Investor · Brockville, Ontario · Member since 2014 · 23 posts · 2 votes
I'm signing up to write my mortgage agent course and I'm looking for suggestion on which Mortgage Broker I should apply to work for.
I'm looking for a broker with no desk fees preferably, high ratio payouts (80/20, 75/25 etc), will cover O&E insurance and will help me go through all the steps selling my first few mortgages.
Any suggestion would be greatly appreciated. Right now I'm looking at Dominion (high desk fees) and Expert Mortgage (which looks pretty good).
Any info on starting in the industry, in general, would be much appreciated as well.
Toronto, Ontario · Member since 2016 · 11 posts · 0 votes
9y
Hey Mitchell, Congrats on taking the steps towards getting your mortgage agent. I currently work as a mortgage agent with Dominion Lending (for 2 months). I enjoy working with them because of their strong brand awareness in the marketplace. Mortgage Architects is another brokerage I've heard good things about.
Rental Property Investor · San Diego, CA · Member since 2013 · 3k+ posts · 4k+ votes
9y
IMO that's a dying business. If you work for a place that just does generic conforming loans, there is no value add. More and more of that will be online and automated.
I'd look elsewhere personally.
Rental Property Investor · Hamilton, Ontario · Member since 2016 · 285 posts · 181 votes
8y
@Cody L. I agree there will certainly be some digital disruption. But mortgages (especially in Canada, can't speak for US) are very complicated, and getting a deal done now a days isn't as simple as clicking a few buttons and submitting a few documents.
In addition, there's a lot to learn in terms of choosing the right solution (a lot gets put on the rate & variable vs fixed) but there's about 10 other significant factors than add to the bottom line.
@Ian Agard As an agent my best advice is make sure you're legitimately adding value to your clients and partners in some way. A lot of agents want to be buddy buddy with everyone and expect business. That's a big reason why there's so much failure in the industry.