Mortgage agents, is better to work for a bank or a brokerage??

Mortgage agents, is better to work for a bank or a brokerage??

Member since 2020 · 2 posts · 0 votes

Now that I have my certification, I can work for a brokerage and get my license with them, or work for a bank (doesn't require any credentials or license, but helps getting the job)

My question is which one is more lucrative in the long term and why? 

Mortgage agent that work for a brokerage have access to more lenders and can provide overall better service for the client. They can also help a wide variety of clients compared to banks who only work with good credit, job, etc.., So the answer should be obvious, one can attract more clients working for a brokerage BUT I don't think It's actually the case. I've noticed that in Canada, people are more inclined to work with banks compared to the USA. Most people I know have gotten their mortgages through a bank, not a broker.

From my analysis, it seems one can make more money working for a bank when starting out due to the logo helping you a lot with establishing trust, but in the long term if you can network yourself correctly there is more potential working in a brokerage. You can also open your own brokerage after a few years as well. 

But It's quite unclear, because there are mortgage agent who have decade of experience working for a bank. Surely if working for a broker was better, they would've switched at some point.

But since I can't find any income comparison online between the 2 industry, I was hoping some experienced people would share their opinions. Any data and statistic would help as well.

Do Mortgage Agents have more clients (=more money) working for a bank or a brokerage in CANADA?

Sheers.

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    6y

    @Chris Mason has worked at both and probably has some insight.

  • Lender · Frisco, TX · Member since 2019 · 546 posts · 270 votes
    6y

    I think it depends on what you want and your goals. I will say that I LOVE working for a direct lender rather than a bank. I don't think that banks offer the same flexibility in my hours and personal life as my current job. Yes, there's more pressure in that I have to generate all my own leads, but my company does a great job at providing resources to get leads. I also have heard horror stories about banks not being able to execute well and delayed closings, etc. Personally, (I admit I'm a little cynical) I'm at a point where I don't trust any big corporation or bank to determine how much I'm worth or really have my best interests at heart. 

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