|Job Title:||Mortgage Administrator and Educator|
Mortgage Accountant/Administrator to manage new and existing clients.
The candidate will have previous experience in Mortgage Administration, strong understanding of Canadian mortgage lending and investments practices and knowledge of accounting and industry concepts. The candidate will possess strong problem solving skills and have some background directly working with related software.
The responsibility of candidate will be:
- Assisting new clients with data conversion, software implementation and accounting configuration,
- Managing the software implementation process with overall training and support,
- Training clients on the system itself including all features and functions, reports and configuration as well as the business logic within the software,
- Training clients on the difficult unique case scenarios and able to demonstrate by using and understanding the softwareâ€™s mathematical formulas,
- Managing all customization requests including effectively understanding the requests, documenting the requests and comparing requests against the logic of the software,
- Maintaining an ongoing support program with existing clients to ensure they are gaining value from the software,
Skills required are:
- Mortgage investment and accounting software experience,
- Mortgage Administration knowledge with experience,
- Ability to understand all Mortgage Accounting principles,
- Ability to understand the principles of Accounting (credits, debits, assets, liabilities), Financial Statements, double-entry bookkeeping, journal entries and bank reconciliations,
- Ability to understand and execute all Canadian Mortgage Loan and Investment Calculations,
- Understanding of Mortgage concepts, definitions, and principles,
- Ability to resolve and/or understand client's issues and succinctly communicate those requirements,
- Ability to think logically with strong mathematical skills,
- Training, Trouble shooting and Client Relations,
- Record detailed reports on client customization requests,
- Take initiative to ensure client's satisfaction with the system,
- Able to work in a growth industry and growing Company,
- Ideally a Graduate in Business, Accounting or Technology Degree,
- Ideally experience with a Canadian private lender.
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 BC Financial Services Authority (BCFSA). BCFSA 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 BCFSA 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 BCFSA 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!