Trillium Accessible Mortgage info session

[vancityeast]

anyone here go to there career info session before? There is one tomorrow. i just wanted some feedback and hope they dont just try selling something to me for 2 hours.

http://www.trilliumaccessiblemortgage.c ... eer_night/


thanks!

[Marco911]

I'm going to assume this event will do one of two things. Get you potentially interested in becoming a mortgage broker, or put you in touch with someone so that when you need a mortgage, they will be top of mind and will contact you.

[vancityeast]

i am interested in being a mortgage broker so don't mind that. Maybe the info session is to get potential brokers to work for them??

Recommend any other info sessions similar?
thanks!

[Marco911]

I just finished my course a few days ago. 3 weeks of my life I will never get back.

I think if you are considering becoming a mortgage broker, know what you're getting yourself into before hand.

I personally don't feel these events are too helpful but this is coming from someone who works with leverage and finance so perhaps
I have a bit more of a tailored background for this kind of thing.

It will never hurt to go and have a listen.

[curious]

Marco, which course did you take? What's your opinion on it?

[Marco911]

There is only one official mortgage broker course to become licensed offered through UBC. It is very similar to the Real Estate course that Sauder offers.

The requirements to write the exam and the course itself was beyond easy. This means mortgage industry is not concerned about saturation which makes me wonder what duty they serve to the existing mortgage broker community (the answer is inherent).

Law school admission becomes harder if the quality of the applicants increase. The exam requirements to be admitted to the BAR association change in regions to reflect the demand. The CFA class is curved as not to allow too many graduates. Med school has fixed seats.

I'm not trying to compare the caliber of courses but to illustrate the need for a higher level of scrutiny.

The course was useless, boring and easy. You need a 65 and I managed to get 98. Seriously, it's a joke.

[Warren12]

Hey Marco911 I was told RE Agents need to take the broker course as well as other courses. Did you have a lot of agents in your class?

[curious]

Marco, congratulation on an outstanding score!
I assume that now you probably are starting your career of a mortgage broker?

[Marco911]

Hey Marco911 I was told RE Agents need to take the broker course as well as other courses. Did you have a lot of agents in your class?

I didn't talk to anyone and I only showed up to write the exam (they have classes you can go to but I did not attend) so I have no idea who was writing what. I was told the split is about 90% realtor 10% mortgage broker. I believe the course is very similar for both but realtors do not have to write a mortgage broker exam unless they want to sell mortgages. More of a cash grab for Sauder if you ask me.

Marco, congratulation on an outstanding score!
I assume that now you probably are starting your career of a mortgage broker?

Thanks, although it's nothing to be excited about. It's not like scoring a 40S on the MCAT, that would be difficult!

I am not going to do anything special with the course for a while. Once my house is finished and I've settled a few issues with some investments I'm going to start a business plan so that in 2 years I can run my own brokerage. We'll see what happens.

[rofina]

Hey Marco911 I was told RE Agents need to take the broker course as well as other courses. Did you have a lot of agents in your class?

I didn't talk to anyone and I only showed up to write the exam (they have classes you can go to but I did not attend) so I have no idea who was writing what. I was told the split is about 90% realtor 10% mortgage broker. I believe the course is very similar for both but realtors do not have to write a mortgage broker exam unless they want to sell mortgages. More of a cash grab for Sauder if you ask me.

Marco, congratulation on an outstanding score!
I assume that now you probably are starting your career of a mortgage broker?

Thanks, although it's nothing to be excited about. It's not like scoring a 40S on the MCAT, that would be difficult!

I am not going to do anything special with the course for a while. Once my house is finished and I've settled a few issues with some investments I'm going to start a business plan so that in 2 years I can run my own brokerage. We'll see what happens.

Wouldnt that make you rather bullish on the real estate industry in BC?
Congrats on the score.

[vreaa]

Marco911's experience becoming a Mortgage Broker has been archived at Vancouver Real Estate Anecdote Archive as reflective of important activity and sentiment in the local RE market.

“The [Mortgage Broker] course was useless, boring and easy. Seriously, it’s a joke.”

[fun and mental]

marco is correct, the course is insanely easy, same as the course for realtors.

the barrier to entry comes in the ability to get business, competently do business, then get even more business. if you can survive the first year or so and gain business/experience you can be on your way.

the course material mainly covers legal info, you don't actually learn anything about underwriting mortgages, lending etc.. until you get some hands on experience.

i hope marco will keep posting and updating us on his progress, i will be interested to see how he does.

[Marco911]

Marco911's experience becoming a Mortgage Broker has been archived at Vancouver Real Estate Anecdote Archive as reflective of important activity and sentiment in the local RE market.

“The [Mortgage Broker] course was useless, boring and easy. Seriously, it’s a joke.”

Thanks for putting this up.

Perhaps someone somewhere would care and make some changes. I'm not hopeful but perhaps one day, school will actually teach you how to do what they say they will.

This is a common problem I had even during my years at UBC economics and business. The classes and material learned do NOT prepare you for economics or business and there is no doubt it can cripple many students once they enter the workforce or start their own business.

I have a lot of lending and credit experience. There is no mention on how to read a credit report. There is no info on how one could improve their credit rating or how the credit grading system works and how that ties in with lending.

There is virtually no mention on standarized products that brokers offer and who they apply to and why. The marketing section will set anyone up for failure and the list goes on. For the average person. If one person took the mortgage broker course and another person took a class on space travel, both would be pretty much on equal footing if they were to step into the roll of a broker.

I was very unhappy with my education at UBC and I am not too surprised that this course was also nothing more than a pathetic attempt to get $1000 and waste a few weeks of my life.

If you want to be a broker, take the course and figure out what you want to do. I would never suggest someone not do what they want. Just a warning that the book has nothing to do with the job and the course is boring and thoughtless.