|Job Title:||Join Phoenix's Mortgage Broker team|
We are looking for a pleasant Mortgage Broker who are:
â€“ self motivated
â€“ focused on the big picture
â€“ motivated by sales goals
â€“ a people person
â€“ driven to succeed with potential annual income of $100k ~ $800k
â€“ like a flexible schedule
â€“ and thrive in a self-managed environment
â€“ We are looking for highly driven, personable, and competitive new talent ready to jump start their career NOW!
Responsibilities and Key Duties
â€“ Work with various lenders to find the best deal for a homebuyer.
â€“ Originate loans to sell to lending institutions.
â€“ Act as an intermediary between a lender and a borrower who needs a mortgage loan.
â€“ Evaluate pay stubs, credit history, tax information and bank statements for financial status.
â€“ Work to ensure compliance with banking and or finance laws in the jurisdiction of the consumer.
â€“ Sell loans in the name of other organizations and businesses.
â€“ Verify the income of the borrower as well as gather their credit information.
â€“ Follow through with lender and client during approval process.
â€“ Explain the legal aspects of the loan to the borrower as well as the payment terms and clauses to them.
â€“ Define repayment terms to consumer and educate them on default consequences
Required Knowledge and skills
â€“ Licensed under FICOM, RECA or FSCO as a Sub Mortgage Broker/Mortgage Agent or in the process of becoming licensed.
â€“ Strong Prospecting Ability: Must be able to develop your own sources of mortgage referrals from a variety of sources. This is ultimately a business development role as opposed to a technical one.
â€“ Real Estate and Mortgage knowledge is an asset.
â€“ Balance sales goals with the requirement to operate legally and ethically.
â€“ Provide effective customer service and value-added advice by offering mortgage solutions to prospects according to customer needs and choice.
â€“ Promote high standards of ethical behavior. --Ability to work independently and from your own space.
â€“ licensed submortgage broker/mortgage agent
Benefits of Working at Phoenix
â€“ Competitive commission and excellent earning potential
â€“ Earn higher fees than traditional mortgage brokers
â€“ Access to a large network of lenders, including one in-house private lender
â€“ On-going one-on-one training
â€“ Flexible hours; high degree of flexibility as private mortgages pay higher commissions than A Deals and they often close quicker
â€“ Working with a collaborative and knowledgeable team in a growing company. The ability to display new and creative ways to reach your work objective is critical to success, as well as the ability to develop your own plan, manage your time and focus your efforts on a daily basis to reach your goals.
Your Career as a Mortgage Broker
To become registered as a mortgage broker, interested individuals must meet prescribed educational requirements. The Sauder School of Business Real Estate Division at the University of British Columbia provides a course offered through distance learning. For more information, please call 604-822-8444 or visit www.realestate.ubc.ca for the Mortgage Brokerage Licensing Program details.
The CMBA-BC also offers a practical course – the Canadian Mortgage Brokers Course – which provides participants with information currently not part of the UBC mortgage brokers’ course curriculum. This course is not mandatory. It is designed for new or soon-to-be mortgage brokers and will also be very helpful for people in related industries. It provides a clear picture of the processes involved in seeking and obtaining approval of mortgage financing. Please visit our Events Centre for more information on the CMBA-BC course.
Applicants must either complete or challenge the UBC course and then must register with the Financial Institutions Commission (FICOM). FICOM is the government body that regulates mortgage brokers and can be reached at 604-660-3555.
Frequently Asked Questions
Yes, you must register and obtain a license from FICOM prior to working as a mortgage broker. It is an offence to carry on the business of a mortgage broker in British Columbia without proper registration and licensing. Please refer to paragraphs above for details on educational requirements.
Mortgage Brokers are compensated on a commission basis so incomes vary widely from one individual to another. A successful mortgage broker will earn an income similar to other successful sales professionals.
While there is no regulation prohibiting this, most companies do not hire part time brokers. It is a challenging career that requires a high level of effort, knowledge and attention to detail. Most employers find that part time brokers are not able to devote the time and energy required to properly serve their clients’ needs in a professional manner.
Many different personalities can be successful but there some common skills and traits that most brokers have. Mortgage Brokers must be fluent in reading, writing and conversing in English. They require knowledge of mathematics to at least the high school level. Integrity is crucial when dealing with clients, financial institutions and other professionals in the real estate industry. Strong interpersonal and stress management skills help brokers deal with clients who are looking for calm guidance and timely answers about an important financial transaction.
A mortgage broker is generally a sales position and requires prospecting for clients. Most new mortgage brokers spend a great deal of time early in their career building a referral network of realtors, accountants, lawyers and other professionals who trust and refer clients to the broker. Over time successful brokers also build a large base of satisfied clients who refer friends and associates to the mortgage broker based on their own positive experience. Some mortgage brokers find advertising successful and some employers provide leads to new brokers.
The provincial regulator requires course completion through the Sauder School of Business. This course can be taken over the period of one year, with written exams at completion. Once you have passed your exams, you will need to find an employer, preferably with an CMBA-BC corporate member. (All graduates are required to work for an existing designated company for a minimum of two (2) years before independent office opportunities.) Once employed, you must submit your registration to FICOM for your license. Then it is time to Become A Member of CMBA-BC and start attending our educational and networking events. Let us help you launch your career!