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What’s the difference between a Mortgage Agent and a Mortgage Broker?

  • 1 min read

Here’s a quick vocabulary lesson.

Mortgage Agent is the person who has a licence to arrange mortgages in a province.  A Mortgage Agent must work for a Brokerage to be able to transact loans.

Mortgage Broker is a person who has been a Mortgage Agent for at least 2 years and had successfully acquired their Mortgage Broker licence.

Brokerage is the company in which Mortgage Brokers and Agents work for in my case I work for Pilrock Mortgages Ltd.

Broker of Record is a Mortgage Broker that is legally responsible for all the mortgage transactions completed within a Brokerage by all of the Mortgage Brokers and Mortgage Agents that work there.

Mortgage Agents must pass a provincial exam to practice mortgages in the province they wish to do business in.

The Financial Services Commission of Ontario licenses mortgage brokers, agents, brokerages and administrators in Ontario.

If you want to learn about the benefits of working with a Mortgage Broker or Agent, check out this page that sums it up for you!

Hope that clarifies!

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