AMBA

Practice of Mortgage Brokerage Course (Alberta Licensing)


Register
Email Us



The Practice of Mortgage Brokerage Course is the second half of the Mortgage Associates Program for residents of Alberta. If you have completed the Fundamentals Course with the Real Estate Council of Alberta (RECA), you may register for the Practice Course. Both Fundamentals and Practice courses are required if you are pursuing a mortgage associate licensing in Alberta.

The Practice Course will provide learners with the technical competencies involved in the steps in a mortgage transaction - from finding business to gathering documentation to crunching numbers to closing the deal.

- Self-paced, which means you learn on your schedule, at your pace.

- Accessible on PCs, Macs, iPads (NOTE: some activities are not supported on iPads and will need to be completed on a computer or laptop).

- Relevant and practical topics in the field of mortgage brokerage, such as:

 

Introduction:  Personal Inventory Session will help you review the role of a mortgage associate help you ascertain what to expect in this career.

 

Module 1Understanding the Big Picture evaluates and identifies characteristics of the real estate market, drivers and financial systems. This module also identifies the various professional groups and associations that comprise the real estate market in Alberta.

 

Module 2:  Understanding the Business is an overview of mortgage lenders including prime, subprime and private. The types of insurance are explored such as mortgage, home warranty, home owner and title. Formulas and calculations around interest, loan variables, compounding, interest rates, payment options and amortization are explored. Payout penalties and transaction issues, interim financing and both lender and borrow options are discussed along with renewals as well as required documentation. Finally, this module walks through the different kinds of products that a mortgage associate needs to understand.

 

Module 3: Understanding the Job describes the steps in the mortgage transaction from finding business to closing the deal.  This module discusses the importance of communication and developing rapport to generate business, as well as describing the "technical" aspects of mortgage finacing such as collecting appropriate documentation, underwriting, evaluating information for validity, authenticity, compliance, relevance and lender eligibility.  This module also describes how to perform affordability calculations (debt service ratios, LTV, etc), how to calculate monthly payments and other mortgage-related math calculations.  This module covers compliance and legal issues such as disclosures, conflicts of interest and mortgage fraud red flags.  You will also learn about sales and marketing fundamentals.

 

Module 4:   Understanding Commercial Mortgages introduces you to an important area of the real estate market. At the end of the module, you will understand the key differences between residential and commercial mortgages, including differences in transactions, timelines, documentation, types of borrowers, lenders and ratios. Different types of properties are explained along with the financing requirements. 

 


Technical Requirements:

- High-speed Internet connection

- Compatible hardware: PC, Mac, iPad (NOTE: some activities are not supported on iPads and will need to be completed on a computer or laptop).

- Compatible browsers: Google Chrome, Safari, Mozilla Firefox , Opera 

NOTE: Course may not function properly in Internet Explorer. It is strongly suggested that students use one of the listed compatible browsers.

 



Course Materials:


- PDF student manuals are included in the online student account and can be downloaded to your computer.  

- The online course consists of a series of Flash presentations. These presentations are NOT downloadable.

- A Canadian Qualifier Plus calculator is required for this module. See below for more information.

 

 

 

Exams / Rewrites:


- Once you have completed the Practice of Mortgage Brokerage course, you will be required to take the final exam

- The final exam can be booked at a number of exam centres - click here for a list of current exam centres

- You will be required to pay the exam centre sitting fee when you arrive for your exam so be sure to confirm that your method of payment will be accepted

- If you fail the exam, you will be able to purchase a rewrite for $150 + the exam centre sitting fee

- If you fail the exam twice, you will need to repurchase the course

 


Calculator:

calc

The Canadian Qualifier Plus 4x Calculator (Model # 3423) can be purchased online or in store.

 

Order online from Jubilee Rose Enterprises Ltd. ($64.96+GST) directly by visiting:

http://www.canadiancalculatorwarehouse.com/cqlpus4x/

They ship Canada Post Xpresspost and accept Visa, Mastercard, and American Express. The shipping cost is additional.

 

Order online from Staples ($68.99+GST) directly by visiting:

http://www.staples.ca/en/Calculated-Industries-Canadian-Qualifier-Plus-4x-3423-Real-Estate-Calculator/product_578593_2-CA_1_20001

 



Contact Us:

AMBA is a non-profit trade organization representing licensed mortgage associates and brokers in Alberta.

Web: www.amba.ca

Email: education@amba.ca

Telephone: 403-685-9652 / 1-888-452-2652

Register
Email Us