How to become a licensed mortgage broker
AMBA is dedicated to strengthening the mortgage industry and supporting future mortgage brokers by providing the highest standard of pre-licensing education and is recognized by the Real Estate Council of Alberta (RECA) as an approved course provider for the Fundamentals of Mortgage Brokerage course, Practice of Mortgage Brokerage course and the Broker-Owner course.
We have been offering pre-licensing education for over 25 years, and have the advantage of drawing upon the skills, knowledge, and experience of our more than 1,800 members in the development and delivery of our courses. As the professional association representing the mortgage industry in Alberta, we are the undisputed experts in mortgage education. Our online courses were written by practicing mortgage professionals, and were designed by an award-winning Alberta-based course development/design company.
The following steps provide an overview of how to become a licensed mortgage broker in Alberta. For more details on each step, please review RECA's step-by-step guide to getting licensed.
*Please note, practicing mortgage brokers interested in taking AMBA's Broker-Owner Course can find licensing information at the bottom of this page.
We have been offering pre-licensing education for over 25 years, and have the advantage of drawing upon the skills, knowledge, and experience of our more than 1,800 members in the development and delivery of our courses. As the professional association representing the mortgage industry in Alberta, we are the undisputed experts in mortgage education. Our online courses were written by practicing mortgage professionals, and were designed by an award-winning Alberta-based course development/design company.
The following steps provide an overview of how to become a licensed mortgage broker in Alberta. For more details on each step, please review RECA's step-by-step guide to getting licensed.
*Please note, practicing mortgage brokers interested in taking AMBA's Broker-Owner Course can find licensing information at the bottom of this page.
Step 1 - Determine your eligibility requirements with RECA (subject to change)
Individuals interested in becoming a licensed mortgage broker must meet the following qualifications:
Individuals interested in becoming a licensed mortgage broker must meet the following qualifications:
- Be at least 18 years of age
- Be able to lawfully study and work in Canada
- Be able to provide specific government-issued identification (ID)
- Have a minimum of Canadian high school education or equivalent
- Be proficient in the English language
Step 2 - Create a myRECA account
In order to begin the application and eligibility process, you will need to create a myRECA account. For more information on creating an account, view the tutorial for creating a myRECA account provided by RECA.
In order to begin the application and eligibility process, you will need to create a myRECA account. For more information on creating an account, view the tutorial for creating a myRECA account provided by RECA.
Step 3 - Complete your application on your myRECA account
When you are ready to begin your application and eligibility process, log in to your myRECA account and complete the application. Depending on your specific circumstances, you may be required to complete a Suitability Review Application. If you are already licensed in another province, you will be invited to complete a Labour Mobility Application.
When you are ready to begin your application and eligibility process, log in to your myRECA account and complete the application. Depending on your specific circumstances, you may be required to complete a Suitability Review Application. If you are already licensed in another province, you will be invited to complete a Labour Mobility Application.
Step 4 - Complete the pre-licensing education requirements
Eligible candidates must successfully complete the two pre-licensing courses (Fundamentals of Mortgage Brokerage and Practice of Mortgage Brokerage), including achieving the minimum passing grade on AMBA's final exam for each course.
Eligible candidates must successfully complete the two pre-licensing courses (Fundamentals of Mortgage Brokerage and Practice of Mortgage Brokerage), including achieving the minimum passing grade on AMBA's final exam for each course.
.Step 5 - Pass the licensing exams at RECA
After successfully passing each final exam at AMBA (Fundamentals of Mortgage Brokerage and Practice of Mortgage Brokerage), candidates must successfully complete licensing exams administered by RECA. Candidates must complete the Fundamentals of Mortgage Brokerage course, final exam, and licensing exam prior to registering for the Practice of Mortgage Brokerage course.
After successfully passing each final exam at AMBA (Fundamentals of Mortgage Brokerage and Practice of Mortgage Brokerage), candidates must successfully complete licensing exams administered by RECA. Candidates must complete the Fundamentals of Mortgage Brokerage course, final exam, and licensing exam prior to registering for the Practice of Mortgage Brokerage course.
