMPs LinkedIn group has become the industry's forum with membership at 6,675. Group members share ideas and network with industry peers. Share your voice by actively participating in CAAMP's various engagement platforms.

LinkedIn Twitter Facebook

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Advocacy. Support. Impact.

Highlighting the industrys position with government and advancing policymakers understanding of the issues that matter most to members is a top priority for CAAMP. Effective lobbying helps influence the outcome of regulatory and legislative changes and is essential to achieving a balanced approach to mortgage policy particularly during a shifting landscape.

Government Relations
CAAMP actively participates in engaging dialogue and manages strategic relationships with all levels of government. Having conversations that matter and shaping a strong and proven message ensures the interests of our members and Canadian consumers are protected and well represented.

Lobbying efforts include regular communication with the federal Minister of Finance; retaining a government relations firm in Ottawa; in-person meetings with government officials in Ottawa and presenting research data to support our cause and define mortgage related legislation Regulatory changes such as GST/HST treatment of financial services; maintaining a 5% down payment on mortgages; ensuring no requalification at renewal; arguing against the elimination of 30 year amortizations for conventional mortgages and the impact of securitization measures on monoline lenders are just some of the issues in which CAAMP has been actively involved. CAAMP is also pleased to be working with the Mortgage Broker Regulators' Council of Canada (MBRCC), which represents mortgage broker regulators in Canada. CAAMP is supportive of the efforts of the MBRCC to collaborate with stakeholders across the country to synchronize mortgage broker regulation. In particular, efforts to establish harmonized education standards, disclosure and licence categories represent an important incentive. While government relations efforts have been active at the federal level, CAAMPs regional mortgage Broker Councils have also been effective in providing important input on industry and regulatory issues. In Alberta, CAAMP has been involved on potential

legislative changes to the Real Estate Act; in Ontario participating in the review of the Mortgage Brokerages, Lenders and Administrators Act, 2006; in B.C. regarding the discussion paper on changes to the Mortgage Brokers Act and in Nova Scotia consulting with Service Nova Scotia on the regulations under the new Mortgage Regulations Act. Provincial regulators also spoke at several of CAAMPs regional symposiums this past spring providing updates and information to members across the county.

Rallying behind the industry with all levels of government is paramount to the association. Members have identified advocacy efforts as being the most important activity CAAMP undertakes.

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Connection. Value. Rewards.

In an ever changing and somewhat challenging environment, CAAMP membership remains stable at 12,000 members. CAAMP provides its members with valuable products and services to help them meet their business needs and remain competitive. Members benefit from advocacy with government and regulators; access to comprehensive professional development courses and regional and national events in addition to industry survey reports and specialized industry publications and information.

Membership
CAAMP members enjoy belonging to Canada's largest network of mortgage professionals in the country. Enhancements to CAAMP's existing membership package, including deep discounts with insurers and deals with more than a thousand major merchants, make being a member that much more rewarding.
Member Benefits Program
This past year marked the roll out of a new and enhanced member benefits program. CAAMP members have exclusive access to discounts and deals that offer potential savings that exceed membership dues. MemberPerks Program CAAMP leveraged its position as Canadas largest network of mortgage professionals, to develop its MemberPerks program. The association has negotiated access to discounts with more than 1,200 merchants, so members can find deals at restaurants, retail shops, travel outlets, services and events. MemberPerks provides members with access to exceptional discounts at many major chains. Smaller businesses are also included in the collection of merchants to offer close-to-home or close-to-office options, no matter where you live and work. A MemberPerks app is also available on multiple types of devices. Home and Auto Insurance Members can also take advantage of preferred and exclusive home and auto insurance rates with CAAMPs insuring partner, The Personal, a division of Desjardins Insurance. CAAMP negotiated deep discounts and better service for our members with one of Canadas leading insurance providers who partner with more than 600 groups from different sectors to offer the very best possible deals for members. Errors and Omissions (E & O) Insurance CAAMP members benefit from the premier Errors and Omissions insurance policy in the marketplace providing peace of mind to the mortgage professionals and the borrowing public. Web-Based Solutions Purview for Mortgage Brokers (Ontario), a web-based solution enabling mortgage brokers to generate quick, accurate property valuations, confirm property ownership and location. CAAMP members also receive discounts on a wide variety of events and education offerings.

