8 Steps to Become a Mortgage Agent in Canada
Become a mortgage agent in Canada is good for helping people with life-changing financial decisions and being part of big dreams
However, Mortgage professionals and agents make people smile with quick access to leading-edge industry tools.
Mortgage professionals save time and money by sourcing mortgage solutions to meet individual financial needs.
In Ontario, a mortgage agent is a professional who deals in mortgages for a licensed mortgage brokerage under the close supervision of a Licensed Mortgage broker.
Meanwhile, a mortgage broker is employed by an independent firm and can access many leaders, whereas a mortgage specialist can only access their particular lender’s products. Necessarily, this can mean a big difference in rates and mortgage terms for homeowners.
The lender pays mortgage brokers a commission once your mortgage funds. This implies that it is always in your mortgage broker’s best interest to keep clients happy and prosperous throughout the homebuying, mortgage processes, and beyond.
According to ABS statistics, the average mortgage broker brings in $2,009.10 weekly.
That is fair compared to the national average full-time income of $1,288.70 per week.
However, some mortgage brokers, like senior practitioners and practice owners, make more than this.
Who is a Mortgage Agent?
A mortgage agent is an individual who is licensed by the Financial Services Commission and who arranges to finance a borrower through a lender.
A mortgage broker acts like a middleman who brokers mortgage loans on behalf of individuals or businesses.
Traditionally, banks and other lending institutions have sold their products as mortgage markets have become more competitive.
Generally, the role of the mortgage broker has become more Popular.
What are the requirements to become a mortgage agent in Canada?
An individual who wishes to become licensed as a mortgage agent must meet the following requirements:
- Be 18 years of age or above.
- Be a permanent resident of Canada.
- If based in Ontario, must have a mailing address in Ontario that can receive registered mail.
- Be authorized by a mortgage Brokerage to deal in mortgages.
- Must meet the mortgage Agent’s Education requirements.
- Have a valid email address ( for the application process).
- Work for only one mortgage Brokerage.
Education requirements for becoming a Licenced mortgage agent in Canada
​To meet the education requirements for a mortgage agent license, you must:
Complete one of the mortgage agent Education Programs that the superintendent, FSCO, has approved, and also apply for the mortgage agent license within two years of completing any of the mortgage agent Education Programs.
Mortgage Agent Education Programs
Mortgage agent Education Programs are provided commercially, and each program provider fixes their tuition fees.
Meanwhile, these programs were developed using the same curriculum, but the providers will now use different formats, like a classroom, online correspondence, or a combination.
However, these approved programs have a course of study followed by a final examination.
Mortgage Agent Course and their provider in Canada
- ​MPC’s Ontario Mortgage Agent Course provided by Mortgage Professionals Canada
- CMBA Mortgage Agent Course provided by the Canadian Mortgage Brokers Association, Ontario
- REMIC Mortgage Agent Course provided by the Real Estate and Mortgage Institute of Canada Inc. (REMIC) ​​
- Mortgage Agent Program provided by community college members of Ontario Learn, which includes: Algonquin College, Cambrian College, Durham College, Canadore College, Fanshawe College, Fleming College, George College, Lambton College, Niagara College, etc.
8 Steps to becoming a mortgage agent in Canada
To become a Licensed mortgage agent in Canada, you must follow these step-by-step guides to achieve your goal.
Step 1. Become Educated
First, to become a mortgage agent, you will complete the entry-level educational requirements in your Province.
However, different Provinces in Canada use additional terms to refer to mortgage brokering professionals, such as associate, agent, salesperson, and a sub-mortgage broker. Therefore, you will select your Province and refer to it for the correct licensing or registration information and requirements.
Step 2. Get Hired
After you have acquired the needed education, you should find a company/ brokerage that matches your career needs. You will be more curious about the training, work style, support, and business goals.
However, you can find a company using the Mortgage Professionals Member Directory.
Step 3. Get Licenced/ Registered
At this step, your company or brokerage will begin the Licencing or registration process with you.
While doing that, complete your application forms, get registered, and start your exciting new career and new opportunities.
Step 4. Get Working
After getting registered, you will now use your capacitated efforts to build your business, start advertising, network, build referral sources, and provide sound Mortgage advice to your customers.
Also, you will stay up to date with lenders’ products and policies and ensure Compliance with regulatory requirements.
