March Mortgage Update - What's the difference?

Written By Erik Erwin

You've probably noticed different titles in the mortgage industry, so I thought I'd give a quick overview of what each one means. Here is just a coles notes breakdown of each:

  • Mortgage Specialist

Unlicensed, and works as an employee of the bank processing their mortgages only.

  • Mortgage Agent Level 1

  • Licensed by FSRA here in Ontario.

  • Will work within a brokerage similar to a Real Estate Agent. They will have a broker who is responsible for compliance, etc... 

  • Cannot arrange private mortgages/lending, or any lender not on the CMHC approved list.

  • Typically newer agents, but not always the case.

  • Mortgage Agent Level 2

  • Can arrange private mortgages/lending, and has access to all lenders.

  • Licensed for a minimum of 2 years.

  • Typically more experienced agents who don't have a desire to have a team/brokerage. 

  • Mortgage Broker

  • Typically only obtained if a Mortgage Agent wishes to have their own brokerage.

  • Can own a brokerage or lead a team (though some Mortgage Agents have teams within the brokerage itself).

  • Responsible for all compliance.

Credits and thank you to Jim Steffler for this information. If you’re looking for a great mortgage agent, consider reaching out to Jim!

Jim Steffler

Mortgage Agent Level 2

Dominion Lending Centres National Ltd.

TEL: 226-338-5136

EMAIL: jim@jimstefflermortgages.com

https://jimstefflermortgages.com

Erik Erwin
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