A mortgage agent is like an intermediary link between the borrowers and the potential lenders. These agents do not tend to use their funds, rather he/she uses their contacts with other lenders to give the best possible deal to the borrower. If anyone wants to become a mortgage agent Ontario, then the individual needs to fulfill some rules and terms that are set by the regulatory body of Canada.

Following are some things that must be ticked if anyone wishes to be a licensed mortgage agent in Ontario:
1. One must be 18 years of age or older,
2. he/she should be a resident of Canada,
3. Also needs to have a mailing address in Ontario that can receive registered mail (not a post office box),
4. he/she should be authorized by a Mortgage Brokerage to deal in mortgages,
5. he/she can work for only one Mortgage Brokerage,
6. he/she needs to meet the Mortgage Agent education requirements, and
7. Also, there is a need to have a valid e-mail address (this is necessary for the application process).

There are also some educational requirements, that need to be completed before he/she is approved as a licensed mortgage agent, first is she/he must have completed one of the mortgage agent education programs that have been approved by the Superintendent, FSCO, also individuals want to become a mortgage agent Ontario apply for a mortgage agent license within two years of completing one of the approved mortgage agent education programs. The Superintendent has approved the following mortgage agent education programs for licensing purposes. Programs are provided commercially, and tuition fees are set by each program provider.

Further, any person intending to be the mortgage agent must have a look over the duties that she/he will be supposed to complete, first is, an individual is required to work independently by obtaining a license or work under a regulated company, in addition, after getting the borrowing request, one needs to do the research work, tax data collection, property evaluation, so that at the time of actual contract there is no discrepancy or possibility of miscommunication.

Using the links with the lenders, mortgage agents provide the best deal to the borrowers, in real terms, the success of the mortgage agent depends upon his referrals, his way of conducting the deal, and how he manages the interest rate, which will benefit both the parties.

Income/Salary of the mortgage agent:
Well, it depends upon the contract amount, some agents just take the fee from the lender, and some have it at the time of closing of the loan contract, which is called the origination charge. If any mortgage agent is working with the company, he will get the right exposure and experience to work with diverse parties.
All in all, mortgage agents are the bridge between you and the right deal, reliable contracts, paperwork, tax research, and credit history, all are the sub-duties of the mortgage agent to do on the behalf of the borrower.