How to Become a Mortgage Broker in Alberta? (2024)

Are you interested to know the procedure for becoming a Mortgage Broker in Alberta? This is a question that may come to your mind if you are planning to make a career in the real estate or the brokerage industry in Alberta. The Alberta Real Estate Industry is booming and has almost doubled after the pandemic. This is eventually creating great career opportunities for people in the real estate industry. With a growing population of working professionals moving to Alberta, there is a good scope for mortgage brokers to kickstart their career.

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Let’s find out steps towards becoming a broker in Alberta. Each province has certain specific rules and guidelines when it comes to eligibility requirements for becoming a broker. Alberta has its own set of rules that abide by Alberta Mortgage Brokers Association (AMBA).

RECA (Real Estate Council of Alberta) is the Educational Institution for issuing all the Real Estate and Mortgage Licensing rules in Alberta. RECA issues the Mortgage Broker Licensing Exam in Alberta. One needs to take the Mortgage Broker Course and pass the exam to get a License of Mortgage Associate in Alberta.

In order to become eligible to give the brokerage Exam, an individual should meet the minimum eligibility requirements.

STEP 1 : MINIMUM ELIGIBILITY REQUIREMENTS

A person should be:

1. At least 18 years of age
2. A Canadian Citizen or have a valid Permanent Resident (PR) Card or Open Work Permit
3. Have a Canadian High School Diploma or an Equivalent (post college diploma or university) Degree
4. Be Proficient in English

Set up a myRECA Account

You also need to set up an account with myRECA. myRECA is RECA’s educational platform that allows you to enroll for the Real Estate and Mortgage Brokerage Exams in Alberta. This account is free, it just takes a couple of minutes to set up. So, you would set up an account there and this is where you would start your eligibility application.

The option you want to pick there is called the Education Eligibility Application. They have a couple of different options in case of a person who has moved here from a different province, and they hold a license there, which is not the case for someone who is starting a brand new with the licensing.

Fees

Go to myRECA.ca and start the eligibility application. It will cost you a $100 fee. This is a non-refundable fee. Once paid, RECA will start your application process.

STEP 2 : PRE-LICENSING EDUCATION

Course 1 – Fundamentals of Mortgage Brokerage

Details: This course covers a wide range of information foundational information related to mortgage brokerage in Alberta.

Regulatory Body: The Fundamentals of Mortgage Brokerage Course is offered online through RECA.

Course Fees: $1250

Course 2 – Practice of Mortgage Brokerage

Details: This course provides learners with the opportunity to apply their knowledge through practice-related scenarios that cover a wide variety of situations.

Regulatory Body: The Practice of Mortgage Brokerage Course is delivered online through the Alberta Mortgage Brokers Association (AMBA).

Course Fees: $1500 + GST

Total Duration

Between the 2 courses you get 12 months to complete the education requirements. Within 1 year from the date you enroll in the first course, you have to finish both of these courses.

STEP 3 : CERTIFIED CRIMINAL RECORD CHECK (CCRC)

Once you have completed your pre-licensing courses, the next step is to get a Certified Criminal Record Check (CCRC).

There are a couple of different types of criminal record checks, the one that you’re looking for is the one with fingerprinting. It takes a little bit longer, they have to send everything out to Royal Canadian Mounted Police (RCMP) in Ottawa and then you get the results.

Now it will take about two to three weeks for RECA to receive your results, and you can have the results sent directly to RECA. So you do not receive the results directly, but RECA does, which is a quicker process.

And if you already have a certified criminal record check which is within a period of six months, then you can still submit your application by using the same CCRC Account, you don’t need to redo it. Just keep in mind, the criminal record check has to be less than 6 months old.

STEP 4 : JOIN A BROKERAGE

Toget licensed as a Mortgage Associate, you have to be employed by a brokerage, otherwise you cannot just apply for a license.

We recommend you to consider multiple brokerages, see which brokerage fits your needs the best and go and sign up with them. Once you find a brokerage, they will have you fill out an application which will then be sent to RECA, and then, you will be able to get your license.

What can you do once you become a Broker? Know your Career Options as a Broker (Mortgage Associate)!

Now, how does Alberta Real Estate School fit into all this?

RAMAN –“Being a Licensee myself, I know what are the obstacles one might face while in a position to pass the Alberta Real Estate Exam.”

1. STUDY GUIDES & MOCK EXAMS WITH SOLUTIONS

When you are going through the AMBA Course you will be given big manuals. They are massive with no clear instructions on what is important to focus. The 70% mark is a tricky one to get through, especially in the Alberta Mortgage Brokerage Exams as the questions are trickier than you expect.

Alberta Real Estate School specializes in offering focused, summarized notes that will focus on key areas that you will have on the exam. Our tutoring has helped many students clear the Alberta Mortgage Brokerage Exams in the first attempt. Our theory of understanding the concept and giving point to point instructions about the important topics is exceptional.

We scrape out the excess unnecessary information and guide you towards the most relevant topics that you can expect in the exams. We will give you a chance to understand the concepts in a simpler and more effective way and give you personalized tutoring to make you confident about the topics.

Have a look at our Extensive Study Guides for the Mortgage Brokerage Courses with Summarized Notes, Key Areas of Focus, and Sample Exam Questions:

2. PERSONALISED TUTORING

If you feel that you need more in-depth understanding of the real estate concepts, you can join us online or in-person. This way, we help you understand these concepts by discussing and explaining each one of them in detail. We can answer the questions that you may have, help you break down the concepts, and can also help you with assignments and unit quizzes if you are struggling with getting those correct.

Instead of going through the500-page manual,our Condensed Guides are muchsmaller Study Guidewhere you will only focus on the information that you really need to know in order to prepare for your exam. You’re thus, not wasting your time on the areas that are not relevant for passing the exam. Eventually, you’ll be able to go through the material much quicker.

Have a look at our Personalized Tutoring Services offered for the Mortgage Brokerage Courses: