Bank or Broker – What’s the difference?
When you are in the industry 20+ years you (and by YOU I mean ME) just assume that people know the difference when it comes to mortgage financing between a branch banking employee, a bank employed Mortgage Specialist and a Mortgage Agent/Broker. But the more people I talk to the more I realize that most don’t know or maybe don’t even care (as long as they get the approval they are looking for).
I have held all 3 roles. I definitely didn’t dream of being a ‘banker’, as my loving spouse so often refers to me and my ‘banker’ friends and colleagues but somehow I found myself landing a job at TD Bank when I was ready to start adulting.
I began my journey as a teller (that’s what we were called back in the day) and quicky moved into a sales role where I was able to help customers with their mortgage needs. True story – one of my very first customers when I became a Financial Services Representative was looking for a mortgage. At the time I did not have mortgage and I didn’t really know the first thing about mortgages but I was able to collect enough information to take to my mentor who was able to help me move forward. And so began my love of mortgaging (yes – it can be a verb)
After 2 maternity leaves in 2 years I returned to TD – but this time I was a Mobile Mortgage Specialist where my sole responsibility was helping customers obtain mortgage financing with TD.
6 years later I decided it was time for me to move into more of a leadership role where I could build, train and coach a team of Mortgage Specialists – an awesome opportunity for me with both TD and RBC.
Fast forward to 2021 where I realized my true passion is helping customers directly.
This is where I needed to make a choice – do I stay with a bank as a Mortgage Specialist, or do I operate independently as a Mortgage Agent? If you are reading this you have likely figured out what choice I made. (HINT: Mortgage Agent)
Why did I choose Mortgage Agent?
As a Mortgage Agent I am able to:Help
