Given the staggering volume that so many Canadian brokers have achieved in 2020, one might think that owners of services targeting them would consider 2021 an opportune time to quietly raise their prices.
Mortgage Magnates, an online streaming service that provides educational content for mortgage brokers, sees the situation a little differently.
« 2020 was a lucrative year for many mortgage professionals, but that didn’t include everyone, and many newer mortgage professionals had a very strange year getting their feet wet, » said Chris Baker, President and CEO of Mortgage Magnates. « We have had a lot of feedback from our newer brokers and newer agent members who haven’t done them well. Some seasoned mortgage professionals have had problems too. »
Baker said the desire to level the playing field between incumbent brokers and those who are still struggling to get a foothold in the industry prompted Mortgage Magnates to make the entire content library free to members for all of 2021. In 2022, the platform’s original monthly subscription fee was raised from $ 13.99 and will drop to $ 1.99.
« We wanted to give back to help the industry after such a difficult year, » said Baker. « The greatest thing we could do was give the learning back. »
With a National Code of Conduct for Canadian Brokers under negotiation, this could be an extremely good time to receive Mortgage Magnates’ free training. There is a widespread belief in the industry that most brokers and brokers enter the mortgage arena completely unprepared to complete complex deals, generate leads, or build a mortgage business – let alone do all three of them at once. Additional training in any form is welcome.
“There are many good training opportunities when it comes to licenses. From [Mortgage Professionals Canada] to [Real Estate and Mortgage Institute of Canada] to the people who provide the license, everything is great, ”said Baker. « It’s beyond the license – how do I get customers? How do I develop leads? How do I actually build a mortgage business – something seems to be missing, so the best mortgage professionals are telling us exactly what they are doing to be successful. »
Baker insists that the quality and overall amount of content served by Mortgage Magnates doesn’t go down simply because viewers won’t pay for it in 2021. He expects the amount of content to double from three to five videos per month to as many as 10th. He said the ability to deliver more while charging less is a direct result of continued engagement from business partners the platform that has increased advertiser use, published their names on the Mortgage Magnates website, provided content and sponsored the company’s BHB podcast.
« They did a lot of different things that contributed financially as well as content. The content was huge, » said Baker.
In terms of new content, Baker said Mortgage Magnates has some exciting additions planned for early 2021, including « What Realtors Want, » where successful realtors want to explain why they prefer certain mortgage brokers to others they want to send business to, as well as unique social media -focused session that should prove tempting to brokers looking to expand their reach with younger borrowers.
« We have a great new video from a TikTok influencer in the US who is a mortgage professional, but he has 220,000 TikTok followers. » He built a lot of mortgage deals from that, ”Baker said, adding that videos about lead generation and building a broker remain the most watched categories on the platform.
With COVID-19 cases soaring and Canadians renewed to seek shelter, agents and brokers who have not yet built a self-sustaining business are likely to have plenty of time to do the parts of their business in the coming weeks identify companies that need improvement. Watching some 20 minute videos could be all it takes to get the ball rolling in the right direction.
« We’re all stuck at home, » said Baker, « so why not spend some time on lifelong learning if it doesn’t cost you a dime? »
How can I become a mortgage broker?
Licensing as a mortgage broker
- be at least 18 years old,
- reside in Canada
- Have a postal address in Ontario that can receive registered mail (no PO Box),
- be authorized to trade in mortgages by a mortgage broker,
- Work for just one mortgage broker,
- meet the mortgage broker training requirements and.
Can a Mortgage Broker Work from Home?
The Benefits of Remote Working for Mortgage Brokers Because mortgage brokers get paid when they sign a client with a mortgage, work hours aren’t that important. … you can work remotely and if you have your laptop and basic office equipment you can work from home, from your client’s home – even a coffee shop. «
Is Mortgage Broker A Good Job?
According to the Bureau of Labor Statistics (BLS), career-career demand will increase 11% between 2016 and 2026. This rate is well above the national average for all careers, making a position as a mortgage broker a great option for those interested in finance.
How Hard is the Mortgage Broker Exam?
Passing the exam is not easy. According to the pass rate of the NMLS SAFE test, the success rate is 54% the first time and only 46.7% on subsequent attempts. … If a person fails the test, they must wait 30 days before they are eligible to retake the test.
How do I study for the mortgage test?
16 Tips for Passing the NMLS Exam
- Take a live class. As a mortgage professional, your time is precious. …
- Be rested. …
- Use your tutorial. …
- Read each question twice. …
- Answer every question immediately. …
- Watch out for negatives. …
- Answer every question. …
- If it’s not there, don’t add it.
What Education Do You Need To Be A Mortgage Broker?
Have a Canadian high school diploma or equivalent, master English, complete the Mortgage Associates Program (MAP), then work as a Mortgage Associate for two years.
How Much Do Top Mortgage Brokers Make?
Mortgage brokers currently earn anywhere from $ 60,000 to $ 90,000 per year, depending on their years of experience in the field. Compared to similar careers at financial institutions, brokers rank in the upper end of the average income bracket, as bank lending officers would earn between $ 40,000 and $ 65,000 annually.
How Long Does It Take To Become A Mortgage Broker?
To be approved for an NMLS license, you must (often) complete 20 hours of pre-licensing training from an approved organization. The training includes three hours on federal laws and regulations, three hours on ethics, two hours on non-traditional mortgage products, and twelve hours of elective courses.
How Long Does It Take To Become A BC Mortgage Broker?
Educational Requirements To become a mortgage broker, you must take a number of courses approved by the British Columbia’s Financial Services Commission. These courses typically last around 40 hours but may vary depending on the provider.
Can you be a convicted mortgage broker?
The minimum requirements of the SAFE Act state that no one can obtain a Mortgage Loan Originator (MLO) license if they have committed or ever committed a crime related to financial services such as fraud, theft, bribery, check forgery, etc. in the past 7 years .
How Much does a Mortgage Broker Make in Canada?
Mortgage broker commissions vary between banks and individual brokers. However, a typical range could be 0.5% to 1.2% of your total mortgage amount.