Mortgage broker regulation in Canada is a provincial responsibility and each province has the authority to establish licensing requirements for mortgage brokers within their jurisdiction. As a result there can be differences in education requirements between provinces, and accordingly, variations in the competencies, knowledge and capabilities of mortgage brokers across the country.
In an effort to harmonize education standards for mortgage brokers across Canada, the MBRCC has identified the learning outcomes and competencies that are required for all licensing courses across the country. The competency requirements have been published in curriculum blueprints for entry-level and managing broker-level courses https://www.mbrcc.ca/CompetenciesandCurriculum
. The blueprints act as guides for course developers and ensure that all licensing courses across Canada address a shared set of core competencies, capabilities and knowledge requirements for the country’s aspiring mortgage broker professionals.
The MBRCC has also developed standards for the accreditation process and instructional design and delivery of the course to ensure the implementation of the blueprints is consistent across provinces.
Harmonized standards reduce differences in licensing education courses and help ensure that licensed mortgage brokers across Canada are equipped with similar skills, knowledge and competency levels. This better protects the interests of consumers and strengthens industry integrity.
Harmonized licensing course standards across Canada will strengthen labour mobility across the industry, and help achieve the goals of reciprocal licensing arrangements between provinces.