Labour mobility requirements for mortgage services licensing

If you are currently licensed, or were previously licensed, to provide mortgage services in another Canadian jurisdiction, you may be eligible to apply for a licence in British Columbia under the labour mobility provisions of the Canadian Free Trade Agreement.

The qualification requirements for extraprovincial applicants are established under the Mortgage Services Act, Mortgage Services Rules, and the Superintendent’s Labour Mobility Requirements for Mortgage Services Licensing regulatory statement.

Applying for a B.C. mortgage services licence

Applicants who hold an equivalent licence in another Canadian jurisdiction may apply for the corresponding licence level and category in British Columbia.  

To become licensed in B.C., extraprovincial applicants must:

• Apply for the equivalent B.C. mortgage services licence level and category.

• Meet the qualification requirements established under the Mortgage Services Act and Mortgage Services Rules.

• Successfully complete the applicable B.C. jurisprudence examination.

• Submit all required application information, records, and fees as part of the licensing process.

Qualification requirements

Qualifying applicants are eligible to apply for licensing in B.C. under the Labour Mobility provisions in Chapter 7 of the Canadian Free Trade Agreement (CFTA) for the equivalent level and category of licence for which they are licensed in their originating jurisdiction. To become licensed in B.C., the applicant as described above must pass the applicable B.C. jurisprudence examination. Please see Appendix A: Labour Mobility Requirements for Mortgage Services Licensing, which further clarifies what levels and categories of licence in B.C. are equivalent to specific extraprovincial qualifications.

Mortgage broker licence applicants from other Canadian jurisdictions

An applicant for a mortgage broker licence who meets the following criteria will be required to pass the B.C. Mortgage Services Interprovincial examination:

• Is currently licensed to provide mortgage services in another Canadian jurisdiction with occupational standards equivalent to those in B.C., or
• Has completed the required licensing education qualifications within the previous twelve (12) months in a Canadian jurisdiction with occupational standards equivalent to those in B.C.

An applicant who has previously held the equivalent to a mortgage broker licence in another Canadian jurisdiction is eligible to request a waiver from the Mortgage Services Licensing course if they were licensed for a minimum of one (1) year within the past three (3) years in a Canadian jurisdiction with occupational standards equivalent to those in B.C. Eligible applicants will be required to successfully complete the Mortgage Services Licensing exam.

Principal broker licence applicants from other Canadian jurisdictions

An applicant who is currently licensed to provide mortgage services at an equivalent level to a principal broker licence in B.C. in another Canadian jurisdiction with occupational standards will be required to pass the B.C. Mortgage Principal Broker’s Interprovincial examination.

An applicant who has previously held the equivalent to a principal broker licence in another Canadian jurisdiction for a minimum of two (2) of the past five (5) years is eligible to request a waiver from the Mortgage Services licensing course and the Principal Broker’s licensing course and instead successfully complete the Mortgage Services licensing examination and the Mortgage Principal Broker’s licensing examination.

More information on the process for seeking labour mobility recognition for licensing under the MSA can be found on Advisory: Process for Seeking Labour Mobility Recognition for MSA Licensing, which can be found on BCFSA’s Mortgage Services Knowledge Base.

Licence equivalencies

Please see Appendix A: Labour Mobility Requirements for Mortgage Services Licensing, which further clarifies what levels and categories of licence in B.C. are equivalent to specific extraprovincial qualifications.

Additional information

For information about mortgage services licensing requirements in British Columbia, including licence levels, categories, education requirements, and the application process, visit the Mortgage Services Knowledge Base.