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Would you like to become a mortgage broker ? learn Free (Since 1975)

Would you like to become a mortgage broker ?

mortgage broker Looking for a career change? Think about starting a new career in the real estate sector-there has never been a better time! With the rapid growth of the professional working population in our province, mortgage brokers are experiencing a steady rise in business.

Mortgage brokers help buyers secure financing for their homes or real estate purchases and handle all the formalities associated with them. If you have a strong intuition for contracts and finance, excel at building new relationships, have strong ethical standards, and are willing to work hard (especially in the first few years), you are a great candidate for the mortgage industry.

Learn from our experience for become a mortgage broker

The Mortgage Brokers Association of Alberta is the voice of the mortgage industry in the province and has represented the interests of mortgage brokers in Alberta since 1975.

Through advocacy, education, professional development and the community, Amba is committed to the development of the mortgage broker industry in Alberta. As a registered non-profit operating under the Societies Act, Amba is governed by an elected board of directors.

Membership is by Application, available to mortgage brokers and industry partners (lawyers, insurance companies, lenders, etc.). Currently, we represent more than 1,800 mortgage professionals across Alberta.

Amba is dedicated to strengthening the mortgage industry and supporting future mortgage brokers by providing the highest level of pre-licensure education. Amba is recognized by the Alberta real estate board (Reca) as a third-party course provider.

How to become a licensed mortgage broker

Confirm your eligibility with the Alberta Real Estate Board (Reca)
Eligibility requirements (subject to change)

Individuals interested in becoming a licensed mortgage broker must meet the following qualifications:

mortgage broker
mortgage broker
  • Be at least 18 years of age
  • Be able to study and work legally in Canada
  • Be able to provide a specific government-issued ID (ID)
  • Have a minimum Canadian secondary education or equivalent
  • Be fluent in English
  • Once your eligibility is confirmed, you will be asked to create a Merica account.
  • Depending on your specific circumstances, you may be asked to complete a suitability review.
  • If you are already licensed in another province, you will be invited to complete a labor mobility application.

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Pre-license education requirements

In order to become a licensed mortgage broker in Alberta, candidates must first successfully complete two pre-licensing courses: mortgage brokerage fundamentals and mortgage brokerage practice, including the final exam administered by Amba, for each course.

Candidates who have successfully completed each course (including the final exam) will be eligible to write the appropriate pre-licensure test administered by Reca.

The course of education for license eligibility is as follows:

Step 1: enroll in and successfully complete the real estate brokerage fundamentals course (including passing the 100 question Final Exam).

  • Schedule: you must complete the course and pass the final exam within 6 months of registration.
    Step 2: successfully complete the basics of mortgage brokerage pre-licensing exam (in RCA).
  • Schedule: the Reka pre-licensure exam must be successfully completed within 3 months of completing the Fundamentals course.
    Step 3: enroll in and successfully complete the mortgage brokerage practice course (including passing the 100 question Final Exam).
  • Schedule: you must complete the course and pass the final exam within 6 months of registration.
    Step 4: successfully complete the mortgage brokerage practice pre-licensing exam (in RCA).
  • Schedule: you must successfully complete the pre-licensure exam in Reka within 3 months of completing the practice course.

AMBA has been offering pre-licensure education for over 25 years and has the advantage of leveraging the skills, knowledge and experience of our more than 1,800 members in developing and delivering our courses. As the professional association representing the mortgage industry in Alberta, we are the undisputed experts in mortgage education. Our courses are written for professionals, by professionals, and our online courses are designed by an award-winning course development/ design company in Alberta.

Amba is an accredited course provider for both the fundamentals of real estate brokerage and the practice of real estate brokerage.

Basics of real estate brokerage

Course management:
The basics of real estate brokerage is the first course in our program and must be completed before taking the practice of real estate brokerage. In order to allow candidates the greatest flexibility, this course is offered online and is self-paced; candidates have 6 months to complete the course from the start date, including successfully completing the final 100-question test. Course accessories are available for a fee.

