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British Columbia
In British Columbia, in order to get licensed to become a mortgage broker, you must first complete a course and examination administered by UBC Sauder School of Business. The course is by correspondence and typically takes several months to complete; the cost is $1150. Once all the assignments are completed, you then write a final exam. The exams can be written at the campus of UBC Sauder School of Business on a regular basis or, on select dates, they have exams in many cities throughout BC.
Certain applicants with relevant lending experience can apply to the Regulator to challenge the exam and forgo the course assignments. If an applicant goes this route, the fee would be $350, plus an $85 exam fee and a computerized centre fee of $125 should you choose to write the exam at the UBC Campus.
Upon successful completion of the exam, you must find a Mortgage Brokerage to work for within 12 months. There are many different business models in the broker industry. Invis Mortgage Intelligence is a Full Service Model. This means we take care of the time consuming tasks like payroll, compliance and marketing so you can concentrate on building your business. Our trusted daily payroll system is a big attraction to many new agents.
Upon deciding to join Invis Mortgage Intelligence, you will complete our application and once our background checks are completed, we prepare contracts for signing. The next step is to apply to the BC Registrar of Mortgage Brokers through the Financial Institutions Commission - FICOM on your behalf to get your license approved. The application will include your work history and a criminal background check (of which you would request from your local RCMP station). The cost for licensing is $1000 and then $500 every 2 years. Depending on your experience level, we can place you with a team leader to be mentored, or we can set you up as a team leader yourself. Once onboard, we provide discounted pricing the Lion's Share-New to the Industry Course which provides underwriting guidance, process templates and training modules.