How to become a mortgage broker in Québec

Mortgage brokers help their clients find the best home loans based on their financial situations and credit histories. They guide property buyers and sellers throughout the mortgage process. They also provide valuable advice and advocate for their clients’ interests. 

Does this sound like you? If you are passionate about helping eligible borrowers in achieving their dream of homeownership, consider a career in mortgage broking. This role can also be ideal if you enjoy communicating with different kinds of people and building relationships. The same is true if you have a knack for connecting clients with financial institutions. 

In this article, Canadian Mortgage Professional will explore how to become a mortgage broker in Québec. We will go over the requirements and steps to help you decide whether this career is for you. Want to know the advantages of becoming a mortgage broker in this province? Keep reading for more. 

Who are considered mortgage brokers in Québec? 

Mortgage brokers in Québec are those who assist eligible borrowers who want to buy property. They help these homebuyers look for the most suitable mortgage deal. To do this, mortgage brokers act as bridges or intermediaries between clients and home loan providers like banks, credit unions, and mortgage lenders.  

Mortgage brokers also: 

• analyze the financial situation of their clients 
• compare the range of mortgage products offered by mortgage lenders 
• present clients with the best options available to them and make recommendations 

What does a mortgage broker do? 

According to the Government of Québec’s online portal, here are the main tasks done by mortgage brokers in the province: 

• draft mortgage offers 
• provide information to their clients about various mortgage products 
• check the credit report of their clients after getting their consent 
• submit their clients’ information and mortgage application to mortgage lenders 
• help clients define the desired features of their mortgage such as interest rate, term, etc. 
• gather the necessary data from their clients such as income, assets, liabilities, etc. to provide proper advice 

How to become a mortgage broker in Québec 

If you live in Québec and want to become a mortgage broker, you need to follow the steps required by the Autorité des marchés financiers (AMF). Aspiring mortgage brokers in Québec are required to take these four steps: 

1. complete the compulsory training 
2. pass the exams 
3. complete probationary period 
4. get a representative’s certificate 

Let us briefly discuss each step below: 

1. Complete the compulsory training  

First, aspiring mortgage brokers need to complete specialized training from a training organization recognized by the AMF. This is required to be eligible for the mortgage brokerage exams. 

Here are the training modules recognized in Québec under the Mortgage Brokerage Qualification Program (MBQP): 

• Professional conduct and professional practice (F-116) 
• Mortgage brokerage (F-611) 

For professional conduct and professional practice (mortgage brokerage), you need to complete the professional conduct and professional practice (F-116). 

2. Pass the exams  

Once you complete the training modules, the next step is to pass the exams set by AMF. You need to register to take these tests. To do this, you must get the registration authorization and select the date of the exams. 

3. Complete probationary period 

If you successfully pass the exams, you must complete an internship for a minimum of 28 hours per week for a period of 12 weeks. For the duration of the internship, the AMF will give you a probationary certificate. 

4. Get a representative’s certificate 

The final step is to apply for a representative's certificate to the AMF before the validity of your exams expires. If it expires during your probationary period, you will have 30 days to submit your application. 

Here is the application form for a representative’s certificate. 

Once you become a mortgage broker in Québec, you can either be self-employed or work for: 

• banks 
• insurance companies 
• trust and investment companies 
• government departments and agencies 

Do mortgage broker applicants need a licence to work in Québec? 

Short answer: no. What aspiring mortgage brokers need, however, is to get a representative's certificate as mentioned above. 

Getting started as a new mortgage broker 

Here are two things that you should do as soon as you become a mortgage broker in Québec. While these cannot guarantee your success, they are vital stepping stones especially when you are new to the business:  

Build, advertise, and network 

You must build your brand especially when you’re still starting out as a mortgage broker. This means advertising online and networking with different professionals and institutions from related industries. This can build referral sources and can provide you with additional knowledge about the mortgage sector. In turn, you will be able to provide better service for your clients. 

Stay updated and keep learning 

Staying updated with the latest in the industry is a must. You should refresh what you know about the home loan offerings and varying policies of your partner lenders.  

Advantages and disadvantages of becoming a mortgage broker in Québec 

You can expect these advantages when you become a mortgage broker in this Canadian province: 

• 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: 

• Initial costs: Starting as a mortgage broker can involve upfront expenses. You will need to pay for education programs, licensing or certifications, and other fees. However, this is only during the early stages. 

• 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. 

How to succeed as a mortgage broker in Québec  

To become a mortgage broker in Québec, 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 Québec? Here are some tips: 

1. Be ready to provide several options 
2. Be clear about your fees and other costs 
3. Share evidence of your achievements 

Let’s 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 broker, you must be able to: 

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

Watch this video about the secrets of how to become a successful mortgage broker: 

Follow these tips and you might see your name with the leading brokers in the country. 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 broker is to ease the minds of your clients—especially when they are overwhelmed about the 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. 

Now that you've learned how to succeed in this career, you might want to begin your journey. Read this and start your career as a mortgage broker in Canada now! 

How much does a mortgage broker make in Québec? 

For the commission, mortgage brokers can usually earn from 0.5% to 1.2% of the mortgage value. The average salary of a mortgage broker in Québec is $129,346 per year. If you calculate this, it will be $62.19 an hour, $2,487 per week or $10,778 per month. 

This is higher than the national average salary which is $115,900 annually. These figures are taken from ZipRecruiter's latest data. 

Following the figures above, you can charge a fee within the average salary range of mortgage brokers in Québec. As you gain more clients and experience, you might have the opportunity to ask for a higher fee. Ultimately, this will depend on your marketability or the demand for your services as a broker. 

Working as a mortgage broker can be a good career in Québec 

Now that you know how to become a mortgage broker in Québec, you can decide if this career aligns with your personal and professional goals. This profession gives you the chance to help people achieve their dream of homeownership. 

You will also have a job that offers good income potential, which can lead to financial stability. As a mortgage broker, you can positively impact people's lives while building a rewarding career. If this matches your long-term plans, then this profession might be right for you. 

Do you agree that being a mortgage broker in Québec can be a good career? Why or why not? Let us know in the comments below.