How to become a loan/mortgage broker.

[superbundance]

My brother wants to get into this so I am trying to help him out.

I checked the net but everybody wants you to buy a study at home program for 200 - 4000 dollars There has got to be a better way?

My concern for him is learning the businness, marketing afterwards.

[Mortgage_Broker]

seneca fsu101

[superbundance]

is that it? Or do I need more that that?

What do you think about Triple AAA broker franchise? Have you ever heard of them?

I know next to nothing, anything you can tell me/us would be great coming from somebody in the business!!

Do you have your own business? Is it very hard to open broker business?

[alanbrenton]

What is the difference between a mortgage broker and a mortgage agent. From an older RFD thread, someone mentioned having to be a sub-broker for two years but there was no mention of a mortgage agent. Is becoming a sub-broker tantamount to becoming a mortgage agent then?

I'd love to know since if I am ever axed from my current employment, I may pursue this career path. I found the second link which defines what a mortgage agent is. If I wanted to help home buyers shop for better mortgages, then should I become a mortgage agent or a mortgage broker (sorry if I don't understand the industry parlance)?

Thanks for any insights on this matter.

http://fsco.gov.on.ca/english/regula...transition.asp

http://www.professionalreferrals.ca/...ortgage-agent/


So will any of the bulleted education courses be the ticket to becoming a mortgage agent? Which one would be best to pursue to gather the most knowledge and credibility? Where does one prepare and write for the mortgage broker course once acting in a mortgage agent capacity as the FSCO doesn't say?

6. What Mortgage Agent education courses are acceptable under the Act?

The following Mortgage Agent education courses are acceptable under the Act, if they were successfully completed before July 1, 2008:

(courses are listed in alphabetical order)

* Canadian Association of Accredited Mortgage Professionals (CAAMP)- Canadian Mortgage Industry Course
* Independent Mortgage Brokers Association of Ontario (IMBA) -10 Steps to Becoming a Successful Mortgage Agent
* The Ontario Real Estate Association (OREA) – Mortgage Agent Educational Program (consisting of Phase 1, Phase 2 and Phase 3 Residential, Phase 3 Commercial, Real Property Law, and Principles of Mortgage Financing) as it was offered between January 2000 and June 30, 2008.
* Seneca College - Financial Services Underwriting 101: Introduction to the Canadian Mortgage Industry (also referred to as "Mortgage Brokering") OR FSU 111: Introduction to Mortgage Brokering

[drkeithbrags]

For anyone thinking of getting into the mortgage business, couple of pointers:

Its a long sales cycle- for example:you meet the client in March, deal closes end June, you get paid mid July. It takes a really long time to build the business into a steady income. Typically, it takes between three to five years to build a pipeline with regular commissions.

Almost all mortgage agents work on commission basis, splitting commissions with their brokerage. The more support the brokerage offers, the higher their share of the split. Usually you start with a 50/50 split and as you get more experienced it gets better in your favor.

It calls for a lot of networking (social skills) to build a base of referral sources- realtors, insurance agents, accountants, lawyers etc.

Education requirements are easy. But don't expect to learn everything in class. There is a lot of practical stuff that you only learn when you start putting deals in.

[alanbrenton]

http://www.fsco.gov.on.ca/English/re...vedMAprogs.asp

New Approved Mortgage Agent Education Programs

Approved mortgage agent education providers include:

* "CAAMP’s Ontario Mortgage Agent Course" provided by the Canadian Association of Accredited Mortgage Professionals (CAAMP)
* The "IMBA Mortgage Agent Course" provided by the Independent Mortgage Brokers Association of Ontario (IMBA)
* "Mortgage Agent Program" provided by Seneca College and the other community college members of OntarioLearn:

o Algonquin College
o Cambrian College
o Canadore College
o Centennial College
o Collège Boréal
o Conestoga College
o Confederation College
o Durham College
o Fanshawe College
o Fleming College
o George Brown College
o Georgian College
o Humber College
o La Cité collégiale (offers services in French)
o Lambton College
o Loyalist College
o Mohawk College
o Niagara College
o Northern College
o Sault College
o Seneca College
o Sheridan College
o St. Lawrence College


Which of the three educational providers (in RED) is recommended? The third one is actually a list of colleges offering the mortgage agent education.

Also, would it be recommended to be a realtor and a mortgage agent at the same time?

Thanks.

[pinkypop]

http://www.fsco.gov.on.ca/English/re...vedMAprogs.asp

New Approved Mortgage Agent Education Programs

Approved mortgage agent education providers include:

* "CAAMP�s Ontario Mortgage Agent Course" provided by the Canadian Association of Accredited Mortgage Professionals (CAAMP)
* The "IMBA Mortgage Agent Course" provided by the Independent Mortgage Brokers Association of Ontario (IMBA)
* "Mortgage Agent Program" provided by Seneca College and the other community college members of OntarioLearn:

o Algonquin College
o Cambrian College
o Canadore College
o Centennial College
o Coll�ge Bor�al
o Conestoga College
o Confederation College
o Durham College
o Fanshawe College
o Fleming College
o George Brown College
o Georgian College
o Humber College
o La Cit� coll�giale (offers services in French)
o Lambton College
o Loyalist College
o Mohawk College
o Niagara College
o Northern College
o Sault College
o Seneca College
o Sheridan College
o St. Lawrence College


Which of the three educational providers (in RED) is recommended? The third one is actually a list of colleges offering the mortgage agent education.

Also, would it be recommended to be a realtor and a mortgage agent at the same time?

Thanks.

For anyone having gone through this accreditation to become a mortgage agent, I'd love to know which is the better path to take as well. I'd most likely choose the more comprehensive program so that I can hit the ground running.

Many thanks.