Broker, Mortgage Agent
In Canada, the federal government groups and organizes occupations based on a National Occupational Classification (NOC) system. This alis occupation may not reflect the entire NOC group it is part of. Data for the NOC group can apply across multiple occupations.
The NOC system is updated every 5 years to reflect changes in the labour market. Government forms and labour market data may group and refer to an occupation differently, depending on the system used. Here is how this occupation has been classified over time:
| Starting | $28.96 |
|---|---|
| Overall | $38.94 |
| Top | $53.83 |
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
Interest in negotiating mortgages with lenders and officials of lending institutions
Interest in advising clients on availability, conditions and terms of mortgages
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.
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:
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 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.
Mortgage associates need the following characteristics:
They should enjoy taking a methodical approach to compiling information for mortgage documents, talking to people and evaluating mortgage applications.
To qualify for licensing and registration in Alberta, prospective mortgage associates must:
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.
Mortgage associates facilitate transactions between borrowers and lenders. They negotiate with lenders to get the best possible mortgage funding and terms for their customers.
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).
To become a licensed Mortgage Associate, you must complete 2 online courses:
In addition, licensed Mortgage Associates must:
For more information about education, exam and licensing requirements to become a licensed Mortgage Associate, contact the regulatory authority below.
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 above.
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
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:
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.
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.
| Wages* | Low (5th percentile) | High (95th percentile) | Average | Median |
|---|---|---|---|---|
| Starting | $19.23 | $45.69 | $28.96 | $25.48 |
| Overall | $21.92 | $63.19 | $38.94 | $37.75 |
| Top | $23.90 | $100.96 | $53.83 | $51.37 |
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* All wage estimates are hourly except where otherwise indicated. Wages and salaries do not include overtime hours, tips, benefits, profit shares, bonuses (unrelated to production) and other forms of compensation.
Good Reliability, represents a CV of between 6.01% and 15.00% and/or fewer than 30 survey observations and/or if survey observations represent less than 50% of all estimated employment for the occupation.
| Retail Trade | $81,524 |
|---|---|
| Public Administration | $80,944 |
| ALL INDUSTRIES | $75,834 |
| Educational Services | $74,898 |
| Finance, Insurance, Real Estate, Leasing | $72,406 |
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 call the Alberta Supports Contact Centre toll-free at 1-877-644-9992 or 780-644-9992 in Edmonton, or visit an Alberta Supports 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.