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We are looking for self starting Mortgage Agents .
Some knowledge & experience in mortgages is an asset. Interested in making a move or starting a career in the lucrative business of developing mortgages?

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Ten Steps to Becoming a Successful Mortgage Agent

Course Outline

1. So You Want to be a Mortgage Agent

  • What is a mortgage broker?

  • Mortgage Broker vs Mortgage Agent vs Mortgage Development Officer

  • What does it take to earn your money?

  • How will you get paid?

  • Steps in a mortgage transaction

  • History of the Mortgage Brokerage Industry

  • Could you make it being self-employed?

2. So Much Money....So Little Time

  • The Financial Services Industry

  • Sources of mortgage funds

  • Differentiating between lenders

  • Types of mortgage transactions: purchase, refinance, equity take-out, residential, commercial, industrial

  • First mortgages

  • Second mortgages

  • Hi-ratio mortgages / conventional mortgages

  • Mortgage Insurance

  • Mortgage Backed Securities

  • How are rates determined?

  • Costs in a mortgage transaction....who pays what?

3. What is a Mortgage...and Why all the fuss?

  • Legal concepts...ownership of land

  • Legal concepts..contract law

  • Legal concepts..joint ownership

  • Standard Charge Terms

  • Land Registry Systems

  • Realty Taxes

  • Condominium Fees

4 Who Does What....When....Why?

  • The Realtor....reviewing the Agreement of Purchase and Sale

  • The Appraiser...3 approaches to value, reading and understanding appraisals

  • Surveyor....what is a survey?

  • Solicitor...closing the transaction

  • Title Insurance

5. Making It All Add Up

  • Mortgage mathematics

  • Using the HP10BII

  • Compound Interest

  • Equivalent Rates

  • Calculating Mortgage Payments

  • Calculating Loan to Value Ratio

  • Calculating GDS / TDS

  • Calculating Interest Adjustment

  • Calculating Cost of Borrowing

  • Calculating Interest Penalties

6. Asking the Right Questions

  • Taking a mortgage application

  • Credit Reports

  • Income confirmation

  • Equity confirmation

  • Dealing with derogatory information

  • Discussing closing costs for a real estate transaction

  • Discussing all fees and expenses involved in the mortgage

7. What Do I Do With All This Information?

  • Underwriting and file management

  • Reviewing the file and documentation

  • Choosing the correct mortgage product

  • Choosing the correct lender

  • Submitting the application

  • The art of negotiation

  • Electronic submission software

  • Steps in a mortgage transaction

  • Instructing the solicitor

  • Follow-up

8. Keeping Score....and Making Sure It Comes Back

  • Mortgage administration...processing payments

  • Remedies on default

9. Big Brother is Watching

  • The Mortgage Brokers Act an overview

  • Completing Form 1

  • Completing Form 2

  • FSCO guidelines

  • Contracts

10. What Am I Really Selling?

  • Marketing

  • Developing marketing plans

  • Developing a business plan

  • Selling skills

  • Protecting your lender

  • Ethical behaviour / fiduciary duty / best practices

11. Glossary of Terms

Learning Objectives:

Upon successful completion of this course, the student will be able to:

  • Demonstrate an understanding of the Canadian mortgage industry including the roles of the various participants in the market in which mortgages are transacted.

  • Discuss how the Canadian mortgage industry is regulated and demonstrate an understanding of contract law.

  • Explain ownership of property including the registration of real estate mortgages. Identify the various appraisal methods and demonstrate their use in determining value.

  • Describe various mortgage products and funding sources and demonstrate an understanding of how mortgage payments are calculated.

  • Demonstrate an understanding of borrower income, financial statements and income taxation.

  • Calculate qualifying ratios and demonstrate an understanding of consumer credit, mortgage application process and mortgage lending.

  • Demonstrate an understanding of mortgage administration and mortgage servicing.

  • Describe various mortgage related products such as Mortgage Default Insurance and Title Insurance.

  • Explain the use of technology within the Canadian mortgage industry and demonstrate how to perform financial calculations using mortgage software.

  • Complete disclosure documents Demonstrate an understanding of professional conduct, best practices, consumer protection and advertising standards.