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Mortgage Associate

Mortgage associates facilitate transactions between borrowers and lenders. They negotiate with lenders to get the best possible mortgage funding and terms for their customers.

  • Avg. Salary $131,212.00
  • Avg. Wage $64.07
  • Minimum Education High school diploma
  • Outlook below avg
  • Employed 12,800
  • In Demand Medium
Also Known As

Broker, Mortgage Agent

NOC & Interest Codes
The Mortgage Associate is part of the following larger National Occupational Classification (NOC).
Mortgage Brokers
NOC code: 1114.6
METHODICAL

Interest in compiling information on clients' incomes, liabilities and assets, as well as type, price and condition of properties to be mortgaged; and in preparing mortgage applications

INNOVATIVE

Interest in negotiating mortgages with lenders and officials of lending institutions

DIRECTIVE

Interest in advising clients on availability, conditions and terms of mortgages

Reading Interest Codes
A Quick Guide

The interest code helps you figure out if you’d like to work in a particular occupation. It’s based on the Canadian Work Preference Inventory (CWPI), which measures 5 occupational interests: Directive, Innovative, Methodical, Objective and Social.

Each set of 3 interest codes is listed in order of importance.

A code in capital letters means it’s a strong fit for the occupation.

A code in all lowercase letters means the fit is weaker.

Learn More

Duties
Updated Dec 16, 2016

Mortgage associates find financial products and services for borrowers based on their needs and goals, and may deal with a number of financial institutions.

Duties vary but, in general, mortgage associates:

  • analyze borrowers' financial needs and goals
  • research financing options to determine which ones might satisfy those needs and goals
  • explain the terms and conditions of financial options (for example, interest rate, payment schedule, lump sum payment opportunities, penalties)
  • compare financial options and make recommendations according to borrower's needs and goals
  • review mortgage commitment with borrower and gather and submit all documentation requested by the lender
  • submit application for financing to lenders to obtain mortgage financing
  • collaborate with other professionals to execute the contract terms (financing condition, closing).

Mortgage associates also spend a considerable amount of time networking with real estate associates and other business contacts to identify potential customers and build their businesses. Some mortgage associates represent private lenders with funds to invest in mortgages.

Working Conditions
Updated Dec 16, 2016

Working conditions for mortgage associates vary. They may work in a typical office environment or work from their homes when researching products and reviewing documentation. They also spend a lot of time meeting people. Evening and weekend work is required.

  • Strength Required Lift up to 5 kg
Skills & Abilities
Updated Dec 16, 2016

Mortgage associates need the following characteristics:

  • integrity and honesty
  • maturity and tact   
  • good interpersonal skills
  • analytical and problem solving skills
  • strong organizational  and time management skills
  • accurate and precise in dealing with data
  • good oral and written communication skills
  • the ability to work irregular hours, under pressure and within tight timelines.

They should enjoy taking a methodical approach to compiling information for mortgage documents, talking to people and evaluating mortgage applications.

Educational Requirements
Updated Dec 16, 2016

To qualify for licensing and registration in Alberta, prospective mortgage associates must:

  • be at least 18 years of age
  • be fluent in English 
  • have a Canadian high school diploma or equivalent 
  • complete all mortgage brokerage pre-licensing courses
  • score at least 70 per cent on provincial qualifying exams
  • obtain a certified criminal record check
  • secure employment with an Alberta mortgage brokerage
  • apply for registration with Real Estate Council of Alberta (RECA) through that brokerage.

In Alberta, mortgage associates must complete the Mortgage Associates Program, which includes two pre-licensing courses. The Real Estate Council of Alberta (RECA) provides the first pre-licensing course, which is available online through its website. The second pre-licensing course is offered through the Alberta Mortgage Brokers Association (AMBA).

In addition, the Canadian Association of Accredited Mortgage Professionals offers a voluntary designation, Accredited Mortgage Professional (AMP), to members who have completed CAAMP's Ethics and Responsibilities for Mortgage Professionals course and have a minimum level of experience in the mortgage industry. Applicants must have at least two years of experience and completed a recognized program or have at least five years of experience and provide letters of reference.

For a broad list of programs and courses that may be related to this occupation try searching using keywords.

Certification Requirements
Updated Dec 16, 2016

Mortgage Associate

Mortgage associates facilitate transactions between borrowers and lenders. They negotiate with lenders to get the best possible mortgage funding and terms for their customers.

