How do Mortgage Brokers differ from Mortgage Agents?
Instead, let’s talk about the difference between a Mortgage Agent and a Mortgage Broker.
Generally speaking, this difference is displayed in tenure. Meaning, if a Broker/Agent is in the industry longer they may have more knowledge. However, this does not mean a Mortgage Agent automatically graduates to a Mortgage Broker after so many years. They need further education.
There is a course involved. It is more intensive than the Mortgage Agent Course.
The Mortgage Agent Course, provided by Mortgage Professionals Canada, is the course to take to become an Agent. It takes our Agents a solid month to learn and process the information in this book. This course provides a general view of mortgage history, knowledge, and industry processes, costing a future Agent around $475.00.
Furthermore, the Mortgage Broker Course, also provided by MPC, can be taken by a Mortgage Agent only after two years in the industry.
Moreover, an Agent needs a letter of recommendation or sign-off from your current Principal Broker. Once complete, the knowledge of Mortgages expands. The Agent can initiate more types of Mortgage transactions after taking the 2-week course.
Additional Transactions a Broker can perform:
- Private Mortgages
- MIC’s
- Self-Directed Trust Lending
- Form 1 Private Disclosure to Lenders
If you are looking to become a Mortgage Agent or have questions regarding your current dealings, call us today!