AMBA's steps to pre-licensing education
STEP 1 Enroll in AMBA's Fundamentals of Mortgage Brokerage course
Enroll in and successfully complete the Fundamentals of Mortgage Brokerage course (including passing a 100 question final exam with a score of 70% or higher). Students must complete the course and pass the final exam within 6 months of enrolment.
STEP 2 PASS RECA's FUNDAMENTALS OF MORTGAGE BROKERAGE Pre-licensing exam
Successfully complete the Fundamentals of Mortgage Brokerage Pre-Licensing Exam (with RECA). Students must successfully complete the pre-licensing exam at RECA within 3 months of being authorized by AMBA. Authorization can be granted once you have passed AMBA's Fundamentals course final exam. Note: Your authorization does NOT have to occur within the 6-month course deadline.
STEP 3 Enroll in AMBA'S PRACTICE OF MORTGAGE BROKERAGE COURSE
Enroll in and successfully complete the Practice of Mortgage Brokerage course (including passing a 100 question final exam with a score of 70% or higher). Students must complete the course and pass the final exam within 6 months of enrolment.
STEP 4 PASS RECA'S Practice OF MORTGAGE BROKERAGE PRE-LICENSING EXAM
Successfully complete the Practice of Mortgage Brokerage Pre-Licensing Exam (with RECA). Students must successfully complete the pre-licensing exam at RECA within 3 months of being authorized by AMBA. Authorization can be granted once you have passed AMBA's Practice course final, but does NOT have to be granted prior to the six-month course deadline.
Course 1 - Fundamentals of Mortgage Brokerage
The Fundamentals of Mortgage Brokerage is the first course in our program, and must be completed prior to taking the Practice of Mortgage Brokerage course. In order to allow candidates the most flexibility, this course is offered online and is self-paced; candidates have 6 months to complete the course from their start date, including successfully completing a 100 question final exam with a score of 70% or higher. Course extensions are available for a fee.
While this course can be completed in a shorter timeframe then what is provided, we STRONGLY recommend that learners spend no less than 4-5 months in the program learning the material and progressing through the course. Learners who rush through the course are far more likely to be unsuccessful on their RECA exams. If you are taking the course and have limited time, please note that it is not AMBA's responsibility to accommodate your shortened timeline; our focus is to ensure that learners successfully complete their course within the 6-month timeline provided.
To register for this course, please complete the form at the bottom of this page.
The Fundamentals of Mortgage Brokerage is the first course in our program, and must be completed prior to taking the Practice of Mortgage Brokerage course. In order to allow candidates the most flexibility, this course is offered online and is self-paced; candidates have 6 months to complete the course from their start date, including successfully completing a 100 question final exam with a score of 70% or higher. Course extensions are available for a fee.
While this course can be completed in a shorter timeframe then what is provided, we STRONGLY recommend that learners spend no less than 4-5 months in the program learning the material and progressing through the course. Learners who rush through the course are far more likely to be unsuccessful on their RECA exams. If you are taking the course and have limited time, please note that it is not AMBA's responsibility to accommodate your shortened timeline; our focus is to ensure that learners successfully complete their course within the 6-month timeline provided.
To register for this course, please complete the form at the bottom of this page.
FEES
The course fee is $1,500 (+gst) and includes access to the online course and learner support from our Education Department.
- If a candidate is unsuccessful on their AMBA final exam, an exam re-write is available for a fee of $75.
- If a candidate is unsuccessful on their AMBA final exam re-write, they must re-enroll in the course and complete the course material again in order to be eligible to re-write the final exam. Full course fees apply.
COMPETENCIES
This course meets all of the required competencies as determined by the Real Estate Council of Alberta. To view the competency profile, CLICK HERE.
COURSE CONTENT
This is an introductory course that will ensure candidates achieve a high level of competency in fundamental concepts.
