What is a Licensed Mortgage Associate?

Licensed Mortgage Associate Definition

Each province has unique classification for the person that handles mortgage financing on behalf of a mortgage brokerage.

The most common title for this individual is a Licensed Mortgage Associate.

A Licensed Mortgage Associate is person within a mortgage brokerage who most commonly deals with clients. A Mortgage Associate will take clients’ applications on behalf of the brokerage, and walk them through the mortgage process.

A Licensed Mortgage Associate is often the person in charge of obtaining the various documents necessary processing the mortgage loan application, such as the credit report, down payment and income verification, as well as other documents. The Mortgage Associate will also have the most direct contact with the borrower.

Education for Mortgage Assciate Licence

Licensed Mortgage Associates will study the real estate mortgage field, and are required to complete a Mortgage Associate Program in their province. They take courses in the applicable laws regarding real estate mortgages, types of mortgages, title insurance, credit bureaus, ethics and a number of other areas of study.

After completing their course study they are required to successfully complete their Provincial Qualifying Exam in their province. They must have a passing grade for licensing eligibility. The educational prerequisites are to ensure that Licensed Mortgage Associates are trained in the intricacies of the real estate mortgage industry and can provide the best possible service to their customers.

Part of Your Mortgage Team

The Licensed Mortgage Associate’s job begins with your application. They will review your application if submitted online, or can take your application over the phone, or through a written application.

The License Mortgage Associate will sit down with you and go through your mortgage application to ensure all requirements are met. They will also assist you in obtaining the proper documentation in order to submit your application to the proper lenders for approval. As a part of the mortgage brokerage team, the Licensed Mortgage Associate will advise you in selecting the mortgage product that is right for you. After your mortgage is approved by the lender, the Licensed Mortgage Associate will walk you through the final steps of the transaction.

At First Foundation, we take pride in the education, training and experience of our mortgage professional team. We strive to meet the highest standards possible, to ensure our customers the best possible service available.

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Last updated Oct 29, 2014