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Ask me about how to become a licensed mortgage agent in Ontario

  • Last Updated:
  • May 13th, 2017 4:42 pm
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[OP]
Newbie
Jul 5, 2012
4 posts
1 upvote
NORTH YORK

Ask me about how to become a licensed mortgage agent in Ontario

The mortgage brokerage industry is a fantastic industry for those who are self-motivated and interested in helping Canadians reach their dream of home ownership and financial freedom. There are many questions to ask, including how to obtain a license and how to obtain employment. If you have any of these questions please feel free to post and I'll do my best to assist you.
You can view our video on becoming a mortgage agent here

Cheers,
Joe White
President
Real Estate and Mortgage Institute of Canada Inc. (REMIC)
17 replies
Deal Addict
Nov 27, 2006
2116 posts
387 upvotes
Toronto
oh god, mortgage agents are on par with real estate agents.
Newbie
Oct 21, 2011
45 posts
BRAMPTON
sirex wrote:
Jul 6th, 2012 6:34 pm
oh god, mortgage agents are on par with real estate agents.
whats wrong with real estate agents, i thought they make pretty good money
[OP]
Newbie
Jul 5, 2012
4 posts
1 upvote
NORTH YORK
Real Estate Agents and Mortgage Agents are in business to help consumers. Both industries offer great, lifelong career opportunities. While not for everyone because they are typically commissioned positions, becoming a licensed mortgage agent provides the opportunity to be independent, work you own hours and basically run your own business, under the brokerage that you're licensed through, of course. Mortgage brokering activities in Ontario are regulated through the Financial Services Commission of Ontario (FSCO).
Joe White
www.remic.ca
Real Estate and Mortgage Institute of Canada Inc.
Deal Addict
Nov 27, 2006
2116 posts
387 upvotes
Toronto
Why don't you post in the Sale thread because you're clearly trying to sell us something. :)
[OP]
Newbie
Jul 5, 2012
4 posts
1 upvote
NORTH YORK
I'm actually not selling anything. I firmly believe that a career as a mortgage agent can be a rewarding one.
Member
Jul 28, 2005
245 posts
10 upvotes
Toronto
So on average, how much are you expected to make when you're just starting out?

I know RE agents make their money off commissions from selling houses. But what about a mortgage agent? Let's say I get a loan for 200k from my agent, then what would be his/her approximare share of the income?
[OP]
Newbie
Jul 5, 2012
4 posts
1 upvote
NORTH YORK
Mortgage agents are paid commission, typically around .85% of the mortgage, and then, just like Realtors, they split that with their brokerage. So on a $200,000 mortgage the agent should receive approximately $1,700 less the split to their brokerage. Keep in mind this is an average and may be higher or lower based on a specific instance.
Newbie
Sep 24, 2012
1 posts
WHITBY
Hi,
You must complete the course for licensing and be hired by a brokerage. That brokerage then applies to the regulator, FSCO, for your license. Business development in this field is similar to that of a real estate salesperson.
Deal Addict
May 28, 2005
1910 posts
99 upvotes
Would you recommend Seneca's Mortgage Broker Program?
Penalty Box
May 16, 2006
3727 posts
256 upvotes
lol this isn't going to end well.
Deal Addict
May 28, 2005
1910 posts
99 upvotes
CatDog wrote:
Oct 1st, 2012 12:58 pm
lol this isn't going to end well.
OP should change the title to "How to become an accountant" - it'll atleast get 10x more views
Newbie
Feb 8, 2017
25 posts
4 upvotes
if I do mortgages part time on the side Can my employer find out about this outside activity? I am not licensed for anything else nor do I have any conflicts of interest but curious to know if it is possible for someone to find out.
Deal Addict
Apr 21, 2014
1042 posts
244 upvotes
Alberta
sirex wrote:
Jul 6th, 2012 6:34 pm
oh god, mortgage agents are on par with real estate agents.
Although I am not a fan of the industry in general, I don't think it's fair to lump mortgage brokers in with real estate agents. Mortgage brokers can only offer products that lenders have.

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