How to Become an Insurance Adjuster in British Columbia
British Columbia insurance adjuster licensing: Level 1, 2 and 3, the GIE and CIP education routes, the Council Rules Course, and the 19 age rule.
How to Become a Mortgage Broker in British Columbia
The current BCFSA path under the Mortgage Services Act (in force October 2026): the Mortgage Services Licensing Course, finding a brokerage, the $2,100 licence application through IRIS, and the broker and principal broker tiers — verified against BCFSA's own licensing pages.
Applies in: British Columbia
Mortgage brokering in British Columbia runs on brand-new rules: on October 13, 2026, the Mortgage Services Act came into force, repealing the old Mortgage Brokers Act and moving the industry from registration to licensing. The regulator is the BC Financial Services Authority (BCFSA). This guide walks the path as it exists now — which matters, because most of what ranks online is stale: pages still citing FICOM (the Financial Institutions Commission, long since absorbed into BCFSA), the old sub-mortgage broker ladder, and the old $1,500/$1,900 fee schedule. Treat anything not dated after October 2026 as suspect.
The licence tiers under the Mortgage Services Act
| Tier | What it is | Who it's for |
|---|---|---|
| Mortgage Broker | Individual licence to provide mortgage services under a brokerage | Everyone entering the industry now — this is the licence you apply for |
| Principal Broker | Licence level for the person responsible for a brokerage's management and supervision; nominated by the brokerage | Experienced brokers stepping into supervision — one principal broker can act for up to four related brokerages |
| Mortgage Brokerage | The firm licence | The business itself — it must designate a principal broker, select its service categories, and carry errors-and-omissions insurance with extended coverage for fraudulent acts |
Licences renew every two years. The path below is for the individual mortgage broker licence.
Step 1: Take the Mortgage Services Licensing Course
This is the entry ticket. Since August 4, 2026, BCFSA has required prospective applicants to complete the Mortgage Services Licensing Course — developed by BCFSA and the UBC Sauder School of Business, Real Estate Division — and pass its examination before applying for a licence.
Two things worth knowing before you enrol. First, if you already work in the mortgage industry, you may be eligible for accelerated courses rather than the full program — BCFSA says so explicitly, so check its education requirements page before paying for the full course. Second, the course covers the entry-level competencies BCFSA tests: mortgage principles, regulation, ethics, and practice under the Mortgage Services Act. Budget real study time; this is a licensing exam, not a certificate of attendance.
Step 2: Get hired by a licensed brokerage
This is the step that stops more people than the exam. You cannot be licensed on your own — before you can even open the application, you must have an employment agreement with a BCFSA-licensed brokerage, and you apply through IRIS with the brokerage's name or licence number. The brokerage supervises you, carries the errors-and-omissions coverage you work under, and is your access to the industry.
Under the Mortgage Services Act you can be licensed with only one brokerage, so choose like it's an employer, not a rubber stamp. Ask who trains new brokers, who supervises day-to-day, what the commission splits or desk fees are, and which lenders and products you actually get access to. Brokerages vary enormously in support — and the interview runs both ways, since they are staking their licence on you.
Step 3: Assemble and submit your IRIS application
BCFSA takes applications through its IRIS portal, and its checklist for new applicants is specific. Before you log in, have ready:
- a certified criminal record check (BCFSA points to its suitability assessment guidance for how to obtain one);
- a colour copy of a government-issued photo ID;
- your work permit or permanent resident card, if applicable;
- the date you completed your qualified mortgage brokers course from UBC Sauder;
- a Visa or Mastercard for the $2,100 application fee — BCFSA does not review the application until payment is received;
- your employment history for the past five years, without gaps.
Then comes the suitability assessment: BCFSA reviews your criminal record check, financial history, and past conduct under the Mortgage Services Act. Licensing is not automatic — a checkered financial or criminal history is the most common reason applications stall.
Step 4: Know the practice rules from day one
The MSA did not just rename the licence — it rewrote the conduct rules, and they apply to you from your first day licensed:
- Disclose who you represent before providing mortgage services — clients must know whether you act for the borrower.
