How Can I Become a Mortgage Broker in Canada?
Mortgage brokers in Canada are overseen and licensed by individual provincial regulators. Mortgage brokers in Canada must have significant experience in the mortgage industry in addition to completing mortgage industry education. Generally, those wishing to become mortgage brokers must have first worked as mortgage agents. Mortgage agents can not work independently, but must be supervised by a licensed mortgage broker. In some cases, provincial bodies may recognize experience and education from other jurisdictions and allow you to apply for a mortgage broker license without first working as a mortgage agent.
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Instructions
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Complete an approved mortgage agent education program. These programs generally take about 45 hours to complete and are offered on-line or through classroom training. There are no specific admission requirements, but candidates should have some understanding of general math concepts. You can see the website of your provincial regulator for approved education programs. Find a list of provincial regulators at: http://www.caamp.org/info.php?pid=217
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Get a job with a mortgage brokerage. You must first be authorized by a licensed mortgage brokerage before you can apply for a Mortgage Agent license.
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Apply for a Mortgage Agent license. Generally, you can apply for a license through the website of your provincial regulator. You will need your brokerage number or name of your employer when you apply.
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Gain experience as a Mortgage Agent. In most jurisdictions, you must work as a Mortgage Agent for at least two years before you can become a Mortgage Broker.
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Complete a Mortgage Broker education program. These programs are usually offered part-time and are often delivered mostly on-line. Check the website of your provincial regulator for a list of approved programs.
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Apply for a Mortgage Broker license. Once you have completed your Mortgage Broker education program and passed your exam, you can apply for this license. This can usually be done through your provincial regulator's website.
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