Tag Archives: mortgage broker career

How To Become A Mortgage Broker In Canada?

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.

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Mortgage Broker Profession

Mortgage Broker Profession – Is it right for you?

A Mortgage Broker or mortgage advisor is an individual who is a registered, licensed and trained mortgage specialist helping his or her clients with their home financing needs. A mortgage broker is not paid by the mortgage lender. Instead he or she receives a fee or commission as financial compensation for bringing a mortgage business to a mortgage lender.

How much a mortgage broker can earn?

This depends on how many deals you average a month. You can run some numbers and investigate realistically what you could possibly be making after your initial months or learning the business. It may take you a few months to be up to speed in your mortgage business. In the beginning, building your business involved working your own marketing plan to get new contacts and build more referral sources.

The income for a mortgage broker is lucrative or those who are successful in building their contacts. There are little over-head costs to become a mortgage broker. The biggest attraction beside the money is the freedom to work their own hours in an industry that has unlimited demand for the service.

If you are interested to find out more information on how to become a mortgage broker, you are welcome to contact me at 604-721-4817 or email me.