Fees: for become a mortgage broker

The course fee is USD 1,500 (+GST) and includes access to the online course and learner support upon request from our education committee, which consists of successful and outstanding mortgage professionals. Candidates on this course can also register for optional virtual tutoring for an additional fee.

If the candidate does not pass the final Amba exam, rewriting the exam is available for a fee of 75 dollars.
If the candidate does not succeed in rewriting the final Amba exam, he must re-enroll in the course and complete the course material again in order to be eligible to rewrite the final exam.

Competencies: this course meets all required competencies as determined by the Alberta real estate board. To view the Competency Profile, click here.

Course content:

  • This is an introductory course that ensures that candidates have a high level of proficiency in basic concepts and competencies.
  • ​Examples of key topics include:
  • Understanding the real estate industry in general
  • Key mortgage industry terms
  • 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 real estate regulators and legislation
  • The role of lenders, insurance companies, insurers, appraisers and other specialists in the neighboring mortgage
  • Introduction to the main concepts and features of Finance
  • Types and products of mortgage
  • Sources of mortgage financing
  • Commercial versus residential mortgages
  • Understanding the market
  • Laws, rules and regulations in the mortgage industry
  • Understanding the role of Reika
  • Introduction to professional standards and ethics
  • Contracts and disclosures
  • Understanding insurance
  • Compliance with the law
  • Customer management and relationship building
  • Business basics
  • Marketing Basics
  • Understand fraud and your responsibilities to prevent and report incidents
  • Ethical requirements in the mortgage industry

Requirements for success:

Candidates must achieve a score of at least 70% in all unit tests, unit tests and the final exam of the Amba in order to pass this course.

Upon successful completion of the Fundamentals course, candidates are eligible to complete their first pre-licensure examination through Reka. Students have 3 months upon completion of the Amba course to register and successfully complete the pre-licensure exam.

Course tools:

A Canadian qualification plus a calculator is required for this course. You can buy a calculator for $70.00 (+GST and freight) by contacting AMPA.

Real estate brokerage practice

Course management: real estate brokerage practice is the second and final course in our mortgage Partners program. Candidates must successfully complete both the real estate brokerage fundamentals course (including the final exam) and the pre-licensure Fundamentals Exam before starting this course; however, you can enroll in both courses simultaneously if you prefer.

This course is offered online and is self-paced; candidates have 6 months to complete the course from the start date, including successfully completing the final 100-question exam. Course accessories are available for a fee.

Fees:

The course fee is USD 1,500 (+GST) and includes access to the online course and learner support upon request from our education committee, which consists of successful and outstanding mortgage professionals. Candidates on this course can also register for optional virtual tutoring for an additional fee.

If the candidate does not pass the final Amba exam, rewriting the exam is available for a fee of 75 dollars.
If the candidate does not succeed in rewriting the final Amba exam, he must re-enroll in the course and complete the course material again in order to be eligible to rewrite the final exam.

Competencies:
This course meets all required competencies as determined by the Alberta Real Estate Board. To view the Competency Profile, click here.

Course content:

  • This is an advanced course based on the core competencies provided in the Fundamentals course.
  • Examples of key topics include:
  • Comparison and analysis of mortgage products
  • Risk assessment and analysis
  • Customer discovery journey
  • Comparison of mortgage insurance requirements and opportunities
  • Matching the best mortgage product with the client’s needs
  • Preparation of a mortgage application and required documents
  • Understanding mortgage defaults
  • Calculation of finance interest
  • Understanding consumption schedules
  • Assessment of market trends
  • Understanding the impact of supply and demand in real estate
  • Calculation of principal and interest payments
  • Understanding retention periods
  • Understanding debt service
  • Calculation of loan-to-value ratios
  • Buyer qualification
  • Regulatory requirements
  • Residential and commercial underwriting practices
  • Understanding the credit report
  • Servicing borrowers-the process from start to finish
  • Private lending

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