How to become a mortgage broker in Saskatchewan

Becoming a mortgage broker in Saskatchewan can be a positive career move for those who are interested in real estate and mortgage. Helping clients in finding the most ideal home loan to purchase property is a mortgage broker’s primary task. As such, they act as the intermediary between eligible borrowers and mortgage lenders. 

If you are curious about this career, you need to know the steps involved. This also includes the education and licensing requirements.  

So, in this article, Canadian Mortgage Professional will shed light on how to become a mortgage broker in Saskatchewan. We will cover everything from the qualifications and requirements to the salaries and commissions. We will also talk about the skills to succeed as a mortgage broker in this Canadian province. 

Qualifications to become a mortgage broker in Saskatchewan 

If you wish to become a mortgage broker in Saskatchewan, you must apply for a licence with the Financial and Consumer Affairs Authority of Saskatchewan (FCAA). To begin, you must satisfy the qualifications. You need to: 

• pay the required fees 

• be a resident of Canada 

• be 18 years of age or older 

• work for only one mortgage brokerage 

• be suitable for a mortgage broker licence 

• be authorized by a mortgage brokerage to deal in mortgages 

• have a valid email address and provide other contact information as set out in the FCAA application form 

• demonstrate you have completed an approved mortgage broker education course, or that you are exempt from the education requirement 

• demonstrate you have been licensed as an associate for at least 24 of the 36 months preceding the application, or that you are exempt from the experience requirement 

Should you become a mortgage broker in Saskatchewan? Watch this video so that you can weigh your options: 

Are you now convinced about the personal, professional, and financial rewards that you can get if you choose this profession? Read this and start your career as a mortgage broker in Canada now! 

Eligibility criteria to get a mortgage broker licence 

You must also tick all the boxes in this eligibility criteria for getting a mortgage broker licence in Saskatchewan: 

• you must be authorized by a mortgage brokerage to deal in mortgages 

• you must meet the mortgage education requirements 

• you must provide the required supporting information; this includes a completed criminal record check dated within three months of the date of application 

Education requirements 

For the education requirements, you need to complete the approved mortgage broker education program provided by Mortgage Professionals Canada. You can also show proof that you should be exempted from this requirement. 

After taking the required course, you must finish and pass the final test. Be sure to apply for a mortgage broker licence within three years of successfully finishing the course. 

Check out this video about the exam for mortgage brokers in Saskatchewan: 

Mortgage associate course 

To become a mortgage broker in this province, you must take the Saskatchewan Mortgage Associate course. This has location-specific data which includes: 

• regulations 
• legislation 
• business practices 

The Saskatchewan Mortgage Associate course was created with the help of education experts. Industry consultations were also conducted to ensure that its contents are relevant for aspiring mortgage brokers in Saskatchewan. To finish this education course, applicants are required to have a financial calculator. 

Exemption from education requirements 

This is for those who are licensed or registered elsewhere in Canada. Based on Saskatchewan regulations, a person can be exempted from the mortgage associate education requirement. The condition that must be satisfied is that they should prove that they have an authorization from another Canadian province. Such must be substantially equal to the mortgage broker licence in Saskatchewan. 

Individuals that have an authorization as any of the following are exempt from the licensing education requirement: 

• Alberta: mortgage broker 

• British Columbia: designated individual 

• Manitoba: authorized official 

• New Brunswick: mortgage broker 

• Nova Scotia: mortgage broker 

• Québec: mortgage broker qualified to manage an agency, or fully qualified real estate broker qualified to manage an agency 

For those who are licensed as the equivalent of a mortgage broker in Canada or elsewhere, but not in one of the places listed above, they can contact Saskatchewan’s assigned regulatory body for mortgage broker licence. 

Skills to succeed as a mortgage broker in Saskatchewan 

Aside from the requirements, there are also several essential skills that are great to have and develop to be successful in this career. Here are four of them: 

1. effective communication 
2. interpersonal skills for client-facing tasks 
3. proficiency in financial analysis 
4. knowledge of mortgage products and regulations 

Let us discuss them one by one: 

1. Effective communication  

Having good communication skills is needed to succeed as a mortgage broker in Saskatchewan. This is essential when discussing mortgage transactions with clients. This may also come in handy when negotiating with commercial banks and other mortgage lenders. 

2. Interpersonal skills for client-facing tasks  

Strong interpersonal skills must also be developed if you want to thrive as a mortgage broker in Saskatchewan. This is essential for building relationships with clients, which can lead to referrals. 

As a mortgage broker, it is possible to work closely with people who might feel confused or even nervous about the mortgage process. This is especially true for first-time buyers who are young and just starting out. 

Being approachable, supportive, and personable can help clients feel comfortable and at ease. Gaining their trust while increasing your credibility is good for your career. This can translate to more prospects and free advertising by word of mouth. 

Curious to learn how to improve your interpersonal skills? Check out this video. This is also best for aspiring mortgage brokers who are shy and introverted: 

3. Proficiency in financial analysis 

A solid understanding of your clients’ finances is necessary. This is needed for reviewing your clients' monetary situations against the available home loan offerings. You must assess their income, credit history, and debt-to-income ratios to determine the best mortgage options for your clients. 

If you develop this skill, you will be able to present accurate information to mortgage lenders and have better chances of securing their approval. 

4. Knowledge of mortgage products and regulations 

Having in-depth knowledge of various mortgage products is important for mortgage brokers in Saskatchewan. You also need to study and learn about the regulations. Always be updated about any changes in mortgage interest rates as well as any legal requirements and compliance issues. 

Being well-informed allows you to provide valuable advice to clients. This will also help boost your brand as you will be seen as proactive and diligent. 

While there are other vital skills for succeeding as a mortgage broker in Saskatchewan, it is best to have and develop these four from the beginning. As your career progresses, you will acquire additional skills and formulate new strategies to serve your clients effectively and improve your craft. 

Why are mortgage brokers needed in mortgage transactions? 

As a mortgage broker, you will spend most of your time assessing your client’s income statements and credit background. You need this information to search for property loans that suit their needs. 

Another reason why mortgage brokers play a vital role in mortgage transactions is because they make sure that clients can afford to repay the mortgage. They check their clients’ financial capacity to know whether they have the means to pay without being forced to live paycheck to paycheck. 

In other words, mortgage brokers act as the bridge between eligible borrowers and lending companies. They work on behalf of clients to find competitive mortgage rates and terms.  

How much do mortgage brokers make in Saskatchewan? 

According to Indeed, mortgage brokers can earn up to $64,312 annually in Saskatchewan. As for their salary per month and per week, they have an average monthly pay of $4,553 and an average weekly pay of $1,177. Currently, mortgage brokers in Saskatchewan are paid approximately $27.79 on an hourly basis. 

In another report, mortgage brokers in Saskatchewan have an average annual income of $129,346. Since there is varying data on how much you can earn in this career, the best course of action is to gain experience and attract more clients. As you improve your marketability, there is also a higher chance of earning more from both income and commissions. 

Is becoming a Saskatchewanian mortgage broker a good decision? 

Becoming a mortgage broker in Saskatchewan can be a good career choice for several reasons. There are plenty of opportunities to find clients and grow your business since there will always be property buyers looking for homes. 

Mortgage brokers also enjoy flexible work hours, especially those who are working part-time. The potential for high earnings is another appealing aspect, as mortgage brokers typically earn commissions based on the mortgages they close. Finally, if you have the passion for helping people buy their dream homes, you can gain personal satisfaction in addition to professional growth. 

What can you say about this guide on how to become a broker in Saskatchewan? Did this benefit you in any way? You can comment your answers below.