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.
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.