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Posted By : Just Do Blogging
The work of a mortgage broker is to help a home buyer find banks,
private lenders, trust companies, credit unions and represent him/her
in search of the best available mortgage rates. However, mortgage
brokers don’t work for financial institutions. They work for
clients who seek to buy homes, and help them find the best deals on
the market and prepare proposals for potential lenders to secure the
desired mortgage. It’s a good career choice for those who like
helping others and are interested in the dealings in real estate
industry. To be a licensed mortgage broker in Ontario, one needs
specific work experience and education.
Here’s what you need to get an Ontario mortgage license:
Basic requirement
One must be an adult resident of Canada. You must be above 18 years of age and either a citizen or permanent resident of Canada, this is a mandatory requirement. On top of that you need to have a mailing address in Ontario that can receive registered mail and it should not be a post office box, this is important as it will facilitate communication between you and the licensing body-Financial Services Commission of Ontario (FSCO).
Complete the mortgage broker education program
Before being hired by a firm as a mortgage broker, one must complete the mortgage broker education program. This program is provided by the Canadian Association of Accredited Mortgage Professionals (CAAMP), which was selected as the provider for the program for the next four years by FSCO in fall 2012 and the course is offered in English and French. The English course is offered by Seneca while the French one is provided by La Cite collegiale. One must successfully complete the mortgage broker education program approved by the superintendent, FSCO before being issued with a mortgage broker license. You are however allowed to complete the program while working as a mortgage agent.
Apply for work as a mortgage agent
Mortgage brokers in Ontario are professionals who must be licensed and work under the supervision of certified mortgage brokers. You need to be working for a brokerage firm before being licensed; it is this firm that will apply to FSCO for your license. After your firm applies for a license for you, you can then proceed with processing client mortgage financing while under broker supervision. You need at least 24 months of work experience before you can apply for a broker license, this is irrespective of whether you have completed your broker certification course or not.
Complete and submit a mortgage broker application form
You then need to submit a completed mortgage broker application form to FSCO. After reviewing your application, FSCO will decide whether to issue you with a license or not depending on whether you’ve met all the requisite qualifications and requirements. If you are licensed, your name will appear on the official FSCO website certifying you as a licensed mortgage broker. This will offer a way of confirming your status as a certified and licensed mortgage broker to prospective clients.
Here’s what you need to get an Ontario mortgage license:
One must be an adult resident of Canada. You must be above 18 years of age and either a citizen or permanent resident of Canada, this is a mandatory requirement. On top of that you need to have a mailing address in Ontario that can receive registered mail and it should not be a post office box, this is important as it will facilitate communication between you and the licensing body-Financial Services Commission of Ontario (FSCO).
Complete the mortgage broker education program
Before being hired by a firm as a mortgage broker, one must complete the mortgage broker education program. This program is provided by the Canadian Association of Accredited Mortgage Professionals (CAAMP), which was selected as the provider for the program for the next four years by FSCO in fall 2012 and the course is offered in English and French. The English course is offered by Seneca while the French one is provided by La Cite collegiale. One must successfully complete the mortgage broker education program approved by the superintendent, FSCO before being issued with a mortgage broker license. You are however allowed to complete the program while working as a mortgage agent.
Apply for work as a mortgage agent
Mortgage brokers in Ontario are professionals who must be licensed and work under the supervision of certified mortgage brokers. You need to be working for a brokerage firm before being licensed; it is this firm that will apply to FSCO for your license. After your firm applies for a license for you, you can then proceed with processing client mortgage financing while under broker supervision. You need at least 24 months of work experience before you can apply for a broker license, this is irrespective of whether you have completed your broker certification course or not.
Complete and submit a mortgage broker application form
You then need to submit a completed mortgage broker application form to FSCO. After reviewing your application, FSCO will decide whether to issue you with a license or not depending on whether you’ve met all the requisite qualifications and requirements. If you are licensed, your name will appear on the official FSCO website certifying you as a licensed mortgage broker. This will offer a way of confirming your status as a certified and licensed mortgage broker to prospective clients.
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