brokerage decision
According to Kimberlee Freeman, CEO and founder of KMF Enterprises, there are important factors to consider. Based on her 24 years of experience, Freeman said more transparency between brokerage houses and the agents working under their umbrella is needed. She believes the mortgage agent training course should include detailed information on how brokerages are typically structured. “A new agent has absolutely no idea where to begin,” she told Canadian Mortgage Broker magazine. “Brokerage houses must be clear and show what they are offering, so agents understand. It would be great to have education somewhere in the mortgage training course. When they get licensed, there should be a checklist of key items that agents should ask about – including case studies of different types of brokerage structures.” Freeman is past president and chair of education for CMBA Ontario and the current treasurer and chair of national education for CMBA National. She said the issue is so important that the Ontario chapter created a checklist to help mortgage agents link up with the right brokerage house. After all, both the brokerage and the individual agent are looking for the right fit. “How do you investigate a brokerage to make sure they are someone you want to join? Google them and have questions ready for them. Who are the leaders? Check them out; do your research. When you do approach them, you will be prepared,” she advised. Some of the many questions to ask include clarification on the house fees and what services they include – proprietary software, marketing materials, technical support and structured mentorship, for example. How are an agent’s credit bureau fees charged back to them? What is the commission split and how are volume bonuses handled, if applicable? “And, here’s a big one,” said Freeman. “What happens if an agent decides to leave? What is the exit process and what happens with their book of business, or CRM? These are all important questions.”
FIT FINDING YOUR
Are you a freshly-minted mortgage agent looking for a brokerage house to help launch your career? Joining a brokerage can provide you with valuable education, mentorship and professional growth opportunities, but choosing the right firm isn’t always as simple as it sounds. BY LISA GORDON
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