Get Answers
to Common Questions
About Becoming a Mortgage Broker
Get Answers
About Becoming a Mortgage Broker
Each course costs $1,500+gst and includes access to the online course and on-demand learner support from our education team. Additional optional fees apply for things like course extensions, practice exams, and exam rewrites.
Once you’ve completed your pre-licensing courses, there is a pre-licensing exam fee with RECA, and an annual licensing fee. You can read more about RECA’s fees here.
No. Our courses are all delivered online, allowing you to work at your own pace. Students have access to weekly virtual information sessions to ask questions about the course material and the licensing process.
Yes, and you have plenty of time. You have six months to complete each course, including the final exam and any rewrites. Need more time? Course extensions are available for a fee.
Following the completion of each course, you have three months to successfully pass the correlating pre-licensing exam through RECA. You are permitted two attempts at this exam, but both attempts must be completed within the three-month time frame. Please note that AMBA’s course extensions do NOT apply to RECA’s exams.
This really depends on how quickly you are able to move through the process, from completing RECA’s eligibility requirements, completing each course and each pre-licensing exam, and finding a brokerage to work with. On average, it takes 12-18 months from the start of the first course to receiving your license.
No – and in fact, doing so can land you in a lot of hot water! In Alberta, you must be licensed in order to deal in mortgages.
Once you complete your licensing exams, you will need to find a brokerage to work for. When you complete our program, we’ll provide you with a Graduate Guide that will help you find the right fit. While you’re taking your courses, as a student affiliate member, you’ll get exclusive invitations to industry events and professional development sessions throughout the province. These are excellent opportunities to make valuable connections and learn about different brokerages.
A mortgage broker, advisor or associate works for a mortgage brokerage, and has the ability to match the best mortgage product with each client, choosing from a wide variety of banks, lenders, and financial institutions. Conversely, a mortgage specialist typically works at or with a large bank or financial institution and is responsible for selling the bank’s mortgage products to the consumer. Unlike a mortgage broker, mortgage specialists at a bank are limited to the bank’s mortgage products, even if they aren’t necessarily the best option for the client.
As a mortgage broker, you’ll most likely be paid by commission, earning a percentage of the full mortgage amount. You’ll negotiate a split rate with your mortgage brokerage – a portion goes to the brokerage, and a portion goes to you. You may also receive a commission from renewal fees when the borrower renews a mortgage with the lender, and, depending on the lender, you may also be paid a trailer fee (paid out over time as long as the borrower remains with the lender).
This really depends on YOU. Sometimes, people become mortgage brokers because they assume that it means easy and fast money. Generally, it takes 2-3 years to build your book of business and earn a full-time income. Keep in mind that’s the average – some people are able to earn more quickly, while some people grow their business more slowly.
Ultimately, it comes down to hard work and perseverance. The earning opportunities are extensive, but you have to be willing to commit yourself to doing the hard work.
While there is no one “type” of person who succeeds in the mortgage industry, there are certainly some characteristics and skills that are very useful. Integrity, honesty, and a genuine desire to help your clients are at the top of the list – mortgage brokers are required to adhere to the Real Estate Act Rules, RECA’s Good Character Policy, and AMBA’s Code of Conduct, for example.
Other helpful characteristics and traits may include: relationship development, organization, attention to detail, networking, problem-solving, risk management, etc.
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. AMBA is a registered not-for-profit and is governed by a Board of Directors. We serve our students and more than 1,800 mortgage professionals across the province of Alberta.
AMBA has served the mortgage industry for 49 years! We’ve been educating and training mortgage brokers in Alberta for over 25 years.
As the mortgage association representing Alberta’s mortgage brokers, we have an obligation to prepare our students for more than just an exam; we want to help prepare you for your career.
We care about ensuring that you’re being welcomed into the mortgage community and that you have an opportunity to make career-launching connections as early as possible.
AMBA is focused solely on the mortgage industry. We know the mortgage industry inside and out, and we can connect our students to successful mortgage professionals to answer their questions throughout the course. Our attention is not divided between other sectors (i.e. residential real estate). When we host online sessions for students or in-person industry events, the focus is always on the mortgage industry.
The tuition you pay to AMBA today is used to benefit your career tomorrow. As a registered not-for-profit, tuition and membership dues that we receive are reinvested in member services, products, and initiatives. This is much different than paying tuition to a for-profit company, where your tuition benefits the company or individual and not the industry.
AMBA is the only mortgage education provider in Alberta that is recognized by the Government of Canada as an education institution.
First and foremost, we’re here for you. Passing the exam is only the first step to becoming a mortgage broker. Our courses are designed to help you pass the exam AND have a successful career.
Here’s how our courses are different:
All of our courses are developed by subject matter experts including practicing mortgage brokers, broker-owners, lenders, real estate lawyers, and appraisers.
AMBA courses reflect the industry’s changes. Our robust education committee reviews and updates our courses regularly, ensuring that the content is up-to-date with industry changes.
We have support available (phone and email) 5-days per week and host regular sessions for students to come together and ask questions online.
It’s only natural we’re a little biased here but joining a brokerage with AMBA membership comes with many perks! We offer teams at brokerages exclusive access to events, resources and a community that will help you build your client-base faster.
Our affinity programs give member brokerages access to comprehensive health and dental plans, compliance support that is either free or heavily discounted, errors & omissions insurance, and group insurance, from which you can benefit.
AMBA makes sure mortgage brokers of Alberta have a say on issues that affect the housing and mortgage industry.
All members of AMBA also become members of the national mortgage industry association, Mortgage Professionals Canada (MPC). You MUST be a member of an AMBA member brokerage in order to join MPC.
AMBA member brokerages are also highly trusted by consumers, as they are required to adhere to our Code of Conduct.