Every now and then we find little articles in the news and like to talk about them. Here’s a story, for example, on bank mortgage specialists (an RBC specialist in particular) from the New Brunswick Business Journal. Story Link
Like mortgage planners, mortgage specialists get paid by commission. The best ones earn good money. We know specialists at RBC for example, making over $200,000 a year.
And, it seems banks are always hiring. You can see dozens of mortgage specialist positions available on CMT’s mortgage jobs page.
Naturally, the main difference between bank mortgage specialists and mortgage planners is that bank reps sell just bank products. Mortgage planners sell and research multiple lender’s products.
There’s also differences in licensing. Most provinces require brokers to be licensed and meet minimum educational requirements. Not so much with mortgage specialists. (Although that may change)
In any event, it would be great to hear from any bank mortgage specialists out there on the pro’s and con’s of working for the bank versus being independent.
What do you love about working at a bank? Do you find it problematic selling just one line of mortgages? How often does bank bureaucracy get in the way? How much do you keep up on competitors’ products? What do you suggest to bank clients when you know another lender has clearly better rates/terms than you can offer?
This is meant to be a constructive dialog and we welcome your comments.