Does becoming a mortgage broker in Calgary sound appealing to you? Calgary is one of Canada’s booming cities with many working professionals moving there for career opportunities. Calgary’s population growth offers a great career opportunity for people interested in becoming mortgage brokers. If you decide to become a mortgage broker, an interest in finance and real estate will help you with your career transition. As a Calgary mortgage broker, you will be expected to help clients finance homes or other real estate properties and aid them in finding the best mortgage rates.
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Calgary Mortgage Broker License
The Real Estate Council of Alberta (RECA) manages the mortgage broker application process and outlines that anyone interested in becoming a mortgage broker must:
- be 18 years of age or older,
- hold a Canadian high school diploma or equivalent,
- be proficient in English,
- complete and pass the Mortgage Associates Program (MAP),
- get two years of experience as a mortgage associate, then
- submit your mortgage broker license application to RECA.
Calgary Mortgage Broker Education and Licensing
Do you think you have what it takes to be a mortgage broker in Calgary? If you’re interested in taking this career path, you will begin by enrolling into the Mortgage Associates Program (MAP) which consists of two courses and two exams. The first of the two courses in this program is The Fundamentals of Mortgage Brokerage course. Offered through RECA, the course fee ($1,500) includes the course manual, access to the online course, and the exam fee. It is important to remember that you have 180 days to complete this course, and you have to pass the exam before enrolling into the next course. The second course in the program is The Practice of Mortgage Brokerage and it is offered by the Alberta Mortgage Brokers Association (AMBA). The course fee ($1,025) also includes access to the online course and materials, as well as the exam fee. You are expected to finish both courses within a year.
When you have successfully completed MAP, you can then be hired on by a Calgary brokerage as a mortgage associate. Your supervisor – the broker at the brokerage – will help you finalize your mortgage associate license application and send it to RECA. Once you gain two years of experience working as a mortgage associate, you can then submit your registration to RECA, in order to become a licensed mortgage broker. In the province of Alberta, mortgage brokerages can only have one licensed broker. If you wish to become a licensed mortgage broker, you will have to either transfer to a brokerage needing a new broker or open your own brokerage.
Your Career as a Calgary Mortgage Broker
To become a mortgage broker in Calgary, the requirements are fewer and less costly than in some other provinces in Canada. In Calgary, RECA places a strong emphasis on the experiences you gain working as a mortgage associate. The skills you learn during this time will help you, if you ever decide to become a mortgage broker and manage a mortgage brokerage or open your own.