- Dual agency is generally prohibited, with limited exceptions.
- Assess suitability before presenting mortgage options, including at renewal unless an exemption applies.
- Disclose identified material risks in writing.
- Your brokerage must maintain E&O insurance that includes extended coverage for fraudulent acts.
Brokers who learned the old MBA-era playbook from a stale course or a recruiter are the ones most likely to trip on these. If your training material does not mention the October 2026 rules, replace it.
Staying licensed: the two-year cycle
Every licence renews every two years. The renewal application is $2,000 ($2,100 if late), and continuing education is part of the renewal requirement — BCFSA's renewal checklist lists the completed education requirements explicitly. Transfers between brokerages and reinstatements after a lapse are $300; administrative amendments (address, name) are $250.
Is it worth it?
The honest case: entry is genuinely accessible for a licensed financial career — one course, no degree required, and a regulator with a published, transparent checklist. British Columbia's housing market is the country's most expensive, which means the broker's product (the mortgage) is never optional, even when transaction volumes dip.
The honest risks: the income is commission, not salary — you eat what you kill, and the first year is mostly prospecting. Your brokerage's training and supervision determine your trajectory more than the licence does. And the October 2026 regime change means the industry is still adjusting — established brokers are finishing transition education while you enter under the new rules, which is an opening (everyone is learning the new playbook) and a risk (the first enforcement interpretations are still being written). If you want the licence, start the course and the brokerage search in parallel, because neither clock waits for the other.
Related: how to get a mortgage broker licence in Ontario (the FSRA three-tier ladder — different regulator, different system; British Columbia applicants should follow this guide), how to become a mortgage agent in Ontario (the Ontario entry tier), how to get a real estate licence in BC (the selling side of the same brokerage business), and how to register a business in British Columbia (if you plan to bill as an incorporated contractor under your brokerage).
See also: how to become a mortgage broker in Alberta (the RECA ladder — two associate courses, a $575 licence, and an experience-gated broker upgrade; different regulator, different system).
The six steps to a BC mortgage broker licence
- Take the Mortgage Services Licensing CourseThe UBC Sauder School of Business, Real Estate Division course that prospective applicants have been required to complete since August 4, 2026; accelerated options exist for experienced industry applicants
- Get hired by a licensed brokerageYou must have an employment agreement in hand before you can apply — under the Mortgage Services Act you can be licensed with only one brokerage
- Assemble your IRIS application packCertified criminal record check, a colour copy of government-issued photo ID, your work permit or PR card if applicable, your course completion date, and five years of employment history with no gaps
- Pay and submit through IRISNew mortgage broker applications cost $2,100, paid by Visa or Mastercard — BCFSA does not review an application until payment is received
- Clear BCFSA's suitability assessmentYour criminal record check, financial history, and past conduct are assessed under the Mortgage Services Act; licensing is not automatic
- Renew every two yearsLicences renew on a two-year cycle ($2,000 renewal); continuing education is part of the renewal requirement
BCFSA mortgage licensing fees
| Mortgage Broker licence application | $2,100 |
|---|---|
| Principal Broker licence application | $2,100 |
| Licence renewal (2-year) | $2,000 |
| Licence transfer or reinstatement | $300 |
| Amendments | $250 |
Questions people ask
How do I become a mortgage broker in British Columbia?
The current path: complete the Mortgage Services Licensing Course through UBC Sauder School of Business, Real Estate Division (required for prospective applicants since August 4, 2026); get hired by a BCFSA-licensed brokerage (you need the employment agreement before you can apply); submit your licence application through BCFSA's IRIS portal with a certified criminal record check, colour photo ID, five years of employment history, and the $2,100 fee; and clear BCFSA's suitability assessment. The licence renews every two years.
What is the Mortgage Services Act, and how did it change licensing?