CAAMP-MBABC Joint Membership Initiative

CAAMP and MBABC have a joint membership initiative representing both a time and cost saving for those who choose to be members of both associations. CAAMP members are viewed as a trusted source for borrowers.

7%

4%

13%

Member contact listings can be found on the fully interactive online Membership Directory at www.caamp.org.

12%

Membership Regional Breakdown

BC /Yukon Alberta/NWT Saskatchewan/Nunavut Manitoba Ontario Quebec Atlantic

3% 2%

58%

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Dedication. Teamwork. Enthusiasm.

CAAMP would like to acknowledge the many volunteers whose participation, coopearation and commitment help to develop and grow the association.

Committee Members
Audit and Finance John Gabriel, AMP David Gyurits, AMP Daryl Harris, AMP Paul Kozan, AMP Feisal Panjwani, AMP Daniel Putnam, AMP Ajay Soni, AMP Communications Indra Bains Ladha, AMP John Baldassarra, AMP Jennifer Braid, AMP Gurdeep Brar, AMP Michelle Drover, AMP Daniel Migneault, CHA Melissa Rizzi, AMP Paula Roberts, AMP Lori Smith, AMP Ajay Soni, AMP Deb White, AMP Education Lisette Amalfi, AMP Robert Beach, AMP Sam Carnovale, AMP Lorne Collis, AMP David Gyurits, AMP Michele Hall, AMP Todd Harris, AMP Anthonet Maramieri, AMP Glenn May-Anderson Richard Moxley, AMP Ian Murray, AMP Sangeeta Nair, AMP Feisal Panjwani, AMP Nancy Patterson, AMP Sanjay Ramwani, AMP Laurel Reed-Groves, AMP Peter Wakefield Darren Woodcock, AMP Foundation Sam Carnovale, AMP Colin Dreyer, AMP Paul Grewal, AMP Jane Londerville Andrew Moor, AMP Karl Straky, AMP Hali Strandlund, AMP Ronald Swift, AMP Peter Vukanovich, AMP Government Relations Kris Barnier Denis Brunet, AMP Jared Dreyer, AMP Michell Drover, AMP Daniel Eisner, AMP David Gyurits, AMP Scott Hunter, AMP Paul Kozan, AMP Tim Mezik, AMP Andrew Moor, AMP Sangeeta Nair, AMP Steven Offer Daniel Putnam, AMP Ajay Soni, AMP Hali Strandlund, AMP Peter Wakefield Micahel Wolfe, AMP Lender/Insurer Advisory Boris Bozic, AMP Jennifer Braid, AMP Barbara Chiarantano, AMP James Clayton, AMP Mark Clearihue, AMP Colette Delaney, AMP Armando Diseri, AMP Moe Forget, AMP Ed Gettings, AMP Paul Grewal, AMP Jeff Johnson, AMP Michael Jones, AMP Nick Kyprianou, AMP Kim Luxton, AMP Grant MacKenzie, AMP Mark McInnis, AMP Scott McKenzie, AMP Debbie McPherson, AMP Andrew Moor, AMP Karen O'Hanley Jill Porter, AMP Mary Putnam, AMP Martin Reid, AMP Lester Shore, AMP Robert Sinclair, AMP Mark Squire, AMP Hali Strandlund, AMP Ronald Swift, AMP David Terletski, AMP Darren Thompson, AMP Gino Tieri, AMP Membership Thomas Antonick, AMP Michael Cameron, AMP Todd Harris, AMP Paul Kozan, AMP Daniel Migneault, CHA Sangeeta Nair, AMP Emilio Tammaro, CHA Michael Wolfe, AMP National Ethics Committee (NEC) Denis Brunet, AMP Pat Dell, AMP John Gabriel, AMP David Gyurits, AMP Christine Lemieux, CHA Ian Murray, AMP Sangeeta Nair, AMP Sylvian Poirier, CHA Dan Putnam, AMP Lorraine Sato, AMP Bernard Schwidder, AMP Karim Talib, AMP Michael Wolfe, AMP National Ethics Committee (NEC) Appeals Marty Coubrough, AMP Paul Grewal, AMP Pierre Martel, CHA Andrew Moor, AMP Joe Pinheiro, AMP Ajay Soni, AMP Karl Straky, AMP Hali Strandlund, AMP Emilio Tammaro, CHA National Conference Boris Bozic, AMP Catherine Adams, AMP Louise Dunn, AMP Daniel Migneault, CHA Maria Pimenta, AMP Lori Smith, AMP Hali Strandlund, AMP Professional Standards Ozzy Abel-Ati, AMP Mickey Baratz, AMP Denise Boaventura, AMP Jennifer Braid, AMP Professional Standards (continued) Wendy Bruchal, AMP Michael Cameron, AMP Patty Chow, AMP Donna Coo, AMP Michael Cubirc, AMP John Gabriel, AMP Susan Garden, AMP Norm Holmes, AMP Nancy Patterson, AMP Daniela Perciballi, AMP Sabha Sajjad-Hazai Dustan Woodhouse, AMP Fraud Prevention Sub-Committee Ana Ialeggio AMP Andrina McMillan Armando Diseri, AMP Bernard Schwidder, AMP Colleen Lindsay Dong Lee, AMP Donna Coo AMP Donna Driver, AMP Jane Kulbida AMP Jennifer Braid, AMP Jill Porter, AMP John Gabriel, AMP John Tracy Kathleen Woods, AMP Leslie Martin Loraine Sato AMP Marie Dyck AMP Marie Mizgala Mihai Heroiu,AMP Nancy Patterson AMP Ozzy Abdelati, AMP Patrizia Greco Peter Guzzo Rocca D'Angela Ron Bennett Rosa Dias Sangeeta Nair, AMP

