|Job Title:||Managing Director, Mortgage Brokers|
Ministry of Finance
Managing Director, Mortgage Brokers
$101,900.00 - $127,400.00 annually
Bring your financial expertise and leadership skills to this unique opportunity
The Financial Institutions Commission (Ã¢â‚¬Å“FICOMÃ¢â‚¬Â) regulates pension, financial services and mortgage brokers industries in British Columbia. This regulation is designed to protect the public against the insolvency of financial institutions, prevent improper market conduct in the financial services and mortgage broker sectors, provide deposit insurance for members of B.C. credit unions and ensure the solvency of pension funds.
The Managing Director, Mortgage Brokers provides leadership and strategic direction, oversight and leads accountability for the development, implementation, and communication of strategies, plans, and frameworks that enable risk-based regulatory management of British ColumbiaÃ¢â‚¬â„¢s mortgage broker industry. The Managing Director leads registrations, market conduct, and investigations teams responsible for ensuring industry compliance with the Mortgage Brokers Act, Regulations, and standards and guidance established by the Registrar. The position oversees the day-to-day operations of the business including financial, human resources, and information management systems.
The BC Public Service is committed to creating a diverse workplace to represent the population we serve and to better meet the needs of our citizens. Consider joining our team and being part of an innovative, inclusive and rewarding workplace.
Qualifications for this role include:
Ã¢â‚¬Â¢ University degree in business, economics, law, or other field directly related to the position accountabilities
Ã¢â‚¬Â¢ Minimum 5 years of progressive and recent experience with application of a legislative framework to an industry, profession, (public or private sector)
Ã¢â‚¬Â¢ Five (5) years of progressive and recent experience formally leading teams and managing multi-function operations
Ã¢â‚¬Â¢ Equivalent combination of education and experience may be considered
Ã¢â‚¬Â¢ Preference may be given to individuals with the following experience:
o Developing policy experience in relation to regulated business conduct
o Financial services industry experience, including in a mortgage brokering, lending, or similar capacity
o Regulatory experience, overseeing the distribution of financial products and services
For more information and to apply online by February 11, 2019, please go to: https://bcpublicservice.hua.hrsmart.com/hr/ats/Posting/view/57556
Attention: only applications submitted through the BC Public Service's employment website (see link above) will be accepted.
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!