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 Supplemental). 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.
Supplemental Course
The Mortgage Brokerage in British Columbia Supplemental Course is available to individuals who are currently licensed, eligible to be licensed, or who have passed a full licensing exam within the last year and wish to become licensed to provide additional real estate services. The Course Schedule lists the topics included in the supplemental course. The supplemental exam is two hours in length and contains 60 questions in a multiple-choice format (whereas the full exam is three hours and contains 100 multiple-choice questions).
Students should confirm their eligibility for a supplemental course before registration. If you are unsure whether you are eligible for the supplemental course, please contact us at bcinfo@realestate.sauder.ubc.ca.
As well, depending on eligibility, some students may be eligible for the supplemental course, but required to satisfy the English Language Proficiency Requirement and/or write the full three-hour exam. Supplemental students should confirm their eligibility for the supplemental exam prior to exam registration.
Individuals who have successfully completed the Mortgage Brokerage Supplemental Course must apply for registration within one year of writing the examination. This is to ensure that recently qualified applicants build on and solidify their education. However, if an individual has been actively brokering mortgages on behalf of an entity exempt from registration (such as a savings institution) the one-year period may be extended.
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