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Regional Broker Council Members

To ensure regional representation, CAAMP has established Regional Broker Councils in Alberta, Saskatchewan, Manitoba, Ontario, Quebec and Atlantic Canada. Mortgage brokers from the regions participate on the councils and provide important input on industry and regulatory issues.
Alberta Broker Council
Michael Cameron, AMP Jacquie Carstensen, AMP Marc Crossman, AMP Brian Gentles, AMP Yousra Jomha, AMP Leonard Lane, AMP Brandi Pierik, AMP Kelly Porter, AMP Leann Scarlett, AMP Axiom Integrity First Mortgage Solutions Inc. Mortgage Architects Inc. Dominion Lending Centres Mortgage Mentors Tmg The Mortgage Group Alberta Ltd. Western Mortgage Services Inc. Verico Brokers For Life Inc. Dominion Lending Centres Regional Mortgage Group Mortgage Alliance Upright Mortgage Services Inc. Verico The Mortgage Writers

Atlantic Broker Council

Gurdeep Brar, AMP Jack Cameron, AMP Michelle Drover, AMP Dale Evans, AMP Rosemary Ghiz, AMP Todd Harris, AMP Mark Norman, AMP Adam O'Donnell, AMP David Skinner, AMP Craig Spicer, AMP Debra Williams Geoffrey Woodford, AMP G. Brar Mortgage Consultants Inc. Mortgage Centre (The) - Mortgage Advantage Inc. Premiere Mortgage Centre Inc. Invis/Mortgage Intelligence Dominion Lending Centres Tidal Bay Cmhc - Business Development Atlantic Verico Acme Financial Inc. Mortgage Architects Inc. TMG The Mortgage Group Atlantic Inc. Verico Premium Mortgage Mortgage Architects Inc. Hlc Home Loans Canada

Manitoba Broker Council

Thomas Antonick, AMP Rosa Bovino, AMP Denis Brunet, AMP Hellen Burnell, AMP Thomas James Burnett, AMP Marty Coubrough, AMP Buzz Grant, AMP Daryl Harris, AMP Ron Margolis, AMP Brent Parnell, AMP Jason Zarrillo, AMP Avenue Mortgage Inc. Invis/Mortgage Intelligence Mortgage Architects Inc. Centum Mortgage Choice Corp. Integrity Mortgage Service Verico One-Link Mortgage & Financial Mortgage Logic Verico One-Link Mortgage & Financial Margolis Capital - Commercial Mortgage Professionals Mortgage Centre (The) - Vertuity Mortgage Integrity Mortgage Service

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Canadian Association of Accredited Mortgage Professionals Association Canadienne des Conseillers Hypothcaires Accrdits

