Mortgage Brokerage Education Requirements
The Real Estate Council of Alberta (RECA) has set the education requirements to become licensed as a mortgage broker. For an illustrative guide, click here.
To become licensed as a mortgage broker you must complete the Mortgage Associates Program (MAP) and the applicable exams. MAP consists of the Fundamentals of Mortgage Brokerage course and Practice of Mortgage Brokerage.
Education Requirements for Mortgage Brokers
*Course is provided by the Alberta Mortgage brokers Association (AMBA) on behalf of RECA.
Completing the Education Requirements
The maximum time allowed for completion of the education requirements is 1 year from the date of enrollment in the Fundamentals of Mortgage Brokerage. Once MAP is completed, it is only valid for licensing for 1 year.
1. Fundamentals of Mortgage Brokerage
This course covers a wide range of information foundational information related to mortgage brokerage in Alberta. As the pre-requisite course, theFundamentals of Mortgage Brokerage prepares learners for thePractice of Mortgage Brokerageand ultimately for their mortgage brokerage practice. The course is online through RECA which offers you easy and convenient access regardless of your location or time availability. The course fee is $1400, which includes access to the online course, support from the Education Helpdesk, the course manual, the practice exams, 1 exam write. The course fee must be paid when you enroll. The exam is delivered at authorized exam centres and you are responsible for the exam proctoring fees.
2. Practice of Mortgage brokerage
This course provides learners with the opportunity to apply their knowledge through practice-related scenarios that cover a wide variety of situations. This course is delivered online through the Alberta Mortgage brokers Association (AMBA). For information regarding this course and the cost, please contact AMBA.
Please note that you have only one year to become licensed from the date of your successfully completed final exam.