Just got your mortgage broker license? Here's the technology you need to start closing deals.
The Three Essential Tools
1. bips - AI placement engine (free for 3 placements, then $150/month)
Why it's #1: As a new broker, you don't know all 40+ Canadian lenders, their criteria, or their BDMs. Experienced brokers have years of relationships. You have bips.
bips matches any deal against 40+ lenders in under 2 minutes. It calculates GDS, TDS, LTV, stress test, and CMHC premiums automatically using proper Canadian semi-annual compounding. It also includes a BDM contact directory, and the bips CRM is available for $29/month after a 14-day free trial.
Start here: bips.ca
2. Filogix Expert: Deal Submission (via your brokerage)
The industry standard for submitting deals to lenders electronically. Your brokerage provides access. Use bips to find matching lenders, then submit through Filogix.
3. Google Workspace: Email & Docs ($7/month)
Professional email, calendar, and document storage.
The Optional (But Useful) Tools
- Speed Stacker: Rate comparison and stacking ($30-50/month)
- Cal.com: Client scheduling (free tier available)
- bips Calculators: Free at bips.ca/tools
Total Monthly Cost
| Tool | Cost |
|---|---|
| bips (placement engine + deal tracking) | Free for 3 placements, then $150/month |
| Google Workspace | $7/month |
| Filogix | Via brokerage |
| Total | ~$56/month |
The ROI is immediate: one additional deal from better lender matching generates $3,000-5,000 in commission, covering a full year of software costs.
Your First Week
- Day 1: Sign up at bips.ca
- Day 2: Enter 2-3 practice scenarios
- Day 3: Set up your CRM with first contacts
- Day 4: Enter your first real client deal
- Day 5: Review results. Did bips find lenders you didn't know?
Most new brokers say bips significantly reduces their ramp-up time because they learn the market through actual deal matching rather than memorizing lender guidelines.