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Updated over 4 years ago,

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2
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David Boucher
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Mortgage agents, is better to work for a bank or a brokerage??

David Boucher
Posted

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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