FAQ – Frequently Ask Questions (Click + for text and play for video)
Why join Castle Mortgage Network?
What Support do you provide?
How Much can I make the 1st year?
How Do I Go About Finding Clients?
Can I compete with the Banks and other Brokers? How?
How Do I Get Licensed and Become a Castle Mortgage Network Broker?
What is the Success Rate for people in The Industry vs Castle?
What is Castle Mortgage Network’s
Reputation?
Requirements:
The successful brokers in this industry are self-motivated, creative and out-going individuals that are comfortable with networking in their communities and passionate about providing the best financial solutions for their clients.
A strong customer service background, regardless of the field of previous employment, will serve as the foundation for a successful career in the mortgage brokering industry. It is NOT an important requirement to have a banking background or be strong with mathematics – this is a common misconception about the mortgage industry. A passion for helping people, the ability to network in your community and the desire to run your own business are the only important criteria to entering the mortgage business.
A laptop or desktop computer with wireless access and a webcam is all you need to get started in this business. A scanner is also a helpful tool to handle the paperwork that your clients will provide to you. The only software you should have available is an Office-type suite for email, word processing, spreadsheets and presentations.
To become a mortgage broker in Manitoba, you need to enroll in the Mortgage Broker course offered by our national organization, CAAMP (the Canadian Association of Accredited Mortgage Professionals). After passing the course’s exam, you will become eligible to be licensed by the Manitoba Securities Commission as a Mortgage Salesperson.
The required Manitoba Mortgage Broker Course administered by CAAMP (The Canadian Association of Accredited Mortgage Professionals) will take 2 – 8 weeks to complete, depending on how much time one can dedicate to getting through the course material. The exams are scheduled once per week and take approximately 1 week to process and mark. The licensing process through the Manitoba Securities Commission takes approximately 2 weeks to become a registered Mortgage Salesperson and this can be done immediately following your successful completion of the Manitoba Mortgage Broker Course through CAAMP . Your training with the Castle Mortgage Network will then start and you will be able to begin your mortgage brokering career!
While not a likely outcome, if you do not pass your CAAMP (The Canadian Association of Accredited Mortgage Professionals) exam, you can schedule to re-write the exam. The Castle Mortgage Network always works with all new brokers to ensure that you will have a good base knowledge and understanding of the concepts to give you the best possible opportunity to pass the exam!
Services:
The Castle Mortgage Group is a well-respected and well-known mortgage brokerage company throughout Canada. Castle enjoys excellent working relationships with all our lender partners around the Country and has been nominated for Brokerage of the Year in 2011 and 2012 by the mortgage industry in Canada. With over 100 combined years in the mortgage industry in Canada, the principals of the company are proud to lead the way by constantly innovating and working to improve the client experience and our extremely high client loyalty speaks volumes to what sets Castle apart in the industry.
The culture at Castle Mortgage Network is unmatched in the mortgage industry. Our culture of a true team environment, constant learning and training for personal and professional improvement as well as industry-leading underwriting and support technology sets the Castle Mortgage Network apart from all other brokerages.
The Castle Mortgage Network (CMN) will provide you with initial training to help you navigate the CAAMP (The Canadian Association of Accredited Mortgage Professionals) accreditation course to successfully achieve licensing here in Manitoba. Once licensed, CMN will then provide you with the most solid foundational sales, business and mortgage training available anywhere in Canada to ensure your long term success. Our underwriting and support technology will allow you to focus on the vital task of working ON your business and not IN your business – giving you the time to develop your client and referral source relationships while we take care of the paperwork side of the business to ensure that your clients receive the best possible experience available in the mortgage broker industry. Castle’s commitment to you is supporting your business to ensure that you have access to the most up-to-date and industry-leading information and training available in the mortgage business.
The Castle Mortgage Network (CMN) will provide you with web-based technology that will allow you and your clients to access cutting edge services so that you will never feel alone. Once you have access to our online dashboard from your laptop or desktop computer, you will have the ability to communicate with our team of underwriters to get up-to-the-minute updates on your client files, sales support and training, marketing materials and much much more to ensure your success in the mortgage business. During your time at the Castle Mortgage Head Office, you will have access to industry-leading training technology and learn how to use it to make your individual mortgage business as successful as possible.
