Working as a mortgage broker can be an extremely rewarding career choice. Helping people find funding for their dream homes, building relationships with lenders and giving people the best mortgage packages are all in a day’s work for brokers. If you think this is the right career move for you, read on to get insight as to what it takes to be a broker!
Unfortunately it does take some work to get people into their dream house; you need to get licensed. Every province requires its own provincial license, but you can’t go online and get licensed right away. There are courses you need to take prior in order to learn the ins and outs of the industry.
The Canadian Association of Accredited Mortgage Professionals (CAAMP) offers an education program for those who wish to enter the mortgage brokerage industry.
The CAAMP program has two phases. The first is completed online and needs to be done within 6 months of your registration. After the completion of Phase 1, you will need to complete Phase 2, which is an actual in-class seminar that takes place over five days. Attendance is mandatory, but these educational steps bring you one step closer to getting your license.
There are exams you will need to take and get a passing grade of 60%. Once you’ve successfully taken your exams, you are now eligible to apply for your mortgage broker license.
The Financial Services Commission of Ontario (FSCO) provides governing services to protect the public’s interest and develop confidence in the sectors it regulates, such as the mortgage-brokering sector. According to the FSCO, in order to become a licensed mortgage broker in Ontario you will need the following:
- To be 18 years old or older
- To be a Canadian resident
- Have a mailing address in Ontario – cannot be a P.O. box
- Receive authorization from a Mortgage Brokerage to deal or trade mortgages on their behalf
- Be employed by only one brokerage firm
- Have successfully completed an approved education program (CAAMP’s program is approved) for this industry at least three years before applying for your license
- Have been a licensed Agent for at least 2 years during the 36 month period before you apply for your license
If you’re looking to get into the business of mortgage brokering, we can help. At Northwood Mortgage™ we are skilled professionals who have worked in the industry for many years. We’re happy to answer your questions!