Mortgage Broker

Mortgage Broker

non – apprenticeship

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:

Source: National Occupational Classification 2011, Insurance, real estate and financial brokerage managers 0121; www2.careercruising.com (Mortgage Brokers)

RELATED CAREERS

Note: Additional training and/or certification may be required.
PROPERTY MANAGER/ADMINISTRATOR
REAL ESTATE AGENT

WORK ENVIRONMENT

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:

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.

Also, mortgage brokers usually work longer hours in the summer than in the winter, since more properties tend to be bought and sold during the warmer months of the year.

Source: Careercruising.com

WAGES

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
$19.00 / hour (average in MB)
$31.19 / hour (average in MB)
$48.72 / hour (average in MB)

TRAINING

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:

Source: Careercruising.com

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.

There are two categories of mortgage broker registration: 1) mortgage brokers and 2) restricted mortgage brokers. For more information on these categories and who needs to be registered please see the following link.
 
The registration requirements are as follows:

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

ASSOCIATIONS

Click the links below for associations related to this career!