June 21, 2023

AMBA’s Broker-Owner course is now live

Read on www.amba.ca

The Alberta Mortgage Brokers Association (AMBA) is proud to announce the launch of our Broker-Owner course. Designed for practicing mortgage professionals who are interested in starting their own brokerage, it is the first and only course of its kind approved by the Real Estate Council of Alberta (RECA).

The Broker-Owner course is an advanced program that reviews key industry skills and introduces business concepts that will assist you as a future business owner and team leader. Topics covered include brokerage business models, risk management, employee agreements, legislative responsibilities, and so much more. If you are interested in becoming a broker-owner, you must have at least two years of experience as a mortgage licensee within the past five years and complete the course, its final exam and RECA’s exam.

AMBA also offers two other courses: the Fundamentals of Mortgage Brokerage and the Practice of Mortgage Brokerage. Fundamentals is an introductory course that covers the basic topics that a mortgage broker needs to know, including key industry terminology, credit analysis, and understanding the market. Practice builds upon the concepts from Fundamentals, covering risk assessment, prepping a mortgage application, evaluating market trends, and more. These two courses are required to become a licensed mortgage broker in Alberta.

AMBA’s role in ensuring excellence in pre-licensing education

Every initiative AMBA undertakes is guided by our strategic plan, which is created based on feedback from our membership survey. In 2020’s survey, you told us you wanted AMBA to ensure excellence in pre-licensing education. We heard you! Upon RECA’s divestment of education, AMBA focused on becoming an approved pre-licensing educator for Alberta’s mortgage broker industry.

Through the guidance and hard work of our Education and Professional Development Committee and member subject matter experts, we developed the Fundamentals course, updated our Practice course and have now officially launched our Broker-Owner course.

AMBA’s goal is to become the leading provider of mortgage broker education and professional development in Alberta by equipping professionals with the highest quality knowledge. The ever-changing landscape of the mortgage industry makes it necessary for mortgage professionals to continue to improve their knowledge through training and experience. By providing high-quality education and professional development opportunities, AMBA endeavors to ensure that the public’s best interests are being protected by the real estate industry.

AREF’s commitment to creating a stronger real estate industry

The creation of these three courses would not have been possible without the generosity of the Alberta Real Estate Foundation (AREF). AMBA was awarded a $250,000 Legacy Grant from AREF which helped us develop relationships with professionals in educational development and course creation that not only helped build our current courses but have laid the groundwork to help create future course offerings.

“We heard from our stakeholders that different segments of the real estate sector face different challenges and require unique solutions. This education initiative delivers on the transformational and long-term change for the real estate industry we were looking for through our one-time legacy grant program. Supporting the education and professional development of mortgage brokers protects the interests of Albertans and increases confidence in the mortgage transaction, contributing to a stronger real estate industry,” says Patti Morris, Executive Director of the Alberta Real Estate Foundation.

We are grateful for the work that AREF does for the mortgage industry and for their continued support of AMBA.

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