Sub-Mortgage Broker Course (British Columbia)

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Entering the mortgage industry in British Columbia requires more than just a passion for real estate and finance; it requires a specific legal qualification. The Sub-Mortgage Broker Course is the mandatory gateway for anyone looking to practice mortgage brokerage within the province. Administered by the University of British Columbia (UBC), this course is rigorous, comprehensive, and essential for professional standing.

This definitive guide provides everything you need to know about the course, from registration fees and eligibility to exam structures and study strategies.

What is the Sub-Mortgage Broker Course (British Columbia)?

The Sub-Mortgage Broker Course is the provincial licensing requirement for individuals who wish to work as mortgage brokers under the supervision of a registered brokerage.

  • Official Exam Name & Acronym: Mortgage Brokerage in British Columbia Course (often referred to as the Sub-Mortgage Broker Course).
  • Conducting Body/Authority: The course is developed and administered by the UBC Sauder School of Business, Real Estate Division, on behalf of the British Columbia Financial Services Authority (BCFSA). The BCFSA is the regulatory body that oversees credit unions, trust companies, and mortgage brokers in BC.
  • Purpose of Exam: Professional Licensure. Passing this exam is a legal prerequisite to applying for registration as a sub-mortgage broker under the Mortgage Brokers Act.
  • Geographic Validity: This qualification is specific to British Columbia, Canada. While some provinces have labor mobility agreements, this course specifically covers BC legislation and the BC Mortgage Brokers Act.
  • Level of Competence: Entry-level professional. It demonstrates that the candidate possesses the foundational legal, financial, and ethical knowledge required to protect the public interest.
  • Brief History: For decades, UBC Sauder has been the sole provider of real estate and mortgage licensing education in BC, evolving the curriculum from paper-based correspondence to a sophisticated blended learning model with computer-based testing.

Who Can Take the Sub-Mortgage Broker Course (British Columbia)? (Eligibility Requirements)

Before you can register for the course and eventually hold a license, you must meet specific criteria set by both UBC and the BCFSA.

Academic & Experience Requirements

There are no strict post-secondary degree requirements to enroll in the course. A high school diploma is recommended due to the mathematical and legal complexity of the material. No prior experience in finance or real estate is required to take the course.

Documentation Checklist

  • Valid Government ID: A passport or Canadian Driver’s License for identity verification.
  • Proof of English Proficiency: Unless exempt, you must provide proof of language competency (see below).
  • Criminal Record Check: While not required to take the course, a clean criminal record check is mandatory when applying for the license through BCFSA after passing the exam.

Language Proficiency Requirements (ELPR)

Candidates must meet the English Language Proficiency Requirement. You are exempt if you have a recognized degree from a university where English is the primary language of instruction. Otherwise, you must achieve:

  • CELPIP-General: A minimum score of 7 in each component (Reading, Writing, Listening, Speaking).
  • LPI (Language Proficiency Index): A minimum level of 4.

Summary Table of Eligibility

Requirement Details
Minimum Age 19 years old (at the time of licensing)
Academic Level High School Diploma (Recommended)
Language CELPIP-G (Level 7) or LPI (Level 4)
Citizenship Canadian Citizen, Permanent Resident, or valid Work Permit

How to Register for the Sub-Mortgage Broker Course (British Columbia)

Exam Schedule & Availability

  • Frequency: The course is “rolling,” meaning you can register at any time. Exams are held regularly throughout the year.
  • Scheduling: Once you complete the mandatory assignments (20 assignments), you can book your exam. Exams are typically available on a weekly basis at various testing centers.

Exam Fees (Detailed Breakdown)

Fee Type Amount (CAD)
Course Registration Fee (includes materials & first exam) $1,150.00
English Language Proficiency Test (CELPIP) ~$280.00
Exam Rescheduling Fee $125.00
Exam Rewrite Fee $150.00
BCFSA Licensing Fee (Post-Exam) ~$1,500.00 (Biennial)
Total Estimated Startup Cost ~$3,000.00+

Booking Process

  1. Create Account: Visit the UBC Sauder Real Estate Division website and create a student profile.
  2. Submit ELPR: Upload your CELPIP scores or degree transcripts for language approval.
  3. Payment: Pay the $1,150 registration fee via credit card.
  4. Complete Assignments: You must submit 20 online assignments. You can submit up to two per week, meaning the fastest you can finish the course is 10 weeks.
  5. Exam Booking: Once assignments are processed, use the UBC “Course Resources” portal to select a date and location.

Test Centers & Retake Policy

Exams are held at the UBC Point Grey Campus in Vancouver and at various computer-based testing centers across BC (Victoria, Kelowna, Nanaimo, etc.). Remote proctoring is also available for those in rural areas.

Retake Policy: If you fail, you must wait a minimum of 21 days before rewriting. You are allowed two attempts. If you fail the second time, you must re-enroll in the course and pay the full fee again.

Sub-Mortgage Broker Course (British Columbia) Exam Format & Structure

Exam Anatomy

  • Delivery Method: Computer-Based Test (CBT).
  • Proctoring: In-person at a UBC-approved center.
  • Duration: 3 Hours (180 minutes).
  • Question Count: 100 Multiple Choice Questions (MCQ).

