Why do we need to understand – Who’s Who in the Alberta Mortgage Brokerage Industry? Mortgage Brokerage is a big market that encompasses the many facets of property lending, including approval for the lending, credit report, credit score, credit usage, and everything that revolves around credit used for purchasing any type of property.
The Alberta Mortgage Industry is no different. Anyone planning to know the process of or become a Mortgage Professional in Alberta must learn about the important institutions and government authorities that are involved in the process. Let’s understand who’s who in the Alberta Mortgage Industry and what role does each of the members play.
Mortgage Brokerage in Canada
In Canada, Mortgage Agents are represented at 2 levels:
- Provincially by their Provincial Association
- Federally by the Primary Canadian Association
Canadian Mortgage Brokers Association (CMBA)
Canada Mortgage Brokers Association (CMBA) is the Federal Canadian Federal Canadian Mortgage Brokerage Board that protects and promotes the National CMBA Trademark for Mortgage Brokerage – MB®.
MB® – The Code
CMBA helps assists Mortgage Agents and Brokers to serve their clients better. It enhances professionalism and ethics in the Canadian Mortgage Brokerage Industry. By encouraging growth, CMBA helps produce accurate, up-to-date information and analysis on Canadian Mortgage Brokerages and related associations.
Mortgage Brokerage in Alberta
Alberta Mortgage Brokerage Association (AMBA)
Alberta Mortgage Brokerage Association (AMBA) is the Provincial Mortgage Brokerage Association in Alberta. It offers strategic leadership and advancement to the mortgage brokerage profession in Alberta through member-centric services, advocacy, and professional development.
Mortgage Licensing Education in Alberta
The Mortgage Brokerage Licensing Education is offered by 2 institutions in Alberta.
- Real Estate Council of Alberta (RECA)
- Alberta Mortgage Brokerage Association (AMBA)
Real Estate Council of Alberta (RECA)
Real Estate Council of Alberta (RECA) is the governing authority that sets, regulates, and enforces standards for Real Estate as well as Mortgage Brokerage Licensing in Alberta. RECA is responsible for issuing, renewing, and debarring licenses for Real Estate and Mortgage Brokerage Professionals in Alberta.
As of now, RECA is issuing pre-licensing education courses for Mortgage Brokerage in Alberta. The Fundamentals of Mortgage Brokerage Course offered by RECA is the 1st course required to get mortgage license in Alberta. You have to get registered with RECA in order to apply for the fundamentals course for. They have set eligibility parameters based on documentation, education, and English proficiency requirements, just like Real Estate, that need to be fulfilled in order to be approved for the same. Once registered, they provide education materials through their myRECA.ca portal.
Alberta Mortgage Brokers Association (AMBA)
Alberta Mortgage Brokerage Association (AMBA), apart from being a provincial Mortgage Brokerage Association, it is also an authority that offers Practice of Mortgage Brokerage Course, the 2nd course required for the pre-licensing education to get Mortgage Brokerage License in Alberta.
Canada Mortgage and Housing Corporation (CMHC)
Canada Mortgage and Housing Corporation (CMHC) is the federal Housing Corporation that acts as a link between the Real Estate and Mortgage industry in Canada. It unites the two important industries in the country to offer housing affordability for Canadian citizens.
Their primary goal is to offer “Housing Affordability” in Canada. Therefore, under CMHC, you can get a mortgage for up to 95% of the purchase price of a home. It also ensures you get a reasonable interest rate, even with your smaller down payment.
It helps stabilize the housing market. During economic slumps when down payments may be harder to save, it ensures that there is availability of mortgage funding in the real estate markets across Canada.
These are some of the important bodies of the Real Estate Industry in Alberta that you should know if you are planning to become a part of that industry. Hope this helps to draw an outline of the necessary institutions and learn about their basic features and responsibilities.
Now, it’s time for ARS – Alberta Real Estate School
Alberta Real Estate School helps you Pass your Real Estate and Mortgage Licensing Exams on the first attempt!
We are independent of RECA and AMBA, and offer Exclusive Real Estate & Mortgage Brokerage Training Courses along with Focused Study Guides, Detailed Video Sessions which covers Exam Preparation Materials like Practice Exam Questions, Quiz, and our hand-picked Important Topics.
Hope you enjoyed the blog. Join Alberta Real Estate School for expert help with learning Real Estate & Mortgage Brokerage Courses.
Are you wondering How to Become a Mortgage Agent in Alberta now? Don’t worry, we have got that too!