How to become a mortgage broker in Manitoba

A mortgage broker in Manitoba helps eligible borrowers get the best deals for their mortgage needs. These professionals know tons of mortgage offerings from various banks and lending companies. 

Mortgage brokers also explain what property loan providers require from their clients for smoother data submissions. Whether someone is buying their first home or investing in property, a mortgage broker can provide the guidance and support needed. 

Do you feel like working as one in Manitoba might be the job you’re looking for? 

To help you get started, Canadian Mortgage Professional will discuss all you need to know about how to become a mortgage broker in Manitoba. We will provide answers to questions such as: 

• How do I become a broker in Manitoba?  
• How much does a mortgage broker make in Manitoba?  

What does a mortgage broker do? 

As a mortgage broker, you have to be knowledgeable about the mortgage options offered by your partner lenders. You must know the features and requirements of each product in detail. 

Helping clients is your priority 

Your clients will have different financial situations and loan purposes. In turn, you should identify the most suitable mortgage offering based on their circumstance.  

After assisting your clients in choosing the best possible mortgage for them, your next task is to help them comply with your employer-lender's criteria. This is critical to get your clients’ mortgage application approved. 

How do I become a broker in Manitoba?  

The Manitoba Securities Commission (MSC) regulates mortgage brokers and mortgage salespersons based on a local law: The Mortgage Brokers Act. There are three steps in how to become a mortgage broker in Manitoba: 

1. complete education and experience qualifications 
2. apply for registration 
3. submit a police check 

Let us discuss each step below: 

1. Complete education and experience qualifications    

To work as mortgage broker in Manitoba, you need to be at least 18 years old and prove that you are a person of good character. You also need to have a minimum of two years’ experience as a salesperson. This should be within three years before your date of application with MSC. 

For authorized officials for restricted mortgage brokers, you must: 

• enroll in and pass the Broker's Course as prescribed by the Registrar 

• provide the Registrar with a detailed resume, showing management experience at a senior level 

If you want to become a mortgage broker in Manitoba but you are not a resident in this province, you must submit a written undertaking. It should say that you agree to appear in Manitoba on reasonable notice by the Registrar. This can be for any incident or concern which affects your brand, business, or product. 

Manitoba Mortgage Salesperson course 

The MSC requires that you complete the Manitoba Mortgage Salesperson course. This educational program is delivered in an online format. Course takers should have a financial calculator if they want to finish the program. 

This course will cover topics on how to become a mortgage broker in Manitoba. The program has a 40-hour duration online. After completing it, you must take the in-person exam. You can retake the exam if needed. 

Once you pass the exams, you can finally join a mortgage brokerage. This will help you submit your licensing application to the MSC. Here is a list of the eligibility requirements to get your mortgage broker licence in Manitoba. You should be: 

• suitable for a licence 

• at least 18 years old 

• authorized by a mortgage brokerage to deal in mortgages 

• able to meet the mortgage salesperson education requirements 

• able to register for a licence with MSC within 6 months of a successful exam date 

2. Apply for registration  

Once you complete the education requirements, the next step is to finish and file an application with the Registrar on the approved form. You have to do this under the sponsorship of a licensed mortgage broker. You would also need to pay the registration fee of $400. The annual renewal fee is the same amount. 

3. Submit a police check 

For the last step, you need to provide a completed Criminal Record Check form. As part of the registration process, the check will be conducted by the MSC. 

After following these steps, you can now work as a mortgage broker in Manitoba. The next phase now is to succeed in your career. As an introduction, watch this video and listen to mortgage market updates from a top-performing Canadian mortgage broker: 

Want to see your name with the best mortgage brokers not just in the province but across the country? Go to our special report on the 75 best mortgage brokers in Canada to read success stories and be inspired to come out on top. 

How to be successful as a mortgage broker in Manitoba  

To become a mortgage broker in Manitoba, you need to navigate multiple stages and processes. This career might be challenging but it is achievable. 

With dedication and perseverance, aspiring mortgage brokers can get on top of the competition, continuously attract clients, and gain referrals. Establishing trust with commercial banks and other lending companies is critical. This will give you a significant advantage, especially over time. 

Want to learn more about succeeding as a mortgage broker in Manitoba? Here are some tips: 

1. consider specialization or niche markets 
2. be ready to provide several options 
3. be clear about your fees and other costs 
4. share evidence of your achievements 

Let us explore each of these tips below:  

1. Consider specialization or niche markets 

Mortgage brokers in Manitoba can succeed by specializing in a particular mortgage niche or target market. By focusing on a specific market, you can develop expertise in that area. Eventually, you will be able to tailor your services to meet the unique needs of those clients. Examples of niche markets are: 

• first-time homebuyers 
• self-employed individuals 
• property investors 

2. 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 broker, you must be able to: 

• answer all their questions 
• explain many types of mortgages in detail 
• introduce alternatives depending on their goals and needs 

3. 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. 

4. Share evidence of your achievements 

A vital part of your job as a mortgage broker 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 does a mortgage broker make in Manitoba?  

A mortgage broker in Manitoba has an average salary of $64,312 per year. This translates to $27.79 per hour. If you work for one week as a mortgage broker, you can expect an average weekly salary of $1,177. As for the monthly figures, expect at least $4,553. 

All numerical data for income are sourced from Indeed. 

Advantages and disadvantages of becoming a mortgage broker

You can expect these advantages when you become a mortgage broker in Manitoba: 

• Good earning potential: Mortgage brokers often earn commissions based on the home loans that their clients secure. They can also get income from the mortgage brokerage that they work for. 

• Task variations: Working as a mortgage broker involves different tasks. This can include meeting clients, assessing financial situations, and reviewing mortgage products. These task variations keep the job fresh and interesting. 

• Networking opportunities: You can build a wide network of contacts including clients, real estate agents, and other professionals while working as a mortgage broker.  

As for the disadvantages: 

• High pressure: Working as a mortgage broker can be stressful, especially when dealing with tight deadlines and client expectations. 

• Client management: You might encounter difficult clients or challenging situations that will test your patience and problem-solving skills. 

Getting started as a new mortgage broker 

When starting as a mortgage broker, building your brand is essential. This involves advertising online and networking with professionals in related fields. Doing so can help you create referral sources and gain valuable insights about the mortgage industry, allowing you to serve your clients better. 

It's also important to stay updated on the latest industry trends. Make sure you know about the home loan options offered by your partner lenders and their different policies. See the latest mortgage news from Manitoba to anywhere in Canada when you go to our Market Updates page. 

Did you find this guide on how to become a mortgage broker in Manitoba helpful? Tell us what you think in the comment section below.