Articles - CAAMP
Canadian Association of Accredited Mortgage Professionals - CAAMP
CIMBL has changed its name to the Canadian Association of Accredited Mortgage Professionals (CAAMP). The name change represents a determination to raise the bar in the mortgage industry through a commitment to professional standards, ethics and industry values.

CAAMP is the national organization representing Canada's mortgage industry. With over 9,400 mortgage professionals, its membership is drawn from every province and from all industry sectors. This diversified membership enables CIMBL to bring together key players with the aim of enhancing professionalism.

State of the Residential Mortgage Market in Canada
Please review the comprehensive report by Will Dunning, CAAMP Chief Economist.

http://www.cimbl.ca/download_docs/Will_Dunning_Report_2006-ENG.pdf

Canada's Mortgage Market
The following article is featured on the CAAMP site. It speaks sbout the health of the Canadian Mortgage market.

http://www.caamp.org/news-release.htm#80percentofCanadians

The Sub prime market and the Canadian economy
http://www.caamp.org/news-release.htm#StrongCdnMarket

Strong Canadian Mortgage Market Depends Less on Sub Prime Products than U.S.

March 15, 2007 (Toronto ON) --- Canada’s mortgage market is a picture of health, in contrast to concerns in the United States generated by the weakening sub prime mortgage market, the Canadian Association of Accredited Mortgage Professionals (CAAMP), said today in a statement. Canada is helped by the fact that:

* The sub prime market makes up 5 per cent or less of all outstanding mortgages in Canada; in the US the total sub prime mortgage market is closer to 20 per cent
* The overall arrears rate on mortgages in Canada remains at or near record lows of less than 0.5 per cent
* The mortgage market has not been using Option ARMs (Adjustable Rate Mortgages) for sub prime borrowers popular in the US; lenders qualify mortgages with consideration for payment variation which has not been the practice in the US
* Canadian underwriting practices are more prudent as we have not been focused on a market share war for the sub prime business
* Canada has not seen as rapid home price appreciation nor speculative investing when compared to the US
* Canada is experiencing strong employment with relatively low interest rates along with high consumer confidence

While new mortgage lenders and products have been introduced in Canada over the last few years, to provide borrowers more options in a rising cost environment, the Canadian mortgage market is different from that of the US. The vast majority of mortgages are amortized over 25 years or less with nearly two thirds of mortgages set at fixed rates with the five year period being the most common.

“The Canadian mortgage market also differs from the US in other ways - we have not seen the aggressive lending practices common south of the border” stated Canadian Association of Accredited Mortgage Professionals (CAAMP), Chairman Paul Grewal, AMP. Added Jim Murphy, CAAMP’s President & CEO, “It is important to note the continued strength and stability of the mortgage and housing markets in Canada.”

About CAAMP
The Canadian Association of Accredited Mortgage Professionals (CAAMP) is the new name for the former Canadian Institute of Mortgage Brokers and Lenders (CIMBL) which was established in 1994 as Canada’s national mortgage 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 1994, CIMBL created the Accredited Mortgage Professional (AMP) designation as part of an ongoing commitment to increasing the level of professionalism in Canada’s mortgage industry.

CAAMP has attracted near 10,000 members and over 1,000 companies from across Canada – representing 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 participants.

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