How to Become a Mortgage Broker in Québec
Flickr: mikemcd
Do you want to work flexible hours and like the idea of being your own boss? Do you have any interest in finance and/or real estate? If so, you could consider becoming a mortgage broker. As a Québec mortgage broker, your job would be to negotiate the best mortgage rates and terms for your client – the buyer. While you don’t need any specific work experience to enter the field, mortgage brokers should have an interest in mortgage rates and finances, as well as Québec’s real estate market.
To start your new career as a Québec mortgage broker, you should first become familiar with Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ). The OACIQ is Québec’s mortgage governing body and was created as a result of the new Real Estate Brokerage Act put in place on May 1, 2010. The OACIQ Certification Department manages Québec’s mortgage sector and is in charge of issuing, revoking and suspending mortgage broker licences. The Certification Department also administers Québec’s mortgage broker examinations, which you will have to take as part of this process.
Looking for a local mortgage broker?
Find and connect with a mortgage broker in your area. Mortgage brokers help Canadians find the best mortgage rates.
Québec Mortgage Broker License
The Government of Québec states that anyone interested in becoming a mortgage broker must:
- be a minimum age of 18 years or older,
- be a Canadian citizen, permanent resident or have obtained a Canadian work permit,
- have completed the necessary training,
- have successfully passed an OACIQ examination no more than 12 months before applying for a mortgage broker license,
- demonstrate a working knowledge of the French language, and
- pay all the fees required.
Québec Mortgage Broker Education and Licensing
If you’re interested in becoming a mortgage broker in Québec, you can enroll in the Mortgage Broker Program ($3,495) at Collège de l’immobilier du Québec. The Mortgage Broker Program includes 270 hours of coursework, which can be completed online or in-person, and is designed to help students successfully complete the Mortgage Broker Examination given by the OACIQ. The Mortgage Broker Examination itself is a competency test designed to see how you would handle real-life situations. Once you have successfully passed your exam, you can then apply for your mortgage broker license (and you must do so within 12 months of your exam date).
It’s important to note that completing a program, such as the Mortgage Broker Program, was not a requirement in the past. As of September 1, 2013 anyone wanting to become a mortgage broker in Québec must pass a training program recognized by the OACIQ, in order to get licensed.
Your Career as a Québec Mortgage Broker
If you still want to become a mortgage broker in Québec, you need to complete the training program, pass your exam and start working with a mortgage brokerage. After three years at a brokerage, you then have the ability to open your own brokerage and work for yourself. Owning a mortgage brokerage will help you gain more managerial skills, by giving you the opportunity to lead and supervise other brokers. But, in general, your career will always be spent helping clients with the financial transaction involved in taking on a mortgage.