Step 1: Meet FSRA requirements
The first step is to make sure that you meet FSRA’s basic requirements. The most up to date listing of requirements can be found on their website here: https://www.fsrao.ca/licensing/mortgage-agent/apply-new-mortgage-agent-licence
You will need to complete a FSRA authorized training course which can also be found at the link above and complete an exam usually in-person at the end of the training. The training may be available both online or in-class depending where you complete it and usually takes 1-2 weeks.
The cost of licensing as of March 29, 2022 is $941 and usually takes 10 business days for approval/rejection. Keep in mind FSRA does not give refunds to rejected applications so make sure that you meet all requirements and are confident that you will get approved.
Step 2: Apply with a brokerage
You cannot apply on your own to get a license, it must be done through a brokerage. Click here if you are ready to apply and are interested in joining us. Once you find a brokerage, they will submit the application for you to FSRA. Do not apply with multiple brokerages at the same time.
Most brokerages also charge additional yearly fees such as Errors and Omissions insurance etc. which can amount to anywhere between $500 to $2,000 depending on the brokerage so be sure to find out the costs involved in advance before joining a brokerage.
Once your license gets approved by FSRA you will then be ready to submit deals and get paid as a Mortgage Agent.
How much money can you make as a Mortgage Agent?
Mortgage Agents get paid on commission only thus the income you can earn depends solely on the amount of deals and mortgage volume you are able to generate for the brokerage. The higher the mortgage volume, the higher the commissions will be typically. Top mortgage agents in the industry make multiple six figures a year. The commission amounts you receive will also vary depending on the lender and type of deal.
Why Become a Mortgage Agent?
The reasons for becoming a Mortgage Agent vary depending on the individual. For many, they want to be in business for themselves or self-employed and be their own boss. Others are seeking an opportunity to earn above average income or supplementary income to their existing jobs as many Mortgage Agents start out part time. However keep in mind that being a successful Mortgage Agent does require a significant time commitment and thus it is ideal to focus on full time if possible in order to maximize your income potential. Clients and lenders can be very demanding so if you are not available to meet their needs promptly and are too busy with other jobs then they will most likely no longer want to do business with you.
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