APPRENTICESHIP - NO
At a glance
Mortgage broker managers plan, organize, direct, control and evaluate the operations of an establishment or department that finds lenders or lending institutions on behalf of clients seeking a mortgage.
Some other duties may include:
- Match people who need money to buy a home with those who have money to loan
- Assess whether a client is eligible to borrow money for the house or property in question
- Collect supporting documents such as bank statements and information on liabilities (debts) and assets (money or other property owned) from potential house or property buyers
- Approach various banks and trust companies to see which ones are willing to lend the money and at what interest rates.
- Call clients and discuss the mortgage options available, including special reduced or waived application fees, from various banks
- Help clients decide on the best option, brokers discuss interest rates and monthly repayment amounts.
- Once the bank approves the loan, the broker will get any additional information that the bank requests from the client.
- Must ensure that the clients' files are in order, and that the bank’s requests have all been met by the purchase date.
Source: National Occupational Classification 2011, Insurance, real estate and financial brokerage managers 0121; www2.careercruising.com (Mortgage Brokers)
Mortgage brokers work in mortgage brokering practices, either independently or in partnerships. A lot of your day will be spent talking with various people in person, over the phone, and via email.
You will need to explain mortgage types and rates, answer questions, and respond to requests and/ or negotiate rates with the following people:
- existing and prospective clients,
- real estate agents, lawyers, appraisers, and insurance brokers.
- loan and mortgage officers at banks and trust companies
Paperwork takes up a great deal of mortgage brokers’ time as well. For example, you will need to prepare quotes and draw up contracts for clients.
In this job you may have to work outside of regular business hours, such as evenings and weekends, so that you can make contact with bank personnel and be available to your clients when they're available.
According to jobbank.gc.ca, and their Labour Market Information for Manitoba, they list low, medium, and high wages for Mortgage Brokers as the following:
|LOW WAGE||MEDIUM WAGE||HIGH WAGE|
|$16.60/ hour (average in MB)||$41.00/ hour (average in MB)||$59.13/ hour (average in MB)|
If you are still in high school, here are some suggested subject areas to study that could help prepare you for further training in this field. Please check if these courses are available at your school and/or whether they will meet your graduation requirements. Some examples may include the following:
- English, French
- Social Studies
- Accounting, Economics, Law
- Business, Management, Marketing
The Manitoba Securities Commission administers The Mortgage Brokers Act. This act seeks to protect mortgage investors and borrowers by regulating mortgage brokers and mortgage salespersons as defined by the Act.
- Mortgage Salesperson
- Mortgage Authorized Official (Broker)
- Mortgage Broker and Restricted Mortgage Broker
The minimum requirements for each registration include being at least 18 years of age, completing approved application forms, paying registration fee ($175 - $500), and completed Criminal Record Check Form.
Please click on the links above for more detailed information about the registration process. For the most up-to-date information, please visit The Manitoba Securities Commission