Advance your career with the practice of mortgage brokerage course in Alberta. Keep reading to find out how this course will help you become a mortgage broker
The Practice of Mortgage Brokerage course in Alberta is vital for anyone looking to start a career in the mortgage industry. This course shows aspiring mortgage brokers how to guide clients through the mortgage process—from choosing the right loan to finalizing the deal. Thinking this might be the right path for you?
In this article, Canadian Mortgage Professional will explore what you need to know about the Practice of Mortgage Brokerage course. We’ll go over what to expect, how much it costs, and more. Want to see how this course can help you launch your career in Alberta’s mortgage industry? Read on for more.
What is the Practice of Mortgage Brokerage course?
This course is the second step in the pre-licensing educational requirements for becoming a licensed mortgage associate under the Real Estate Council of Alberta (RECA). The first requirement is completing the Fundamentals of Mortgage Brokerage course.
Once you pass the exam for the Fundamentals course, you can enrol for the Practice of Mortgage Brokerage. The second course builds on what you’ve learned in the fundamentals. You’ll also gain knowledge about commercial mortgages and how to recognize mortgage fraud.
The Practice of Mortgage Brokerage course is delivered online and is self-paced. This means that you can study when it works best for you. It includes:
- video lessons
- self-paced study materials
- practice quizzes to test your understanding
You’ll also get access to industry-leading exam prep tools, such as:
- practice questions
- summary notes
- mock tests
These resources are designed to help you prepare for the RECA licensing exam.
How long does the Practice of Mortgage Brokerage course take?
The course takes about 80 hours to complete. You have six months to finish the course and then three more months to pass the licensing exam.
By the end of the course, you are expected to be ready to take the final exam. You must get at least 70 percent to pass, and you’ll only be given two chances to take the exam.
Once you pass, strive to meet the other requirements set by RECA to start your new career in the local mortgage industry as a mortgage associate. After that, get the necessary experience and training to become a mortgage broker in Alberta.
Approved course providers
You can enroll in this course through these two RECA-approved course providers:
- Alberta Mortgage Brokers Association
- Alberta Real Estate School
Let’s take a closer look at what each provider offers:
1. Alberta Mortgage Brokers Association
The Alberta Mortgage Brokers Association (AMBA) is a professional organization that has protected the interests of mortgage brokers in Alberta since 1975. The AMBA represents the mortgage industry in the province and works to help it grow through:
- advocacy
- education
- training
- community
The AMBA offers both the Fundamentals and the Practice of Mortgage Brokerage courses for those who want to get their mortgage broker licence.
2. Alberta Real Estate School
Like the AMBA, the Alberta Real Estate School offers both courses if you aim to become a licensed mortgage associate (and eventually, mortgage broker) in Alberta. They provide extensive programs for both the Fundamentals and the Practice of Mortgage Brokerage courses.
Their courses are created to assist students in both the mortgage and real estate industries, preparing them for licensing exams and building a solid foundation in either sector.
The Alberta Real Estate School also offers flexible learning options and self-paced study materials. With video lessons and exam prep tools, you can expect to get great value for your time and money.
What you’ll learn in the course
The Practice of Mortgage Brokerage course is the next step after the Fundamentals course and takes things to a more advanced level. Check out this course outline:
How much does the Practice of Mortgage Brokerage course cost?
If you wish to take the Practice of Mortgage Brokerage course through the AMBA, the course fee is $1,500. This includes access to online materials and support from the AMBA’s education team. You’ll also get a student affiliate membership.
On the other hand, if you enrol via the Alberta Real Estate School, you’ll pay $1,497. Their offering comes with practice quizzes to help you learn and understand the key topics in each unit. You’ll also have exam prep tools at your disposal as well as the following materials:
- extra practice questions
- summary notes
- mock tests
Mortgage associate vs. mortgage brokers
In Alberta, the terms mortgage associate and mortgage broker refer to two distinct licensing levels within the mortgage industry, each with specific roles and responsibilities as defined by RECA.
Let’s differentiate both professions below:
Mortgage associate
A mortgage associate is the initial licensing level for individuals entering the mortgage industry in Alberta. As an associate, you’ll need to be registered with a licensed mortgage brokerage to work legally in the province.
To become a mortgage associate, individuals must complete the required education programs and examinations as stipulated by RECA. This involves the Fundamentals and the Practice of Mortgage Brokerage courses.
Mortgage broker
A mortgage broker holds a higher level of responsibility and authority within a mortgage brokerage. To qualify, you are required to have a minimum of two years' experience as a licensed mortgage associate within the past five years.
You must also complete the two courses mentioned above and pass their corresponding exams. After that, you need to finish the mortgage brokers program and pass its exam as well.
Check out this comparative table to see how mortgage associates differ from mortgage brokers:
Want to work as a mortgage broker not just in Alberta? Check out this guide on how to become a mortgage broker in Canada.
Benefits of becoming a mortgage broker in Alberta
Once you complete the Practice of Mortgage Brokerage course and meet all the other criteria for a mortgage broker licence, you’ll be ready to start your career. Here are some of the benefits you can look forward to:
Higher earning potential
Mortgage brokers often earn more than mortgage associates. With access to more clients and mortgage lenders, you have more chances to close deals and earn commissions. As your experience grows, so can your income.
More career freedom
Becoming a licensed mortgage broker gives you more control over your career. You can work independently or start your own brokerage. You can also hold leadership positions and manage a team. This flexibility allows you to build your business in a way that works best for you.
Access to better mortgage options
Mortgage brokers can work with a wider range of home loan providers and various types of mortgages. This means you can offer better solutions to your clients, including options that may not be available at banks or credit unions.
Stronger client relationships
With a mortgage broker licence, you will be seen as someone with more experience than a mortgage associate. Clients are more likely to trust you. This can lead to stronger and more long-term relationships. You can also get more referrals over time while creating a loyal client base.
Finishing the Practice of Mortgage Brokerage course
Practice of Mortgage Brokerage is the second course you’ll need to complete to become a licensed mortgage associate in Alberta. You must first finish the pre-requisite, Fundamentals of Mortgage Brokerage, before starting this one.
This course builds on what you’ve already learned and gives you the practical skills needed to work in the industry. It is also delivered online and is self-paced, so you can study on your own schedule.
Once you finish the Practice of Mortgage Brokerage, you’ll be more than ready to take your final exam and start your new career as a mortgage associate. Then, work your way up to get a mortgage broker licence.
Have you taken the Practice of Mortgage Brokerage course in Alberta? Feel free to share your experience in the comments section below.
