How to Become a Broker in Ontario
A mortgage broker represents the home buyer, searching banks, trust companies, private lenders and credit unions for the best possible mortgage rates. Mortgage brokers don't represent financial institutions; they work for home-buying clients, helping to find the best deal and prepare a proposal for potential lenders to secure the desired mortgage. If you enjoy helping people and like the idea of working in real estate, a career as a mortgage broker could be for you. However, you'll need to reach some professional and educational milestones before you get a license--a requirement to work as a broker in Ontario.
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Instructions
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Apply for work as a mortgage agent. Mortgage agents are licensed professionals who work under the supervision of certified mortgage brokers. The mortgage broker or brokerage firm that hires you will apply to the Financial Services Commission of Ontario (FSCO) for your license, and then you'll be able to process client mortgage financing while under broker supervision.
To get hired, you'll need to complete a mortgage agent's licensing course, offered by Seneca College in English and La Cité collégiale in French.
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Apply to a mortgage broker program. According to FSCO you have two educational options--Seneca College if you're English-speaking, or at La Cité collégiale if you prefer to learn in French. You can complete the program while you continue to work as a mortgage agent. Keep in mind that you need at least 24 months of work experience as a mortgage agent before you can apply for your broker license and move on to the next step, even if you complete your broker certification course earlier.
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Complete and submit a mortgage broker application form through the FSCO. Once licensed, your name will appear on FSCO's website, confirming your status as a certified mortgage broker.
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