How to Become a Mortgage Broker in Alberta
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Are you interested in becoming a mortgage broker in Alberta? If you currently live in the province, or are considering making the move, their real estate industry is a great sector to work in. With a growing population of working professionals moving to Alberta, there is a good opportunity for mortgage brokers to jumpstart their careers there. As a mortgage broker in Alberta, you will help these individuals finance new homes or other real estate properties. Having a strong interest in finance and contracts is integral for a career as a mortgage broker; these traits will come in handy when finding the best mortgage rates and products for your clients.
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Alberta Mortgage Broker License
If you’re new to the industry, you are required to first become a mortgage associate by completing an education program outlined by the Real Estate Council of Alberta (RECA). After working as an associate for two years, you may apply to be a licensed mortgage broker. RECA outlines this process and states that anyone wishing to become a mortgage broker must:
- be at least 18 years old,
- have a Canadian high school diploma or equivalent,
- be proficient in English,
- complete the Mortgage Associates Program (MAP),
- work as a mortgage associate for two years, then
- submit your application to become a licensed mortgage broker with RECA.
Alberta Mortgage Broker Education and Licensing
If you are still interested in becoming a mortgage broker in Alberta, you will begin the process by enrolling yourself into the Mortgage Associates Program (MAP). This program consists of two courses: The Fundamentals of Mortgage Brokerage ($1,500) followed by The Practice of Mortgage Brokerage ($1,025). The first course is offered by RECA and the course fee includes access to the online course and the course manual, and also covers the exam fee. You must successfully complete the first course within 180 days, before you can move onto the second course. The second course is offered by the Alberta Mortgage Brokers Association (AMBA) and the course fee includes access to the online course and materials, as well as the exam fee. In total, you are given one year to complete the MAP program from start to finish.
If you’re interested in becoming a mortgage broker in Alberta, you must first be hired on by a brokerage as a mortgage associate where the broker at the brokerage will help you finalize your mortgage association license.
Once you have completed the program, you will need to find employment with a brokerage working as a mortgage associate. The broker at the brokerage will submit your registration to become a licensed mortgage associate with RECA. After you have worked as an associate for at least two years, you may then apply to become a licensed mortgage broker. It’s important to note that a brokerage in Alberta can only have one licensed broker so, if you wish to become a licensed mortgage broker in Alberta, you will have to either open your own brokerage or transfer to a brokerage needing a new broker. Note: Your mortgage broker application is also submitted to RECA.
Your Career as a Alberta Mortgage Broker
In Alberta, the educational requirements to become a mortgage broker are far fewer (and less expensive) than other provinces in Canada. The province places a strong emphasis on your work experience as a mortgage associate, more than anything else. If you want to own your own brokerage one day, your experience and skills from working as a mortgage associate will help you become a licensed and recognized mortgage broker. Whether you want to work with clients or manage associates in your own brokerage, the path outlined in this post will help you become a mortgage broker in Alberta’s real estate industry.