Can You Become a Mortgage Broker in Canada?

WOWA Reliable and Honest Services

If you are planning to become a mortgage broker in Ontario, you must obtain a license from the Financial Services Regulatory Authority of Ontario (FSRA), which mandates some requirements. These requirements include being at least 18 years of age, a resident of Canada, having a mailing address in Ontario that isn't a P.O. box, being licensed as a mortgage agent for 24 months during the 36-month period before applying for a mortgage broker license, and dealing/trading in mortgages on behalf of only one brokerage.

Ontario Mortgage Broker Education Requirements

Apart from these requirements, you must also complete a course approved by the FSRA, including an exam. Although numerous institutions offer courses, Mortgage Professionals Canada (MPC) offers authorized courses. MPC's Ontario Mortgage Broker Education Program (OMBEP), in particular, incorporates online and in-person sessions.

The online segment of the course must be completed within six months of the program's start date. Additionally, it includes a 50-item multiple-choice quiz, a minimum passing grade of 60%, and a three-hour exam limit. After completing the online segment, students can enroll in the second phase, which is on-site and lasts for five consecutive days. The final exam contains 100 multiple-choice questions, with a passing grade of 60% and a three-hour time limit.

The course's cost is $495, and the certification lasts for three years.

Equivalent Education

Applicants may obtain education equivalency instead of completing the OMBEP. FSRA can evaluate your experience and education to ensure that it meets the Mortgage Broker Qualifying Standards (MBQS). A resume, assessment of credentials, letters of support from previous employers, and principal broker backing are required for the assessment.

If you're planning to become licensed as a mortgage broker in British Columbia, you must go through a two-step process. First, you must become a sub-mortgage broker, followed by becoming a mortgage broker. To get the mortgage broker license, candidates must meet certain requirements: being at least 19 years old, taking the University of British Columbia's Mortgage Brokerage in British Columbia course, and completing the Broker's Licensing Course.

British Columbia Mortgage Broker Education Requirements

The University of British Columbia's Mortgage Brokerage in British Columbia Course is the only course approved by the British Columbia Financial Services Authority (BCFSA) to be registered as a mortgage broker. The program comprises a variety of tasks that must be completed to be eligible for the final evaluation. Candidates have one year to complete the coursework, and no more than two assignments may be completed each week.

The final exam has 100 multiple-choice questions, a passing grade of 65%, and a three-hour time limit. Upon completion of the exam, candidates may apply for a sub-mortgage broker license. Candidates must also complete the Broker's Licensing Course to be eligible for a mortgage broker license.

The fee for the sub-mortgage broker application is $1,500, and the mortgage broker license fee is $1,900.

The Broker's Licensing Course is structured in a way similar to the Mortgage Brokerage in British Columbia Course. The course takes less than a year to complete and ends with a final examination. If you have already taken real estate services through UBC's Sauder School of Business or if you are a licensed real estate agent with the Real Estate Council of British Columbia, you may take the Mortgage Brokerage Supplemental Course as a replacement for the full BC Mortgage Brokerage Course. However, you must still complete the full three-hour final exam to obtain certification. The cost of tuition for the Mortgage Brokerage in British Columbia Course is $1,150, while the cost for the Supplemental Course is 5. The tuition fee for the Broker's Licensing Course is also $1,150.

If you possess previous education and experience in the field, you may qualify for an exemption from the British Columbia Registrar of Mortgage Brokers. This will allow you to skip the assignment section of the Mortgage Brokerage Course and directly take the final examination. UBC provides a study guide for individuals planning to take the exam through their Challenge Package.

In Alberta, to become a licensed mortgage broker, you must meet certain requirements, such as being at least 18 years old, able to study and work in Canada, having a high school education, and proficient in English. You must complete the Mortgage Associates Program, which costs $1,250 for the Fundamentals of Mortgage Brokerage course and $1,500 for the Practice of Mortgage Brokerage course. These are fully online courses, and final exams are held in-person at exam testing centres. An application for a mortgage broker license in Alberta costs $575. Proof of English proficiency can be shown by either providing a Canadian high school transcript with completion of Grade 12 English, graduating from a diploma or degree program in Canada, completing Grade 12 English in a foreign school through ACESC, or passing an English proficiency assessment, such as TOEFL (minimum overall score of 92), IELTS (minimum 6.5), CELPIP (minimum 7), or CAEL (minimum 60).

To become a mortgage broker in Quebec, you must meet the requirements set by the Autorité des marchés financiers (AMF). This includes being at least 18 years of age with a secondary school completion (Secondary 5) and having the ability to read, write, and speak in French. The AMF requires the completion of the Mortgage Brokerage Qualification Program (MBQP) before you can take the final examinations. Courses are only available in French, but English courses are expected to become available in the future. In-person course providers in Montreal include Collège CEI and Académie de l'entrepreneurship québécois, while online course providers include Collège CEI, Académie de l'entrepreneurship québécois, and Mortgage Professionals Canada.

The Mortgage Brokers' Regulatory Council of Canada (MBRCC) serves as a platform for provincial regulators to collaborate and unify regulatory practices across Canada, with the exception of Prince Edward Island.

In Quebec, the Autorité des marchés financiers is the regulating body for mortgage brokers. Aspiring brokers are required to undergo a comprehensive certification process, including training in mortgage brokerage and professional conduct and ethics, and pass related exams.

Ontario mandates that mortgage brokers operate under a license issued by the Financial Services Regulatory Authority of Ontario (FSRA), formerly the Financial Services Commission of Ontario. Mortgage brokers must publicly display their licensed name and number, while private mortgage lenders must limit their marketing to licensed brokers. A minimum two-day cooling-off period is also mandated to allow borrowers time to carefully review their mortgage agreement.

British Columbia requires brokers to procure a license issued by the BC Financial Services Authority (BCFSA), while private mortgage lenders who finance ten or more mortgages per year must also be licensed under the Mortgage Brokers Act.

The Real Estate Council of Alberta (RECA) oversees the real estate industry in Alberta, and all entities soliciting individuals to borrow or lend money against a mortgage must hold a RECA license.

To verify a mortgage broker's license, refer to the website of your province or territory's regulatory body. The website listing should show the status of the broker's license and any related restrictions or disciplinary actions.