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Challenge, Exemptions, and Inter-Provincial image

Challenge, Exemptions, and Inter-Provincial

Mortgage Brokerage in British Columbia

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New Regulatory Framework Coming – The Mortgage Services Act

A new regulatory framework for the mortgage services industry is due to come into effect in October 2026. The Mortgage Services Act (“MSA”) received Royal Assent on November 3, 2022, and on July 14, 2025, the BC Government approved the rules and regulation that will accompany the MSA. When the MSA comes into force on October 13, 2026, it will repeal and replace the Mortgage Brokers Act (“MBA”).

BCFSA is leading the transition from the MBA to the MSA. For more information about the MSA and the transition process, please visit BCFSA’s MSA webpage. If you have questions about the MSA, including implementation timelines or new requirements, you can send them to BCFSA's enquiries team at msa@bcfsa.ca.

As a result of the upcoming transition from the MBA to the MSA, the Real Estate Division will be phasing out the current submortgage broker education program in the summer of 2027. During the phase out and transition to the new MSA licensing program, two options are available:

  • Complete current MBA education program: Individuals who wish to pursue a career as a submortgage broker now may register in the current program (Mortgage Brokerage in BC Challenge). For those who complete the current program and pass their examination prior to the summer of 2027, MSA transition education will also be required. Visit BCFSA’s MSA Education webpage for more information about transition education requirements.
  • Complete the new MSA education program: New MSA licensing education will be launched in mid-summer 2026. Individuals who choose this option will not be eligible to provide mortgage services until after the MSA comes into force on October 13, 2026.

Further details regarding the transition from the existing MBA-based programming to the new MSA-based programming will be shared as they become available in the coming months.

Challenge & Exemptions

In certain cases, individuals may be permitted by the BC Financial Services Authority (BCFSA) Registrar of Mortgage Brokers to challenge the Mortgages Course. If you are currently licensed in British Columbia and wish to add a service to your practice, you are required to complete the Supplemental Course and Examination.

Challenge Package

Only individuals who have been provided with a written confirmation of a course exemption from the BCFSA Registrar of Mortgage Brokers are eligible to purchase the Challenge Package.

The Challenge Package costs $450 and includes the course materials in electronic format (the course manual eBook, online assignments and answers, and online Practice Questions), and access to the Course Resources webpage, and the Academic Content Support service.

The Mortgage Brokerage in BC Challenge Package includes course materials in electronic format only (e.g. course manual eBook, online assignments and answers). Hardcover manuals and calculators are sold separately. Candidates should be aware that it is their responsibility to learn the latest material. If you purchased a hardcover Course Manual along with your Challenge Package, the hardcover manual should arrive within approximately ten business days of registration. The recommended calculator for examinations based on the current material is the Hewlett Packard 10BII+. 

Inter-Provincial

Visit the Mortgage Brokerage Inter-Provincial and BC Procedures webpage for more information.

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