Examples of key topics include:
Examples of key topics include:
- Understanding the real estate industry at large
- Key mortgage industry terminology
- Basic knowledge of the history of the mortgage industry
- Benefits of using a mortgage broker
- Credit analysis
- Understanding the economic and social impact of the real estate industry
- Introduction to regulators and real estate legislation
- The role of lenders, insurers, underwriters, appraisers, and other adjacent mortgage professionals
- Introduction to key financing concepts and attributes
- Mortgage types and products
- Mortgage funding sources
- Commercial vs. residential mortgages
- Understanding the market
- Acts, rules, and regulations in the mortgage industry
- Understanding the role of RECA
- Introduction to professional standards and ethics
- Contracts and disclosures
- Understanding insurance
- Compliance with the law
- Client management and relationship building
- Business basics
- Marketing basics
- Understanding fraud and your responsibilities to prevent and report incidents
- Ethical requirements in the mortgage industry
PASSING REQUIREMENTS
Candidates must review course content, successfully complete all unit quizzes and module tests, and achieve a minimum grade of 70% on the Fundamentals course final exam in order to pass this course.
Upon successful completion of the Fundamentals of Mortgage Brokerage course, candidates are eligible to complete the pre-licensing final exam through RECA. Students have 3 months from the day of authorization by AMBA to register and successfully complete the pre-licensing exam. Authorization can only be granted once you have passed the Fundamentals course final. Authorization does not have to occur immediately after passing the exam; often candidates prefer to take a small break prior to requesting their authorization.
Upon successful completion of the Fundamentals of Mortgage Brokerage course, candidates are eligible to complete the pre-licensing final exam through RECA. Students have 3 months from the day of authorization by AMBA to register and successfully complete the pre-licensing exam. Authorization can only be granted once you have passed the Fundamentals course final. Authorization does not have to occur immediately after passing the exam; often candidates prefer to take a small break prior to requesting their authorization.
Course 2 - Practice of Mortgage Brokerage
The Practice of Mortgage Brokerage is the second and final course in our Mortgage Associates Program. Candidates must successfully complete both the Fundamentals of Mortgage Brokerage course (including the final exam) and the Fundamentals pre-licensing exam before starting this course. This course is offered online and is self-paced; candidates have 6 months to complete the course from their start date, including successfully completing a 100 question final exam with a score of 70% or higher. Course extensions are available for a fee.
While this course can be completed in a shorter timeframe then what is provided, we STRONGLY recommend that learners spend no less than 5-6 months in the program learning the material and progressing through the course. Learners who rush through the course are far more likely to be unsuccessful on their RECA exams. If you are taking the course and have limited time, please note that it is not AMBA's responsibility to accommodate your shortened timeline; our focus is to ensure that learners successfully complete their course within the 6-month timeline provided.
To register for this course, please complete the form at the bottom of this page.
The Practice of Mortgage Brokerage is the second and final course in our Mortgage Associates Program. Candidates must successfully complete both the Fundamentals of Mortgage Brokerage course (including the final exam) and the Fundamentals pre-licensing exam before starting this course. This course is offered online and is self-paced; candidates have 6 months to complete the course from their start date, including successfully completing a 100 question final exam with a score of 70% or higher. Course extensions are available for a fee.
While this course can be completed in a shorter timeframe then what is provided, we STRONGLY recommend that learners spend no less than 5-6 months in the program learning the material and progressing through the course. Learners who rush through the course are far more likely to be unsuccessful on their RECA exams. If you are taking the course and have limited time, please note that it is not AMBA's responsibility to accommodate your shortened timeline; our focus is to ensure that learners successfully complete their course within the 6-month timeline provided.
To register for this course, please complete the form at the bottom of this page.
FEES
The course fee is $1,500 (+gst) and includes access to the online course and learner support from our Education Department.
- If a candidate is unsuccessful on their AMBA final exam, an exam re-write is available for a fee of $75.
- If a candidate is unsuccessful on their AMBA final exam re-write, they must re-enroll in the course and complete the course material again in order to be eligible to re-write the final exam.
- Candidates are required to use a special mortgage calculator throughout this course and for exams. You can purchase the Canadian Qualifier+ x 4 Calculator through AMBA. Calculators may be shipped or picked up at the AMBA office.
- The fee for a calculator is $70 (+gst). Shipping fees are $15 (+gst) within Alberta and $25 (+gst) outside of Alberta.
