What a mortgage broker does
In Ontario, the mortgage broker licence is the senior individual licence FSRA issues under the Mortgage Brokerages, Lenders and Administrators Act, 2006. Brokers do the same client work as agents and can take on more: supervising agents, reviewing files, managing lender relationships and serving as principal broker, the individual a brokerage designates as responsible for its compliance. That makes a broker hire a decision about leadership and risk as much as about production.
The licence takes time to earn. An applicant must have held a Mortgage Agent Level 2 licence for at least 24 of the 36 months before applying, completed the approved broker education program and passed the broker qualifying exam. Because the pool is smaller than the pool of agents, and good brokers are usually busy, Finch sources directly and screens for management experience, compliance judgement and the lender relationships your brokerage needs.
Typical responsibilities
- Originate and close mortgages across prime, alternative and private lenders
- Supervise agents and review their files for documentation and suitability
- As principal broker, oversee policies, record-keeping and compliance with FSRA requirements
- Manage relationships with lenders' business development managers
- Train new agents and help them build their own pipelines
- Respond to client complaints and regulatory inquiries when they arise
Qualifications and credentials
- An active FSRA mortgage broker licence
- At least 24 of the previous 36 months licensed as a Mortgage Agent Level 2, as Ontario requires for the broker licence
- Completion of the approved mortgage broker program and qualifying exam
- Experience leading or mentoring agents, or running a team
- Knowledge of FINTRAC obligations, privacy rules and FSRA guidance on suitability and disclosure
Who hires a mortgage broker
- Independent mortgage brokerages appointing a principal broker
- Brokerage networks opening new offices
- Private lenders and mortgage investment corporations that operate brokerages
- Real estate groups adding a mortgage division
Where we recruit mortgage broker candidates
We fill mortgage broker roles for employers across Toronto and the GTA, including North York, Scarborough, Etobicoke, Vaughan, Markham, Richmond Hill, Mississauga, Brampton, Oakville, Burlington, Oshawa and Pickering, and for employers across Canada. GTA employers can meet us at our North York office by appointment.
What Finch checks before you meet a candidate
- Broker licence status and any regulatory history
- Experience supervising agents and the size and type of team they led
- How they handled a compliance review, a complaint or a problem file
- Lender relationships and channel experience relevant to your business
- Whether they intend to keep originating and how that fits the role
Interview questions to ask
- What would you review first in your first month as our principal broker?
- Tell us about an agent's file you refused to submit. Why did you stop it?
- How do you keep a team of agents consistent on disclosure and suitability?