A Guide to Become a Mortgage Agent in BC
If you’ve been considering a career switch, or are interested in stepping into the rewarding world of mortgages, we’ve put together this guide on how you can become a mortgage agent in British Columbia!
British Columbia is home to Canada’s most beautiful landscapes, and subsequently some of the country’s most wonderful places to call home. This leaves a lot of opportunities for you to build your business from the ground up!
What’s the Process of Becoming a Mortgage Agent in BC?
Meet the Requirements
Complete Education Requirements
Pass Licensing Exam
Connect With a Brokerage
What Are the Requirements to Become a Mortgage Agent in BC?
To become a mortgage agent in British Columbia, you must be at least 19 years old, have a high school diploma (or equivalent), pass a criminal background check, and complete a certified course on mortgage brokering (more on that later).
These requirements are set out by the Financial Institutions Commission (FICOM).
Complete the Education Requirements
To become a mortgage agent in British Columbia, you’re required to complete the Mortgage Brokerage in British Columbia (MBL) course.
The MBL course is offered by the British Columbia Real Estate Association (BCREA) and is designed to provide students with the knowledge and skills necessary to work as a mortgage agent in the province.
The course covers topics such as mortgage financing options, credit and lending policies, and legal and ethical considerations in the mortgage industry.
Once you’ve completed the MBL course, you will be required to pass the MBL exam before you can register with FICOM.
Who Offers the MBL Course?
The Mortgage Brokerage in British Columbia (MBL) course is offered by the British Columbia Real Estate Association (BCREA) and there are multiple BCREA authorized education providers who offer the course.
These authorized education providers are located throughout British Columbia and may include real estate schools, community colleges, and universities.
It’s Time to Pass Your Exam
After passing through the initial phases of the process, and completing the educational portion, it’s time to write and pass your exam so you can officially become a licensed mortgage agent in BC.
The exam is administered by the FICOM and is usually taken at a designated testing center. The format of the exam is computer-based, and it is timed.
The passing score for the MBL exam is typically set at 70%. If a student fails the exam, they can retake it after a certain period of time.
It is important to note that the format and content of the exam may change over time, so it's always best to check the most current information on the FICOM website or with the authorized education provider.
I Passed the Exam, Now What?
After passing the MBL exam, you’re required to register with FICOM in order to legally work as a mortgage agent in the province. This registration process typically involves submitting an application and paying a fee to FICOM.
The next step is to find a sponsoring broker, a mortgage brokerage firm that is registered with FICOM and willing to sponsor you as a mortgage agent. The sponsoring broker will be responsible for supervising your work and ensuring that you comply with all applicable laws and regulations.
Once you have completed these steps and been registered with FICOM, you will be able to legally work as a mortgage agent in British Columbia. You will be required to renew your registration annually and complete ongoing education to maintain your registration.
Find the Right Brokerage to Work and Learn From
After all of your hard work, it’s important that you continue to learn under an experienced team that puts a premium on doing things right.
At Sherwood, we love helping new agents continue their professional development so they can achieve all of their career goals, while providing their clients with the best service possible.
If you’ve gone through the mortgage agent process, and are looking for a team that can help guide you through the early stages of your career, give us a call at 1-(877)-241-6001 today!