Want to advance your mortgage career in Canada? Learn how to get your mortgage agent level 2 licence, including requirements and the steps to get certified
If you enjoy helping people achieve their dream of homeownership, a career in the mortgage industry could be a great fit. This is especially true if you’re good at communicating and connecting clients with the right mortgage lenders. If you become a mortgage agent, you’ll help property buyers find the right home loan based on their financial situation and credit history. However, you can take it a step further and get a mortgage agent level 2 licence. Curious to know how?
In this article, Canadian Mortgage Professional will explore how to become a mortgage agent level 2 in Ontario. We will shed light on what this licence is and go over the requirements to get it. We will also discuss the steps to help you decide whether this career is for you. Want to learn how much mortgage agents can make per year? Keep reading.
What is a mortgage agent level 2 licence in Ontario?
A mortgage agent level 2 licence is an upgrade from the mortgage agent level 1 licence. You will need this licence to work as a mortgage agent level 2. This is the second level in Ontario’s tiered system for mortgage professionals:
With this, you’ll be able to arrange mortgages with a wider range of home loan providers. This includes the following:
- approved mortgage lenders under the National Housing Act
- mortgage investment companies
- private individuals
- syndicates
- banks
This is in contrast with level 1 mortgage agents who can only arrange mortgages with certain lenders. They are limited to working with financial institutions or approved mortgage lenders under the National Housing Act.
All level 2 mortgage agents need to be licensed by the Financial Services Regulatory Authority of Ontario (FSRA). They must also work under a licensed mortgage brokerage.
Eligibility requirements
To work as a mortgage agent level 2, you are required to:
- be a resident of Canada
- have a valid email address
- be 18 years of age or older
- be authorized by a mortgage brokerage to deal in mortgages
- have an Ontario mailing address that can receive registered mail (not a post office box)
- complete an approved mortgage agent education program for a mortgage agent level 1 licence
You should also be suitable for a licence. Feel free to use this checklist as your guide:
How to become a mortgage agent level 2
To become a mortgage agent level 2 in Ontario, you need to qualify for the criteria set by the FSRA (as stated above) and meet all other requirements. Here are three easy steps to follow:
- finish the educational program
- start the application process
- get your mortgage agent level 2 licence
Here is a closer look at each:
1. Finish the educational program
Once you’re certain that you meet the eligibility criteria and suitability requirements, you must then complete the FSRA-approved educational program. This involves finishing a private mortgages course and passing the final examination, which is included in all the approved programs.
You can take the course through any of these providers:
- Mortgage Professionals Canada
- Canadian Mortgage Brokers Association – Ontario
- Real Estate and Mortgage Institute of Canada Inc.
2. Start the application process
Once you have completed the educational requirements set by the FSRA, the next step is to ask your mortgage brokerage to initiate your application process. Your mortgage brokerage’s principal broker will start your licence application through Licensing Link.
After that, you will get two emails. The first one is for completing your criminal background check through the FSRA’s approved vendor, Triton Canada. The second email is for you to continue your application process via Licensing Link.
3. Get your mortgage agent level 2 licence
Once you complete the second step, your mortgage brokerage’s principal broker will review your application before the final submission. Then, the FSRA will send you an email to confirm that they have received your application for a mortgage agent level 2 licence.
You can check with the Licensing Link to see if the FSRA has approved your licence. If they have, you can start working as a mortgage agent level 2 in Ontario.
How to succeed as a mortgage agent level 2 in Canada
With dedication and perseverance, aspiring mortgage agents can get on top of the competition, continuously attract clients, and gain referrals. Establishing trust with your clients and professionals from related industries is essential. This will give you a significant advantage, especially over time.
Want to learn more about succeeding as a mortgage agent level 2 in Canada? Here are some tips:
- Be ready to provide several options
- Be clear about your fees and other costs
- Share evidence of your achievements
Let us explore each of these tips below:
1. Be ready to provide several options
As the saying goes: different strokes for different folks. You should expect that clients will have varying mortgage needs and unique financial situations. To succeed as a mortgage agent level 2, you must be able to:
- answer all their questions
- explain many types of mortgages in detail
- introduce alternatives depending on their goals and needs
Watch this video about the keys to be a successful mortgage agent:
Follow these tips to succeed in your career. To get inspiration, see our special report on the 75 best mortgage brokers in Canada.
2. Be clear about your fees and other costs
You must always be clear about your fees and other costs with your clients. Know how to handle their expectations and don’t be afraid to hold tough conversations. After all, borrowing a huge sum of money can be terrifying and not everyone will be happy with the options you provide.
As much as possible, try to make discussions less intimidating for your clients. You can do this by always sticking to the facts and laying down all the critical information that they need to know. It is also beneficial to develop your communication skills. Try to speak in a professional, calm, and reassuring tone to ease your clients’ worries.
3. Share evidence of your achievements
A vital part of your job as a mortgage agent level 2 is to ease the minds of your clients—especially when they are overwhelmed about their expense. You can gain their trust by providing them with positive reviews from your previous clients. You should also let them know about your qualifications.
To do this, try displaying your awards and certifications inside your office. You can also showcase your achievements online. Collect personal endorsements from your networks, especially previous clients. Putting them on display will help build your prospective leads’ confidence in your capabilities.
How much do mortgage agents make per deal in Canada?
A mortgage agent level 2 can earn thousands of dollars for a mortgage value amounting to $500,000 and above. This does not include their average earnings per month that can climb up to $146,559 per year.
Upgrading your mortgage licence
You can upgrade your mortgage agent level 2 licence to a mortgage broker licence. You can level up your status by completing the broker-level requirements. Watch this video to learn more:
Want to become a mortgage broker in Ontario? Check out this guide.
Does this apply to all provinces?
Each province has its own set of requirements for mortgage brokers and mortgage agents. For example, you must follow a tiered system in Ontario if you want to be a mortgage broker. You must work as a mortgage agent level 1 first, then advance to level 2.
In Québec, aspiring mortgage professionals are required to get a representative’s certificate.
Becoming a mortgage agent level 2 might be for you
Now that you understand what it takes to become a mortgage agent level 2 in Ontario, you can determine if this career aligns with your professional aspirations. This role not only offers the opportunity to help clients secure good deals but also provides strong earning potential and long-term career growth.
Advancing to this level could be the key to unlocking long-term stability in the mortgage sector. With a level 2 licence, more opportunities for success are in store for you. Plus, you’ll get additional knowledge from taking the private mortgages courses.
Beyond the professional and financial rewards, you can have the satisfaction of guiding individuals and families in achieving their homeownership goals. And if you ever decide to upgrade further and become a mortgage broker, work harder because who knows? You might just see your name along with the best in the mortgage industry one day.
Did you find this guide on becoming a mortgage agent level 2 useful? Let us know in the comments below.
