How To Become A Mortgage Broker in Canada?

By
Mortgage and Lending with The Mortgage Group - Vancouver/Richmond

The licensing of a Mortgage Broker in Canada is regulated by the various provincial authorities under the Ministry of Finance. Quebec is unique in all of North America as its laws are based on the Civil Code. The law permits mortgage brokerage to be performed by those in the finance industry, as well as those in the real estate industry.

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.

Mortgage Broker Career

Anyone who are looking for more information on becoming a Mortgage Broker can search online using common Google search terms like "Canadian Mortgage Broker licensing requirements", "obtaining a Mortgage Broker License", "Mortgage Broker career in Canada", "how to become a Mortgage Broker", etc.

vancouver mortgage broker How a Mortgage Broker gets paid?

A mortgage broker is not paid a salary by the mortgage broker company he is licensed with. Instead he or she receives a fee or commission as financial compensation for bringing a mortgage business to a mortgage lender. An independent Mortgage Broker can access the mortgage products of mortgage lenders who are funding deals through their Mortgage Broker Centres.

Mortgage Specialists Working For Canadian Banks

Some Canadian Banks like Royal Bank and Bank of Montreal employed their own Mortgage Specialists to promote the bank's mortgage products. For these Mortgage Specialists, they only can promote their own bank's mortgage products, and alternative lenders that are endorsed by the banks.

These Mortgage Specialists may be paid a basic salary and sales commission on deals they successfully funded through their banks. Some of these specialists may be paid solely on commission on t he deals that they done with the banks.

A new mortgage repayment program that does not required a person to be licensed called Money Merge Account system by First United Financial is available for any finance and real estate related person to become the company's agent.

For more information on how to become a licensed Mortgage Broker, or becoming an Agent for First United Financial, you are welcomed to email me.

 

Comments (3)

Anonymous
Mortgage Rates Canada

There are some steps, How To Become A Mortgage Broker.

- Enroll in accounting, finance and sales courses in undergraduate. It's not necessary but it is important to understand the fundamentals of economics and finance.

- Learn the specific Canadian laws regarding licensing, insurance and commission. Begin an internship with a broker. Start to learn the differences between American and Canadian laws.

- Weigh the pros and cons of working for nearly a commission-only salary. As opposed to the U.S., Canadian brokers are almost always paid only commission.

- Consider getting both a mortgage broker license and a real estate license.

Mar 31, 2011 01:49 AM
#1
Anonymous
Mortgage Rates Canada

There are some steps, How To Become A Mortgage Broker.

- Enroll in accounting, finance and sales courses in undergraduate. It's not necessary but it is important to understand the fundamentals of economics and finance.

- Learn the specific Canadian laws regarding licensing, insurance and commission. Begin an internship with a broker. Start to learn the differences between American and Canadian laws.

- Weigh the pros and cons of working for nearly a commission-only salary. As opposed to the U.S., Canadian brokers are almost always paid only commission.

- Consider getting both a mortgage broker license and a real estate license.

 

www.ricksekhon.com

Mar 31, 2011 01:52 AM
#2
Anonymous
Hire Agents

Very informative post and nicely described by Mortgage Rates Canada...

If you finding Mortgage Brokers in Canada then visit HireAgents.ca

Sep 27, 2011 12:18 AM
#3