Join Citadel Mortgages: Elevate Your Career as a Mortgage Agent or Broker

In the competitive world of mortgage brokerage, having the right support system can make all the difference. At Citadel Mortgages, we understand the challenges agents face and have developed a comprehensive support system designed to help you thrive. Whether you're a seasoned professional or just starting out, we invite you to join our team and take your career to the next level.

Why We Require All Documents Upfront

One common question that often arises in mortgage forums and groups is about the requirement to collect all documents upfront. Agents frequently ask:

Agent Question:

“I have been in the business for a bit, and my brokerage requires all documents upfront before processing an application. Is this normal? I feel like I lose clients.”

Our Response:

Yes, this is how we operate at Citadel Mortgages, and it’s a practice that top-performing brokerages follow. Here’s why:

Client Understanding:

Many agents fail because they do not fully understand what constitutes a real client. Excitement over a new client often leads agents to let the client dictate the process. Instead, stand firm as a professional. Overcome objections and educate clients on why you need all the documents upfront. If a client continues to resist, they may not be a serious client. The idea here is the client will give you 2 objections and you are to overcome them and explain the "why" but if by the third time the client is still trying to avoid following the process, then this is not a client. Investing time in such clients often does not yield a positive outcome.

Efficiency in Process:

Quickly identifying serious clients and gathering complete applications and documents within 24-48 hours from the first contact is crucial. This step is essential for building a sustainable business and a strong pipeline. You 100% can get an application from start to close in this time frame if you are confidant and understand the process.

Comprehensive Support:

At Citadel Mortgages, our agents follow a step-by-step process called “Onboarding Your Client,” which includes overcoming objections and collecting necessary documents. Our agents can also observe experienced agents handling live calls and building files, enhancing their learning process.

The Underwriting Process

Underwriting involves more than just submitting the file to the lender. It requires:

1. Document Utilization: Understanding and using all collected documents effectively.

2. Credit Report Analysis: Reading credit reports and understanding the impact of trade lines.

3. Income Documentation: Knowing which income documents to use for approval and why collecting all documents upfront is beneficial.

4. Down Payment Verification: Understanding the source and proper packaging of the down payment.

5. File Packaging: Properly packaging and labeling documents for the lender to expedite approval.

6. Lender Submission Notes: Creating clear, concise notes for the lender to ensure a quick approval process.

All of our mortgage brokers and mortgage agents complete this process so they learn how to underwrite a file properly. Our central underwriting team helps dissect and improve your file by providing coaching feedback and the "why" so you can learn the ins and outs before submission, ensuring a clean and complete file for the lender.

Offer Call Process

Once your file is thoroughly underwritten, we conduct an offer call with the client, the RVP, and sometimes the Principal Broker. During this call, we present:

1. The lowest rates for their approval.

2. A 2-in-1 mortgage product if the deal isn’t a high ratio deal.

3. A cashback offer if the deal isn’t a refinance.

This collaborative approach increases client involvement and approval rates. The RVP or Principal Broker assists in handling objections and questions, leading to a smoother closing process and helping mortgage brokers and agents learn how to overcome objections.

Final Steps

After the offer call, the UW submits the file to the lender, handles the lender’s side, and prepares the signing packages for the agent. If there is any lender feedback, the UW updates this into the client profile in the CRM. The agent gets to see the notes in real-time and is updated in real-time once approved. Once the file is approved, the UW then creates the signing package. The agent books a signing call with the client and the RVP, and the RVP leads the signing call with the client and agent and completes it.

This two-person sales approach significantly boosts closing rates, as clients feel reassured and supported throughout the process.

Continuous Improvement

Once the file is signed, the UW handles the lender process and lawyer process. When the file closes, the UW does the compliance package and sends it to payroll. The compliance officer then builds the final compliance packages for your files and your client’s file. They provide you with both packages, plus a written thank you letter for you to sign and provide to your client and a travel vacation package for you to provide to your client. The file is processed, and you are paid out once the brokerage is paid by the lender.

Afterward, you receive two coaching documents:

1. The deal evaluation document provides feedback on what you did well and the challenges you faced.

2. The submission profile shows when it was submitted to the lender and why it was submitted.

These documents offer real coaching feedback to help you understand your file and how to prepare future files. See examples here: https://www.citadelmortgages.net/citadelcareerjourney-example-support.

Building a Sustainable Business

The goal for our agents is to quickly reach a volume of $20-30M annually. At that point, they have the option to handle the entire process of submission to lenders, signing packages, and compliance themselves. Interestingly, 90% of our agents choose to let us continue handling these tasks because they realize that the hardest part of the process is getting the client, the documents, and underwriting the file to the UW team. Because they are doing $20-30M, they realize they can now scale to $40-60M or more with this model without needing to hire and pay for a underwriter themselves, as we provide this support.

This process has been designed primarily for new agents, but many experienced agents with 8-15 years of experience have joined us because it helps their business. With this model, there is no reason why any agent cannot find success. In my experience, the agents that struggle are the ones who try to provide rates with no or very limited documents upfront, those who are unwilling to go and hunt for clients, or those who try to recreate the process their way.

Compensation Considerations

Ensure your brokerage offers opportunities for additional compensation, such as:

- Finders fees

- Brokerage fees

- Volume bonuses

- EFT bonuses

- Super Volume Bonuses

- Trailers

- Renewals

Not all brokerages have the super volume bonus, and not all brokerages offer profit sharing. It is also important to understand that you, as an agent, should not just expect any of this additional compensation. Not all lenders pay volume bonuses, and if you do not provide enough volume to add value to these, then you should not expect a lot. If your volume plays a factor in these for your brokerage, then you should get a fair share. At Citadel Mortgages, we only pay 50% of this volume out on a split of 85/15 or higher, 90/10, or 100%. The reason is we provide:

1. A lot of support.

2. Closing gifts for all your clients.

3. A dedicated underwriter.

4. All the tech you need.

5. Coverage for credit pulls, bank statements, purview costs, etc.

Understanding what a client is, how to collect all documents upfront, and how to underwrite and package your files is crucial for the success of any agent.

Join Us at Citadel Mortgages

At Citadel Mortgages, we provide the tools, support, and structure necessary for our agents to succeed. If you're ready to elevate your career and join a team dedicated to your success, we invite you to explore the opportunities with Citadel Mortgages. Contact us today to learn more about how you can become a part of our growing family and achieve your professional goals.

Keep in mind Citadel Mortgages has some of the lowest mortgage rates in Canada, so not only are you joining a winning team, your clients join a winning team as well!