There are many benefits to getting your FSRAO Mortgage Agent Level 2 licence, particularly when partnering with the team at Calvert Home Mortgage, a leading alternative short-term mortgage lender in Ontario and Alberta. Here’s why it’s a strategic move:
As an Ontario Mortgage Agent Level 1, your ability to support clients is limited by the types of lenders and mortgages you can access. However, earning your Financial Services Regulatory Authority of Ontario (FSRAO) Mortgage Agent Level 2 licence can significantly broaden your opportunities. This licensing framework not only allows you to serve a wider range of clients but also positions you as an expert in alternative mortgage lending – a sector that continues to grow in demand.
Expanded Lending Opportunities and Support a Broader Range of Clients
As a Mortgage Agent Level 1 agent, your lending activities are restricted to institutional lenders such as banks, credit unions, and CMHC-approved organizations. While this limits access to alternative lending, you can still support clients in alternative mortgage scenarios by partnering with a Level 2 Agent or Broker. You would simply need to refer them to colleagues with the required credentials to facilitate alternative lending.
However, with a FSRAO Mortgage Agent Level 2 licence, you can deal with both institutional and alternative lenders. This opens the door to arranging mortgages for clients who don’t fit traditional financing profiles, such as self-employed borrowers, those seeking funds for investment properties, and clients seeking short-term solutions. As a result, you can support clients with a wider range of mortgage needs, including:
- Short-term mortgage solutions for flips or BRRR (Buy, Renovate, Rent, Refinance) projects
- Quick funding for unconventional property purchases
- Flexible lending options for Real Estate Investors looking to expand their portfolios
- And much more!
At Calvert Home Mortgage, we specialize in providing these types of alternative short-term mortgage solutions, making us an ideal partner for Level 2 agents.
Enhanced Expertise in Alternative Lending
To transition from a Mortgage Agent Level 1 to Level 2, FSRAO has established specific eligibility criteria, education requirements, and an application process. These details are outlined here.
These requirements ensure you have the necessary knowledge to navigate the complexities of alternative lending, including compliance, risk management, and fraud prevention.
By demonstrating this expertise, you not only meet regulatory standards but also build trust with clients and lenders, positioning yourself as a go-to professional in the alternative mortgage space.
Greater Earning Potential and Business Growth
FSRAO Mortgage Agent Level 2’s can access a broader pool of lending opportunities, which can translate into more deals. Additionally, alternative mortgages often involve specialized arrangements, and clients value agents who can offer unique solutions, making your services more sought after.
Staying Ahead of Industry Changes and Regulatory Updates
The introduction of the Level 2 licence is part of FSRAO’s effort to enhance consumer protection and elevate industry standards. By upgrading your licence, you stay informed of these regulatory changes and demonstrate your commitment to your clients.
Partner with Calvert Home Mortgage to Grow Your Business
By upgrading to a FRSAO Mortgage Agent Level 2 licence, you’ll open doors to exciting opportunities in the alternative lending space. At Calvert Home Mortgage, we’re here to support you and your business growth and provide valuable solutions to your clients.
Click here to book a Broker Presentation and learn more about how we can support you and your business.