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How to Become a Mortgage Broker in BC

how to become a mortgage broker in british columbia

How to Become a Mortgage Broker in British Columbia

Becoming a mortgage broker in BC is a great career choice. Vancouver’s hot real estate market, combined with the growing number of real estate developments and projects makes mortgages a necessity for homebuyers across the province. Working within the personal finance industry is only a few steps away. In fact, the whole process can take less than a few months before an individual can become fully licensed.

At first glance, these steps may look simple. However, there are some details you’ll need to understand before becoming a mortgage broker. Below are the first few steps towards becoming a mortgage broker in British Columbia:

  1. Become a sub mortgage broker by completing the Mortgage Brokerage in British Columbia Course offered by the University of British Columbia (UBC) Sauder School of Business
  2. Work for at least 6 months as a sub mortgage broker
  3. Become a registered mortgage broker by completing the Broker’s Business Planning and Financial Management Licensing Course, which is also offered by UBC

If you aren’t familiar with the process of becoming a mortgage broker, then take note. Completing all three of these steps on your own could take you up to three years. In this article, we’ll explain how you can progress smoothly through each step.

 

Becoming a sub mortgage broker

First thing’s first: you’ll need to register for the Mortgage Brokerage in British Columbia Course at UBC. This course typically takes a year to complete and is self-guided. You are given the appropriate learning materials and textbooks once you’ve enrolled yourself into the course. As of 2017, the course costs $1,075 upon enrollment.

Within this course, you are required to complete and submit assignments at your own pace. As long as you complete all assignments within a year, you’re in the clear. You must also write the final exam, which is scheduled regularly throughout the year. This exam is taken at UBC’s computerized exam center. Study hard, because this exam is widely regarded as tough.

This course is massive – you are required to cover and understand all materials in order to pass the exam. Check out the Mortgage Brokerage Course outline to see just how much content you’ll need to get through. UBC does offer tutoring and lectures, however, these are optional and are only available during certain times.

Once you’ve taken the time to complete this course, you’re a step closer to becoming a registered mortgage broker in BC. Completing this course will give you the minimum requirements outlined by the Financial Institutions Commission (FICOM) to be classified as a sub-mortgage broker. FICOM is responsible for licensing registered mortgage brokers in British Columbia.

 

Working as a sub-mortgage broker

Once you’ve completed the Mortgage Brokerage in British Columbia Course, you’re only 33.3% of the way towards becoming a fully licensed mortgage broker. In order to transition from a sub-mortgage broker to a registered mortgage broker, you will need work experience. How will you get this work experience? Well, you’ll need to work for a registered mortgage broker for at least 6 months.

This is roughly 500 hours of work experience, which gives you enough time to learn the ins and outs of the industry. The practical knowledge acquired from working with real estate agents, developers, and clients will be far more valuable than the in-class education you’ve registered yourself in.

Your experience as a sub-mortgage broker will depend on the brokerage you work with. Some mortgage brokerages are high volume and can give you the experience you need to become successful. It’s important to remember that at this point, you’ll want to make sure that you’ve got your eyes set on learning how to be an excellent mortgage broker.

Once you’ve earned your keep and worked at least 6 months as a sub-mortgage broker, it’s time to finally register to become a fully licensed registered mortgage broker.

 

Becoming a registered mortgage broker

By now you may have realized how quickly time flew by. Taking the Mortgage Brokerage in British Columbia course and working for at least 6 months as a sub-mortgage broker will definitely take a large chunk of time. But the hard part is pretty much over – all you have to do now is enroll yourself into UBC’s Broker’s Business Planning and Financial Management course.

If you want to start your own brokerage, be a managing broker or associate broker, then this is absolutely required. Like the Mortgage Brokerage course, the Broker’s Business Planning and Financial Management course can be completed in a year (maximum).

Again, you’ll have to go through the entire course, submit assignments, and pass the final exam. Once you’ve completed the course and passed the final exam, you’ll need to apply to upgrade your sub-mortgage license to either Associate or Managing Broker.

Not sure about which license you should upgrade to? We’ve got another upcoming blog post on that topic.

 

Conclusion

If you’d like to get started on the process towards becoming a mortgage broker in BC, then you should head on over to UBC’s site and register for the Mortgage Brokerage Course. As stated earlier in this article, have a whole year to complete the course.

The thing is, you might want to get licensed much earlier than that. At GoBC Real Estate School, we’ve helped plenty of students through the entire process. In fact, you can become a sub-mortgage broker in only a few months with GoBC’s help. We’ve helped thousands kick start their career in the mortgage industry. Plenty of our graduates are working happily in their career choice. If you want to get licensed quickly, head on over to our mortgage course page.

So, what are your first steps?

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