INTERESTED IN BECOMING A MORTGAGE BROKER?
Looking for a career change? Consider starting a new career in the real estate sector - there's never been a better time! With a fast-growing working professional population in our province, mortgage brokers are seeing a steady rise in business. Mortgage brokers help buyers secure financing for their homes or real estate property purchases and handle all associated formalities. If you have a strong intuition for contracts and finance, excel at building new relationships, have strong ethical standards, and are prepared to work hard (especially in the first few years), you're a great candidate for the mortgage industry.
LEARN FROM OUR EXPERIENCE
The Alberta Mortgage Brokers Association is the voice of the province's mortgage industry and has been representing the interests of Alberta Mortgage Brokers since 1975.
Through advocacy, education, professional development, and community, AMBA is committed to advancing Alberta's Mortgage Broker industry. As a registered non-profit operating under the Societies Act, AMBA is governed by an elected Board of Directors. Membership is by application, and is available to Mortgage Brokers and industry partners (lawyers, insurers, lenders, etc). Currently, we represent over 1800 Mortgage Professionals throughout Alberta.
AMBA is dedicated to strengthening the mortgage industry and supporting future mortgage brokers by providing the highest standard of pre-licensing education. AMBA is recognized by the Real Estate Council of Alberta (RECA) as a third-party course provider.
HOW TO BECOME A LICENSED MORTGAGE BROKER
Confirm Your Eligibility with the Real Estate Council of Alberta (RECA)
Eligibility Requirements (subject to change)
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
Once you have confirmed your eligibility, you will be asked to create a myRECA account. Depending on your specific circumstances, you may be required to complete a Suitability Review. If you are already licensed in another province, you will be invited to complete a Labour Mobility Application.
Pre-Licensing Education Requirements
In order to become a licensed Mortgage Broker in Alberta, candidates must first successfully complete two pre-licensing courses: the Fundamentals of Mortgage Brokerage and the Practice of Mortgage Brokerage, including a final exam administered by AMBA, for each course.
Candidates who successfully complete each course (including the final exam) will then eligible to write the appropriate pre-licensing exam administered by RECA.
The education path to licensing eligibility is as follows:
Step 1: Enroll in and successfully complete the Fundamentals of Mortgage Brokering Course (including passing a100 question final exam).
- Timeline: Must complete the course and pass the final exam within 6 months of enrolment.
Step 2: Successfully complete the Fundamentals of Mortgage Brokering Pre-Licensing Exam (at RECA).
- Timeline: Must successfully complete the pre-licensing exam at RECA within 3 months of completing the Fundamentals Course.
Step 3: Enroll in and successfully complete the Practice of Mortgage Brokering Course (including passing a 100 question final exam).
- Timeline: Must complete the course and pass the final exam within 6 months of enrolment.
Step 4: Successfully complete the Practice of Mortgage Brokering Pre-Licensing Exam (at RECA).
- Timeline: Must successfully complete the pre-licensing exam at RECA within 3 months of completing the Practice Course.
AMBA has been offering pre-licensing education for over 25 years, and has the advantage of drawing upon the skills, knowledge, and experience of our more than 1800 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 courses were written for professionals, by professionals, and our online courses were designed by an award-winning Alberta-based course development/ design company.
AMBA is an approved course provider for both the Fundamentals of Mortgage Brokerage and the Practice of Mortgage Brokerage.
THE FUNDAMENTALS OF MORTGAGE BROKERAGE
Course Administration:
The Fundamentals of Mortgage Brokerage is the first course in our program, and must be completed prior to taking the Practice of Mortgage Brokerage. 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. Course extensions are available for a fee.
Fees:
The course fee is $1500(+gst) and includes access to the online course and on-demand learner support from our Education Committee, which is comprised of successful and accomplished mortgage professionals. Candidates in this course may also register for optional virtual tutoring for an additional fee.
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 and competencies.
Examples of key topics include:
PASSING REQUIREMENTS:
Candidates must achieve a minimum grade of 70% on all unit quizzes, module tests, and AMBA's final exam in order to pass this course.
Upon successful completion of the Fundamentals course, candidates are eligible to complete the first pre-licensing exam through RECA. Students have 3 months upon completion of AMBA's course to register and successfully complete the pre-licensing exam.
COURSE TOOLS:
A Canadian Qualifier Plus calculator is required for this course. You can purchase the calculator for $70.00 (+ GST and shipping) by contacting AMBA.
THE PRACTICE OF MORTGAGE BROKERAGE
Course Administration: 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; however, you may register for both courses at once should you prefer. 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. Course extensions are available for a fee.
Fees:
The course fee is $1500(+gst) and includes access to the online course and on-demand learner support from our Education Committee, which is comprised of successful and accomplished mortgage professionals. Candidates in this course may also register for optional virtual tutoring for an additional fee.
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 builds upon the core competencies introduced in the Fundamentals course.
Examples of key topics include:
PASSING REQUIREMENTS:
Candidates must achieve a minimum grade of 70% on all unit quizzes, module tests, and AMBA's final exam in order to pass this course.
Upon successful completion of the Practice of Mortgage Brokering course, candidates are eligible to complete the final pre-licensing exam through RECA. Students have 3 months upon completion of AMBA's course to register and successfully complete the pre-licensing exam.
COURSE TOOLS:
A Canadian Qualifier Plus calculator is required for this course. You can purchase the calculator by contacting AMBA.
ONCE YOU'VE SUCCESSFULLY COMPLETED YOUR FINAL PRE-LICENSING EXAM AT RECA:
STEP 1: CRIMINAL RECORD CHECK
In order to qualify for licensing, all candidates 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 2: 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.
STEP 3: COMPLETE LICENSING APPLICATION
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 4: SETUP 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.
