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Mortgage Associate: Occupations in Alberta - alis
Would you like to help people arrange a mortgage to buy or refinance a home? Do you value honesty and integrity? Do you have good people skills? Then you may want to evaluate a career as a mortgage associate.
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Occupations in Alberta
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iStockphoto/DNY59

Mortgage Associate

Mortgage associates facilitate mortgage transactions between borrowers and lenders. They negotiate with lenders to get suitable mortgage terms for their customers.

Contents View Full Profile
Also Known As

Broker, Mortgage Agent, Personal Banker

NOC Codes

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:

  • 2006 NOC: Mortgage Brokers (1114.6) 
  • 2006 NOC-S: Other Financial Officers (B014) 
  • 2011 NOC: Other financial officers (1114) 
  • 2016 NOC: Other financial officers (1114) 
Interests & Abilities

In Alberta, this occupation is part of 1 or more 2006 National Occupational Classification (NOC) groups. If there are multiple related NOC groups, select a NOC heading to learn about each one.

Mortgage Brokers

2006 NOC: 1114.6

Interest Codes

Interest Codes for This NOC Group
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

Your Interest Codes

To identify or change your interest codes, complete the Interests Exercise in CAREERinsite.

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 for this NOC group 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 About Interests

Duties
Updated Mar 31, 2022

Mortgage associates find financial products and services for borrowers based on their needs and goals. They can deal with several 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, including interest rates, payment schedules, opportunities to make lump sum payments as well as penalties for making them
  • Compare the financial options and recommend the best ones according to the borrower’s needs and goals
  • Submit the application to lenders to obtain mortgage financing
  • Review the mortgage commitment and explain it to the borrower
  • Gather and submit all documentation requested by the lender

Mortgage associates work with other professionals to execute contract terms such as financing conditions and closing. These include:

Mortgage associates spend a lot of time networking with real estate associates and other business contacts. This helps them identify potential customers and build their businesses. They develop and execute marketing plans to attract business.

Some mortgage associates represent private lenders with funds to invest in mortgages.

Working Conditions
Updated Mar 31, 2022
  • Strength Required Lift up to 5 kg

Working conditions for mortgage associates vary. They might work in a typical office environment. They might work from their homes when researching products and reviewing documentation.

They also spend a lot of time meeting people. They may work irregular hours, including evenings and weekends.

Traits & Skills
Updated Mar 31, 2022

Mortgage associates need:

  • Integrity and honesty
  • Maturity and tact
  • Interpersonal skills
  • Analytical and problem-solving skills
  • Organizational, planning, and time-management skills
  • Accuracy and precision in dealing with data
  • Oral and written communication skills
  • Technology skills
  • The ability to work under pressure and within tight timelines

They should enjoy:

  • Taking a methodical approach to compiling information
  • Talking to people
  • Evaluating documents

In Alberta, this occupation is part of 1 or more 2016 National Occupational Classification (NOC) groups. If there are multiple related NOC groups, select a NOC heading to learn about each one.

Top 10 Skills Employers Are Looking For

Other financial officers

2016 NOC: 1114

This chart shows which job skills are currently in highest demand for this occupational group. It was created using this occupation's 22 most recent Alberta job postings, collected between Nov 28, 2021 and Jun 02, 2023.

Review these skills to learn:

  • Whether or not this occupation matches your skill set
  • What training you may need to get these skills
  • What skills to highlight in your resumé, cover letter, and interview.
Tasks: Identify clients' financial goals and objectives
Tasks: Develop financial plans for clients
Tasks: Make recommendations concerning cash management, insurance coverage, investment planning, retirement and estate planning
Construction Specialization: Effective interpersonal skills
Tasks: Analyze clients' financial records
Tasks: Arrange for sale of financial products and investments
Construction Specialization: Excellent oral communication
Construction Specialization: Excellent written communication
Construction Specialization: Accurate
Attention to detail
Tasks: Identify clients' financial goals and objectives 13
Tasks: Develop financial plans for clients 13
Tasks: Make recommendations concerning cash management, insurance coverage, investment planning, retirement and estate planning 11
Construction Specialization: Effective interpersonal skills 10
Tasks: Analyze clients' financial records 10
Tasks: Arrange for sale of financial products and investments 10
Construction Specialization: Excellent oral communication 9
Construction Specialization: Excellent written communication 9
Construction Specialization: Accurate 9
Attention to detail 8
Educational Requirements
Updated Mar 31, 2022
  • Minimum Education High school diploma

In Alberta, mortgage associates must complete the Mortgage Associates Program, which includes 2 pre-licensing courses. For details, see the Certification Requirements section.

Mortgage associates need knowledge of:

  • Marketing and sales
  • Underwriting and deal structure
  • Mortgage products

Related Education

The following schools offer programs or courses that are related to this occupation but are not required to enter the field.

Red Deer Polytechnic

To expand or narrow your search for programs related to this occupation, visit Post-Secondary Programs.

Completing a program does not guarantee entrance into an occupation. Before enrolling in an education program, prospective students should look into various sources for education options and employment possibilities. For example, contact associations and employers in this field.

