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How to Become a Mortgage Broker in BC

Mortgage brokers in British Columbia are governed and licensed by the provincial regulator. Mortgage brokers in Canada must have significant experience in the mortgage industry in addition to completing mortgage industry education . Normally, you have to start from mortgage agents (known as sub-mortgage brokers in BC) before becoming mortgage brokers. Sub-Mortgage brokers must be supervised by a licensed mortgage broker and are acting on behalf of the mortgage brokers. In some cases, provincial bodies may recognize experience and education from other jurisdictions and allow you to apply for a mortgage broker license without first working as a sub-mortgage broker.

How to Become a Mortgage Broker in BC (Step by Step)

  1. Complete the long-distanced mortgage course offered by the  UBC Sauder School of Business . This program is only offered on-line without lectures. Although no particular admission requirements are set, applicants should know some basic math concepts. Complicated mortgage calculations are involved, and thus some students work with BC Real Estate Tutors for faster results.
  2. Get hired with a mortgage brokerage.
    According to the Mortgage Broker Act, you must first seek authorization by a licensed mortgage brokerage before you can apply for a sub-mortgage broker license.
  3. Apply for a sub-mortgage broker license.
    Generally, you can apply for a license through the website of the BC Financial Institutions Commission You will need your brokerage number or name of your employer when you apply.
  4. Apply for a mortgage broker license.
    Mortgage Broker is actually a brokerage, generally in the form of a company, such as a corporation, or a general partnership. You may consult the requirements of registration through the regulator’s website http://www.fic.gov.bc.ca/ .
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BC V6X 1X5