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Mortgage Broker News | 19 Aug 2010, 11:49 AM Agree 0
There are approximately 18,000 to 20,000 people who hold a mortgage agent and/or broker licenses in Canada, according to the Canadian Association of Accredited Mortgage Professionals.
  • Julia Krause | 20 Aug 2010, 04:17 AM Agree 0
    Do these numbers include all the less-than-2-years-in-the-business mortgage brokers who get no practical, real-life training, and therefore jeopardize the reputation of ALL Canadian mortgage brokers? When will the 'Voice of the Canadian Mortgage Industry' recognize the importance of TRAINING for new mortgage brokers in this industry? Oh wait, CAAMP is only the voice of the annual-fee-paying AMP. What was I thinking?? Sorry!
  • Russ Cameron | 20 Aug 2010, 04:34 AM Agree 0
    Is the first comment above Julia? cuz you are having a bad day so keep it to your self. The new Mtge assc. are the best thing for the industry..were did you learn? by doing right? what do you think they are doing under the broker's supervison..the best training you can get is by doing real deals..but then you were just having a bad day or experience..oh did you do your mandatory course yet? thanks Russ
  • Ron Butler | 20 Aug 2010, 04:42 AM Agree 0
    20,000 Licenses but how many are full time? I think the full time mortgage agents and brokers would be happy to see fewer part-timers. Everyone should realize that more full time agents equals more public awareness, equals bigger piece of the pie for mortgage brokerage in general and less full time head count has the opposite effect.
  • Mary | 20 Aug 2010, 05:18 AM Agree 0
    Good point Ron! It's difficult to be successful in the business when you are only part-time. That's why we do not allow part-timers to be agents within our company. If more brokerages applied this recruitment policy, those reported numbers would drop substantially.
  • Donald Wilson | 20 Aug 2010, 08:15 AM Agree 0
    Some of the so-called part-timers in the industry are also active realtors and/or registrants in the insurance or investment industries. These brokers inflate the number of brokers but don't actually necessarily do a lot of business individually.
    They also don't necessarily hurt the industry either, because they tend to be the better trained and educated brokers, with strong cross professional knowledge.
  • JC Tworek | 21 Aug 2010, 12:38 AM Agree 0
    Through my 5-6 years in the industry and now having an active role in the hiring and training of our growing team, as well as having spoken to several colleagues at other brokerages, I'd agree with the concept of the 80-20 rule, if not the more extreme 90-10. From my limited perspective of what happens nationally, I'd say that the vast majority of license-holders are part-timers that may have a 'day gig' or work as brokers 'on the side'. A few scattered ideas from everyone's previous comments:
  • Dan | 21 Aug 2010, 01:14 AM Agree 0
    From my experience- real estate agents, who hold mortgage broker licenses, are in direct conflict of interest. Many times I've seen that bigger commission (from real estate transaction) prevailed above closing mortgage transaction. As a result realtor letting mortgage client go to the bank or competitor, without even attempting to save mortgage deal, as long as real estate transaction is going thru. And that’s the human nature – you can explain them commit-to-fund ratio, bonuses etc – they just see “BIG” real estate commission in front of them. I strongly believe that successful realtor/insurance broker/financial planner has no time for anything else and think we need regulation change to prohibit dual licensing – especially for realtors.
  • David Wagg | 21 Aug 2010, 05:46 AM Agree 0
    Ron, I agree with your statement about the conflict with Realtor's because they don't get paid for selling a house unless they close the mortgage and this can create cases of fraud.
    I have to disagree with you on dual licensing for insurance and investments.
    I hold a mortgage license, mutual fund license and insurance license.
    As a financial planner my clients best interests are always front and center. My holding an insurance license is no different than the banks selling their mortgage insurance except that I have taken the courses and have the experience to meet the clients needs. I do not have to sell insurance in order to close or get paid on the mortgage.
  • Dan | 21 Aug 2010, 05:55 AM Agree 0
    David, being full time mortgage broker and spending 10-12 hours a day in the office, even for me it's difficult nova days to keep up with all products, changes, rates etc. Same I can tell for my fellow insurance broker. If you can keep up with both industries you have to literally “live” in the office…
  • Maria | 27 Aug 2010, 03:17 AM Agree 0
    Hi there,
    I am not a mortgage broker, but seriously considering to becoming one, anytime soon.
    I'm a property accountant for the past five years, experience I think will help.
    Wondering, why there are so many part-timers mortgage brokers?
    If this industry is going well, why would so many brokers be part timers?
    I am only trying to understand what's coming up before getting into it.
    Thank you
  • John | 29 Aug 2010, 03:59 AM Agree 0
    The industry is starting to look like the real estate industry!!

    I have no problem with part timers, as long as my clients are being serviced. But I do strongly object to having duel roles as a Realtor and a mortgage broker. I won't sign one on, but if others do, maybe a lawsuit or two will straighten 'em up.

    I am happy to work with insurance agents either on a referral fee basis or as a part time agent.
  • Julia Krause | 17 Sep 2010, 05:42 AM Agree 0
    I have no idea what you're trying to say, Russ... maybe you could take a few more ESL classes and then try writing that comment again. Just be sure to enable your spell-check before you write, OK? Thanks! :)
  • Ron Miller | 11 Apr 2011, 03:14 AM Agree 0
    I have to agree with Ron as well. There is so much to know in the mortgage industry it would be very difficult to do a good job of it part time, unless you are directly associated with a full time broker who helps to look after and underwrite for your clients. I think the cousre should be a lot longer than a week, and it should include content that actually teaches what a mortgage agent needs to know.
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