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How to Become a Mortgage Broker in Vancouver

Flickr: abaransk

Are you thinking of becoming a mortgage broker in Vancouver? Over the past few years, the city’s real estate market has experienced a staggering increase in home prices. With some of the most expensive properties in the country, Vancouver’s real estate market is a great industry to work in. As a mortgage broker in Vancouver, your responsibilities will include helping clients find Vancouver’s best mortgage rates and financing options. But it’s not an easy career to start; becoming a Vancouver mortgage broker will take a lot of motivation and self-discipline, as the requirements are tougher to meet than in other major Canadian cities.

Vancouver Mortgage Broker License

To become a licensed mortgage broker in Vancouver, you must:

  • be 19 years of age or older,
  • successfully complete the Mortgage Brokerage in British Columbia course at the University of British Columbia (UBC) Saunders School of Business,
  • find employment at a brokerage, then
  • submit your license registration to the Financial Institutions Commission (FICOM) ($1,000 fee).

Vancouver Mortgage Broker Education and Licensing

Your first step into this industry is to enroll yourself in the Mortgage Brokerage in British Columbia course ($1,075) at the Saunders School of Business at UBC. There are no prerequisites for the course, other than an English language proficiency, which you will automatically meet if you have graduated from a Canadian high school. There is a one-year time limit to complete the course and pass the exam, after which you have another year to register your license with FICOM. Once this is done, you will have completed the first step of becoming a mortgage broker and you will have your sub-mortgage broker license.

If you’re interested in managing a brokerage or opening your own, you will have to upgrade your license. So long as you have six months of experience working as a sub-mortgage broker, you can enroll in the Broker’s Business Planning and Financial Management Licensing Course ($1,075) at UBC. This course is offered online and, again, you are given one year to complete and pass both the course and exam, after which you have another year to register your license. However, it’s important to note that while you may finish this course with only six months of work experience, you cannot register your mortgage broker license until you have at least two years of work experience as a sub-mortgage broker.

The educational approach is the most common route people take to become licensed mortgage brokers but, if you believe your past work experience and education is equivalent to the provincial standards, you may be approved to apply for your Vancouver mortgage broker license without first working as a sub-mortgage broker. The Real Estate Council of British Columbia is in charge of this application process and will determine whether you meet these requirements.

Your Career as a Vancouver Mortgage Broker           

The process of becoming a mortgage broker in Vancouver is rigorous, as British Columbia’s educational and work experience requirements are stricter than most other provinces in Canada. After completing all the requirements, you will be equipped with the skills needed to help your clients with their mortgage financing options. As a mortgage broker in Vancouver, your success will be a direct reflection of your determination and drive for the industry.