Becoming a new mortgage broker

Becoming licensed

Before registering in a mortgage brokers course or applying to BCFSA for licensing, review this information to make sure you have considered all the requirements for becoming a mortgage broker in B.C.

Hoping to become a mortgage Broker?

Mortgage brokers in B.C. must be licensed and must renew their licence every two years.

The focus of BCFSA’s licensing process is to ensure that candidates have demonstrated they possess the required entry-level competencies to provide mortgage broker services effectively and in the public interest.

Professional competence is achieved through a combination of knowledge, skills, abilities, and judgment. Before registering for a course or applying for licensing, we strongly recommend that candidates review the information on these pages to ensure they are familiar with the requirements for becoming licensed to provide mortgage services in B.C.

Education

Becoming a mortgage broker in B.C. requires the completion of courses specific to the industry. Applicants with experience in the mortgage broker industry may be eligible for accelerated courses.

Mortgage Broker Education Requirements

Finding a brokerage

Before you apply to become a mortgage broker, you must find employment with a brokerage. Once you have entered into an agreement with your employer, you may return to the IRIS portal to apply for licensing with either the name or licence number of the brokerage.

Before you log in to IRIS, make sure you have:

• A certified criminal record check (for information on criminal record checks and how to obtain them, visit Suitability assessment process under the Mortgage Services Act); 
• A colour copy of a government issued photo ID; 
• A copy of your work permit or permanent resident card, if applicable;
• Date of completion of a qualified mortgage brokers course from Sauder School of Business (Learn more about registering from another jurisdiction); 
• A Visa or MasterCard for payment (new applications cost $2,100. Late fees may apply for late submissions);  
• The completed education requirements for renewal (for reinstatements and renewals only);  
• Your employment history for the past five years, without gaps; and 
• The name and licence number of the mortgage brokerage with which you will be associated with, as well as the name of your principal broker.

If you have been employed by a financial institution in the last five years, you must also submit a Record of Employment from Service Canada.

When you are ready to submit your application through the IRIS portal:

1. Click New Submission;
2. Scroll down through the list of submission types;
3. Select “Licence mortgage broker”; and
4. Fill out your application.

Log in to IRIS (will open in a new tab)

NOTE: You must fill out the application for yourself.

You can return to your application for up to 90 days and edit it when it is saved in draft mode.

Review and approval

Once you submit your application, your principal broker will receive an email and attest to your application before it is sent to BCFSA. BCFSA’s licensing staff will review your application. If it is complete and satisfactory, you will receive an approval email and your licence information will be updated in our Find a Professional database on the BCFSA website.

Licensing staff will contact you if BCFSA requires more information or if you need to correct any deficiencies within your licensing application.

Find a Mortgage Broker