Nevertheless, you should keep learning, access more educational opportunities and attend industry events to ensure business growth and development.
Step 5. Get AccreditedÂ
Though, this step is optional. At this level, consider differentiating yourself by working towards an industry-specific professional designation such as the Accredited Mortgage Professional of Canada (AMPC)
Step 6. Take it to the Next Level (optional)
Through regular upgrading of your license or registration, you can take your career to the next level.
However, you must carefully do this must at a targeted period.
Also, accrue a minimum of two (2) years experience as a licensed or registered mortgage professional and complete the senior or broker-level educational requirements.
In addition, remember to upgrade your license status. Each Province in Canada has unique requirements for the license-level upgrade. To be on the safer side, visit the Provincial regulator for more information and enlightenment.
Step 7. Make your Mark (optional)
At this stage, you will expand your professional footprint and capacity to attain the desired height in becoming a licensed mortgage agent. For example, you can:
- Hire an assistant
- Build and manage a team
- Start your brokerage and others
Step 8. Give Back (optional)
The final stage of this optional process is to share your knowledge and participate in the continuous improvement of the profession. To achieve all these, you can do the following:
- Lead a team
- Mentor new industry participants
- Present at industry events and education sessions
- Join an industry Committee and make an impact.
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Frequently Asked Questions (FAQ)
How do mortgage agents find clients?
As a fresher in a mortgage company, asking for referrals is one of the simplest ways of achieving a greater height. In addition, asking friends, family, and previous co-workers is an excellent way to be introduced to new and potential clients.
How much do mortgage agents make in Canada?
The average mortgage agent pay in Canada is $95,000 per year or $48.72 per hour.
Entry-level positions start at $48,888 annually, whereas most experienced workers make up to $117,500 annually.
How do I become a mortgage advisor in Canada?
Alberta Mortgage Broker License could be achieved if you meet the requirements below:
- be at least 18 years old,
- have a Canadian high school diploma or equivalent,
- be proficient in English,
- complete the Mortgage Associates Program (MAP),
- work as a mortgage associate for two years.
Then you can submit your application to become a licensed mortgage broker and advisor in Canada.
Do mortgage brokers make good money in Canada?
Averagely, mortgage brokers make about $100,000 per year. But, to earn this salary in provinces with lower mortgages, such as Atlantic Canada, mortgage brokers have to close more deals than their equivalent in British Columbia.
Is being a mortgage agent a promising career in Canada?
With huge earnings and multiple opportunities, and a flexible work environment, it’s a career that is rewarding, fun, and, best of all, you will help people to get the best mortgage possible and assist them in achieving their homeownership goals.
It is an independent career and highly flexible.
How long does it take to become a mortgage broker in British Columbia?
To become a mortgage agent in British Columbia, you will need to take a series of classes that the Financial Services Commission has approved of British Columbia.
However, it may take forty hours to complete the general classes, even though it depends on the provider. This will get you a Sub-Mortgage Broker License.
What does a mortgage agent do in Canada?
Mortgage brokers or agents provide value to clients by Providing clarification and assisting the client in completing the mortgage pre-approval and the mortgage application process. Secondly, negotiate with mortgage lenders to obtain the best mortgage rates and terms on behalf of the clients.
Is being a mortgage agent stressful?
Mortgage brokering is somewhere in the middle, with a solid lean to the more stressful side.
The job entails working long, often irregular hours and comes with worries. Hence, a healthy diet and physical activity are invaluable if you maintain the challenges encountered on the job.
Therefore, it is pretty stressful.
How do I promote my mortgage business in Canada?
Email marketing is a primary channel for promoting your mortgage company. Meanwhile, you can use the personalization instructions above to keep it going. Make your emails visual, as well.
Know your audience and what they want. By doing so, your mortgage company shall grow with time.
How much do banks pay mortgage brokers in Canada?
It is your decision as a mortgage agent to decide which bank and mortgage package you want. The mortgage broker will then be paid by the lender you pick. Industry insiders suggest this can be as high as 1% of your loan amount. So then, your broker could earn $5,000 from a $500,000 mortgage.
Conclusion
In conclusion, becoming a mortgage agent in Canada could be exciting and rewarding. However, it takes foresight to achieve a greater height in such a flexible business. Therefore, this article provides a valuable guide that would be very helpful to you as a potential mortgage agent in Canada.
Read also 20 Lucrative Passive Income Ideas in Canada.
