What a mortgage specialist does
A mortgage specialist is a sales role at a bank, credit union or trust company. Unlike a broker, the specialist sells only their employer's mortgage products, often as a mobile salesperson who meets clients at home or at a realtor's office. The specialist builds a referral network, takes applications, structures the mortgage within the institution's policy and stays involved through closing. Many also refer clients to colleagues in everyday banking, investments and insurance.
Licensing works differently from the broker channel. Under Ontario's Mortgage Brokerages, Lenders and Administrators Act, 2006, employees of financial institutions, including banks and credit unions, are exempt from the mortgage agent licence when dealing in mortgages on their employer's behalf. Employers still expect strong product knowledge, completed internal training and sales discipline. Finch screens candidates on referral sources, closing ability and how well their style suits your institution's culture.
Typical responsibilities
- Build and maintain referral relationships with realtors, builders, lawyers and financial planners
- Meet borrowers, take applications and recommend suitable mortgage products
- Structure deals within your lending policy and submit them for adjudication
- Manage each file through conditions, appraisal and closing
- Refer clients to banking, investment and insurance colleagues
- Track pipeline and activity in the institution's CRM
Qualifications and credentials
- Mortgage sales experience at a bank, credit union or brokerage
- An existing referral network in the community or market you serve
- Solid knowledge of mortgage products, qualification rules and closing steps
- Comfort with commission-based or variable pay, where your plan uses it
- A valid driver's licence for mobile roles
Who hires a mortgage specialist
- Banks with mobile mortgage sales teams
- Credit unions and their branch networks
- Trust companies with direct-to-consumer mortgage teams
Where we recruit mortgage specialist candidates
We fill mortgage specialist 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
- Referral sources and how much of their business comes from repeat partners
- Closing ability, discussed through recent won and lost deals
- Product knowledge across fixed, variable, insured and home equity line of credit options
- Adaptability to your institution's sales process and compliance training
- Whether any restrictive covenants with their current employer affect the move
Interview questions to ask
- Which realtors or builders send you business today, and why do they choose you?
- A client is weighing your rate against a broker's offer. How do you respond?
- How do you plan your week between prospecting, appointments and file follow-up?