How to Become a Mortgage Broker in British Columbia

Alyssa Furtado
by Alyssa Furtado May 20, 2013 / No Comments

Flickr: james_wheeler

Do you live in British Columbia and are you considering a future career as a mortgage broker? With some of the most expensive properties in the country, British Columbia’s real estate market is a great industry to work in. As a mortgage broker in British Columbia, you will be responsible for helping clients finance their homes and other real estate properties. You should have a natural interest in finance and mortgage contracts, as you will be responsible for finding the best mortgage rates in British Columbia. And although this job takes a lot of motivation and self-discipline, your income is often based on your level of commitment and you can eventually become your own boss.

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British Columbia Mortgage Broker License

To become a registered mortgage broker in British Columbia, you must:

  • be at least 19 years of age,
  • complete the Mortgage Brokerage in British Columbia course at the University of British Columbia (UBC) Saunders School of Business,
  • find an employer, then
  • submit your registration to the Financial Institutions Commission (FICOM) for your license ($1,000 fee).

British Columbia Mortgage Broker Education and Licensing

While there are no prerequisites for becoming a mortgage broker, your first step into this industry is to enroll yourself into the Mortgage Brokerage in British Columbia course ($1,075) administered at the University of British Columbia (UBC) Saunders School of Business. This course will provide you with the minimum educational requirements outlined by the Financial Institutions Commission (FICOM). There are no formal requirements to enroll into this course, but it does have a language proficiency requirement. If you have graduated from a Canadian high school, you automatically meet this requirements. You have one year to complete this course and pass the exam, after which you have another year to register your license with FICOM. As this leaves you with a sub-mortgage broker license, this is just the first step in becoming a mortgage broker.

After you have worked as a sub-mortgage broker for at least six months, you are eligible to begin the second step in becoming a registered mortgage broker in British Columbia. You will first have to enroll yourself into the Broker’s Business Planning and Financial Management Licensing Course ($1,075) at UBC. This course is designed for people who want to own a licensed brokerage, or be a managing broker or associate broker at their current brokerage. You have one year to complete the course and pass the exam, after which you have another year to register your license. However, it’s important to note that while you may finish this course before you have two years of work experience as a sub-mortgage broker, you cannot register for your broker license until you have completed that additional requirement.

Although this is the traditional educational route, if you believe your past work experience and education is equivalent to British Columbia’s standards, you may be approved to apply for your broker license without first working as a sub-mortgage broker. This application would be submitted to the Real Estate Council of British Columbia.

Your Career as a British Columbia Mortgage Broker           

The process of becoming a mortgage broker in British Columbia is a bit tougher than other provinces in Canada, as it enforces strong education and work experience standards. If you have the determination and drive to become a mortgage broker in British Columbia, you will not be disappointed with your career path. After completing all the requirements, you will be able to use your newly acquired skills to both help clients finance their homes and grow yourself professionally.