Published on: July 16, 2018
Updated on: July 03, 2019
Reference number: 204979

Everything about mortgage brokerage

What skills and knowledge does a mortgage broker need to possess? What is a typical day like? What about compensation? Is this area of practice for you? Continue reading to find out.


Required skills

The attributes needed by a good mortgage broker are a little bit different from those of a real estate broker. Contenders for this profession must love to play with numbers and be skilled at analyzing and finding solutions for their clients. Thoroughness and attention to detail are also needed in order to keep a close eye on files in progress.

Knowledge and interests of the mortgage broker:

  • Ability to explain complex terms;
  • Ability to familiarize himself with hundreds of mortgage products and to compare them to highlight their pros and cons;
  • Familiarity with various computer tools, as most lender platforms are computerized;
  • Ability to manage budgets and to keep records, registers and accounts;
  • Understanding of the economic factors that impact the real estate market;
  • Ability to manage stress and meet deadlines;
  • Knowledge of the laws and regulations that govern real estate and mortgage brokerage;
  • Familiarity with the vocabulary of real estate and mortgage brokerage.

Mortgage brokers are currently remunerated in two ways:

  • A broker acting on behalf of a banner is paid a base salary plus commission, as applicable;
  • An independent broker is paid by commission only.

 

ATTENTION: Given the transfer of the mortgage brokerage supervision to the AMF on May 1, 2020, the last OACIQ mortgage brokerage examination session will be held on March 17, 2020. If you wish to work in the mortgage brokerage field, you have until February 21, 2020 to register for the OACIQ exam. For more details on the transfer, visit the website of the AMF.

Learn more about other areas of practice