Credentials for Mortgage Brokers

It pleases me to hear that you're considering becoming a licensed mortgage broker. It's a fantastic field with infinite earning potential. It only takes five simple steps to become a licensed mortgage agent in Ontario (called a mortgage agent license at the outset of your career, and a mortgage broker license after you've worked in the industry for at least two years and passed the necessary exams). a mortgage broker's license requires completion of an approved education course. I will outline the procedures and then provide an in-depth description of each one.

1. Complete the Mortgage Agent Licensing Course (also known as the Mortgage Agent Course) offered by REMIC and approved by the Financial Services Authority of Ontario (FSRA - formerly FSCO).

2. Get a job with a mortgage broker that is licensed by the Financial Services Regulatory Authority (FSRA; formerly FSCO) (REMIC provides free job placement assistance to those who qualify).

Three, register your vehicle Apply for a license with the Financial Services Regulatory Authority (FSRA; formerly FSCO) and become a Level 1 Mortgage Agent. Below, we'll talk about what kind of permits you'll need.

When you've been a licensed mortgage broker for at least a year, you're eligible to take the exam and upgrade to Level 2 status (detailed below).

After working as a licensed agent for two years and completing the necessary education for a mortgage broker, you are eligible to upgrade your license.

How to Get Your Mortgage Broker's License in Explicit Detail

1 Complete a FSRA-approved mortgage agent education program.

In Ontario, REMIC, Humber College (which uses the REMIC textbook), CMBA (formerly IMBA), and MPC (formerly CAAMP, CIMBL, the two trade associations) all offer mortgage agent courses (the first step toward getting a mortgage brokers license). The number of FSRA-licensed students taught by REMIC exceeds that of the other three providers combined. Here at compareeducation.org, you can look at a comparison of the various service providers.

Prices and lengths of courses can vary widely between different vendors. The REMIC mortgage agent training program is both the cheapest (from $338 to $385 total) and the quickest (online or in class in as little as a week). Course descriptions are available on this page.

Step 2: Find a job with a mortgage company that is approved by the Financial Services Regulatory Authority (FSRA

That's a simple but crucial next move. Brokerages abound, eager to have on board both full-time and part-time mortgage agents by providing them with everything they need, from a place to work to thorough initial and ongoing training and support. You should be aware that there are various levels of instruction and assistance. So, even if a broker advertises extensive training, it may fall short of your expectations. And so the question arises, what can you do

Choosing the appropriate brokerage is covered in depth in the REMIC training. There's a checklist of things to check for in a brokerage to make sure you're joining a place you'll be happy to work for. Getting your mortgage broker's license requires a number of steps, but one of the most crucial is selecting a reputable brokerage to work with.

Further, no other school provides a service like REMIC's free job-placement assistance program. Select the broker that best suits your needs with the help of this tool. To sum up, these are just two of the many advantages of working as a mortgage broker with REMIC. To see them all, please click here.

Obtaining a license is Step 3. For your mortgage agent license, your FSRA (previously FSCO)-approved mortgage broker will apply on your behalf to FSRA (previously FSCO).

You must meet the following standards set forth by FSRA (formerly FSCO) in order to be licensed:

• required age of majority is 18
• must live in Canada
• own a physical address in Ontario (not a P.O. Box) that is suitable for receiving services by registered mail
• be employed by a brokerage and given permission to transact mortgages on its behalf before applying for a license.
• have completed an approved education program for mortgage agents no more than two years prior to applying for a license (for example, if you take the REMIC course, you have two years from the time you pass it to apply for a license).

Licensing fees

The next step is to submit payment for your license to FSRA (previously FSCO). You can start your mortgage career with FSRA (formerly FSCO) for the following initial fees:

• In contrast to the previous renewal cycle of every two years, licenses are now up for renewal annually, with the next renewal scheduled for April 1st. There is a 1 renewal fee. The annual license fee is 1, or $100 per month until March 31, 2023 (multiplied by ) if you apply after April 1. 08) [1] 
• If you submitted your license application on April 1, 2023, you would need to pay $100 in addition to 1 (12 months to April 1, 2024 x ). 08) = $100 1 = 1 If you already hold a mortgage broker's license, you won't need to pay the application fee to renew it; the total cost is 1. Here's the link to the FSRA's fee rule: https://www.fsrao.ca/sites/default/files/2019-06/fee-rule-2019-001-en.pdf [1]

Spending more

Your share of your brokerage's errors and omissions insurance (also known as "E & O" insurance) is usually the only other expense you'll incur. You will be protected by the brokerage's umbrella E & O policy. Every broker and agent in the brokerage will incur a fee from the brokerage to help cover the cost of this insurance. For some, this can be an annual expense of several hundred dollars.

Some brokerages may charge you a fee on top of that. Payments of this type might be required for things like enrollment, instruction, promotion, and so on. You should talk to multiple mortgage brokerages to find the one that will provide you with the resources and guidance you need to succeed in your new profession. You can learn more about the various brokerages by using our list of questions to ask during an interview.

New in the year 2023: 4. Complete a course on private mortgages.

After working as a Level 1 Mortgage Agent for at least a year, you can take the Private Mortgage Course (which will allow you to broker mortgages with non-bank lenders) and earn your Level 2 Mortgage Agent License. To proceed to Step 5, click here.

5 Become certified as a mortgage broker

After working as a mortgage agent for at least two years and completing the necessary education, you can apply to upgrade your license to that of a mortgage broker. The primary function of a broker's license is to oversee and manage mortgage agents, while that of an agent is limited to merely facilitating transactions.

In Summary

When you factor in everything you'll need to launch your new career, expect to spend between $1,600 and $2,000. On average, getting a mortgage broker's license on April 1, 2020 will set you back about $1,539, though this will vary depending on the price of the required education and the E & O insurance policy.

• Cost of a Quality Education: $338
• 1.10 (1 + $100 application fee) for a level 1 license as a mortgage agent.
• E & O: $300

There is no ceiling on your earnings potential, making this a fantastic financial decision.

REMIC is here to assist you in obtaining your licenses as a mortgage agent and a mortgage broker when the time comes. When the course is over, REMIC will be there to help you launch your career.