If you are interested in becoming a licenced mortgage brokerage or broker, you must successfully complete the educational requirements established by the Superintendent of Mortgage Brokerages and Brokers under Section 6 of the regulations.
What is the Newfoundland and Labrador Mortgage Brokerage Management Course (NLMBMC)?
The NLMBMC is the required education program in order to act as the Principal Broker for your mortgage brokerage licence.
The NLMBMC education program consists of 5 segments:
- Segment 1 – Setting Up Your Mortgage Brokerage
- Segment 2 – Staffing and Supervising Your Mortgage Brokerage
- Segment 3 – Operating Your Mortgage Brokerage
- Segment 4 – Dealing With Your Customers
- Segment 5 – Protecting Your Customers
The passing mark is 60 per cent.
What is the Newfoundland and Labrador Mortgage Broker Course (NLMBC)?
The NLMBC is a required education program in order to obtain your mortgage broker licence.
The NLMBC education program consists of 4 parts:
- Part 1 – The Mortgage Industry in Perspective
- Part 2 – Mortgage Mathematics
- Part 3 – The Mortgage Process From A-Z
- Part 4 – Protecting Consumers & Increasing Industry Professionalism
The passing mark is 60 per cent.
Registering and Completing the NLMBMC or NLMBC
You must successfully complete the pre-licensing NLMBMC and/or NLMBC with a provincially approved accredited provider before you submit your Mortgage Brokerage or Mortgage Broker Licence Application.
The accredited and approved course provider, Mortgage Professionals Canada, will offer details of the NLMBMC and NLMBC courses, registration processes and associated fees. Fees are paid directly to Mortgage Professionals Canada when you register.
You will receive the exam results within 5 business days of writing the exam.
Proof of successful completion will be required at the time of submitting a licence application.
FREQUENTLY ASKED QUESTIONS
How long does the course take to complete?
On average the NLMBMC will take candidates approximately 60 hours to complete and the NLMBC 40 hours.
Can I complete all modules of the NLMBMC or NLMBC in one sitting?
Online sessions allow a candidate to complete modules at their convenience.
Can I write the exam(s) without completing the training course?
No. You must successfully complete a pre-licensing training course with Mortgage Professionals Canada before you write the exam(s).
How do I register for the education program and exams?
Detailed information on how to register is located on Mortgage Professionals Canada website.
How will I know if I have passed and able to apply for a licence?
Once a candidate has successfully completed all modules, Mortgage Professionals Canada will send a record of official completion letter to the email address provided. A copy of this record will be requested during the online application process.
If I have successfully completed the NLMBC do I also have to complete the NLMBMC?
Both courses are only required where the individual is acting as the Principal Broker for a Mortgage Brokerage Licence.
What if I have written the required exams and am actively licenced in good standing in another province?
Applicants for a mortgage brokerage or broker licence who has successfully completed a training program in another jurisdiction in Canada is not required to complete the NLMBMC or NLMBC where the training program has been approved by the regulator of mortgage brokers and brokerages in the other jurisdiction; the person provides proof, satisfactory to the Superintendent, of successful completion of the training program; and the Superintendent is satisfied that the training program provides training that is equivalent to or exceeds the level of training provided in the NLMBMC or NLMBC.
I passed my NLMBMC/NLMBC exam 2 years ago but did not apply for a licence, do I need to re-take the exams?
Yes. Section 6 of the Mortgage Brokerages and Brokers regulations state that successful completion of the approved educational requirements must not be more than 2 years before the date of application.