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What is IMBA? IMBA is an association of mortgage professionals that acts on our members behalf as the Voice of Independent Mortgage Brokers and Agents in Ontario. IMBA provides industry leadership, fostering professional development, partner relationships and we further act as a stakeholder advisor to the Ontario government and regulators. What are the requirements to become a Mortgage Broker? What are the requirements to become a Mortgage Agent? What is the difference between a Mortgage Broker and a Mortgage Agent? While both may perform the same functions within a brokerage, however a mortgage broker has obtained a higher level of education, and is authorized to supervise agents and deal directly with private investors. What is the cost of a Mortgage Agent Licence? Current cost is $700 for the two-year licensing period. Please note that there is a fee of $100 for new applicants. Please click here for more information. Does completing the IMBA Mortgage Agent Course give me a Mortgage Agent Licence? No. The IMBA Mortgage Agent Course meets the educational requirement to become a mortgage agent. You must apply for a Mortgage Agent Licence to the Financial Services Commission of Ontario (FSCO) through the brokerage that you will be employed with. Does completing the IMBA Mortgage Agent Course provide me with an IMBA Membership? No. Successful completion of the IMBA Mortgage Agent Course only means that you have met the educational requirement to become a mortgage agent. To become a member of IMBA, you must complete the IMBA application form and be approved by the IMBA Board of Directors. Please click here for more information on IMBA Membership. What is the cost of Errors and Omissions insurance? Insurance costs vary from brokerage to brokerage. You will need to contact the brokerage that you will be employed with for this information. How do I register a complaint against a mortgage broker? Please click here. Why use an IMBA Mortgage Professional? Just as an Insurance Professional will find you the best deal on insurance, an IMBA registered Mortgage Professional will search the market to find you the best deal (based on your individual circumstances) on a mortgage. Rather than working for one financial institution, we deal with many different financial institutions on a daily basis. This allows us to offer you more choices and more competitive mortgage rates and features. It also means our advice is impartial and based on whatever is in your best interest. How do IMBA Mortgage Professionals find the best rates for clients? We study mortgage rate markets and have direct access to many different lenders, and can therefore offer you highly competitive rates that are among the best available. And while you may not enjoy negotiating with financial institutions, that’s our specialty. We are committed to finding and presenting you with the best possible deal based on your individual circumstances. Wouldn’t it make more sense for me to talk to various banks on my own? Shopping for mortgages can be time consuming and frustrating if you do it yourself. That’s why more and more Canadians who are shopping for a mortgage, are relying on mortgage professionals. Mortgage Professionals have access to many different lenders and they know which lenders offer which products and can quickly short list the ones that best match your personal needs. For consumers, it is one-stop shopping at it’s best. Are IMBA Mortgage Professionals employed by the banks? We do not work directly for any one lender and therefore you can be confident that we will provide you with unbiased advice. After making sure we understand your needs, we present you with various options and together we decide which mortgage is best for you and your financial future. No pressure. No ulterior motives. Do IMBA Mortgage Professionals get paid by the Financial Institution? Even though we work for you (not the financial institution), in most cases we get paid a "Finders Fee" by the financial institution after the mortgage has closed. The “Finders Fee” reimburses us for bringing them creditworthy customers like you. And since these fees are similar across most lenders, there’s no incentive for us to favour one lender over another. In very rare instances—if, for example, you have non-standard credit or a "unique" property—a broker may charge a fee, but in the vast majority of cases, there’s absolutely no charge of any kind to you. And before asking you to pay any type of fee the reason for the fee would be fully disclosed and discussed with you. Which lenders do you work with? The lenders we deal with are the same reputable and established Canadian financial institutions you are used to. Our members also deal with a host of other institutional and private lenders and are therefore able to offer you greater selection and more flexible lending solutions that fit your individual needs. We are committed to upholding the highest ethical standards and our goal is to ensure your 100% satisfaction. |
be 18 years of age or older; 