Implementation of New Mortgage Associate Program

As part of the Real Estate Council of Alberta (RECA) and the Alberta Mortgage Broker’s Associations (AMBA) commitment to educating mortgage brokers, the Mortgage Associate Program education requirements will soon be enhanced.

These changes include increased competency based education for new mortgage broker industry members, preparing them to better serve the needs of borrowers and lenders.

The new Mortgage Associates Program will include two mandatory courses titled:

Ø  The Fundamentals of Mortgage Brokerage

Ø  The Practice of Mortgage Brokerage

Interested students must first complete & pass The Fundamentals of Mortgage Brokerage offered online through RECA. This nine-unit course includes a final examination. Once completed successfully, the student is then eligible to take The Practice of Mortgage Brokerage course offered through AMBA. This course will be available online and in the classroom through an approved education provider. Completion of both courses fulfills the mortgage associate education requirements.

It is important to note that The Fundamentals of Mortgage Brokerage will be available late summer 2010, with The Practice of Mortgage Brokerage course offered in 2011. Before the launch of the Practice Course in 2011, an abridged version of the Mortgage Associates Program, known as MAP 2, will be offered by approved educational institutions. After successfully completing RECA's online Fundamentals of Mortgage Brokerage course and its Provincial Qualifying Exam, students may register for the practice orientated MAP 2 course. Beginning in 2011, MAP 2 will no longer be available and will be replaced with the new course The Practice of Mortgage Brokerage.

For further information please contact RECA or AMBA for details.