Real Estate and Mortgage Institute of Canada Inc.
2175 Sheppard Ave E, Suite 307
Mississauga: 1065 Canadian Pl, Suite 203
t: 1-877-447-3642     e:

Choosing a mortgage brokerage

Choosing a mortgage brokerage for whom to work can be a difficult process if you don’t know what questions to ask or what to look for.  With several hundred brokerages licensed in Ontario, you certainly have choice, so the first tip in choosing a mortgage brokerage is to ensure that you interview with several before deciding which one to join.  You can use the Financial Services Commission of Ontario’s (FSCO’s) website to search for mortgage brokerages and their contact information, as well as online search engines like Google, and other mediums like newspapers and the Yellow Pages.  You may also wish to call an agent who works for the mortgage brokerage you’re considering to learn of his or her opinion on the brokerage.

In addition I suggest asking some or all of the following questions so that you can get a feel for what the mortgage brokerage has to offer and you can compare different mortgage brokerages before making your final decision.  Deciding which of the following questions is most important to you is a personal decision and will change from person to person.  Keep in mind that the commission rate shouldn’t be your only consideration.  You need to look at everything in context, determine what is ultimately in your best interests and then decide where you want to work.  At the end of the following form there is a spot for your general comments on the brokerage as well as any additional questions that were not included in this guide.

Mortgage brokering in Ontario is regulated by the Financial Services Commission of Ontario (FSCO) and requires a license.  To obtain a license you must first pass an accredited course.  The Real Estate and Mortgage Institute of Canada Inc. (REMIC) is accredited by FSCO to provide the course.  For more information please visit us at or call us at 877-447-3642.





  1. What is your commission split?


  1. Do you pay volume bonus?


  1. Does the commission split and/or volume bonus vary based on production?  If so, what are the levels?


  1. Do you have a minimum level of production that I must meet to remain an agent with you?




  1. What are the costs to join?


  1. How much does your Errors and Omissions Insurance cost?


  1. How much does a credit bureau report cost?


  1. Do I have to be a member of CAAMP or IMBA?


  1. Do you charge agents any other costs?  If so, what are they?




  1. Do you have an agent contract that I have to sign?


  1. Does the contract have a term during which I cannot work for another brokerage if I leave?


  1. How much notice must I give if I decide to leave?




  1. Do you provide training?


  1. If so, at what location or is it online?


  1. If so, on what topics?


  1. If so, how often?


  1. If so, is there a cost to me?


  1. Do you have lenders attend meetings to provide agents with information?


  1. If so, how often?


  1. If so, at what location?


Policies and Procedures


  1. Do you provide a compliance manual so I’m aware of your compliance policies?


  1. Do you provide a file checklist so I know what I have to submit to get paid?


  1. Do you have a Policies and Procedures Manual for your agents?




  1. Do you provide me with a website?


  1. Can I change its content?


  1. Do you provide updated content?


  1. Is there any cost?


  1. Does it have an online application that submits the application to me?




  1. Do you provide help on deals that I do not know which lender to use?


  1. Do you have a central underwriting department that can handle a deal that I can’t do?  If so, what is my commission split?


  1. What is your process if I disagree with a lender that declines an application?


  1. Do you provide office space for me to meet with clients?  If so, is there a cost?


  1. Do you advertise?  If so, do I get any leads from your advertising?  Is the commission split different on these leads?




  1. How long have you been in business?


  1. Are there any lenders you do not deal with?  Why?


  1. Do any lenders not deal with you?  Why?


  1. What origination software do you use?


  1. Do you provide training on using that software and if so, when, where and is there a cost?


Additional Questions (use this section to list any additional questions you may have)











General Notes (Use this section to make notes on your impression of the brokerage and/or provide any other information relevant to making your decision)























Joe White
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Joe White

President at REMIC
Joseph J. White has been involved in the mortgage industry since 1988. He began his career as a mortgage agent, and in the mortgage lending sector of the industry he has held positions as National Sales Manager and VP of Sales with two national mortgage lenders.

In the industry’s mortgage brokering sector he is a licensed mortgage broker and has been a partner at a successful mortgage brokerage, manager at two national brokerages, principal broker at a commercial brokerage, founder of a mortgage investment corporation, and is owner and principal broker of his own boutique brokerage.

As an educator, Mr. White has been educating the mortgage industry since 1996.During his 14 years at Seneca College he was a professor and program coordinator and is currently President of the Real Estate and Mortgage Institute of Canada Inc. (REMIC).Mr. White has developed several courses for Seneca College, including the first mortgage broker education program in Ontario,as well as the mortgage agent course.He has written two textbooks used in the mortgage industry and by over 20 Ontario colleges with over twenty thousand copies in print, in addition to several business focused books and e-books. He has instructed over fifteen thousand students and in 2003 won the Excellence Award for teaching and leadership excellence at Seneca College.He can be contacted at
Joe White
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  • kristine j. fisher November 12, 2018 at 8:52 am

    Hi, Joe White

    Thanks for your valuable information about “Choosing a mortgage brokerage
    . This is great advice for those looking to finance a home.

    In the question section you provide some question but didn’t provide any answer . Can you provide me the answer please ?

    I thing mortgage broker can help us by reducing our time as well as its totally Hassle-free.

    Also, i want to mention that , I see your blog regularly. Your blog is very useful to us.

    • Joe White November 12, 2018 at 9:20 pm

      Hi, thank you for your comments. The questions are what a new mortgage agent should ask of a mortgage brokerage before applying for a job at that brokerage.

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