Weigh the pros and cons of working for nearly a commission-only salary. As opposed to the U.S., Canadian brokers are almost always paid only commission. Some things to consider are saving for federal taxes, budgeting, maintaining consistency with production and setting your own schedule. Some advantages include increased freedom and unlimited income potential; however, some disadvantages include potential dry stretches, and no employer-paid benefits like retirement and pension.
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Consider getting both a mortgage broker license and a real estate license. In British Columbia, these licenses are not only easy to obtain (simple paperwork), they are transferable and do not pose a conflict of interest. In essence, you'll be able to both sell homes and finance those same homes, thereby increasing your commission on each sale.
Education
Canadian mortgage brokers must complete an education program through an institution approved by their province's financial services regulation agency. Some provinces, such as Ontario, may require individuals to first complete academic training in mortgage agentry prior to participating in the brokerage program. In addition to learning about the brokerage business, students will take courses in law, real estate, finance, ethics and provincial regulations. The Saunder School of Business, the broker education provider for British Columbia, offers coursework in how to develop a marketing plan as well. According to the school's website, students learn how to use different methods of promotion and public relations in the brokerage business. Some programs, such as the one available at Ontario's Seneca College, may provide classes for both English- and French-speaking students.
Experience
Individuals planning to obtain licensure as a mortgage broker in Canada will need to gain work experience in the field as required by their province. Working for a period of time as a mortgage agent or associate is a typical requirement. According to Saskatchewan's Mortgage Brokerages and Mortgage Administrators Act, which went into effect in October 2010, prospective brokers must work as a mortgage associate for a minimum of two years prior to applying for a broker license. Ontario's Financial Services Commission has implemented the same experience requirement for its candidates. Those who wish to obtain working experience in the field must first get licensed brokers to supervise or sponsor them.
Application
Although each Canadian province has its own specific regulations for professional practice, mortgage broker license applications have similar requirements throughout the country. Candidates should expect to provide information about their academic training, work experience and references. In addition, they must supply explanations about any criminal convictions or professional disciplinary actions taken against them. Some financial regulators, such as the Financial Institutions Commission of British Columbia (BC), may require licensure candidates to supply information about their financial status. They must document bankruptcy filings or any civil court judgments against them, according to the BC mortgage broker application.
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