Essential Training, Professional Development and the Mortgage Broker Course

So you completed the mortgage agent course and you have worked in the business, now what? What is the next step in the evolution of your career? Some might say to take it to the next level and get your full mortgage broker license. Some agents take the mortgage broker course with the goal to open their own brokerages while others take it to enhance their credibility by having the title ‘Mortgage Broker’.

So, thinking about becoming a mortgage broker? Your next step is to register in a mortgage broker course. We highly recommend CAAMP for their mortgage broker course which can finished relatively quickly.

Here is the process:

1.    First complete the first part of the mortgage broker course (Phase 1) online. You have 6 months to complete it but you can also complete it as quickly as you want to. If you put your nose to the grind it could be completed in mere weeks! You must complete Phase 1 in order to move on to Phase 2.

2.    The next phase in the CAAMP mortgage broker course is the in class portion. This is a 5 day class and you must have a perfect attendance record. At the end of the 5 days of classes you will complete an in class exam and Bob’s your uncle.

3.    Finally, once you have completed your accreditations you will need to visit the FSCO website to determine how you will go about applying for your mortgage broker license. This process will vary depending on whether you are registering your own business or if you work on behalf of a brokerage. If working for a brokerage, your broker may need to make the application on your behalf through Licensing Link.

Ready to take the plunge? Here are all the links you need:

·         CAAMP mortgage broker course outline: http://www.caamp.org/meloncms/media/Broker%20Program%20Brochure%20FINAL.pdf

·         Policies and FAQs provided by CAAMP: http://www.caamp.org/meloncms/media/Bkr%20Education%20Program%20-%20FAQ_2.pdf

·         Want to register for the CAAMP mortgage broker course? Here is the link: http://www.mortgagecampus.org/Licensing.aspx

Here are FSCO’s requirements for becoming a mortgage broker in Ontario:

·         Minimum Age – you must be 18 years of age or older

·         Location – you must be a resident of Canada and have a mailing address in Ontario that can receive registered mail (it cannot be a post office box)

·         Work history – You must be authorized by a mortgage brokerage to deal or trade mortgages on its behalf and must work for only one mortgage brokerage, have successfully completed an approved education program for mortgage agents and have been licensed as a mortgage agent for at least 24 months, during the 36 month period before applying for the mortgage broker licence

·         Education – You must have successfully completed the approved educational course and exam for mortgage brokers, up to three years before applying for a mortgage broker licence.  

Want to register to become a mortgage broker with FSCO? Here is the link: https://www.fsco.gov.on.ca/en/mortgage/Pages/mbgettinglicd.aspx

The total cost of taking the full mortgage broker program is only $345, which is not much considering the enhanced credibility and career potential that the title holds.

We hope that you have found this information helpful. Are you a Purview For Mortgage Brokers agent or broker? If not, find out more about our revolutionary mortgage underwriting and property valuation tool by visiting www.purviewforbrokers.ca