Taking the fundamentals of mortgage brokerage course in Alberta is your key to licensing and success in this province's mortgage market. Read on to know more
Working as a mortgage broker in Alberta can provide you with stability and professional growth. One of the first steps in becoming a mortgage broker is completing the Fundamentals of Mortgage Brokerage course.
In this article, Canadian Mortgage Professional explains everything you need to know about the Fundamentals of Mortgage Brokerage course in Alberta. We’ll talk about why you need to take this course and what the eligibility criteria are.
Whether you’re just starting out or looking to switch careers, this guide will help you understand what to expect and how to prepare.
What is the Fundamentals of Mortgage Brokerage course in Alberta?
Fundamentals of Mortgage Brokerage is an introductory course required by the Real Estate Council of Alberta (RECA) for anyone who wants to become a mortgage broker in Alberta. It teaches the laws and professional conduct needed to work in the local mortgage brokering sector.
Once you complete this course, you can move on to the next step in the licensing process. This will involve taking the second and final licensing course, Practice of Mortgage Brokerage.
Course format and delivery
The course is offered online and self-paced, which means you can study whenever it works best for you. You do not have to attend classes or go to a physical location.
Here are some resources available with the online format if you choose to take the course through the Alberta Real Estate School:
- study materials
- video lessons
- unit quizzes
- additional exam prep materials:
- summarized notes and over 800 extra practice questions
- mock tests
- important topics review
What you’ll learn in the course
Here’s a breakdown of the main topics covered in the fundamentals of mortgage brokerage course:
Where to get the Fundamentals of Mortgage Brokerage course
You can enrol in this course through these two RECA-recognized course providers:
- Alberta Real Estate School
- Alberta Mortgage Brokers Association
Let's take a closer look at these course providers below:
1. Alberta Real Estate School
The Alberta Real Estate School offers training programs for people who want to become licensed mortgage professionals in Alberta. They provide courses like Fundamentals of Mortgage Brokerage and others that cover important topics. These include:
- ethics
- mortgage law
- real estate law
- property management
Their programs are designed to help students qualify to work in the mortgage industry and the real estate sector.
2. Alberta Mortgage Brokers Association
The Alberta Mortgage Brokers Association (AMBA) is an organization that supports the interests of mortgage brokers in Alberta. Aside from Fundamentals of Mortgage Brokerage, they offer education programs for those who want to become licensed mortgage brokers.
AMBA’s courses help aspirants understand the basic concepts and build expertise over time.
How much does the course cost?
The Fundamentals of Mortgage Brokerage costs $1,497 if you choose to enrol through the Alberta Real Estate School.
If you take the course via the AMBA, you’ll pay $1,500. This includes:
- access to the online course
- support from AMBA’s education team
- student affiliate membership
The RECA pre-licensing exam costs around $235 + GST (subject to change).
After completing all courses and exams, you’ll need to pay a $575 licensing fee. While this may seem like a lot, it’s like the cost of one semester of an undergraduate university program.
What to do after finishing the course
After completing Fundamentals of Mortgage Brokerage, you must proceed with the next course, Practice of Mortgage Brokerage. Together, they cover the necessary information that you need to have to begin your career as a mortgage associate. Pass the exams for each course and meet all other qualifications to get your mortgage associate licence.
If you want to advance further and become a mortgage broker, there are additional requirements
- have at least two years of experience working as a licensed mortgage associate within the last five years
- complete the mortgage broker program course and pass its exam
Once you meet these criteria (the experience and the mortgage broker course) you can proceed to apply for a mortgage broker licence in Alberta.
Tips when taking Fundamentals of Mortgage Brokerage
Here are some helpful tips to make your learning experience smooth and effective while taking this course:
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Set a study schedule: Even though the course is self-paced, it helps to set aside regular time to study. A consistent schedule helps you stay on track and avoid rushing at the end
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Take notes: Writing down key points as you go helps you remember and understand the material better. You can also use your notes to review before the exam
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Use all the tools provided: The online course comes with interactive tools like videos, quizzes, and mock exams. Use them to reinforce your learning and check your understanding
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Ask for help: If you get stuck, don’t hesitate to contact RECA or join online communities where other students share tips and support each other
How long is the mortgage broker course in Alberta?
AMBA will give you six months from the start date to finish Fundamentals of Mortgage Brokerage and the final exam. After completing the second course (Practice of Mortgage Brokerage), you have three months to pass the pre-licensing exams at RECA.
As for the Alberta Real Estate School, they will also provide you with six months to complete the course and take the licensing exam with RECA.
You’ll have two attempts to pass the exam, with a required passing mark of 70 percent. Once you pass, you can move on to the second course required for licensing.
Watch this video to discover more about the Fundamentals of Mortgage Brokerage exam:
The best mortgage brokers in Alberta have also completed this exam before they rose to the top. Speaking of the best, Collin Bruce, a mortgage broker from Edmonton, Alberta, took the no. 1 spot on our list of the 75 best mortgage brokers in Canada.
Why take the Fundamentals of Mortgage Brokerage course?
Taking the Fundamentals of Mortgage Brokerage course in Alberta is not just a legal requirement—it can also help you build a strong foundation for your career. Here are some reasons why you should take this course:
- required for licensing
- covers the basics of the mortgage industry
- equips you with legal knowledge
Let's discuss them further below:
Required for licensing
RECA requires all aspiring mortgage brokers to complete Fundamentals of Mortgage Brokerage before they can apply for a licence. Without it, you cannot work legally as a mortgage associate in Alberta.
Covers the basics of the mortgage industry
Even if you have a background in finance or real estate, this course provides specific training about the mortgage industry in Alberta. It helps you understand how the mortgage process works and what laws apply. It will also teach you how to serve your clients properly.
Equips you with legal knowledge
The course gives you an in-depth look at the legal side of mortgage and real estate. Expect to learn about these laws and the legislation that applies to each:
- contract law
- property law
- mortgage law
It also covers the Real Estate Act, along with the rules that you must follow once you join the industry. This legal knowledge is vital for staying compliant on the job. It can also build your credibility as a law-abiding mortgage professional.
How the Fundamentals of Mortgage Brokerage can help you
The Fundamentals of Mortgage Brokerage is part of the initial steps to becoming a licensed mortgage broker in Alberta. It provides you with the basic knowledge and legal information needed to work as a mortgage associate. You can then transition to becoming a mortgage broker in Alberta after meeting all other requirements.
After taking this course, you’ll inch closer to having a lucrative and flexible career in Alberta’s mortgage industry.
Have you taken any steps to prepare before enrolling in the fundamentals of mortgage brokerage course? Feel free to tell us in the comments section below.
