All Forum Posts by: David Boucher

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.

This is my second property, I put 20% down on my first property so I didn't have to wait for CMHC's approval. However my first home loan was completed every quickly. The appraisal was ordered on the second business day, and I had the purchase approval within the same week I made the deal.

-

I was pre-approved by one of the big banks. I gave them absolutely every document necessary from day 1, more than they even need just in case.

2 weeks later, I found a property and managed to get a deal done. It's been 4 FULL business days since my broker received the purchases documents from the agent, and apparently even an appraisal hasn't been ordered according to my agent. We only have about 4 days left until the deal flops (out of 10 days total), and appraisal is not even done (doubt CMHC will approve without appraisal).

My credit is 815

GDS 24%, TDS 35%, 

Down paiement is my own & same job for 3 years. My profile is definitely not the problem.

Maybe I am overreacting, but this seems reckless. Does the stock market crash freezing them or something