At Castle Mortgage Network (CMN), we have over 100 years of combined experience in the mortgage business. If you have thought of a marketing idea, chances are one of us has done it and can give you some expected results. Our team of mortgage specialists will help you navigate the confusing world of marketing your business and save you literally thousands of dollars by showing you what works and more importantly what does not work, so you can focus on building your mortgage business without wasting your money on unnecessary advertising and marketing in your area. We do have many ready-to-use templates that are tried and true and will help you build your mortgage business quickly.
At Castle Mortgage Network (CMN), we are here to support your business once you have a client. Castle Mortgage Network does not provide our mortgage agents with mortgage leads. Mortgage clients are plentiful and are literally any homeowner in your area. Once you show a client the value in securing them the best possible mortgage for their specific needs, your business should provide you with lots of leads through client referrals and your networking opportunities that want to deal with you specifically!
Castle Mortgage Network (CMN) will provide you with your own website that has all of the tools necessary to ensure your long-term success in the mortgage business. You will be able to choose from several “looks and feels” to give you the individual website that you will be very happy with. In Manitoba, you can have your own brand as long as that brand is licensed under the Castle Mortgage Network. Click here for an example of one of our brokers Websites
Castle Mortgage Network (CMN) is your mortgage support and compliance connection to the mortgage industry. If you require help branding your company we can gladly supply you with a list of agencies that can help you with that and more!
The annual mortgage production volume of the CMN team is amongst the highest in the Canadian marketplace. This combined mortgage volume allows CMN access to the best lenders and their lowest possible mortgage interest rates. Just by your association with CMN, you will have access to these special rates. CMN also has exclusive mortgage products only available through our company to help your clients get the absolute best mortgage product for their individual needs.
The Castle Mortgage Network model is unique to the mortgage industry. The combination of our commitment to ongoing training, state of the art underwriting technology and industry experience is unmatched in the Canadian marketplace.
My Business:
Yes. Yes. Yes, and YES!
If you would like to operate your new mortgage business from a new or existing office that would work very well! Some agents have success opening their office up in an existing real estate, insurance or financial planning office as there are many synergies that can work between those types of businesses and their existing clients.
If you would like to operate your new mortgage business from a new or existing office that would work very well! Some agents have success opening their office up in an existing real estate, insurance or financial planning office as there are many synergies that can work between those types of businesses and their existing clients.
You can absolutely have your own unique business name if you like and employ as many other people on your team as you like.
At Castle Mortgage Network (CMN), we are very open about the fact that your clients are indeed your clients as they came to do business with you because you are who you are. If you choose to leave CMN, the clients are yours to take with you.
If you would like to exit the business by selling your “book” of business to another broker you most certainly can do that.
We want to make things as simple and convenient for you as we can! As your new mortgage business is your own, you may choose to work at a variety of different places. If you feel that you would like to work from a home office, you can absolutely do that.
Some of the most effective mortgage businesses are those where partners work together to support the overall activities of the company. Of course all people active in the business of mortgage origination must be licensed and pass all of the necessary exams and licensing requirements.
The relationship that Castle Mortgage Network (CMN) shares with a national affiliate (TMG) you would have access to every Canadian province to handle the mortgage needs of your clients. There are licensing requirements for those mortgage agents that choose to actively advertise in other provinces but handling the financing requirements for your existing clients that are transferred or are simply purchasing property in other areas of the country is fine.
At Castle Mortgage Network (CMN), you can absolutely work within the mortgage industry on a part time basis. CMN provides you with all the training and support that you will need to keep up on the changing requirements in the Canadian Mortgage Industry and our underwriting team is in place to help you every step of the way by ensuring that your clients get the absolute best experience possible. Many mortgage agents have another position that helps bridge the gap while you become proficient in the mortgage business and again, because CMN supports your business from the underwriting and qualifying perspectives, it is possible to work part time in this business as long as your other position does not present a conflict to the licensing body (The Manitoba Securities Commission).
In the mortgage business, finding clients is the most important activity that you can engage in every day. There are literally dozens of different target markets in which to find new clients and Castle Mortgage Network (CMN) will work with you to identify these markets and train you to work within them all. Your initial training will open your eyes to these opportunities and how to identify them!
Financial:
This is a common question when embarking on a new career in the mortgage industry and it really depends on how much time you are willing to invest in your mortgage business. Due to the support you will receive in working with The Castle Mortgage Group, your income potential is much higher than an agent anywhere else where they would need to process their own deals through the underwriting stages. A fair average first year income would range from $35,000 – $50,000.
If you would like to exit the business by selling your “book” of business to another broker you most certainly can do that.
Try this calculator out to see how many deals you need to reach your goals!
