The Mortgage Services Act took effect October 13, 2026. BCFSA now licenses two levels: mortgage broker and principal broker. Fees under the new Act are still pending.
| Detail | Source | |
|---|---|---|
| Regulator · Url | Official page | source |
| Noc | 63102 Financial sales representatives (closest WorkBC profile; no separate mortgage broker profile checked) | source |
| Legislation | Mortgage Services Act in force October 13, 2026, replacing the Mortgage Brokers Act; licence levels are mortgage broker and principal broker | source |
| Eligibility 1 | Age 19+; BCFSA suitability incl. good reputation; English Language Proficiency before the exam; complete assignments; pass the Mortgage Services Licensing Examination with at least 70% | source |
| Eligibility 2 | Principal broker: licensed 2 of past 5 years, plus Mortgage Principal Broker's Licensing Course (registration needs 6 months B.C. licensed experience or 2 years elsewhere) | source |
| Eligibility 3 | Challenge/interprovincial exams possible with written BCFSA approval: 2 attempts, 90-day wait after a fail | source |
| Course | Mortgage Services Licensing Course (UBC Sauder is provider): registration opened August 4, 2026; first exam October 13, 2026. Principal brokers also need the Mortgage Principal Broker's Licensing Course | source |
| Transition | Old Mortgage Brokerage in B.C. course: registration closed July 15, 2026; last exam July 15, 2027 | source |
| Exam | Exams must be passed no more than 1 year before applying; English language proficiency required | source |
| Regulator fees | BCFSA MSA fee schedule (in force Oct 13, 2026): mortgage broker licence application $2,100 (one category; $500 per extra category); renewal $2,000 ($2,100 late); transfer/reinstatement $300; amendment $250 | source |
| Renewal | Two-year term: one Legal Update course ($275) to renew | source |
| Criminal record check | Required: a certified criminal record check with the new-broker application | source |
| Errors and omissions | Brokerage-level requirement (from Oct 13, 2026): each mortgage brokerage must carry E&O insurance with fraud coverage of at least $500,000 per occurrence and $1,000,000 per 365 days, plus 3 years of tail coverage after it winds up or loses its licence | source |
| Sponsor | Required: before applying you must find employment with a brokerage and apply in IRIS with the brokerage's name or licence number | source |
| Pay | Financial sales representatives (NOC 63102), B.C.: low $22.50/h, median $34.46/h, high $52.88/h; annual earnings $69,246 (B.C. LMI Office, 2025 Job Bank wage data) | source |
| Funding 1 | WorkBC Centres: free employment services; may fund training if needed to get a job (eligibility assessed by the centre) | source |
| Funding 2 | B.C. Employer Training Grant (employer-applied): 80% of training costs up to $10,000 per participant | source |
| Funding 3 | not published No regulator-specific bursary found on regulator pages (checked in earlier builds) |
| School and city | Program and approval | Length | Intakes | Cost | Link |
|---|---|---|---|---|---|
| UBC Sauder School of Business, Real Estate Division Vancouver · Public | Mortgage Services Licensing Course BCFSA-named provider source | Price not published, ask provider | No upcoming date published on source page (checked 2026-11-01) | Price not published, ask provider | Program page |
We could not confirm these on an official page, so we left them out: Course fee.
The Mortgage Services Licensing Course, with UBC Sauder as provider. Registration opened August 4, 2026. You must pass the exam with at least 70% and meet the English language requirement.
BCFSA had not published licence fees under the new Act on the pages we checked. Check BCFSA before you apply.
A principal broker must have been licensed 2 of the past 5 years and complete the Mortgage Principal Broker’s Licensing Course.
WorkBC has no mortgage broker profile. The closest is financial sales representatives (NOC 63102): $34.46 hourly median.
This page relies on the official pages below. Rules, fees and processes change, so check the authority before you apply or spend money.
Links checked November 1, 2026. Found an error or a broken link? Report it.