Creating a New Direction

Ontario Broker Council

Jetmir Amitofski, AMP Ron Butler, AMP David Gyurits, AMP Sarkar Khan, AMP Mary-Ann Legato, AMP Glen May-Anderson Gary Meger, AMP Sangeeta Nair, AMP John Panagakos, AMP Claire Providenti, AMP Networth Mortgage Centre Butler Mortgage Inc. Mortgage Alliance Ijara Mortgage Brokers Ltd. Real Mortgage Associates Inc. Fds Broker Services Inc. Neighbourhood Dominion Lending Centres Invis/Mortgage Intelligence Dominion Lending Centres Home Financial Omac Mortgages

Quebec Broker Council

Richard Buckberrough, CHA Guy Cayer, CHA Andr De Grandmont Isabelle Gendron Christine Lemieux, CHA Jean-Pierre Lessard, CHA David Mayrand, CHA Daniel Migneault, CHA Robert Perrier, CHA Luisa Simonetti Emilio Tammaro, CHA Anik Vlachos, CHA Hypotheca Courtier Hypothcaire De L'Avenir Invis/Mortgage Intelligence Verico Complete Mortgage Services Centum Boulevard Hypothecaire Multi-Prts Hypothques Imeris Agence Hypothecaire Inc. Maoki Inc. Multi-Prts Hypothques Dominion Lending Centres Les Architectes Hypothecaires Mcap Les Architectes Hypothecaires

Saskatchewan Broker Council

Pat Dell, AMP Jason Dornstauder, AMP Marina Fedoroff, AMP Paul Kozan, AMP Lionel Lewko, AMP Jackson Middleton, AMP Linda Plese, AMP Jacqueline Simpson, AMP Verico Crown Mortgage Services Focus Mortgage Solutions Tmg The Mortgage Group Prairies Inc. Mortgage Centre (The) - Power Mortgage Verico Sask Mortgage Corp. First Foundation Residential Mortgages Mortgage Alliance Centum Canada Mortgage Direct Ltd.

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Knowledge. Training. Success.

Advancements in education have always been a priority for CAAMP. With extensive program development and delivery experience in support of professionalism, CAAMPs comprehensive courses are structured to assist mortgage industry professionals improve current practices and keep pace with our ever-evolving industry.

Education
CAAMP is the foremost provider of mortgage related instruction. Course offerings include accreditation; provincial licensing and re-licensing; broker licensing; commercial mortgages and continuing education.
Accreditation
CAAMP's pre-accreditation course, Mortgage Practice Standards is the first step needed to become an Accredited Mortgage Professional. The course covers a foundation in ethical practice in the mortgage industry, agency and fiduciary duty, mortgage origination standards, understanding your privacy responsibilities and maintaining lender relationships. Fundamental Mortgage Principles Program is designed to ensure mortgage industry knowledge and competency for AMP applicants with less than two years' industry experience. The Program is comprised of the following modules: Mortgage Origination, Regulatory Compliance, Fraud Avoidance, Housing and Mortgage Economics and Advertising and Marketing Standards. Ontario CAAMP's Ontario Mortgage Agent Course is available for those looking to become a Mortgage Agent or eventually a Mortgage Broker in Ontario. The course is required by the Financial Services Commission of Ontario to be licensed under the Mortgage Brokerages, Lenders and Administrators Act. The course outline includes all the Mortgage Agent Qualifying Standards as required under the regulations. Saskatchewan CAAMPs Saskatchewan Mortgage Associate Course has been approved by the Superintendent of Financial Institutions for the purposes of mortgage associate licensing. The course is available for those looking to apply for a Mortgage Associate license in Saskatchewan.

Provincial Licensing
Manitoba CAAMP is pleased to offer the Manitoba Mortgage Salespersons Course offered to those looking to become a Mortgage Salesperson or eventually an Authorized Official in Manitoba. This course is required by the Manitoba Securities Commission Real Estate Division for Mortgage Salesperson registration under the Mortgage Brokers Act. Newfoundland and Labrador The Newfoundland and Labrador Mortgage Broker Course is for individuals looking for province-specific mortgage broker education or for those wishing to gain knowledge about Canada's mortgage industry. The course contains material specific to the current Newfoundland and Labrador regulations and land registration system and covers industry basics and legislative requirements for conducting mortgage brokering business. Nova Scotia The Nova Scotia Mortgage Broker Course contains information specific to the current Nova Scotia regulations and land registration system. Anyone wishing to become a mortgage broker in Nova Scotia is advised to complete this course which covers industry basics and legislative requirements for conducting mortgage brokering business in the province.