Looking for a career change? Consider starting a new career in the real estate sector - there's never been a better time! With a fast-growing working professional population in our province, mortgage brokers are seeing a steady rise in business. Mortgage brokers help buyers secure financing for their homes or real estate property purchases and handle all associated formalities. If you have a strong intuition for contracts and finance, excel at building new relationships, have strong ethical standards, and are prepared to work hard (especially in the first few years), you're a great candidate for the mortgage industry.
LEARN FROM OUR EXPERIENCE
The Alberta Mortgage Brokers Association is the voice of the province's mortgage industry and has been representing the interests of Alberta Mortgage Brokers since 1975.
Through advocacy, education, professional development, and community, AMBA is committed to advancing Alberta's Mortgage Broker industry. As a registered non-profit operating under the Societies Act, AMBA is governed by an elected Board of Directors. Membership is by application, and is available to Mortgage Brokers and industry partners (lawyers, insurers, lenders, etc). Currently, we represent over 1800 Mortgage Professionals throughout Alberta.
AMBA is dedicated to strengthening the mortgage industry and supporting future mortgage brokers by providing the highest standard of pre-licensing education. AMBA is recognized by the Real Estate Council of Alberta (RECA) as a third-party course provider.
HOW TO BECOME A LICENSED MORTGAGE BROKER
Confirm Your Eligibility with the Real Estate Council of Alberta (RECA)
Eligibility Requirements (subject to change)
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
Once you have confirmed your eligibility, you will be asked to create a myRECA account. Depending on your specific circumstances, you may be required to complete a Suitability Review. If you are already licensed in another province, you will be invited to complete a Labour Mobility Application.
Pre-Licensing Education Requirements
In order to become a licensed Mortgage Broker in Alberta, candidates must first successfully complete two pre-licensing courses: the Fundamentals of Mortgage Brokerage and the Practice of Mortgage Brokerage, including a final exam administered by AMBA, for each course.
Candidates who successfully complete each course (including the final exam) will then eligible to write the appropriate pre-licensing exam administered by RECA.
The education path to licensing eligibility is as follows:
Step 1: Enroll in and successfully complete the Fundamentals of Mortgage Brokering Course (including passing a100 question final exam).
- Timeline: Must complete the course and pass the final exam within 6 months of enrolment.
Step 2: Successfully complete the Fundamentals of Mortgage Brokering Pre-Licensing Exam (at RECA).
- Timeline: Must successfully complete the pre-licensing exam at RECA within 3 months of completing the Fundamentals Course.
Step 3: Enroll in and successfully complete the Practice of Mortgage Brokering Course (including passing a 100 question final exam).
- Timeline: Must complete the course and pass the final exam within 6 months of enrolment.
Step 4: Successfully complete the Practice of Mortgage Brokering Pre-Licensing Exam (at RECA).
- Timeline: Must successfully complete the pre-licensing exam at RECA within 3 months of completing the Practice Course.
AMBA has been offering pre-licensing education for over 25 years, and has the advantage of drawing upon the skills, knowledge, and experience of our more than 1800 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 courses were written for professionals, by professionals, and our online courses were designed by an award-winning Alberta-based course development/ design company.
AMBA is an approved course provider for both the Fundamentals of Mortgage Brokerage and the Practice of Mortgage Brokerage.
THE FUNDAMENTALS OF MORTGAGE BROKERAGE
Course Administration:
The Fundamentals of Mortgage Brokerage is the first course in our program, and must be completed prior to taking the Practice of Mortgage Brokerage. 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. Course extensions are available for a fee.
Fees:
The course fee is $1500(+gst) and includes access to the online course and on-demand learner support from our Education Committee, which is comprised of successful and accomplished mortgage professionals. Candidates in this course may also register for optional virtual tutoring for an additional fee.
- 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.
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 and competencies.
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 achieve a minimum grade of 70% on all unit quizzes, module tests, and AMBA's final exam in order to pass this course.
Upon successful completion of the Fundamentals course, candidates are eligible to complete the first pre-licensing exam through RECA. Students have 3 months upon completion of AMBA's course to register and successfully complete the pre-licensing exam.
COURSE TOOLS:
A Canadian Qualifier Plus calculator is required for this course. You can purchase the calculator for $70.00 (+ GST and shipping) by contacting AMBA.
THE PRACTICE OF MORTGAGE BROKERAGE
Course Administration: 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; however, you may register for both courses at once should you prefer. 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. Course extensions are available for a fee.
Fees:
The course fee is $1500(+gst) and includes access to the online course and on-demand learner support from our Education Committee, which is comprised of successful and accomplished mortgage professionals. Candidates in this course may also register for optional virtual tutoring for an additional fee.
- 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.
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 builds upon the core competencies introduced in the Fundamentals course.
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 achieve a minimum grade of 70% on all unit quizzes, module tests, and AMBA's final exam in order to pass this course.
Upon successful completion of the Practice of Mortgage Brokering course, candidates are eligible to complete the final pre-licensing exam through RECA. Students have 3 months upon completion of AMBA's course to register and successfully complete the pre-licensing exam.
COURSE TOOLS:
A Canadian Qualifier Plus calculator is required for this course. You can purchase the calculator by contacting AMBA.
ONCE YOU'VE SUCCESSFULLY COMPLETED YOUR FINAL PRE-LICENSING EXAM AT RECA:
STEP 1: CRIMINAL RECORD CHECK
In order to qualify for licensing, all candidates 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 2: 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.
STEP 3: COMPLETE LICENSING APPLICATION
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 4: SETUP 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.
TO REGISTER FOR A PRE-LICENSING COURSE, PLEASE COMPLETE THE FORM BELOW
