If you are curious as to the requirements on “How to be a mortgage broker in Canada”, you can easily find the answer by doing your research on the internet. Different Canadian may have their own regulations government the licensing and requirements to become a mortgage broker.
The term “mortgage broker” is loosely used to refer to a mortgage broker, mortgage advisor, mortgage consultant, mortgage representative or mortgage specialist. The correct name is a “sub-mortgage broker” for a person who is licensed and works on the business of providing mortgage and home financing services.
In British Columbia, the provincial Financial Institutions Commission of BC (FICOM) requires a sub-mortgage broker to be sponsored or employed by a mortgage broker company.
There are 2 basic requirements to become a licensed mortgage broker in BC:
1) Pass the examination. A person has to pass the “sub-mortgage broker course” before he or she can be licensed and registered to work as a sub-Mortgage Brokers. Employees of Canadian Banks, Credit Unions and Trust Companies are exempt by the Government and not required to be licensed to market their employers mortgage products to home owners.
There is a requirement for basic English language proficiency before an individual can be accepted to take the sub-mortgage broker course.
2) Good character. Before a license is issued to a sub-mortgage broker, FICOM has to be satisfied that the person to be licensed has no previous criminal records or past misconducts not worthy of being admitted or entrusted with dealing with credits and loans as a mortgage broker.
Most matured Canadians will not likely have any problem to satisfy the above requirements. If you are interested to find out more information on how to become a sub-mortgage broker, you are welcome to contact me.