Mortgage Associates Licensing Program
E-mail: cebusiness@mtroyal.ca
Phone: 403.440.7707 or toll-free 1.888.392.3655
Register: Start here (registration available online)
Location: Lincoln Park Campus, 4825 Mount Royal Gate SW
- 89% of Mortgage Associates Program graduates surveyed feel that instructors from the program are or could be valuable contacts.
- 82% of graduates surveyed believe that the program improves the chances of getting a good job.
PREREQUISITES MUST BE SUBMITTED TO THE ALBERTA MORTGAGE BROKERS ASSOCIATION (AMBA) AT LEAST ONE WEEK PRIOR TO THE COURSE START DATE.
Program Description
The Alberta Mortgage Brokers Association's (AMBA) Mortgage Associate program prepares individuals to write the Real Estate Council of Alberta’s (RECA) Provincial Qualifying Examination for licensing as a Mortgage Associate. Learn the basics of mortgage lending and brokering. The program is designed for those in the real estate, brokerage or banking industry who would like to become more knowledgeable about real estate finance. It provides an overview of mortgage brokering, mortgage documents, types of mortgages, financing, mortgage law, the valuation process, marketing, advertising, salesmanship, and the technology used in the industry. Funding for the development and revision of the program was received from the Alberta Real Estate Foundation (AREF).
Length of Program
75 hours
Day
| 3 weeks |
9 a.m.-4 p.m. |
Mon.-Thu. |
|
|
Evening/Weekend
| 12 weeks |
6:30-9:30 p.m. &
9 a.m.-4 p.m. |
Mon. & Wed. &
Sat. |
|
|
Cost
- $1,150 plus the cost of Final Exam ($125 + GST - online fee paid at the time of exam by Visa, MasterCard, AMEX or a PayPal account only)
- E-mail address is mandatory for both receipt of marks and payment.
Location
Lincoln Park Campus, 4825 Mount Royal Gate SW
Rooms are located in the Roderick Mah Centre for Continuing Learning
East C building on the east side of campus.
(Check your registration confirmation to confirm dates, times and room number.)
We strongly recommend that you have a solid understanding of and are fully conversant in the English language before registering in this program.
- Benefits
- Requirements
- Completion Requirements
- Mortgage Associate Exam Information
- Learning Outcomes
- Program Topics
- Program Materials
- Instructor Qualifications
- Earning Your License
- Additional Fees as a Mortgage Associate
- Career Outlook
Benefits
Gain an overview of mortgage brokering, mortgage documents, types of mortgages, financing, mortgage law, the valuation process, marketing, advertising, salesmanship and the technology used in the industry.
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Requirements
Proof of the following requirements must be submitted to the Alberta Mortgage Broker’s Association (AMBA) one week prior to registration. View the prerequisites for registration into the Mortgage Associates Program.
Please click here to visit the AMBA web page, or contact AMBA at 403.685.9652 or toll free at 1.888.452.2652 if you require additional information regarding Mortgage Associate qualifications.
Note: RECA licensing requirements state new applicants must submit an RCMP certified criminal record check using fingerprint comparison with their driver’s licence and registration application.
Click here to download official RECA notification.
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Completion Requirements
To be eligible to write the provincial Mortgage Associates Qualifying Examination you must meet RECA’s 70% attendance requirement in addition to the prerequisite requirements above. To complete the Mortgage Associates program successfully, you must achieve a minimum of 70% on the exam.
You must complete the course, the exam and the re-write (if necessary) within one year of the course start date.
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Mortgage Associate Exam Information
The Mortgage Associate exam is an online computer exam. The exam consists of 120 multiple choice questions, and you have 3 hours to complete it.
The cost of the first write and the rewrite (if applicable) are both $125 plus GST. Exams are paid online at the time of exam by VISA, MasterCard, AMEX or PayPal only. An e-mail address is also required for receipt of marks and exam fee.
You must achieve a minimum of 70% to pass the exam. If you are unsuccessful the first time, you have only one more opportunity to write the exam.
You have one year from the first day of class to complete the program, your exam plus re-writes (if necessary).
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Learning Outcomes
Upon completion of this program, you should:
- Understand the scope of the real estate industry and the factors affecting the mortgage market.
- Interpret legislation affecting mortgages.
- Identify the roles and responsibilities of the mortgage broker.
- Identify the types of mortgages, repayment schedules, sources of mortgage funds and qualify buyers.
- Interpret appraisals and estimates of market value.
- Know the skills required to complete a mortgage document.
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Program Topics
Week One (Week 1-3 evenings)
- The Mortgage Associate
- Introduction to Real Estate
- Real Estate Act
- Legislation & Law Affecting Mortgages
- The Mortgage Document
- Types of Mortgages
- Mortgage Funds
Week Two (Week 4-7 evenings)
- Valuation Process
- Mortgage Qualifying for Residential and Commercial Properties
- Detecting Fraud and Forgery
- Title Insurance
- Hi-Ratio Insurance
- Credit Bureaus
Week Three (Week 8-12 evenings)
- Mortgage Mathematics
- Marketing, Advertising & Sales
- Business Ethics
- Filogix Computer Training
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Program Materials
- Mortgage Associate Manual
- Brown Amortization Book
- Students must supply their own paper, pen and basic calculator with metric conversion capabilities.
Manuals will be distributed at the beginning of the first class.
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Instructor Qualifications
Instructors are industry experts working in the mortgage broker industry who have training and experience in teaching adults.
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Earning Your License
Once you have successfully completed the Mortgage Associates program you need to establish a relationship with a licensed mortgage brokerage and make an application for registration through that brokerage to the Real Estate Council of Alberta.
For information regarding licensing and policies, contact the Real Estate Council of Alberta (RECA) at 403.228.2954.
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Additional Information *Additional Fees (subject to change without notice)
| RECA (Real Estate Council of Alberta) Licensing Fee* |
| Total |
$390 |
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Career Outlook
Mortgage associates work primarily with traditional funding sources such as chartered banks, trust companies, credit unions, life insurance companies and pension funds, but also with non-traditional funding sources. Successful completion of the Mortgage Associates licensing program may lead to an entry-level position as a mortgage associate depending on personal and professional suitability for the field.
Funding for the development and revision of this program was received from the Alberta Real Estate Foundation (AREF), and is co-sponsored with the Alberta Mortgage Brokers Association and the Alberta Real Estate Association.
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