CAAMP – that awkward acronym that we all secretly loved to hate – is officially no more.
As of today, the Canadian Association of Accredited Mortgage Professionals will be known as Mortgage Professionals Canada.
The rebranding of Canada’s largest mortgage association is the result of months of work and consultation with key stakeholders, including members, board members, staff and government.
“We heard loud and clear from members that our name wasn’t a good fit,” said Samir Asusa, Senior Vice President, CFO and interim CEO of the renamed organization. “Changing our brand accomplishes at least three key things: 1) Mortgage Professionals Canada better aligns and represents our entire membership. 2) It provides us with a brand that consumers can easily understand and associate with the broker channel. 3) Internally, the new name reminds us that we work each day for the benefit of our members – not for an entity such as an association or institute.”
The rebranding initiative was led by Cindy Freiman, Director, Marketing and Communications, who acknowledged that one of the longstanding issues with CAAMP’s name was that it didn’t properly reflect the makeup of its members. When the AMP was created in 2004 it was thought all members would attain this professional mortgage accreditation, she said. As it turned out, because it is a voluntary designation, only about 20% of members are AMPs. That makes the name CAAMP non-representative of its membership.
Despite any positives of this move, critics will point to the significant past investment the association made to brand “CAAMP.” Some will question if that time and money was wasted as this marks the second name change in a decade for the organization. But the association feels it finally has it right this time, with a name that’s far more meaningful to consumers, who often struggled to understand the CAAMP acronym.
“The evolution from CIMBL to CAAMP and now to Mortgage Professionals Canada reflects a changing and dynamic membership,” said The Mortgage Group president Mark Kerzner, who is also Vice Chair of CAAMP. “Our new branding reflects our inclusiveness of brokers, lenders and suppliers alike, and will lead to a stronger more cohesive voice with Canadian mortgage consumers.”
As to any concern over the price tag related to this move, Freiman said that inaction, and the continued alienation of more than 80% of the organization’s membership, simply wasn’t an option. “The cost of not fixing the issues through a rebranding far outweighs the actual cost – which works out to about the price of a Starbucks specialty coffee per member.”
“We have been focusing all of our marketing efforts on promoting the value of a mortgage broker,” Freiman added. “The rebrand brings us full circle in being able to best represent our members and appeal to consumers at the same time. All members benefit when more consumers know what brokers have to offer.”
Mortgage Professionals Canada hopes that members will rally behind their association’s new identity and refocused mandate. The latest example of its efforts is the “Value of a Mortgage Broker” campaign, depicted in this video (which all members can use, by the way):