Mortgage Broker

Frequently Asked Questions (FAQs)

• What is a mortgage agent?

  A mortgage agent is a licensed professional who works under the supervision of a mortgage broker, helping individuals and businesses find and secure the right mortgage products. They assess client needs, gather documentation, and negotiate mortgage terms with lenders. Mortgage agents are the first point of contact for clients looking for mortgage advice or financing, and they must complete a provincially approved training program before becoming licensed. While their role is key in the process, they cannot operate independently like brokers.

• What is a mortgage broker?

  A mortgage broker is an independent professional who acts as an intermediary between clients and lenders, helping homebuyers and property investors find the best mortgage options. Mortgage brokers have more comprehensive training and experience than mortgage agents, allowing them to work independently or run their own brokerage. They manage relationships with various lenders, including banks, credit unions, and private institutions, offering clients a broad selection of products that best meet their financial needs. Brokers also have the ability to supervise mortgage agents and build a team within a brokerage.

• What is the difference between a mortgage agent and a mortgage broker?

  A mortgage agent works under the supervision of a licensed mortgage broker, helping clients by sourcing loans and negotiating terms with lenders. While agents handle much of the legwork in mortgage transactions, brokers have more extensive training and experience that allows them to work independently. Brokers also have the authority to oversee and manage agents, and they typically have access to a wider variety of mortgage products, making them more flexible in tailoring solutions to clients’ needs.

• How do you become a mortgage broker in Canada?

  To become a mortgage broker, you must complete a provincially approved mortgage agent course, pass a licensing exam, gain work experience (typically 1-2 years as an agent), and complete a broker licensing program. Becoming a broker often involves demonstrating a strong understanding of the mortgage industry and the regulatory framework in your province. Once licensed, brokers can work independently or manage their own team of agents, creating more opportunities for career advancement.

• What certifications are required to be a mortgage broker?

  Each province has its own requirements. In Ontario, for example, aspiring brokers must complete the Mortgage Agent Course and later the Mortgage Broker Course through FSRA-approved providers. Some provinces may also require continuing education credits to maintain certification, ensuring that professionals stay up to date with industry trends and regulatory changes.

• What is the average mortgage broker salary in Canada?

  Mortgage brokers typically earn on a commission basis. Entry-level agents may earn $50,000-$60,000, while experienced brokers can make $100,000 or more annually, depending on transaction volume. The commission-based structure means that earnings can fluctuate based on performance, client base, and the overall real estate market in the region. See the Salaries section below for average salary ranges across a variety of mortgage-related roles in Canada.

• Do mortgage brokers need a degree?

  No formal degree is required, but mortgage professionals benefit from education in finance, business, or real estate. Pre-licensing courses are mandatory for certification, and many brokers choose to enhance their skills with continuing education in areas like financial planning or real estate law to stay competitive in the field.