About Mortgage Brokers

As mortgage brokers we do not work for a bank.  We work for a Mortgage Broker that owns the firm and that firm goes out to secure Lenders that will work with mortgage brokers from that firm.  It is like working in a mall with only Lenders as occupants.  The people working under the mortgage broker firm are known as sub brokers.  But since alot of people don't know that term you will see other terms like mortgage professional, specialist,expert,agent (in Ontario)and consultant.  They all mean the same thing .  Mortgage sub Broker.

Now to be a sub broker you must pass a course and an exam. You must apply to FICOM which is a government agency over looking the mortgage brokers.  They check out your past including credit, criminal and work history.  Once you have past this scrutiny then you become registered as a sub broker.  Being a sub broker you are tied to uphold ethics of this profession or you will lose your licence.

A sub broker that is licensed in BC can write mortgages anywhere in Canada. Our training is so through that we can pass any provinces standards.  Which gives us a huge market to choose from. 

Canada is very proactive in keeping the mortgage broker profession , professional.  We are required to keep educating ourselves each year by participating in online courses, trade shows, and seminars.  We are encouraged to get our AMP designation with means Accredited Mortgage Professional. This means we do even more education. The brokers that are over achievers are in this group. They go that extra mile for their client.

I get comments from some people stating that the mortgage brokers in the United States were all crooks.  From the news reports you would think so cause they never reported on a good mortgage broker, no news worthy story there.  What happened in the United States is that in most States you did not need a license. That lead the way for many not so nice people to take advantage of many nice people. 

In Canada the government being the way they are , are proactive in not having this industry go bad. We have seen what bad looks like in the United States from a few years ago.
That is why we have to pass exams and continue our education, which is documented if you have the AMP designation.  We are strictly regulated. 

The whole mortgage profession encourages the public to come forth if they think they are dealing with a sub broker that doesn't seem like they are doing their job or you have an uneasy feeling about the job they are doing. 

You the client always comes first.

Where can you get more information about Mortgage Brokers?

MBABC ---http://www.mbabc.ca/
CAAMP --http://caamp.org/index.php

FICOM ---http://www.fic.gov.bc.ca/
TMG ---http://www.mortgagegroup.com/site/bc/brokerpage.asp?id=3011
My website ---http://cvmortgages.ca/