Mortgage broker education requirements under Mortgage Services Act

New licensing courses under Mortgage Services Act

On October 13, 2026, the Mortgage Services Act (MSA) will come into force, repealing and replacing the Mortgage Brokers Act (MBA).

In preparation for this new legislation, BCFSA and UBC Sauder School of Business Real Estate Division have developed new courses for prospective mortgage broker licensees and licensees wishing to become licensed as a principal broker.

Beginning August 4, 2026, prospective mortgage broker applicants are required to complete the Mortgage Services Licensing Course and pass the associated examination. Prospective principal broker applicants are required to satisfy an experience requirement by being licensed for at least two (2) years of the past five (5) years before the date of application and complete the Mortgage Principal Broker Licensing course and pass the associated examination.

Mortgage broker applicants

Individuals seeking to become licensed as a mortgage broker in British Columbia must successfully complete the Mortgage Services Licensing Course offered by UBC Sauder School of Business Real Estate Division.

Mortgage Services Licensing Course

The Mortgage Services Licensing Course is the exclusive accredited pre-licensing course for individuals seeking licensing as a mortgage broker in British Columbia under the Mortgage Services Act. The course covers:

• the regulatory framework and licensing requirements under the Mortgage Services Act
• duties and responsibilities of mortgage brokers
• real estate, property law, mortgage law and contract law
• mortgage finance and lending practices
• borrower qualification and underwriting
• property appraisal methods
• loan administration throughout the mortgage lifecycle
• business and financial management fundamentals

Applicants must:

• be at least 19 years of age
• meet BCFSA’s suitability requirements, including the good reputation requirement
• meet the English Language Proficiency Requirement before writing the licensing examination
• complete all required course assignments
• Successfully pass the Mortgage Services Licensing Examination with a minimum grade of 70%

Principal broker applicants

Individuals seeking licensing as a principal broker under the Mortgage Services Act must successfully complete the Mortgage Principal Broker’s Licensing Course and satisfy an experience requirement.

Mortgage Principal Broker’s Licensing Course

This course is the exclusive accredited pre-licensing course for individuals seeking licensing as a principal broker in British Columbia.

The course focuses on:

• principal broker duties and responsibilities
• brokerage management and operations
• regulatory compliance under the Mortgage Services Act
• financial management, accounting and taxation
• trust account administration
• human resources and leadership
• strategic planning and marketing
• technology infrastructure and operational systems for mortgage brokerages

To register in the course, candidates must have:

• at least six months of licensed mortgage services experience in British Columbia; or
• two years of licensed mortgage broker experience in another jurisdiction within the previous five years

Applicants must also satisfy BCFSA suitability requirements and meet the experience requirements established under the Mortgage Services Act and Rules.

Challenge examinations and exemptions

In certain circumstances, experienced individuals may be eligible for an exemption from completing a full licensing course and may instead challenge the applicable licensing examination. Eligibility for a challenge examination is determined by BCFSA and applicants must receive written confirmation of their exemption before enrolling in a challenge program.

Mortgage broker challenge examination

Individuals who receive written approval from BCFSA may enroll in the Mortgage Services Challenge Package rather than complete the full Mortgage Services Licensing Course.

Applicants must successfully pass the Mortgage Services Challenge Examination within two years of purchasing the challenge package, or by any earlier deadline specified by BCFSA.

Challenge candidates are permitted two examination attempts. Candidates who do not pass on their first attempt must wait 90 days before attempting the examination again. Candidates who do not pass after two attempts, or who do not write the examination within the required timeframe, must complete the full Mortgage Services Licensing Course and examination.

See UBC Sauder School of Business Real Estate Division’s Mortgage Broker Challenge webpage for more information. 

Principal broker challenge examination

Individuals who receive written approval from BCFSA may enroll in the Mortgage Principal Broker’s Challenge Package rather than complete the full Mortgage Principal Broker’s Licensing Course.

Applicants must successfully pass the Mortgage Principal Broker’s Challenge Examination within two years of purchasing the challenge package, or by any earlier deadline specified by BCFSA.

Challenge candidates are permitted two examination attempts. Candidates who do not pass on their first attempt must wait 90 days before rewriting the examination. Candidates who do not pass after two attempts, or who do not write the examination within the required timeframe, must complete the full Mortgage Principal Broker’s Licensing Course and examination.

See UBC Sauder School of Business Real Estate Division’s Mortgage Principal Broker Challenge webpage for more information.  

Interprovincial applicants

Individuals who are licensed in another Canadian jurisdiction may be eligible for an interprovincial pathway to licensing in British Columbia under the Mortgage Services Act. Eligibility for an interprovincial examination is determined by BCFSA on a case-by-case basis. Applicants must obtain written confirmation from BCFSA that they are eligible before enrolling in any interprovincial examination or challenge package.

Applicants seeking an interprovincial exemption must provide their licensing history and other supporting documentation as requested by BCFSA. Licensing history should be obtained from the applicant’s provincial regulator and submitted directly to BCFSA for review.

Mortgage broker interprovincial applicants

Eligible applicants may be permitted to write the B.C. Mortgage Services Interprovincial Examination rather than complete the full Mortgage Services Licensing Course. The examination assesses knowledge of British Columbia mortgage services legislation, regulatory requirements and industry practices.

Applicants must:

• receive written approval from BCFSA before enrolling
• successfully complete the examination within the timeframe specified by BCFSA
• purchase the required Interprovincial Challenge Package before registering for the examination

Candidates are permitted two examination attempts. Candidates who do not pass on their first attempt must wait 90 days before attempting the examination again. Candidates who do not pass after two attempts, or who do not write the examination within the required timeframe, must complete the full Mortgage Services Licensing Course.

Principal broker interprovincial applicants

Eligible applicants seeking licensing as a principal broker may be permitted to write the B.C. Mortgage Principal Broker’s Interprovincial Examination rather than complete the full Mortgage Principal Broker’s Licensing Course.

Applicants must:

• receive written approval from BCFSA confirming eligibility
• purchase the required Interprovincial Challenge Package before registering for the examination
• successfully complete the examination and satisfy all other licensing requirements established under the Mortgage Services Act

Candidates are permitted two examination attempts. Candidates who do not pass on their first attempt must wait 90 days before attempting the examination again. Candidates who do not pass after two attempts, or who do not write the examination within the required timeframe, must complete the full Mortgage Principal Broker’s Licensing Course. No tuition credit or course fee reduction is available.