At Castle Mortgage Network (CMN) we have identified what holds most mortgage brokers back from reaching their individual potential. That is having to keep up on all of the industry changes, lender regulations, insurer regulations, Governmental changes and collecting the correct documentation from your clients. These “underwriting” and “document collection” stages are what takes most mortgage agents away from finding new clients and opportunities and ultimately limits their production or income potential.
With our proprietary underwriting and document fulfillment teams, we ultimately take that concern away and let you focus on the more important task of interacting with your clients, finding new clients and business opportunities and the many sales functions necessary to maintain a successful mortgage business. Plugging into the CMN will ensure that your days are filled with focusing on selling your services instead of dealing with the day-to-day communication between lender, funder, insurer, lawyer and client making you more profitable on each mortgage.
If you are New to The Industry, Castle Mortgage Network (CMN) is opening up the mortgage business to anyone who wants to embark on the fantastic career of the mortgage agent. As with any serious career where income potential is very high, there is a substantial amount of training and support needed to start off on the right foot and accelerate the learning curve. If you are brand new to the mortgage industry, CMN charges an Initial Start-Up Fee of $12,995. There is a Monthly Network Fee of $149. and an Annual Network Access Fee of $499. For every mortgage deal we close together, there is a Documentation Processing Fee of $25. For all earned commissions, there is a commission split paid to the mortgage agent and to CMN – amongst the highest in the industry and completely unique for the services we are providing.
If you are Partially in The Industry, a Bank or Credit Union employee with some previous lending and credit experience, you are already halfway to your new successful career as a mortgage agent. CMN would charge you a (Reduced) Initial Start-Up Fee of $7,995. There is a Monthly Network Fee of $149. and an Annual Network Access Fee of $499. For every mortgage deal we close together, there is a Documentation Processing Fee of $25. For all earned commissions, there is a commission split paid to the mortgage agent and to CMN – amongst the highest in the industry and completely unique for the services we are providing.
If you are Partially in The Industry, a Bank or Credit Union employee with some previous lending and credit experience, you are already halfway to your new successful career as a mortgage agent. CMN would charge you a (Reduced) Initial Start-Up Fee of $7,995. There is a Monthly Network Fee of $149. and an Annual Network Access Fee of $499. For every mortgage deal we close together, there is a Documentation Processing Fee of $25. For all earned commissions, there is a commission split paid to the mortgage agent and to CMN – amongst the highest in the industry and completely unique for the services we are providing.
If you are an Experienced Broker or Mortgage Agent from another firm with a proven track record of sales volume, CMN would welcome you to our family. CMN would charge you a (Very Reduced) Initial Fee of $3,995. There is a Monthly Network Fee of $149. and an Annual Network Access Fee of $499. For every mortgage deal we close together, there is a Documentation Processing Fee of $25. For all earned commissions, there would be a commission split paid to the mortgage agent (depending on proven sales volumes) and to CMN. Many experienced agents are pleased to move the responsibility of the underwriting and document processing stages to CMN and in some cases eliminate the need to employ an assistant or continue with the overhead of a retail location. CMN allows these experienced agents to focus on sales rather than the many processes within their existing mortgage businesses.
The fees charged by CMN allow the Network to supply you with the necessary training and underwriting/document processing support necessary deal by deal to ensure that you and your clients receive the best possible service throughout the mortgage process. They pay for the CMN underwriting team, the CMN document team, the technology necessary to ensure personalized service, initial on-board and consistent training in the business, your personalized website and initial start up materials, and commission processing costs.
Through our national affiliate, we do have access to a family benefits program that you can opt into should you feel the need to join. Through our sister company, Castle Insurance Group we also have some tax efficient programs that you can access for your medical, dental and travel insurance needs that you can setup to run through your new mortgage business.
The training that CMN provides is much different than you will receive anywhere else. It’s training by mortgage agents and industry professionals for mortgage agents – not managers. We believe that the success rate for CMN agents is much higher than the industry average due to the industry experience that you are able to plug into from your first mortgage deal on. We have some of the highest volume mortgage agents working in Manitoba that have been in the mortgage business for over 20 years – and have chosen to be with the Castle family since it’s inception in 2008. We are committed to your success now and into the future.
While this is a valid question, The Castle Group of Companies has been growing at a rapid pace for several years now. We are a Group of younger professionals that plan on staying in the business for many years to come. As an independent mortgage agent of the Network, your business is your own and your clients are your own. You would always have access to your client’s information and be able to continue on in the mortgage business independently should you decide to take your affiliation elsewhere.