How To Become A Mortgage Broker In Ontario

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) February 15, 2012 -- If you enjoy meeting new people and are interested in helping others with their financial concerns a career as a mortgage broker can offer you unlimited financial rewards and career opportunities.

While becoming a mortgage broker is a relatively simple and straightforward process, it does call for considerable commitment and perseverance. Prior sales experience is helpful but certainly not mandatory.

According to the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA), to become a licensed mortgage broker in Ontario, you must meet the requirements set out by the Mortgage Broker Qualifying Standards (MBQS). These requirements include successfully completing a mortgage agent education program approved by the Financial Services Commission of Ontario (FSCO), obtaining a mortgage agent license, successfully completing the mortgage broker education program approved by FSCO and obtaining a mortgage broker license.

FSCO is the regulatory agency for the Ontario Ministry of Finance and regulates mortgage brokers, agents, brokerages and administrators. For more information on FSCO visit their website at www.fsco.on.gov.ca.

The first step to becoming a mortgage broker is to complete a FSCO approved mortgage agent education program followed by a final examination. This course can be taken either in-class or online.

Many individuals in the mortgage industry regard the Canadian Association of Accredited Mortgage Professionals (CAAMP) as the industry leader in mortgage broker education. CAAMP offers the Ontario Mortgage Agent Course both online and in class. For more information on the courses that CAAMP has to offer visit www.mortgagecampus.org.

There are no specific admission requirements for the mortgage agent education program but an understanding of basic math concepts is highly recommended. Additionally, those without a financial services background should be prepared for intense study.

In order toact as a mortgage agent you must apply for a licensewithin two years of successfully completing the mortgage agent education program. After completing the mortgage education program an applicant must find employment with a mortgage brokerage in order to apply for a mortgage agent license. Authorization from a licensed mortgage brokerage is required to complete an application for a mortgage agent license.

The Principal Broker of a mortgage brokerage would have to initiate the license applications for any mortgage brokers or mortgage agents who are employed by the brokerage. The brokerage is also responsible for submitting the required fees on behalf of agents and brokers when the mortgage agent license applicationis made.

To become a mortgage broker a licensed mortgage agent must complete a mortgage broker education program and exam approved by FSCO within three years prior to applying for their broker license. During the three years prior to submitting an application for a mortgage broker license a mortgage agent must be licensed for at least 24 months. Members of the Law Society of Upper Canada and those licensed under the Public Accountancy Act are exempt from mortgage broker educational requirements.

Following successful completion of the mortgage broker education program and exam a mortgage agent who has been licensed for at least 24 months within the 36 months prior to application is eligible to submit an application for a mortgage broker license. This application must be submitted by the mortgage brokerage that employs the applicant. Mortgage agent and mortgage broker licenses are issued for a two-year period.

A licensed mortgage broker is able to perform mortgage activities for a licensed mortgage brokerage or start up their own brokerage where they may employ several agents and brokers to perform mortgage activities on their brokerage’s behalf. Each brokerage is responsible for ensuring that its agents and brokers are licensed and following MBLAA regulations. A sole proprietor of a brokerage must obtain both amortgage broker and a brokerage licence.

When you become a Mortgage Broker, it is wise to ensure your success by focusing on honing your selling skills, learning how to market yourself and your business, staying up-to-date with the mortgage industry, and continuing to study to thoroughly understand the mortgage loan process.

There are many benefits of choosing a career as a mortgage broker. There is no need for an expensive, time-intensive university degree, the work hours are flexible and there is the option of working for yourself.

For more information on the mortgage industry and mortgage education, please see contact information below:

CONTACT:

Canadian Association of Accredited Mortgage Professionals
2235 Sheppard Avenue East, Suite 1401
Toronto, ON
M2J 5B5
Phone: 416.385.2333 / 1.888.442.4625
Fax: 416.385.1177 / 1.888.579.2840
By E-mail:info@caamp.org
Website: http://caamp.org/

Cynthia Legault
Executive Assistant
Direct Dial: 416.644.3707
E-mail: clegault@caamp.org

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