Certification Requirements
Updated Mar 31, 2022
  • Certification Provincially Regulated

Certain professional titles or duties within this occupation are protected by provincial legislation. Requirements vary if you use these titles or perform these duties.

The related legislation is shown below. If there are multiple related legislations, select a certification heading to learn about each one.

Mortgage Broker

Mortgage brokers facilitate mortgage transactions between borrowers and lenders. They negotiate with lenders to get suitable mortgage terms for their customers.

Legislation

Under Alberta’s Real Estate Act [pdf] and Real Estate Exemption Regulation [pdf], you must hold a mortgage licence from the Real Estate Council of Alberta (RECA) to deal in mortgages.

For information on what you need and other details, visit the certification profile Mortgage Broker.

Additional Information

Mortgage associates may pursue professional designations outside of legislated licensing requirements.

Mortgage Professionals Canada offers these voluntary, nationally recognized designations:

  • Accredited Mortgage Professional of Canada (AMPC)
  • Preferred Mortgage Professional of Canada (PMPC)

To learn about designation requirements, visit the Mortgage Professionals Canada website.

Employment & Advancement
Updated Mar 31, 2022

Some mortgage associates work directly for a mortgage brokerage.  Others work with a mortgage brokerage as licensed independent (self-employed) contractors.

Mortgage associates may advance to become mortgage brokers. Further advancement generally takes the form of building a larger customer base.

Industry Concentration

This section shows the industries where the majority of people in this occupation work. The data is based on the 2016 Census.

In Alberta, this occupation is part of 1 or more 2016 National Occupational Classification (NOC) groups.

In the 1114: Other financial officers occupational group, 82.9% of people work in:

Employment Outlook

Employment outlook is influenced by a wide variety of factors including:

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iStock.com/filadendron
OCCinfo

Employment Outlook

Employment outlook is influenced by a wide variety of factors. Learn how these factors can affect your career decisions.
  • Time of year (for seasonal jobs)
  • Location in Alberta
  • Employment turnover (when people leave existing positions)
  • Occupational growth (when new positions are created)
  • Size of the occupation
  • Trends and events that affect overall employment, especially in the industry or industries from the previous list

In Alberta, the 1114: Other financial officers occupational group is expected to have a below-average annual growth of 1.6% from 2019 to 2023. In addition to job openings created by employment turnover, 233 new positions are forecasted to be created within this occupational group each year.

Note
NOC groups often include several related occupations. Although there is labour market data for the larger NOC group, this occupation makes up only a part of that group. It means data for this occupation may be different than the data shown. For example, only some of the new positions to be created will be for this occupation. It also applies to other data for the NOC group such as number of people employed.

Source: 2019-2023 Alberta Regional Occupational Demand Outlook

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

Related Alberta Job Postings
Wage & Salary
Updated Mar 31, 2022

Mortgage associates work on a commission basis. Incomes vary a lot from 1 month to another and from 1 associate to another. Incomes depend on the number and types of mortgages an associate negotiates.

When first starting out, mortgage associates may need the financial capacity to withstand several months of no to low income.

In Alberta, this occupation is part of 1 or more 2016 National Occupational Classification (NOC) groups. If there are multiple related NOC groups, select a NOC heading to learn about each one.

Other financial officers

2016 NOC: 1114
Average Wage
$39.04
Per Hour
Average Salary
$75,982.00
Per Year
Average Hours
37.6
Per Week
Average Months on Payroll
12
Survey Methodology Survey Analysis

Source
 2021 Alberta Wage and Salary Survey

NOC 1114 Wage Profile

Unless otherwise noted, the data shown here is for all industries and all regions in Alberta.

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.

To see the full survey data for this NOC group, visit the wage profile.

Other wage sources
To make an informed wage and salary decision, research other wage sources [pdf] to supplement this data.

B: Good Reliability
Data Reliability Code Definition

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.

Hourly Wage

For full-time and part-time employees
  • Low
  • High
  • Average
  • Median
Starting
Overall
Top

Hourly Wage

For full-time and part-time employees
Wages* Low (5th percentile) High (95th percentile) Average Median
Starting $20.19 $52.88 $32.13 $31.69
Overall $20.19 $85.68 $39.04 $38.69
Top $24.04 $96.15 $45.08 $41.03

Swipe left and right to view all data. Scroll left and right to view all data.

* 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.

Pay brackets for hourly wages

  • Starting pay: average pay offered for entry-level positions
  • Overall pay: average pay across all employees in this occupation
  • Top pay: average pay offered to top-paid employees

Industry Information

Public Administration
ALL INDUSTRIES
Finance, Insurance, Real Estate, Leasing
Public Administration $90,942
ALL INDUSTRIES $75,982
Finance, Insurance, Real Estate, Leasing $71,263

Skills Shortage

Employers that Recruited in the Last 2 Years
46%
46%)
Recruiting Employers that Experienced Hiring Difficulties
6%
6%
Employers with Unfilled Vacancies of over 4 Months
4%
4%
Vacancy Rate
4%
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 Mar 31, 2022

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

Mortgage Professionals Canada website: mortgageproscan.ca

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

Get information and referrals about career, education, and employment options from Alberta Supports.

Updated Mar 31, 2022. 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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