- To order a calculator for pickup at the Calgary office, CLICK HERE.
- To order a calculator for shipping, CLICK HERE. (Please provide your full name, and complete mailing address including postal-code.)
COMPETIENCIES
This course meets all of the required competencies as determined by the Real Estate Council of Alberta. To view the competency profile, CLICK HERE.
COURSE CONTENT
This is an advanced course that builds upon the core competencies introduced in the Fundamentals course.
Examples of key topics include:
Examples of key topics include:
- Comparing and analyzing mortgage products
- Assessing and analyzing risk
- The client discovery journey
- Comparing mortgage insurance requirements and opportunities
- Matching the best mortgage product with client needs
- Preparing a mortgage application and required documentation
- Understanding mortgage default
- Calculating financing interest
- Understanding amortization schedules
- Evaluating market trends
- Understanding the effect of supply and demand in real estate
- Calculating principal and interest payments
- Understanding holding periods
- Understanding debt service
- Calculating loan-to-value ratios
- Qualifying a buyer
- Regulatory requirements
- Residential and commercial underwriting practices
- Understanding a credit report
- Servicing borrowers - the process from start to finish
- Private lending
- Assessing the cost of borrowing
- Surpassing mortgage fraud
PASSING REQUIREMENTS
Candidates must review course content, successfully complete all unit quizzes and module tests, and achieve a minimum grade of 70% on the Practice course final exam in order to pass.
Upon successful completion of the Practice of Mortgage Brokerage course, candidates are eligible to complete the final pre-licensing exam through RECA. Students have 3 months from the day of authorization by AMBA to register and successfully complete the pre-licensing exam. Authorization can be granted once you have passed the Practice course final. Authorization does not have to occur immediately after passing the exam; often candidates prefer to take a small break prior to requesting their authorization.
Upon successful completion of the Practice of Mortgage Brokerage course, candidates are eligible to complete the final pre-licensing exam through RECA. Students have 3 months from the day of authorization by AMBA to register and successfully complete the pre-licensing exam. Authorization can be granted once you have passed the Practice course final. Authorization does not have to occur immediately after passing the exam; often candidates prefer to take a small break prior to requesting their authorization.
COURSE TOOLS
Candidates are required to use a special mortgage calculator throughout this course and for exams. You can purchase the Canadian Qualifier+ 4x Calculator through AMBA. Calculators may be shipped or picked up at the AMBA office. Note: this is the only calculator accepted by RECA for use during your exams. You are not permitted to use the app on your phone; you must have the physical calculator.
- The fee for a calculator is $70 (+gst). Shipping fees are $15 (+gst) within Alberta and $25 (+gst) outside of Alberta.
- To order a calculator for pickup at the Calgary office, CLICK HERE.
- To order a calculator for shipping, CLICK HERE. (Please provide your full name, and complete mailing address including postal-code.)
Step 5 - Provide a criminal record check
One you've successfully completed your final pre-licensing exam with RECA, you must provide RECA with a Certified Criminal Record Check (CCRC). To do so, you may contact a private, accredited fingerprint agency or your local law enforcement agency and request a CCRC. RECA must review and accept your CCRC before you can become licensed.
One you've successfully completed your final pre-licensing exam with RECA, you must provide RECA with a Certified Criminal Record Check (CCRC). To do so, you may contact a private, accredited fingerprint agency or your local law enforcement agency and request a CCRC. RECA must review and accept your CCRC before you can become licensed.
Step 6 - Obtain employment with a brokerage
Once RECA approves your Certified Criminal Record Check, you must contact a licensed brokerage in Alberta and come to an agreement for them to hire you.
When a brokerage hires you, you'll likely be required to complete an employment contract and then complete your licensing application. We encourage all graduates of the Mortgage Associates Program to seek employment with brokerages who are members of AMBA in order to have access to all member benefits. To search our broker member database, CLICK HERE.
Once RECA approves your Certified Criminal Record Check, you must contact a licensed brokerage in Alberta and come to an agreement for them to hire you.