Broker Licensing
In 2012, CAAMP was selected by the Financial Services Commission of Ontario (FSCO) as the sole provider of the mortgage broker education program for the purposes of licensing in Ontario. CAAMP's Ontario Mortgage Broker Education Program is designed to meet the needs of those wishing to become licensed as Mortgage Brokers under the MBLAA. The primary focus of the Program is to prepare mortgage brokers to serve as a Principal Brokerage of a mortgage brokerage.

Continuing Education (CE)

CAAMP CE offerings are designed to ensure mortgage professionals have the knowledge and capabilities for continued professional growth and business success. 12 CE Units are required each year in order to maintain the AMP designation. CAAMP works in partnership with leading training providers such as Carson Dunlop, Learnware Design and Moody's Analytics Global Education (Canada) Inc. to offer additional quality, cost-effective continuing education offerings.

Mortgage Campus
www.mortgagecampus.org
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Network. Engage. Discover.

CAAMP events provide an ideal forum for members to educate themselves, share knowledge and gain insight on issues facing todays mortgage industry.

Events
Leading edge events designed for professional and personal enjoyment are offered throughout the year and across the country.
Mortgage Forum
CAAMP's national conference and expo, Mortgage Forum 2012 was recognized for its outstanding achievements and received the Best Conference Award at the Canadian Event Industry Awards Night. Mortgage Forum also received this same honour in 2011 and 2009. For three days in November, over 1,300 mortgage professionals from across the country converged in Vancouver for the largest industry gathering of the year. CAAMPs national conference featured a variety of talented speakers, new perspectives and industry insights through thought provoking sessions while exhibitors offered delegates with new ways to develop and improve their business. The Art of Marketing was a highlight for many which offered solutions for harnessing creativity for your business. Always a hilarious evening, COMEDYFEST featured Lewis Black and Erica Sigurdson.

Mortgage Fraud Summits

CAAMP was pleased to host high level fraud summits in Toronto and Calgary aimed at helping mortgage professionals identify and combat financial crime. CAAMP would like to thank CMHC, Canada Guaranty and Genworth Canada for their ongoing support of these initiatives.

Regional Symposiums and Trade Shows

The spring regional symposium circuit featured comprehensive one day events with industry experts providing knowledge and resources designed to help mortgage professionals advance their business while the trade show component showcased the latest mortgage products and services. A special CAAMP-MBABC joint event represented the largest B.C. mortgage event of the year and survey results indicate that the majority of attendees are in favour of a continued joint event.

Canadian Mortgage Hall of Fame

Some 600 attendees enjoyed the Mortgage Hall of Fame Awards Night honouring Hall of Fame inductees: Andy Charles, AMP, Patrick Chetcuti, AMP and Gord Dahlen, AMP. Evening entertainment was provided by Canadian songstress Suzie McNeil.

Golf Tournaments
CAAMPs annual charity golf tournaments were held in Vancouver, Toronto, Halifax and London. These tournaments provided an excellent opportunity to network with peers and develop new business relationships all while supporting Habitat for Humanity and the Childrens Wish Foundation. Sponsors of the AMP Poster also received onsite corporate recognition. CAAMP would like to thank all the volunteers, exhibitors, presenters and sponsors whose support and dedication help to make these events possible.

Industry Excellence Awards

Also honoured for their industry contributions were the recipients of the 2012 Industry Awards: Stan Falkowski, AMP (Michael Ellenzweig Outstanding Service Award); Hali Strandlund, AMP (Founders Award); TMG The Mortgage Group (Partners in Excellence Award); Gina Best, AMP (AMP of the Year Award); Verico Island Pacific Capital (AMP Corporate Excellence Award); Bob Hanscom, AMP (CAAMP-AMBA Award); Art Appelberg, AMP (CAAMP-IMBA Award) and Sandy Higgins, AMP (CAAMP-MBABC Award).

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Education. Community. Support.

The CAAMP Foundation has been giving back to our communities and contributing to the wellbeing of Canadians for nearly 15 years. It is committed to raising awareness of the importance of financial literacy by helping Canadians better understand their choices when it comes to their finances. The CAAMP Foundation isa proud sponsor of Credit Education Week and Financial Literacy month aimed at helping consumers manage their money and take control of their finances.

