Are You Ready to Become a Mortgage Broker? Here’s What You Need to Know.
The real estate market is always changing and expanding. Over the years, the market has expanded to the point where there are new opportunities everywhere, and new chances to get involved.
Take it from me, CEO of Arise Mortgage. I started my career in the banking industry, and saw how versatile the real estate industry was becoming. I took a chance, and decided to embark on a new career path as a mortgage broker.
This chance is something I wouldn’t change for the world!
If you too are looking for a career change, or would like to get involved in the real estate market, becoming a mortgage broker may be right for you.
The good news? There is always a place for you.
If you are considering starting your career as a mortgage broker, this blog post is the perfect place to start. Let’s explore what you need to know before you dive in.
How Do I Become a Mortgage Broker?
While each province has its own requirements for becoming a mortgage broker, we are going to explore becoming a mortgage broker in British Columbia.
The British Columbia real estate market is an ever-evolving market that consists of plenty of opportunities for you to grow as a mortgage broker. Let’s explore what it takes for you to get started as a mortgage broker in BC.
1. Eligibility Requirements
The first step to getting started is to ensure that you have met all of the eligible requirements. Those requirements include:
Be at least 19 years of age.
Be a Canadian citizen or landed immigrant.
Have a clean criminal record.
Got all of those requirements? Great! Let’s move on to the next step.
2. Education and Licensing
After you have met the eligibility requirements, you will then move on to the most important part: Education and licensing.
You will want to enroll in the Mortgage Brokerage in British Columbia course offered by the University of British Columbia’s Saunders School of Business. You do not need a prerequisite to enroll in the course, as a high school diploma will suffice as meeting the requirements.
While there are no formal requirements needed, there is a language proficiency requirement. Make sure to sharpen up your English skills before you enroll!
The course costs approximately $1,070 CAD. However, make sure to become well-versed with the prices as they may have been adjusted depending on the current cost of living increases.
You will have exactly one year to finish the course and pass the final exam. Following your completion of the course, you will have a grace period of one year to register your license with the Financial Institutions Commission (FICOM).
3. Sub-Mortgage Broker
After you have completed your course and have registered with FICOM, you will then move on to the most exciting part of your journey: Mentorship!
The completion of your exam and license has prompted you to become a Sub-Mortgage Broker. In order to become fully licensed, you will need to work alongside a mortgage brokerage for a minimum period of six months.
There are some great employment opportunities and internships available in British Columbia that would be happy to have you onboard during your studies – Arise Mortgage included!
4. Broker’s Business Planning and Financial Management Licensing Course
Working as a sub-mortgage broker for a minimum of six months is the prerequisite for enrolling in the Broker’s Business Planning and Financial Management Licensing Course offered by the University of British Columbia’s Saunders School of Business.
This course is great for any aspiring mortgage brokers that want to either start their own licensed brokerage, become a managing broker or associate brokerage where they are currently working at.
Similar to the Mortgage Brokerage in British Columbia course, you will have exactly one year to complete the Broker’s Business Planning and Financial Management Licensing Course and another full year to register your license.
The cost for this course is similar to the Mortgage Brokerage in British Columbia course.
Congratulations! You are now a licensed mortgage broker, and are ready to start your career.
While the steps outlined within this article are a very standard way of obtaining your mortgage broker license in British Columbia, there are various ways you can start your career that goes beyond this outline.
It is important to educate yourself, and to reach out to fellow peers in order to find the best course of action for you.
Start Your Career with Arise Mortgage
At Arise Mortgage, we are always looking to support aspiring mortgage brokers who are beginning their career. We currently have mentorship opportunities, where you can learn firsthand from a team of mortgage professionals who were once in your shoes.
Get in touch with our team today to learn more about our career opportunities, and start your journey today.