What a mortgage agent does
A mortgage agent works on behalf of a licensed mortgage brokerage, helping borrowers finance purchases, refinances, renewals and equity take-outs. The agent gathers the application and documents, compares options across the brokerage's lenders, submits the deal and works through conditions to funding. In Ontario, FSRA licenses agents in two classes. A Mortgage Agent Level 1 deals only with financial institutions and approved National Housing Act lenders, while a Mortgage Agent Level 2 may also deal with other lenders, including private individuals.
Which licence you need depends on your deal mix. A brokerage that places private mortgages needs Level 2 agents, and Level 2 requires its own education program plus at least 12 of the previous 24 months licensed at Level 1. Beyond the licence, the strongest agents have steady referral sources, explain options clearly to borrowers and keep files complete. Finch screens for all of this before you spend time interviewing.
Typical responsibilities
- Generate leads through realtor, builder and past-client referrals
- Interview borrowers and collect income, down payment and property documents
- Compare products and rates across the brokerage's lender panel
- Submit applications through the brokerage's origination platform and clear conditions
- Provide the disclosures and suitability information FSRA requires
- Contact clients ahead of renewal to keep their business with the brokerage
Qualifications and credentials
- An FSRA Mortgage Agent Level 1 or Level 2 licence, authorized by a licensed brokerage
- Completion of the approved Level 1 education program, and the Level 2 program for private lending
- Experience submitting files to banks, monoline lenders, credit unions or private lenders
- Sales and relationship-building skills, with a referral network in your market
- For roles outside Ontario, the licence issued by that province's regulator
Who hires a mortgage agent
- Independent mortgage brokerages
- National brokerage networks and franchise offices
- Real estate brokerages with affiliated mortgage teams
- Private lending groups that operate their own brokerage
Where we recruit mortgage agent candidates
We fill mortgage agent 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
- Licence class and status, confirmed through FSRA's public licence search
- Funded volume and lender mix, discussed file by file rather than as one number
- Where their referrals come from and how portable those relationships are
- File quality, including how they verify income and manage conditions
- Fit with your compensation split, technology and support model
Interview questions to ask
- Tell me about a deal that nearly fell apart before funding. What did you do?
- How do you decide whether a borrower belongs with a bank, a monoline or a private lender?
- What does your follow-up look like for clients coming up for renewal?