CAAMP Foundation
The objectives of the CAAMP Foundation are geared towards helping Canadians meet their housing needs and becoming a responsible homeowner. This not only benefits the public, but also reflects the values of the mortgage profession as a whole.
The CAAMP Foundation is committed to: the advancement of education, including knowledge of financial literacy and responsible consumer borrowing; funding scholarships for post-secondary school students in need of financial assistance to continue with their education; supporting activities that foster the advancement of teaching methods and tools, through initiatives such as research, education and the development and distribution of publications. The Foundation has also developed a range of effective online tools for consumers including the mortgage calculators; the Homebuyers Fundamentals course, an interactive learning platform developed in partnership with Credit Canada which provides consumers with access to basic hombuying fundamentals as well as informative papers on financial literacy. Recent initiatives in support of the advancement of financial literacy and education include: program provides application-based funding for charitable and not-for-profit organizations that offer financial education programs to these groups.

Karen Kinsley Scholarships

Scholarships with a special emphasis on real estate finance for outstanding academic achievement by undergraduate and graduate students have been established in the name of former CMHC President Karen Kinsley.

Real Estate Finance Papers Award

This award is presented for outstandingundergraduate and graduate research papers related to real estate finance. Up to three Real Estate Papers Awards will be given in one year; one award for a Doctoral dissertation; one award for a Masters thesis; and one for a research paper written at any level of post-secondary education.

Financial Literacy Resources

The Foundation has also developed a range of effective online tools for consumers including mortgage calculators; the Homebuyers Fundamentals course, an interactive learning platform developed in partnership with Credit Canada which provides consumers with access to basic homebuying fundamentals as well as an inventory of informative papers on financial literacy.

Financial Literacy Video Competition Scholarship

Aimed at raising awareness of financial literacy, this scholarship is for outstanding videos on the topic of financial literacy created by post-secondary school students.

Building Community Financial Literacy Funding Program

In support of raising the level of financial literacy among economically disadvantaged groups, this

www.caampfoundation.org

Annual Report | 20122013

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The Canadian Mortgage Market

CAAMP Chief Economist Will Dunning

The Canadian economy continues to expand. Jobs are being created at about the same rate as the population is growing, which is a healthy economic situation. Meanwhile, mortgage interest rates remain very attractive. I estimate that for 5-year, fixed rate mortgages, after typical discounts, the average rate during CAAMPs 2013 fiscal year was 3.17%. This was a drop from the prior fiscal year (2012), when the average rate was 3.67% This favourable combination of job creation and falling interest rates should have resulted in stable or increasing housing market activity during the year. However, sales of existing homes (as reported by the Canadian Real Estate Association) totalled about 440,000 units during fiscal 2013. This is about 7% lower than during the prior fiscal year. The reduction of sales was the result of a change in the federal governments mortgage insurance policies, which took effect in July 2012. The policy change meant that mortgages with amortization periods exceeding 25 years were no longer eligible for mortgage insurance. At the end of CAMPs 2013 fiscal year, the volume of outstanding residential mortgage credit in Canada stood at $1.17 trillion, which was $58 billion (5.2%) higher than a year earlier. The chart on mortgage credit growth hows quite clearly that there has been a substantial evolution in the demand for mortgages. Prior to the recession of 2008/09, activity was exceptionally strong. After the recession, growth moderated, but was still quite robust. Most recently, following the policy change that took effect in July 2012, the drop in housing market activity has resulted in a further slowing in the mortgage market. The percentage of Canadian adults who are employed (the employment rate) is a very useful statistic to indicate the health of the economy. This data shows that the Canadian economy has not returned to the very robust state it was in prior to the recession of 2008/09. But, in a long-term perspective, the job situation in Canada is quite encouraging. Based on this data, we should expect that the mortgage market and housing market cannot be as strong as they were prior to the recession. But, we can expect that housing and mortgage activity will be healthy, when viewed in a long-term perspective. We have seen healthy activity in recent times (although since the summer of 2012, activity is lower than it should be). During the early phases of the economic recovery, house prices increased rapidly in many parts of the country: in many areas of Canada house prices are now about 20% higher than they were prerecession. Rates of price growth vary across the country. In general, house price growth is close to the overall rate of inflation in Canada, or about 2%.

