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Legal Update for Mortgage Brokers

Legal Update for Mortgage Brokers

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  • MANDATORY FOR: ALL REGISTERED MORTGAGE BROKERS

  • BCFSA’s Legal Update course is a mandatory continuing education requirement for all registered mortgage brokers. Updated annually, the course includes an online, self-paced learning component and a one-day virtual classroom session. You must complete both components of the Legal Update course (online and virtual classroom) before applying to renew your registration.

    Cost: $275
    Register Now

Course Overview

Who Must Take the Course

All registered mortgage brokers are required to complete the Legal Update course before applying to renew their registration.

The Legal Update course includes:

  • An online, self-paced learning component; and
  • A one-day (five hour) virtual classroom session.

You must complete the entire Legal Update course before applying to renew your registration.

Registered mortgage brokers are required to complete a total of six modules. This includes four mandatory modules in addition to selecting at least two of the remaining modules. Registrants are encouraged to complete all modules offered in Legal Update.

You are only required to complete one Legal Update course during your two-year registration cycle and prior to registration renewal. Registrants are welcome to complete each yearly version of the course for their own professional development.

What You Will Learn

In the Legal Update course, you will learn about legal and regulatory updates, Indigenous Lands, as well as recent notable BCFSA discipline cases, and key learning points for registered mortgage brokers to transfer into their business practices.

When to Take the Course

We encourage you to take Legal Update as soon as possible within your two-year registration period. Completion of the course is required in order to renew your registration.

BCFSA strongly recommends that you begin the Legal Update course at least 8 weeks in advance of your registration expiry date, to ensure that you have ample time to complete the course and submit your registration renewal application.

Course cost

The Legal Update course fee is $275. Course fees must be paid upon registration.

Course revenues support the development of further educational resources and courses to enhance knowledge within the industry.

Course Length

The online component of the course is self-paced and must be completed at least one week before the virtual classroom component. There are quizzes and evaluations to ensure that you thoroughly understand the material before going on to a new section. In most cases, it will likely take a total of 10-15 hours to complete the online self-paced component of the course. The virtual classroom component is a full-day, 5 hour session.

Course Details

The course consists of a selection of the modules listed below, depending on your area of practice.

Module 1Deposits
Module 2Contracts
Module 3Personal Circumstances
Module 4Indigenous Lands
Module 5Types of Ownership
Module 6Tenanted Properties
Module 7Strata Property Management
Module 8Cybersecurity
Module 9Mortgage Agreements and Client Relationship Topics
Module 10Due Diligence and Disclosure Topics for Mortgage Brokers
Module 11Land Assemblies
Module 12On the Radar
- Accuracy
- Area of Expertise
- Real Estate Teams

The table below details the mandatory modules required for each version of the course. You will then select at least two additional modules from the list above based on your interests, educational or professional goals.

  • Mortgage Brokers

    • Due Diligence and Disclosure Topics for Mortgage Brokers
    • Mortgage Agreements and Client Relationship Topics
    • Indigenous Lands
    • Cybersecurity
    • Two (2) Elective Modules

Learners are encouraged to review the other elective modules as well, and will be provided access to all elective modules during the course.

During the virtual classroom session, you will take a closer look at the content of the four mandatory modules through case studies, polls, group discussions and other activities.

Frequently Asked Questions

  • The Legal Update course is revised annually to ensure the content is up-to-date and relevant. In 2023, registered mortgage brokers will study fundamental ideas like mortgage agreements and due diligence themes. Additionally, they will learn about Indigenous Lands, cybersecurity best practices for your brokerage, current BCFSA discipline cases, and lessons registered mortgage brokers can apply to their daily operations.

    Legal Update is part of the mandatory continuing education that registered mortgage brokers must complete in order to maintain their registration. The course format consists of two parts: a preparatory online component followed by a one-day virtual classroom component. You can expect to complete online assessments and participate in virtual classroom activities that are created to develop skills for your day-to-day practice.

    The 2023 version of Legal Update provides greater flexibility by allowing you to tailor your online learning by requiring the completion of six (6) modules: four (4) modules are mandatory, and registered mortgage brokers must then choose two (2) of the remaining modules, which allows learners to customize their experience based on interest or profession.

  • After registering for the Legal Update course, you will receive access to the online component on the day it is scheduled to start. You’ll find:

    • Self-paced modules, each with a final quiz with multiple choice questions; and
    • Adventures in each module specific to the course you registered for.

    Once you have completed the online component, you can attend the virtual classroom component, which will include:

    • Case scenarios;
    • Interactivity;
    • Group work and class discussions.

  • Yes, you will need to take Legal Update and Anti-Money Laundering for Mortgage Brokers from MBIBC to renew your registration if it is after April 1, 2023.

  • No. You must successfully complete all the sections in the online component of the course before you will be able to attend the virtual classroom component. If you are not able to complete the online component in time, you will be required to reschedule your course to another available offering, and pay a course rescheduling fee (50% of the course cost).

  • If you do not successfully complete the appropriate Legal Update course by the time your registration renewal application is due, your mortgage broker registration will not be renewed. Register for the next available course and once you have completed it, you can submit a late renewal application form, paying an additional late renewal application fee of $50 per day (up to a maximum of $500) for renewals made after the due date.

    If you do not renew your registration, you will not be registered and cannot provide mortgage broker services.