How to Become a Mortgage Broker in Canada

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Owning property is one thing, but finding someone who can help you weed out the best properties in a sea of property listings is another. It’s always best to have experts tell you which properties are the best among the rest, with explanations as to why some are better than others.

A mortgage broker is the best person for this job because they have all the skills and knowledge that property buyers need to purchase the best properties available in the market. These are people who know the ins and outs of the industry, who can give you better options than the others.

However, it is not so easy to become a mortgage broker in Canada. You cannot just wake up one morning and decide you’ll be a professional mortgage broker due to the many regulations.

Did you know?

Canada is also known as one of the most promising countries for property ownership.

It would help if you were equipped with the proper education, licenses, professional requirements, skills, and other knowledge needed to become a successful mortgage broker. Once you have these, becoming a mortgage broker in Canada is pretty straightforward.

Now that we’ve established the importance of mortgage brokers, here’s everything you must know about becoming one in Canada.

Basic Employment Requirements for Mortgage Brokers

If you want to pursue a career in mortgage brokerage, a bachelor’s degree in commerce, economics, business administration, or any related field is typically required.

You will be required to attend different training programs and courses offered by a wide range of financial institutes and organizations, such as the Canadian Securities Institute, Institute of Chartered Financial Analysts, Trust Companies Institute of Canada, Canadian Institute of Financial Planning, and the Investment Funds Institute.

These training programs and courses may be required by most Canadian employers, so it is best to be trained for this purpose.

In addition, mortgage brokers must have a real estate license known as the OACIQ exam to practice in Quebec. Mortgage brokers must also be licensed to practice in other provinces such as Nova Scotia, Manitoba, Saskatchewan, Alberta, British Columbia, and Newfoundland and Labrador. Check with your respective province for licencing requirements.

Mortgage brokerage is a regulated occupation in Canada. Aspiring brokers are thus required to be registered with their jurisdiction’s regulatory committee before conducting business with clients.

Other Specific Requirements

Aside from those mentioned above, an aspiring mortgage broker must be at least 18 years of age or older, a Canadian resident, have a mailing address in the province or territory of their occupation that can receive registered mail, and have a valid email address that can be used for license applications.

In addition, they must work for only one mortgage brokerage, be authorized by a legitimate mortgage brokerage in dealing with mortgages, and meet the education requirements intended for mortgage agents.

Skills, Knowledge, and Other Requirements

Mortgage brokers employ several skills and knowledge to their job, along with several other requirements, to perform their duties and responsibilities properly.

Mortgage brokers are often required to identify their clients’ financial goals and objectives and develop financial plans for clients depending on the analysis they did on their clients’ financial records.

They must also arrange for the sale of several different financial products and investments suited to their clients’ needs and preferences. They must also underwrite new issues of stocks and bonds and prepare an offering prospectus for new issues of stocks and bonds. These are just some of the many skills a mortgage broker in Canada should have.

They must have above-average communication skills since they will be spending a lot of their time talking to a lot of people from different walks of life. They must be excellent at analyzing information and projecting outcomes based on their analysis of the available data.

Lastly, mortgage brokers should know different subjects and topics related to their job description, such as finance, economics, business administration, accounting, sales, and client service. They should also know the basics of law, government, and jurisprudence because this is also helpful for their tasks.

Mortgage Broker Salary and Wages in Canada

Mortgage brokers in Canada earn up to $32 an hour. Some mortgage brokers earn upwards of $55 an hour, depending on their skills and qualifications. Newfoundland and Labrador mortgage brokers can earn up to $75 an hour, making them the highest-earning mortgage brokers in the country.

On the other hand, New Brunswick mortgage brokers can earn from as low as $17 an hour, but they can earn up to $49 an hour depending on their skills and qualifications. This makes them the lowest-earning mortgage brokers in Canada.

However, the numbers above are estimates according to the latest available records from the Canadian government. Overall, the prospects and salaries in Canada among mortgage brokers are decent compared to other countries.

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Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.

Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.