Affordability Remains Very Favourable

There are several housing affordability indexes in Canada. However, they share one limitation, which is that they use posted mortgage rates, rather than the discounted rates that can be obtained in our very competitive marketplace. The chart below shows my estimates of evolving housing affordability in Canada, using typical discounted rates. (In this chart, a high index indicates improved affordability.) While house prices have increased very rapidly in Canada, reductions of interest rates have been largely off-setting. During CAMPs 2013 fiscal year, mortgage interest rates fell further. Meanwhile, house price growth was muted. Moreover, wages continue to rise. The result is that during the past year affordability has improved quite substantially and this is a very positive factor for the housing market.

Looking Forward
As I write this, the resale market has shown signs of improvement. But, it is quite possible that this is the result of recent changes in interest rates. Improved affordability has meant that more Canadians can move into home ownership. However, very recently (in late June) interest rates unexpectedly increased by about one-half of a point: buyers have rushed into the housing market to take advantage of interest rate guarantees. It is possible, therefore, that later in the year activity will return to the lower levels that were seen during the second half of 2012 and into early 2013. On the other hand, job creation is an important factor in the housing market: having a stable job

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Canadian Association of Accredited Mortgage Professionals Association Canadienne des Conseillers Hypothcaires Accrdits

400 350 300 2003 2005 2007 2009 2011 2013

350 6% 4% 4% 2% 300 2003 2003 2003 2005 2005 2005 2007 2007 2007 2009 2009 2009 2011 2011 2011 2% 0% 0% 2013 2013 2013

Growth of Residential Mortgage Credit in Canada

600 14% 550 12% 500 10% 450 8% 400 6% 350 4% 2% 300 2003 2003 2005 2005 2007 2007 2009 2009 2011 2011 0% 2013 2013

Growth of Residential Mortgage Credit in Canada

14% 65 12% 65 10% 63 8% 63 61 6% 61 4% 59 2% 59 57 0% 57 55 55

1976 1976 2003

2005

2007

2009

2011

Source: Canadian Real Estate Association

Annual Rate - 1000's

Source: Bank of Canada

% Growth

Employment Rate in Canada

14% 65 12% 10% 63 8% 61 6% 4% 59 2% 57 0% 1976 2003 2005 2007 2009 2011 55 2011 2013

Average Resale Home Price in Canada

65 $400 63 $400 $350 61 $350 $300 59 $300 $250 57 $250 $200 55 $200 $150 $150

2003 2003 1976

1981

1986

1991

1996

2001

2005

Source: Statistics Canada

65

% Employed

Source: Canadian Real Estate Association

$1,000's

Housing Affordability Index for Canada

120 $350 120 110 $300 110 100 $250 100 90 $200 90 80 $150
1998 1998 2003 2001 2001 2005 2004 2004 2007 2007 2007 2009 2010 2010 2011 2013 2013 2013

$400

63 gives people the ability (and confidence) to be active in the housing market. It is possible that $350 61 an improving economy in the US will result $300 in 59faster job creation for Canada as well. This would add impetus to housing activity. $250 57

$400

I $200 expect that resale activity will total about 55 440,000 units for all of 2013. This would be $150 slightly (about 3%) lower than in 2012. For 2014, I expect a similar level of sales. The actual outcome for 2014 will be influenced by any changes in the mortgage lending policy environment.
2003 1976 1981 1986 1991 1996 2001 2005 2005 2007 2009 2011 $400

2013 2011

80 70 70

120 Source: Will Dunning 110

2002 = 100.0

The 120 most challenging (and interesting) component $350 of housing market forecasting is prices. During the 110 past $300 decade, the average resale price in Canada increased by about 85%, a very rapid average rate 100 $250 of 6.4% per year. Price growth depends on the 90 state of balance in the market. My forecasting $200 system estimates that prices will rise at about the 80 $150 same rate as overall inflation when the sales-to70 new-listings ratio is about 51%. The ratio has been close to that threshold for the past two years. On that basis, I expect that we will see modest price growth (close to 2%) during the coming year, but, 120 of course, with variations across the country.
1998 2003 2001 2005 2004 2007 2007 2009 2010 2011 2013 2013

1998

2001

2004

2007

2010

A further important factor for growth of the mortgage market is completions of new housing. 100
90

110

Combining forecasts for resale activity, prices, and housing completions, the residential mortgage market will expand by about 4.5% to 5% in 2013 and by 2.5% to 3.0% in 2014. By the end of CAAMPs fiscal year 2013 (in April 2014), the total amount of residential mortgage credit might be about $1.22 trillion. A year later, it might reach $1.25 trillion.

