8 Steps to Become a Mortgage Agent in Canada

To become a mortgage agent in Canada, follow the steps below.

Become a mortgage agent in Canada is good for helping people with life-changing financial decisions and be part of big dreams

However, Mortgage professionals and agents make people smile. With quick access to leading edge industry tools.

Mortgage professionals save people’s 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 has access to 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.

Mortgage brokers are paid a commission by the lender 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.

Additionally, according to ABS statistics, the average mortgage broker brings in $2,009.10 every week.

That is fair if compared with the national average full-time income of $1,288.70 per week.

However, some mortgage brokers like senior practitioners and practice owners even make more than this amount.

Who is a Mortgage Agent?

A mortgage agent is an individual who is licensed by the Financial Services Commission and who arranges financing for a borrower through a lender.

A mortgage broker acts like a middle man who brokers mortgage loans on behalf of individuals or businesses.

Traditionally, banks and other lending institutions have sold their products as markets for Mortgages 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 Education requirements.
  • Have a valid email address ( for application process) and
  • 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 have been approved by the superintendent, FSCO and also apply for the mortgage agent License  within 2 years of successfully 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, all of this program was developed using the same curriculum, but the providers will now use different formats, like classroom, online correspondence, or combination.

However, all of these approved programs with a course of study followed by a final examination.

Mortgage Agent Course and their provider in Canada

  1. ​MPC’s Ontario Mortgage Agent Course provided by Mortgage Professionals Canada
  2. CMBA Mortgage Agent Course provided by the Canadian Mortgage Brokers Association, Ontario
  3. REMIC Mortgage Agent Course provided by the Real Estate and Mortgage Institute of Canada Inc. (REMIC) ​​
  4. 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 become a mortgage agent in Canada

To become a Licensed mortgage agent in Canada, you will have to follow these step by step guides to achieve your goal.

Step 1. Become Educated

First of all, to become a mortgage agent you will complete the entry level educational requirements in your Province.

However, different Provinces in Canada use different terms to refer to mortgage brokering professionals such as: associate, agent, salesperson, sub mortgage broker. Therefore, you will select your Province and refer to it the correct Licencing 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 inquisitive 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, networking, building referrals sources and also providing 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 Accredited 

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, this must be carefully done at a targeted period of time.

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 its own special requirements for license level upgrade. To be on a safer side, visit the Provincial regulator for more information and enlightenment.

Step 7. Make your Mark (optional)

To attain  a desired height in becoming a Licenced mortgage agent, at this stage you will expand your professional footprint and capacity. For example you can:

Hire an assistant

Build and manage a team

Start your own 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. Asking friends, family and previous co-workers is a good 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 rather, $48.72 per hour.

As entry-level positions start at $48,888 per year, whereas, most experienced workers make up to $117,500 per year.

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),
  • i worked as a mortgage associate for two years, then.

Then, you can now 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, in order 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 good career in Canada?

With huge earning 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 have been approved by the Financial Services Commission of British Columbia.

However, it may take Forty hours to complete the general classes. Even though it can be very dependent 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 to complete 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 ground, with a strong lean to the more stressful side.

The job entails working long, often irregular hours and comes with worries, so a healthy diet and physical activity are invaluable if you are to maintain the challenges encountered in the job.

Therefore, it is quite 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 be then paid by the lender you pick. Industry insiders suggest this can be as high as 1% of your loan amount then, your broker could earn $5,000 from a $500,000 mortgage.

Conclusion

In conclusion, becoming a mortgage agent in Canada could be interesting and rewarding. It takes foresight to achieve a greater height in such a flexible business. Therefore, this article provides a useful guide that would be very helpful to you as a potential mortgage agent in Canada.