When a brokerage hires you, you'll likely be required to complete an employment contract and then complete your licensing application. We encourage all graduates of the Mortgage Associates Program to seek employment with brokerages who are members of AMBA in order to have access to all member benefits. To search our broker member database, CLICK HERE.
Step 7 - Complete the licensing process
Once you've found a brokerage to work for, your new broker-owner will begin the licensing process with RECA. As part of your licensing application, you'll be required to pay your licensing fees (in some cases this is paid for by your brokerage). You can check on the status of your licensing application via your myRECA account.
Once you've found a brokerage to work for, your new broker-owner will begin the licensing process with RECA. As part of your licensing application, you'll be required to pay your licensing fees (in some cases this is paid for by your brokerage). You can check on the status of your licensing application via your myRECA account.
Step 8 - Set up your AMBA member portal
If you've joined a brokerage that is an AMBA member, you'll have access to a private, members-only portal which provides our members with discounts on events, professional development, and continuing education. To ensure you have access, ask your broker-owner to update their broker listing in the member portal, or send our Membership Specialist an email.
If you've joined a brokerage that is an AMBA member, you'll have access to a private, members-only portal which provides our members with discounts on events, professional development, and continuing education. To ensure you have access, ask your broker-owner to update their broker listing in the member portal, or send our Membership Specialist an email.
Broker-Owner course
The Broker-Owner course is designed for practicing mortgage professionals who are looking to take the next step and start their own brokerage. Those hoping to become a broker-owner must have at least two years of experience as a mortgage licensee within the last five years, and must complete the course and accompanying exam. This course is offered online and is self-paced; candidates have 6 months to complete the course from their start date, including successfully completing a 100 question final exam with a score of 70% or higher. Course extensions are available for a fee.
The Broker-Owner course is designed for practicing mortgage professionals who are looking to take the next step and start their own brokerage. Those hoping to become a broker-owner must have at least two years of experience as a mortgage licensee within the last five years, and must complete the course and accompanying exam. This course is offered online and is self-paced; candidates have 6 months to complete the course from their start date, including successfully completing a 100 question final exam with a score of 70% or higher. Course extensions are available for a fee.
FEES
The course fee is $1,750 (+gst) and includes access to the online course and learner support from our Education Department.
- If a candidate is unsuccessful on their AMBA final exam, an exam re-write is available for a fee of $75.
- If a candidate is unsuccessful on their AMBA final exam re-write, they must re-enroll in the course and complete the course material again in order to be eligible to re-write the final exam. Full course fees apply.
Competencies
This course meets all of the required competencies as determined by the Real Estate Council of Alberta. To view the competency profile, CLICK HERE.
Course Content
This is an advanced course that reviews key industry skills and introduces applicable business concepts.
Examples of key topics include:
Examples of key topics include:
- Brokerage business models
- Industry trends
- Policy oversight and strategy
- Business planning
- Budgeting
- Errors and Omissions insurance and related policies
- Risk management
- Market position
- Employment relationships and agreements
- Employment Standards Code
- Employee compensation
- Policy and practice of human rights legislation
- Investigation and reporting models
- Occupational health and safety
- Hiring and recruiting
- Managing employee performance
- Disciplinary action
- Dispute resolution
- Professional conduct
- Legislative responsibilities
- Advertising
- Trust account set-up, operation and reconciliation
- Privacy and records
- Cybersecurity risks, policies and procedures
- Fraud prevention
Passing Requirements
Candidates must review course content, successfully complete all unit quizzes and module tests, and achieve a minimum grade of 70% on the Broker-Owner course final exam in order to pass.
Upon successful completion of the Broker-Owner course, candidates are eligible to complete the final pre-licensing exam through RECA. Students have 3 months from the day of authorization by AMBA to register and successfully complete the pre-licensing exam. Authorization can be granted once you have passed the Broker-Owner course final.
Upon successful completion of the Broker-Owner course, candidates are eligible to complete the final pre-licensing exam through RECA. Students have 3 months from the day of authorization by AMBA to register and successfully complete the pre-licensing exam. Authorization can be granted once you have passed the Broker-Owner course final.
TO REGISTER FOR A COURSE, PLEASE COMPLETE THE FORM BELOW