2013

Due to strong housing starts during 2011 and 2012, substantial numbers of new dwellings will 100 require mortgages during 2013. But, a developing 90 slowdown of housing starts during the remainder of 80 this year might result in falling numbers of housing completions during 2014 and 2015, 70 bringing slower growth of mortgage demand.

2013 2013 2011

1981

1986

1991

1996

2001

2005

2005 2005

2007 2007

2009 2009

2011 2011

2011 2011 2013

1981 1981

1986 1986

1991 1991

1996 1996

2001 2001

2005 2005

80

Annual Report | 20122013

23

70
1998 2001 2004 2007 2010 2013

Financial Highlights

The financial information has been prepared by management in accordance with Canadian accepted accounting principles.
Management worked diligently on many fronts. Last year funds were internally restricted for special issues. A portion of the funds were used during the year to augment CAAMPs own staff as required. The association was in a position to replenish the fund at year end to continue its work in this critical area. Additionally CAAMP given its current facility rental expenses, CAAMP is investigating the feasibility of purchasing a property to house its operation and classroom requirements. A reserve fund has been setup to be able to address this potential need. CAAMPs popular in-depth industry studies continue to be a much sought after source for government policy makers, media and the public. These assist highlighting the broker channel in Canada. Education continues to be a focus. CAAMP now offers licensing courses in three provinces and proficiency courses in two others. Additionally our textbook is used extensively, including in Quebec. The AMP program remains an integral part of CAAMP. The Board of Directors has made strengthening the AMP program one of the key elements of its Strategic Plan. Work on this has started, and will continue into next year. CAAMP remains in a strong financial position but is keenly aware of the market conditions our members are facing. The association is committed to taking the necessary steps to ensure the association is prepared financially to support our members needs over the coming years.

18%

9%

Key Activities
For the year ended April 30

19% 15%

Events AMP Education Government, Industry and Public Relations Governance and Professional Membership Expenses

16%

23%

Note: Percentage are representative of the association resources allocated to the key activities.

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Canadian Association of Accredited Mortgage Professionals Association Canadienne des Conseillers Hypothcaires Accrdits

STATEMENT OF FINANCIAL POSITION

As at April 30 ASSETS Current Assets Cash and short-term investments Long term investments Accounts receivable and prepaid expenses Capital assets 2013 2012

$1,681,712 2,915,743 253,238 55,903 $4,906,596

$1,930,301 2,467,030 294,404 64,950 $4,756,685

LIABILITIES AND NET ASSETS Liabilities Accounts payable and accrued liabilities Deferred revenue

$701,144 1,814,295 2,515,439

$542,689 1,861,415 2,404,104

Net Assets Invested in capital assets Internally restricted Building fund Operating contingency fund Special issues fund Technology fund Unrestricted

55,903 1,000,000 800,000 200,000 100,000 235,254 2,391,157 $4,906,596

64,950 1,800,000 185,000 302,632 2,352,582 $4,756,686

STATEMENT OF OPERATIONS1
For the year ended April 30 Revenue Membership fees Events Education Designation dues Publications, interest and sundry 2013 2012

$2,660,516 2,333,431 841,351 544,916 285,191 6,665,405

$2,721,020 2,694,599 984,350 602,006 307,046 7,309,021

Expenses2 Events Salary expense Education Designation promotion Government, industry and public relations Office and general Membership Governance, strategic direction Employment costs Rent and occupancy Surveys and research Professional, insurance, and consulting

1,827,599 1,522,156 573,899 564,588 464,244 462,617 274,681 252,821 212,712 204,861 156,846 109,805 6,626,829 38,576

2,238,743 1,533,086 644,617 577,885 323,857 463,104 414,591 213,060 217,756 207,445 177,940 79,991 7,092,074 216,947

Excess of revenue over expenses

1

Financial information extracted from the associations audited financial statement. If you would like a copy of the complete report, please contact the association, or email finance@caamp.org The association does not allocate salaries and other overhead expenses between the various functions and departments.

Annual Report | 20122013

25

Canadian Association of Accredited Mortgage Professionals Association Canadienne des Conseillers Hypothcaires Accrdits 2235 Sheppard Avenue East, Suite 1401, Toronto, ON M2J 5B5 t: 416.385.2333 / 1.888.442.4625 f: 416.385.1177 / 1.888.579.2840 e: info@caamp.org