Syllabus & Content Domains

Domain Topics Covered Approx. Weightage
Law & Regulation The Mortgage Brokers Act, Tort Law, Contract Law, Agency Law, Land Title Office. 40%
Mortgage Finance Interest rate calculations, constant payment loans, HP 10BII calculator usage. 35%
Industry Practices Underwriting, ethical standards, disclosure requirements, fraud prevention. 15%
Real Estate Basics Appraisal methods, building construction, local government law. 10%

Required Materials

The most critical tool is the HP 10BII or 10BII+ Financial Calculator. You are not allowed to use any other calculator model. You will also be provided with a digital “Formula Sheet” during the exam.

How is the Sub-Mortgage Broker Course (British Columbia) Scored?

  • Passing Score: You must achieve a minimum of 70%.
  • Negative Marking: No. There is no penalty for guessing. It is in your best interest to answer every question.
  • Scaled Scoring: No. This is an absolute score based on the number of correct answers (70/100).
  • Result Declaration: For computer-based exams, results are typically available within 24–48 hours via the student portal.

How Difficult is the Sub-Mortgage Broker Course (British Columbia)?

Difficulty Rating: Challenging.

This is not a “common sense” exam. The legal portion requires memorizing specific statutes, and the math portion requires a high level of proficiency with a financial calculator. Historical pass rates for first-time writers hover around 65% to 70%.

Most Challenging Topics:

  • Canadian Mortgage Math (Effective vs. Nominal rates).
  • Mortgage Underwriting and Debt Service Ratios (GDS/TDS).
  • Case law regarding Agency and Vicarious Liability.

Sub-Mortgage Broker Course vs. Similar Certifications

Feature Sub-Mortgage Broker (BC) Real Estate Trading (BC) Mortgage Broker (Ontario)
Body UBC Sauder / BCFSA UBC Sauder / BCFSA FSRA / REMIC
Format 100 MCQs 100 MCQs 50-100 MCQs
Passing Grade 70% 70% 60%
Difficulty High (Math focus) High (Law focus) Moderate

How to Prepare for the Sub-Mortgage Broker Course (British Columbia)

Recommended Study Timeline

  • Total Hours: 150 – 200 hours.
  • Phase 1 (Weeks 1-4): Read the course manual (20+ chapters) and complete assignments.
  • Phase 2 (Weeks 5-8): Master the HP 10BII calculator. Practice “Time Value of Money” (TVM) problems daily.
  • Phase 3 (Weeks 9-12): Take a minimum of 5 full-length practice exams.

Best Study Resources

  • Official UBC Course Manual: Your primary source of truth.
  • UBC Online Tutor: Available via the student portal for specific questions.
  • Third-Party Prep Courses: Schools like Real Smart or Quick Pass Master offer intensive tutorials that simplify the math.

What to Expect on Exam Day

  • Arrival: Arrive 30 minutes early. Latecomers are not admitted.
  • Check-in: You must present two pieces of ID (one photo).
  • Prohibited Items: No phones, watches, or own scrap paper. The center will provide a whiteboard or scrap paper and a digital formula sheet.
  • Calculator Check: The proctor will inspect your HP 10BII to ensure no notes are stored in the memory.

After Passing the Sub-Mortgage Broker Course

Passing the exam is just the first step. To legally work, you must:

  1. Find a Brokerage: You cannot be a “freelance” sub-mortgage broker. You must be sponsored by a registered mortgage brokerage.
  2. Register with BCFSA: Submit your application for registration within 24 months of passing the exam.
  3. Continuing Education: You must complete BCFSA’s “Relicensing Education Program” (REP) every two years to keep your license active.

Frequently Asked Questions

1. How long is the exam result valid?
Your exam result is valid for 24 months. You must apply for your license within this window.

2. Can I use a different calculator?
No. Only the HP 10BII or 10BII+ is permitted. Using any other model will result in disqualification.

3. Is the math very hard?
It is challenging if you haven’t done algebra or finance recently. However, it is systematic. Once you learn the calculator steps, it becomes repetitive.

4. Can I take the exam online?
Yes, UBC offers a remote proctored option using “ProctorU” for students who cannot attend a physical center.

5. What is the difference between a Mortgage Broker and a Sub-Mortgage Broker?
In BC, the “Broker” is usually the owner/manager of the firm, while “Sub-Mortgage Brokers” are the agents who work for that firm.

6. How many assignments are there?
There are 20 mandatory assignments that must be submitted and graded before you can book your exam.

7. Do I need a criminal record check?
Yes, BCFSA will conduct a thorough background check during your licensing application.

8. What happens if I fail twice?
You must wait a year or re-enroll in the course, paying the full registration fee again.

9. Are there any prerequisites?
Only the English Language Proficiency Requirement (ELPR).

10. How much do sub-mortgage brokers earn in BC?
Most are 100% commission-based. Earnings vary widely, from $40,000 to over $200,000 annually depending on volume.

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