Take the next step in your career with the Mortgage Broker Program course in Alberta. This guide will help you learn about the course and licensing requirements
Becoming a mortgage broker in Alberta is a solid career move for anyone interested in finance, real estate, and helping people achieve homeownership. As property markets continue to grow despite housing and affordability issues, the demand for skilled mortgage brokers remains strong.
If you’re considering a new path or looking to upgrade your mortgage associate status, enrolling in the Mortgage Broker Program is an important step. In this article, Canadian Mortgage Professional will shed light on this course. We’ll provide you with valuable insights on what you need to know before working as a mortgage broker in Alberta.
Who should enrol in the Mortgage Broker Program?
Anyone who wants to become a mortgage broker in Alberta should enrol in the Mortgage Broker Program. This is part of the licensing requirements set by the Real Estate Council of Alberta (RECA).
You can also enrol if you want to advance your career in the local mortgage market and gain the required knowledge and skills.
What is a mortgage broker?
A mortgage broker is a licensed professional who acts as a middleman between borrowers and mortgage lenders. These can be banks, credit unions, private lenders, and others.
Instead of going directly to one bank for a mortgage, property buyers can work with a mortgage broker. An important part of their job is to shop around and present several lending options that fit their clients’ needs and financial situation.
Definition by RECA
Using the definition provided by RECA, a mortgage broker is someone who handles mortgage for others in exchange for payment. To become a mortgage broker in Alberta, you must apply for a licence and meet all requirements set by RECA.
If you’re managing mortgages for yourself, you don’t need a mortgage broker licence from RECA. The same rule applies if you’re using your own money to lend. You might also be exempt from this requirement if local legislation states that a licence is not needed.
According to RECA, here are activities that require a mortgage broker licence:
- administering mortgages
- collecting mortgage payments
- negotiating a mortgage transaction
- holding oneself as a mortgage broker
- soliciting a person to borrow or lend money secured by a mortgage
- buying mortgages, selling mortgages, exchanging mortgages, or offering to do so
RECA also lists those who are not required to get a licence:
- subject to regulations:
- bank
- treasury branch
- credit union
- loan corporation
- trust corporation
- insurance company
- an agent or employee of a person referred to in the previous bullet
- a member in good standing of The Law Society of Alberta acting during and as part of the practice of law
- an employee working for someone who deals in mortgages, as long as that person is acting legally, and the employee is doing their regular job for that person
Requirements before taking the Mortgage Broker Program
To become a licensed mortgage broker in Alberta, you must meet certain requirements. All these should be completed before you can take the Mortgage Broker Program:
- mandatory qualifications
- educational courses
- criminal background check
- employment with a brokerage
Let's take a closer look at each:
1. Mandatory qualifications
To become a mortgage broker in Alberta, you must:
- be at least 18 years old
- be able to lawfully study and work in Canada
- be able to provide specific government-issued identification
- have a minimum of Canadian high school education or equivalent
- be proficient in the English language
After meeting RECA’s mandatory criteria, you can proceed to take the required courses.
2. Educational courses
There are two educational courses that you should take to work as a mortgage broker in Alberta:
You must complete both courses and take the final exams for each. These two are offered online and are self-paced, making it easier to finish while working or studying elsewhere.
Both courses offer:
- study materials
- video lessons
- unit quizzes
- additional exam prep materials: summary notes and mock tests
Both courses are designed to make sure that you’re fully prepared for the real-world challenges of working in the mortgage industry. Keep in mind that you must pass the final exams for the two courses with minimum scores to be eligible for licensing. Failing means you’ll have to retake and pass the exam to continue the licensing process.
3. Criminal background check
All mortgage licence applicants in Alberta must complete a Criminal Record Check (CRC). RECA needs to receive and review your original CRC before they can approve your licence.
You’ll need to get a CRC if:
- you’re applying for a licence in Alberta for the first time
- you haven’t been licensed with a mortgage brokerage in the past 12 months
Without a completed CRC, RECA won’t be able to issue your licence.
4. Employment with a brokerage
Once you’re done with the criminal background check, you’re ready for the final step: getting employed by a licensed mortgage brokerage. You must work for one before you can take the Mortgage Broker Program to get your mortgage broker licence.
Tips when choosing which mortgage brokerage to work for
Take time to research mortgage brokerages to find one that matches your goals and values. Look into their reputation and feedback from employees regarding how they support their new hires. You can also check if they have training options.
This decision is important, as your mortgage brokerage will guide you as you begin your career. You can check out our special report on the best mortgage brokerages to work for in Canada to get started.
Once employed, your chosen mortgage brokerage will complete the last part of your licence application for you. You’ll also need to pay licensing fees to RECA when you first get licensed and every year after that.
After that, you can begin working as a mortgage associate in Alberta and gain the needed experience to take the Mortgage Broker Program.
Work as a mortgage associate before enrolling in the Mortgage Broker Program
After you get hired, the real work begins. Like many careers, success in mortgage brokering takes time, effort, and persistence. You’ll likely be paired with a senior mortgage broker who will guide you. Pay attention to how they handle clients, solve problems, and manage paperwork. This mentorship period is a great opportunity to learn the ins and outs of the business.
It’s also vital to build a strong network. Success in the mortgage industry often comes from who you know. Try to connect with professionals from related fields such as real estate agents and financial advisors. These people can refer clients to you. Over time, as you help more people, word-of-mouth referrals from satisfied clients will also help grow your reputation and business.
Take the Mortgage Broker Program
After completing all the requirements above, you can enrol for the Mortgage Broker Program. However, you need to have at least two years of experience as a mortgage associate in the last five years. Only then can you take the Mortgage Broker Program and pass the final exam.
Having your status upgraded to a mortgage broker opens new opportunities. You can take on more leadership responsibilities and grow beyond client-facing work.
Being a mortgage broker means building trust with your clients and having knowledge of various mortgage products. To succeed in this career, you might want to learn from those who made it to our list of the 75 best mortgage brokers in Canada.
The Mortgage Broker Program will help advance your career
The journey isn’t instant, but it’s clear and achievable—and it all starts with the right education. To recap, you can become a licensed mortgage broker in Alberta by first completing the Fundamentals of Mortgage Brokerage and the Practice of Mortgage Brokerage courses.
These will give you the foundation and practical skills needed to start in the industry as a mortgage associate. It opens the door to a fulfilling profession where you can help people achieve one of life’s biggest goals: owning a home.
After finishing both courses, upgrade your status by taking the Mortgage Broker Program. This program will prepare you for more responsibility and will provide you with the tools to grow in your career. With it, you’ll be ready for a flexible and rewarding future as a mortgage broker in Alberta.
Thinking about enrolling in the Mortgage Broker Program? We’d love to hear what’s motivating you! Feel free to leave a comment in the space provided below.
