Flickr: 3999[email protected]
Are you interested in becoming a mortgage broker in Toronto? The city’s diverse atmosphere makes it a great place to work and grow as a professional. Toronto’s real estate market consists of Toronto and other cities located in the Greater Toronto Area, offering a great opportunity for aspiring mortgage brokers to work in a large market. As a Toronto mortgage broker, you will help families find the best mortgage rates and products for their financial situations. Having a background in accounting, finance, or management is a great asset as a mortgage broker, and these skills can help you manage agents and adhere to business standards outlined by the Financial Services Commission of Ontario (FSCO).
Toronto Mortgage Broker License
If you want to want to be a mortgage broker in Toronto, FSCO states candidates must:
- be a minimum 18 years of age or older,
- be a Canadian resident,
- have a mailing address in Ontario that can receive registered mail (not a post office box),
- be authorized by a mortgage brokerage to deal or trade mortgages on its behalf,
- currently work for only one mortgage brokerage,
- successfully complete an approved education program for mortgage agents,
- be licensed as a mortgage agent for at least 2 years, during the 3-year period before applying for a mortgage broker license, and
- successfully complete the approved educational course and exam for mortgage brokers, up to three years before applying for a mortgage broker license.
Toronto Mortgage Broker Education and Licensing
To become a mortgage broker in Toronto, start by enrolling yourself into the Canadian Association of Accredited Mortgage Professionals (CAAMP) Ontario Mortgage Broker Education Program ($345) online at mortgagecampus.org. The program is completed in two phases. Phase I is completed online within 6 months from the day you register and Phase II is a mandatory 5-day in-class portion. After you complete the program and pass the examination with a minimum grade of 60%, you may then apply for your mortgage broker license. It’s important to remember that you must apply for your license within three years of completing CAAMP’s Ontario Mortgage Broker Education Program. If you exceed the three-year limit, you must re-enroll and complete the program again.
While this is the traditional route taken to fulfill the licensing requirements, in some cases you can become a licensed mortgage broker without completing the approved educational program. If you believe you have a combination of education and experience that is equivalent to the requirements outlined by FSCO’s Mortgage Broker Qualifying Standards (MBQS) and Mortgage Agent Qualifying Standards (MAQS), you can submit a Request for Equivalency. Your submission package should demonstrate how your past education and experiences are equivalent to the career standards.
Your Career as a Toronto Mortgage Broker
With Toronto’s large real estate market, the city is a great place for mortgage brokers to consider working. If you’re currently a mortgage agent, becoming a licensed Toronto mortgage broker will provide you with new skills and challenges. If you decide to become a mortgage broker, you will gain management skills by supervising registered associates at a brokerage and ensuring all associates are adhering to industry and brokerage standards. The new responsibilities you take on as a mortgage broker will help you grow as a professional within Toronto’s mortgage industry.