Legislation

Mortgage Associate and Mortgage Broker are protected titles under Alberta's Real Estate Act (PDF), associated regulations and Rules. This means that to call yourself a Mortgage Associate or Mortgage Broker, you must be registered with the Real Estate Council of Alberta (RECA).

What You Need

To become a licensed Mortgage Associate, you must complete 2 online courses:

In addition, licensed Mortgage Associates must:

  • be at least 18 years of age
  • be proficient in English
  • have a Canadian high school diploma or equivalent
  • be a Canadian citizen or have a Permanent Resident card or work permit with no study restrictions
  • submit a certified criminal record check
  • secure employment with an Alberta mortgage brokerage
  • apply for licensing and registration with the RECA through that brokerage.

For more information about education, exam and licensing requirements to become a licensed Mortgage Associate, contact the regulatory authority below.

Working in Alberta

Mortgage associates who are certified by and in good standing with a regulatory organization elsewhere in Canada may be eligible for certification in Alberta if certified mortgage associates in the 2 jurisdictions have similar responsibilities and competencies. For more information, see What if I am already certified in another province or territory? and the Alberta regulatory authority below.

Contact Details

Real Estate Council of Alberta (RECA)
350, 4954 Richard Rd SW
Calgary, Alberta T3E 6L1
Phone: 403-228-2954
Toll-free: 1-888-425-2754
Fax: 403-228-3065
Email: info@reca.ca
Website: www.reca.ca

Employment & Advancement
Updated Dec 16, 2016

Below-average occupational growth is expected in Alberta for 2016 to 2020. Job openings are a result of employment turnover and newly created positions.

Mortgage associates must be employed by a mortgage brokerage.

Mortgage associates may advance to become mortgage brokers. Licensing and registration as a mortgage broker requires two years of experience as a mortgage associate within the previous five years. Further advancement generally takes the form of building a larger customer base.

Mortgage associates and brokers are part of the larger 2011 National Occupational Classification 1114: Other financial officers. In Alberta, 87% of people employed in this classification work in the Finance, Insurance, Real Estate and Leasing (PDF) industry.

The employment outlook in this occupation will be influenced by a wide variety of factors including:

  • trends and events affecting overall employment (especially in the Finance, Insurance, Real Estate and Leasing industry)
  • location in Alberta
  • employment turnover (work opportunities generated by people leaving existing positions)
  • occupational growth (work opportunities resulting from the creation of new positions that never existed before)
  • size of the occupation.

Over 11,200 Albertans are employed in the Other financial officers occupational group. This group is expected to have a below-average annual growth of 1.1% from 2016 to 2020. As a result, 123 new positions are forecast to be created each year, in addition to job openings created by employment turnover. Note: As mortgage associates form only a part of this larger occupational group, only some of these newly created positions will be for mortgage associates.

Employment turnover is expected to increase as members of the baby boom generation retire over the next few years.

Wage & Salary
Updated Dec 16, 2016

Mortgage associates work on a commission basis. Incomes therefore vary considerably from one month to another and from one associate to another depending on the number of mortgages they negotiate.

Mortgage associates are part of the larger 2011 National Occupational Classification 1114: Other financial planners.

According to the 2015 Alberta Wage and Salary Survey, Albertans in the Other financial officers occupational group earned on average a starting wage of $47.19 an hour. The overall average wage was $64.07 an hour. For more information, see the Other financial officers wage profile.  

Related High School Subjects
  • Business, Administration, Finance and IT
    • Enterprise and Innovation
    • Financial Management
    • Information Processing
    • Management and Marketing
Related Post-Secondary Field of Study
  • Business, Management and Administrative Studies
Other Sources of Information
Updated Dec 16, 2016

Alberta Real Estate Association (AREA) website: www.areahub.ca

Alberta Mortgage Brokers Association (AMBA) website: www.amba.ca

Canadian Association of Accredited Mortgage Professionals (CAAMP) website: www.caamp.org

Real Estate Council of Alberta (RECA) website: www.reca.ca

For more information on career planning, education and jobs, visit the Alberta Learning Information Service (ALIS) website, call the Alberta Career Information Hotline toll-free at 1-800-661-3753 or 780-422-4266 in Edmonton, or visit an Alberta Works Centre near you.

Updated Mar 01, 2012. The information contained in this profile is current as of the dates shown. Salary, employment outlook and educational program information may change without notice. It is advised that you confirm this information before making any career decisions.

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