Start your career with the mortgage brokerage in British Columbia course. See what it involves and the school that offers this course to get licensed in BC
The mortgage brokerage industry in British Columbia can provide you with a rewarding and flexible career. But like many professions in the finance sector, it requires proper training and licensing. Completing the educational requirements is the first step if you want to become a mortgage broker in this province.
In this article, Canadian Mortgage Professional will talk about the mortgage brokerage in British Columbia course. We will shed light on what it involves and the institution that offers this course. We will also talk about how you can grow as a mortgage broker once you get your licence.
What is a mortgage broker?
Before diving into the course, let’s first discuss what a mortgage broker is to help you understand if this career is for you.
A mortgage broker acts as a middleman between borrowers and mortgage lenders. They help people find and secure property loans for homes, businesses, or other real estate purchases.
Mortgage brokers can work with multiple mortgage providers to find the best rates and options for their clients. In BC, mortgage brokers can be any of these:
- corporations
- branch offices
- partnerships
- sole proprietors
In British Columbia, mortgage brokers must be licensed by the BC Financial Services Authority (BCFSA). Watch this video to learn more:
Curious to dive deeper into how to become a mortgage broker in BC? Read this guide.
What is the mortgage brokerage in British Columbia course?
Before you can apply for a licence, you need to complete an approved educational program. That’s where the mortgage brokerage in British Columbia course comes in.
Mortgage broker applicants operating as sole proprietors and submortgage broker applicants must successfully finish this course to qualify for registration. You can also choose to get one of these:
- diploma in Urban Land Economics, or its three core courses, obtained in the last 10 years
- a four-year Bachelor of Commerce Degree with a specialization in Real Estate, obtained in the last 10 years
Who offers the mortgage brokerage in BC course?
The mortgage brokerage in British Columbia course is offered by the University of British Columbia’s Sauder School of Business. It is the only course that meets the minimum education requirement to become registered as a submortgage broker with the BCFSA.
The course is designed for beginners. It will provide you with a solid understanding of mortgage concepts, techniques, and more.
Flexible but structured for adult learners
This course follows a blended learning format, combining different ways of learning to fit the needs of busy adult learners. You can register at any time, which gives you flexibility to start when it works best for you.
Although the course is flexible, it still follows a clear structure to help keep you on track. You must:
- submit all assignments within one year of registering
- submit no more than two assignments per week
- pass a final exam within two years after completing your assignments
This structure helps make sure you stay focused and finish in a reasonable amount of time, while still allowing you to manage your schedule.
How much does the mortgage brokerage in British Columbia course cost?
To take the course, you need to pay $1,450. This fee covers:
- course materials
- access to the online platform
- one attempt at the final exam
Additional costs may apply if you need to retake the exam or purchase extra resources.
The University of British Columbia’s Sauder School of Business will accept payment through:
- Visa
- AMEX
- Mastercard
- money order
- certified cheque
How long does the mortgage brokerage in BC course take?
You will be given up to one year to complete all assignments. After that, you need to take the exam within two years.
Where to take the final exam
To complete the course, you must pass a final exam. Exams are held four times a year at different locations across British Columbia. All exams must be written within Canada.
If you live close to Vancouver, you can choose to take the exam at the Computerized Exam Centre (CEC) on the UBC Vancouver campus. This option allows you to schedule your exam more easily and avoid waiting for one of the scheduled exam dates.
What happens after you pass the course?
Once you pass the final exam, you can proceed with the registration and be eligible to apply for your submortgage broker licence through the BCFSA.
Grow your career as a mortgage broker in BC
After getting your mortgage broker licence, you need to keep honing your skills. This involves continuing education which is mandatory. It is also beneficial to stay updated on current industry news and Canada’s housing market.
The BCFSA may also require licence renewal and additional training from time to time. To grow your business as a mortgage broker or submortgage broker in BC, here are some tips:
Specialize in niche markets
Focusing on niche markets can set you apart. Some examples are commercial mortgages, private lending, or credit-challenged borrowers.
Market yourself in different avenues
People need to know who you are and what you do. That means putting effort into marketing yourself effectively. One way to do this is by building a strong online presence through social media or a website.
Connect and network
Try going to events and workshops to meet other mortgage professionals and those from related industries. Remember, even casual conversations can turn into valuable leads over time. Getting advice from the best mortgage brokers in Canada can help you learn what it really takes to succeed.
Keep studying and improving your craft
Mortgage interest rates fluctuate and mortgage products change. You should strive to offer exceptional service to maintain a strong client base and possibly get referrals.
Continuing education for mortgage brokers in British Columbia
If you're already working as a mortgage broker, you should be aware that your education doesn’t stop after getting your licence. All mortgage brokers must complete continuing education courses as part of their two-year registration cycle. This is required by the BCFSA.
The purpose of continuing education is to make sure that all mortgage brokers stay up to date with the law, industry practices, and professional standards. It helps you stay sharp and ready to give your clients the best service possible.
What is the Legal Update course?
One of the main continuing education courses required in BC is the Legal Update course. This course is offered by BCFSA and is updated every year to reflect the latest changes (if any). It’s a two-part course that includes:
- Part 1: Online self-paced learning
- Part 2: Virtual classroom session
Let’s take a closer look at what each part includes:
Part 1: Online self-paced learning
The first part of the course must be completed online and can be done in your own time. It includes readings, quizzes, and evaluations to help you understand the material step by step.
Most people take about 10 to 15 hours to complete this part of the course. You must finish the online section at least one week before attending the virtual classroom session.
Part 2: Virtual classroom session
The second part of the Legal Update course is a live, one-day virtual class that lasts about five hours. It’s taught by an experienced instructor and includes group discussions and interactive learning activities.
This session will help deepen your understanding of the material. It will also give you a chance to ask questions and learn from others in the industry.
When to take the course
BCFSA strongly recommends that you start the Legal Update course at least eight weeks before your registration expires. This gives you enough time to:
- complete the online portion
- attend the virtual classroom session
- submit your renewal application
If you wait too long, you might risk missing your renewal deadline.
Why continuing education matters
Staying current with laws and industry updates can be beneficial for keeping your licence in good standing. This can also help you:
- avoid legal issues
- serve your clients better
- stay competitive in the mortgage industry
- build trust and confidence with your clients
Enrolling in the mortgage brokerage in British Columbia course
Enrolling in this course is your first step to learning about the mortgage industry in BC. The mortgage brokerage in British Columbia course will teach you important concepts, market trends, and investment strategies.
With this course, you can gain the knowledge and skills you need to make the right call when performing the duties of a mortgage broker. You can also meet experienced instructors and other students, which can help you build a network.
Have you enrolled in the mortgage brokerage in British Columbia course? How was the experience? Let us know in the comments section below.