On October 13, 2026, the Mortgage Services Act (MSA) came into force, repealing and replacing the old Mortgage Brokers Act. The industry moved from registration to licensing, with new licence tiers (mortgage broker, principal broker, mortgage brokerage) and new rules on disclosure, suitability, and brokerage oversight. Most of what still ranks online describes the old regime — sub-mortgage broker tiers, FICOM, and the old fee schedule — so treat anything not dated after October 2026 as suspect.
Which course do I need to take to become a mortgage broker in BC?
The Mortgage Services Licensing Course, developed by BCFSA and the UBC Sauder School of Business, Real Estate Division. It has been the required entry course for prospective applicants since August 4, 2026. Applicants with existing mortgage industry experience may be eligible for accelerated courses — check BCFSA's education requirements page for the current list rather than enrolling blind.
How much does it cost to get a mortgage broker licence in BC?
The BCFSA licence application for a mortgage broker is $2,100, paid through IRIS by Visa or Mastercard. Renewals are $2,000 every two years ($2,100 late); transfers and reinstatements are $300; amendments are $250. On top of BCFSA's fees, budget the UBC Sauder course tuition (set by the school), the certified criminal record check, and your brokerage's costs (E&O coverage and any desk or split fees).
Do I have to join a brokerage, or can I work independently?
You must join a brokerage. Before you apply, you need an employment agreement with a BCFSA-licensed brokerage — you apply through IRIS with the brokerage's name or licence number, and the brokerage supervises you and carries the errors-and-omissions coverage. Under the Mortgage Services Act, you can be licensed with only one brokerage. Interview brokerages on training, supervision, and fee splits before you commit.
What happened to the sub-mortgage broker licence?
It was a tier under the repealed Mortgage Brokers Act. Under the Mortgage Services Act, existing sub-mortgage brokers transition to the new mortgage broker licence (BCFSA required them to complete transition education courses to keep practising). If a page or recruiter still talks about the sub-broker ladder as the way in, the information is pre-October 2026 and out of date.
How long does it take to get licensed?
The honest answer: the course is self-paced and the application is reviewed after you submit a complete IRIS package with payment — BCFSA publishes neither a course duration nor a processing-time guarantee, so do not trust anyone who quotes you one. The two clocks you control are finishing the course and lining up a brokerage; do both in parallel so you are not waiting on either.
Can I transfer my mortgage broker licence from Ontario or another province?
BCFSA has a process for applicants coming from other jurisdictions — its 'becoming a new mortgage broker' page explicitly points to a registering-from-another-jurisdiction route. Expect an equivalency review of your education and experience against the MSA standards rather than an automatic transfer. Contact BCFSA before assuming your current licence carries over.
What new rules do I have to follow as a licensed mortgage broker?
Since October 13, 2026: you must disclose whether you represent the borrower before providing mortgage services; dual agency is generally prohibited with limited exceptions; you must assess mortgage suitability before presenting options (including at renewal unless an exemption applies); and you must disclose identified material risks in writing. Brokerages must maintain errors-and-omissions insurance that includes extended coverage for fraudulent acts.
How does the BC path differ from Ontario's?
Different regulator, different ladder. Ontario runs on FSRA's three-tier system under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Agent Level 1 → Level 2 → Broker, experience-gated over years). British Columbia runs on BCFSA's broker and principal broker tiers under the Mortgage Services Act (in force October 2026), with the Mortgage Services Licensing Course as the entry ticket and a two-year renewal cycle. Both require you to be hired by a licensed brokerage and to pass a criminal record check. Our Ontario guide walks that ladder in full.
Sources
- BC Financial Services Authority, Becoming a new mortgage broker — the renewal cycle, brokerage employment, and the application checklist.
- BC Financial Services Authority, Mortgage Broker Fee Schedule — application, renewal, transfer, reinstatement, and amendment fees, and the payment rule.
- BC Financial Services Authority, Mortgage broker education requirements — the new course, the examination, accelerated courses, and renewal education.
- BC Financial Services Authority, Information on disclosures — representation, suitability, material risks, and dual agency limits.
- BC Financial Services Authority, Information on Mortgage Services Licensee Duties — duties to clients and duties by licence level.