REMIC is offering a course on commercial mortgage brokering and MortgageBrokerNews.ca spoke with two of this year’s top-ten commercial brokers to get their advice for brokers interested in adding this increasingly lucrative business to their practice.
REMIC is offering a course on commercial mortgage brokering and MortgageBrokerNews.ca spoke with two of this year’s top-ten commercial brokers to get their advice for brokers interested in adding this increasingly lucrative business to their practice.
“It’s a specialized area for sure so if (brokers are) willing to take the time and do the training, they should absolutely get into it,” Chad Robinson, president of 360° Best Interest Mortgages told MortgageBrokerNews.ca. “Some people think it’s quick money but it’s not; it’s a skillset on its own that has to be invested in.”
However, while the payout can certainly be substantial, Robinson warns that these deals require special care and attention to ensure they go off without a hitch.
“It can be very lucrative but can also be very expensive: if you screw up on a commercial transaction the liability to the firm can be large,” Robinson said. “Instead of a ten thousand dollar mistake it can be hundreds of thousands or millions of dollars.”
The course, “An Introduction to Commercial Mortgage Brokering,” takes place Wednesday May 14 from 10am to 4pm at REMIC Toronto Training Centre, 21755 Sheppard Avenue East, Suite 213. The one day workshop is aimed at residential brokers looking to learn more about commercial mortgages.
And while it will provide a good start, one leading commercial broker believes those serious about making the transition are best served to seek the tutelage of a more seasoned expert.
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“In my opinion, an agent looking at getting into the commercial game should mentor under someone experienced," Matthew Laverty of The Mortgage Centre Mortgage Brokers Ottawa told MortgageBrokerNews.ca. "A lot of agents are not even able to understand how to read financial statements, so how can we expect them to take a weekend course and walk away being called a commercial expert? Too often clients call and say they paid so-and-so a fee to get them a commercial mortgage and it never closed.”
The course details can be found below.
• Module One: Overview of the Commercial Mortgage Market
• Module 2: The Application
• Module 3: Application Analysis - Income and Appraisal
• Module 4: Application Analysis - Ratios
• Module 5: Application Analysis - Credit
• Module 6: Application Analysis - Environmental Assessment
• Module 7: Submitting the Application and Obtaining a Letter of Intent
• Pre-approved by CAAMP for 4 CE Units in the Professional Development category for the year 2014
