Becoming a principal broker

Before enrolling in a principal broker education course or applying to BCFSA for licensing, review the information below to ensure you understand the requirements for becoming a principal broker in B.C.

Hoping to become a principal broker?

In B.C., principal brokers must be licensed and renew their licence every two years.

The focus of BCFSA’s licensing process is to ensure that principal broker candidates have demonstrated the competencies, experience, and professional judgment required to oversee a mortgage brokerage and ensure it operates in compliance with the Mortgage Services Act (MSA), Mortgage Services Rules, and Mortgage Services Regulation.

A principal broker is responsible for the regulatory compliance of the mortgage brokerage, including ensuring appropriate supervision of licensed mortgage brokers and non-licensee staff. Every licensed mortgage brokerage must have a licensed principal broker.

Before you begin

Before enrolling in a licensing course or applying to BCFSA for licensing, carefully review the following information to ensure you have considered all the requirements for becoming licensed as a principal broker in B.C.

Education

A person applying for a new principal broker licence must complete the Mortgage Principal Broker’s Licensing Course offered by the UBC Sauder School of Business Real Estate Division. This is the accredited pre-licensing education program established for Principal Broker licensing under the MSA.

The course covers:

• Principal broker duties and responsibilities under the MSA
• Brokerage compliance and regulatory obligations
• Financial management and accounting
• Trust account administration
• Taxation, budgeting, and payroll
• Human resources and leadership
• Strategic planning and brokerage operations
• Marketing and technology infrastructure
• Business management of a mortgage brokerage

Applicants must also successfully complete the licensing examination associated with the course.

To enroll in the course, candidates must have either:

• At least six months of mortgage services experience as a licensee in B.C., or
• Two years of mortgage broker experience in the previous five years outside B.C.

However, to obtain a principal broker licence, applicants must satisfy the experience requirements in the MSA Rules, including two years of experience.

Experience requirements

Principal brokers must possess sufficient industry experience to effectively supervise mortgage brokers and oversee the operations of a mortgage brokerage.

Applicants must meet BCFSA’s experience requirements before applying for a principal broker licence. An applicant who is applying to be licensed as a principal broker for the first time must have provided mortgage services as a licensee for at least two years within the five years before the application. The Superintendent may waive this requirement if satisfied that the applicant has equivalent experience or if there is an immediate need for a principal broker in the location where the applicant proposes to carry on business.

Applicants should review the applicable education and experience requirements to determine their eligibility.

For more information, see Suitability assessment process under the Mortgage Services Act or visit the Mortgage Services Knowledge Base.

Finding a mortgage brokerage

Before applying for a principal broker licence, you must have a proposed related mortgage brokerage that intends to engage you as its principal broker. The mortgage brokerage must either already be licensed or be applying for a licence.

The principal broker is responsible for the brokerage’s regulatory compliance and supervision obligations and must be designated by the mortgage brokerage.

Applying for a principal broker licence

Once you have confirmed that you meet the education and experience requirements and have been designated by a mortgage brokerage, you may apply through the IRIS portal.

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, view the applicable suitability requirements page);
• A colour copy of government-issued photo identification;
• A copy of your work permit or permanent resident card, if applicable;
• Proof of successful completion of the required principal broker education program;
• Evidence that you satisfy the applicable experience requirements;
• Your employment history for the past five years, without gaps;
• The name and licence number of the mortgage brokerage with which you will be associated;
• Any supporting documents required as part of the suitability assessment process; and
• A Visa or MasterCard for payment of the applicable licensing fee.

If you have been employed by a financial institution in the last five years, you may also be required to provide 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 through the list of submission types.
3. Select Apply for Principal Broker Licence.
4. Complete and submit your application.

Log in to IRIS

Note: You must complete the application yourself. You may save your application in draft mode and return to it for up to 90 days before submitting.

Review and approval

After you submit your application, BCFSA licensing staff will review the information and supporting documentation provided.

If your application is complete and satisfactory, BCFSA will issue your principal broker licence and update your licensing information in the public registry.

Licensing staff will contact you if additional information is required or if any deficiencies must be addressed before your application can be approved.

Applicants should ensure that all information provided is complete and accurate to avoid processing delays.