Permission to Practice as a Mortgage Broker

I applaud your desire to pursue a career as a mortgage broker. It's a fantastic field with infinite earning potential. A mortgage agent license in Ontario can be obtained in just five simple steps (called a mortgage agent license when first entering the industry, and a mortgage broker license

I applaud your desire to pursue a career as a mortgage broker. It's a fantastic field with infinite earning potential. A mortgage agent license in Ontario can be obtained in just five simple steps (called a mortgage agent license when first entering the industry, and a mortgage broker license after two years of experience and passing the necessary exams). mortgage broker training course before you can apply to have your license amended to reflect that designation. I'll outline the procedure and then walk you through it step by step.

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).

Second, 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 for those who qualify).

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

Fourth, after working as a Level 1 Mortgage Agent for a year, you can apply for and receive your Level 2 Mortgage Agent license (detailed below).

After two years as an agent, if you've completed the necessary education to become a mortgage broker, you can upgrade your license.

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

1. Graduate from 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). Among these four, REMIC has the largest number of FSRA-certified instructors and students. Check out compareeducation.org to see how different schools stack up.

The cost and length of the program vary from one provider to the next. REMIC's mortgage agent training is both the cheapest (from $338 to $385 total) and the quickest (online or in class in as little as one week). Check out the available programs here.

Obtain a position with a mortgage company that is a member of the Financial Services Regulatory Authority (FSRA

This is a simple but vital procedure. Mortgage agents, both full-time and part-time, can find employment with a variety of brokerages that provide everything from websites to comprehensive training and ongoing support. There are varying levels of training and support that you should be aware of. That is to say, it's not guaranteed that the brokerage will provide you with the level of training that you desire, even if they claim to. Consequently, what options do you have?

How to find a reliable brokerage is covered in detail in the REMIC training. It contains a list of questions you should ask to find a brokerage that you will enjoy working for. When pursuing a career as a mortgage broker, selecting a reputable firm to work for is crucial.

Furthermore, only REMIC provides a no-cost job-placement service to its students. You can use this software to find a broker that suits your needs. These are just a couple of the advantages of working as a mortgage broker with REMIC. To see all of them, please click here.

Acquire your license You can get your mortgage agent license from the FSRA (previously FSCO) through a mortgage brokerage that has applied to them.

Minimum requirements for licensing by FSRA (formerly FSCO) are as follows.

  • be over the age of 18
  • live in Canada and count as a full-time worker there
  • possess a valid, physical address in Ontario (not a PO Box) for receiving legal notices and other documents by registered mail
  • be employed by a brokerage and given permission to engage in mortgage trading on its behalf before applying for a license.
  • have completed a mortgage agent education program within the preceding two years (the REMIC course is valid for two years from the time you pass it; you must apply for your license within that time frame).

The price of your license

You will then submit payment for your license to FSRA (previously FSCO). In order to get started in the mortgage industry, here is what you'll need to pay FSRA (previously FSCO) to get started:

  • There is a yearly (instead of biannual) renewal for licenses, and that renewal is due on April 1st this year. The 1 renewal fee is due every two years. A new license costs 1 for the year, 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 until April 1, 2024 x per month). 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. FSRA, https://www.fsrao.ca/sites/default/files/2019-06/fee-rule-2019-001-en.pdf [1].

There will be further expenses.

Your share of your brokerage's errors and omissions insurance (also known as E & O) is usually the only other expense you'll incur. The brokerage's master E&O policy will provide coverage for you. Every broker and agent in the brokerage will incur a fee from the brokerage to help cover the cost of this insurance. It may cost several hundred dollars annually to do this.

Some brokerages may charge you a fee on top of that. Some examples of such costs are those associated with registering, receiving training, advertising, etc. It is in your best interest to interview with multiple mortgage brokerages before deciding which one will provide you with the resources and guidance you need to succeed in your new profession. If you want to learn more about the various brokerages out there, use our list of questions to ask during an interview.

4. Complete a Private Mortgage Education Program (NEW in 2023)

After working as a level 1 mortgage agent for at least a year, you can take the private mortgage course and earn your level 2 license, which will allow you to broker loans from sources other than banks. Next, proceed to Step 5.

5. Obtain a license to act as a mortgage broker

You can apply to switch your license to that of a broker after working as a mortgage agent for at least two years and completing the required education. The primary function of a broker's license is to oversee mortgage agents and act as the Principal Broker (akin to a chief compliance officer) of a mortgage brokerage.

In Summary

When you add up all the costs associated with starting your new career, you should have between $1,600 and $2,000. If you wanted to get your mortgage broker's license on April 1, 2020, for instance, it would cost you about $1,539 between the tuition for the required course and the E & O insurance premium.

  • Expenditures on Learning: $338
  • Initial license for a mortgage broker is 1 (1 + $100 application fee).
  • E & O: $300

In other words, this is a fantastic investment with virtually no ceiling on potential earnings.

REMIC is here to assist you in obtaining your licenses as a mortgage agent and a mortgage broker when that time comes. After you've finished the course, REMIC will help you launch your career in this dynamic field.

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