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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 Inter-Provincial 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.

Eligibility

Individuals must provide written confirmation from the BC Financial Services Authority Registrar of Mortgage Brokers stating that they are eligible to write the Mortgage Brokerage Inter-Provincial and BC Procedures examination.

Applicants from Alberta, Saskatchewan, Manitoba, Ontario and Quebec, please visit BCFSA's Registration Requirements for detailed registration information.

The Examination

The examination fee is $200 for all examinations. Once an examination has been scheduled, the date selected for the examination may not be changed without payment of an additional fee.

Individuals who have been provided with written confirmation from the BC Financial Services Authority to write the Mortgage Brokerage Inter-Provincial and BC Procedures examination should read the information sheet below for detailed information:

For the Mortgage Brokerage Inter-Provincial and BC Procedures examination, you are only responsible for chapters 2-5 and 7 from the course manual eBook. Where a candidate fails the Mortgage Brokerage Inter-Provincial and BC Procedures examination, no opportunity to rewrite the examination is available. The candidate must register in the full Mortgage Brokerage in British Columbia Course. No discount of tuition fees will be available.

The Inter-Provincial and BC Procedures Challenge Package

Cost: $200

The Mortgage Brokerage Inter-Provincial and BC Procedures Challenge Package assists students who have received permission to challenge the examination from the BC Financial Services Authority.

To request permission to challenge the examination, candidates must make a written application, enclosing all relevant information to:

BC Financial Services Authority
600-750 West Pender Street
Vancouver, BC V6C 2T8
Phone: 604-660-3555

Students must purchase the Mortgage Brokerage Inter-Provincial and BC Procedures Challenge Package before registering for their examination. 

The Mortgage Brokerage Inter-Provincial and BC Procedures Challenge Package includes course materials in electronic format only (e.g. course manual eBook, online assignments and answers). Hardcover manuals 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.

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