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Legal Update for Mortgage Brokers

Legal Update for Mortgage Brokers

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  • MANDATORY FOR: ALL REGISTERED MORTGAGE BROKERS

  • BCFSA’s Legal Update course is a mandatory continuing education requirement for all registered mortgage brokers. Updated annually, the course includes an online, self-paced learning component and a one-day virtual classroom session. You must complete both components of the Legal Update course (online and virtual classroom) before applying to renew your registration.

    Cost: $275
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Course Overview

Who Must Take the Course

All registered mortgage brokers are required to complete the Legal Update course before applying to renew their registration.

The Legal Update course includes:

  • An online, self-paced learning component; and
  • A one-day (five hour) virtual classroom session.

You must complete the entire Legal Update course before applying to renew your registration.

You are only required to complete one Legal Update course during your two-year registration cycle and prior to registration renewal. Registrants are welcome to complete each yearly version of the course for their own professional development.

What You Will Learn

In the Legal Update course, you will gain a comprehensive understanding of the latest legal and regulatory developments relevant to mortgage brokers. Topics covered encompass critical areas such as climate change, recent case law, significant disciplinary cases from BCFSA, and valuable insights to integrate into your business practices.

When to Take the Course

We encourage you to take Legal Update as soon as possible within your two-year registration period. Completion of the course is required in order to renew your registration.

BCFSA strongly recommends that you begin the Legal Update course at least 8 weeks in advance of your registration expiry date, to ensure that you have ample time to complete the course and submit your registration renewal application.

Course cost

The Legal Update course fee is $275. Course fees must be paid upon registration.

Course revenues support the development of further educational resources and courses to enhance knowledge within the industry.

Course Length

The online component of the course is self-paced and must be completed at least one week before the virtual classroom component. There are quizzes and evaluations to ensure that you thoroughly understand the material before going on to a new section. In most cases, it will likely take a total of 10-15 hours to complete the online self-paced component of the course. The virtual classroom component is a full-day, 5 hour session.

Legal Update for Mortgage Brokers includes five online modules consisting of the following topics:

  • Mortgage Brokers

    • Personal Conduct
    • Fraud and Prevention
    • Due Diligence
    • Climate Change
    • Indigenous Lands

Course Details

In addition to topics applicable to mortgage brokers, there is a comprehensive suite of topics in Legal Update. The Learner Resource Workbook provided to learners includes the following list of topics:

Module 1Personal Conduct
Module 2Fraud and Prevention
Module 3Due Diligence
Module 4The Managing Broker — Management and Supervision
Module 5Selected Issues in Rental Property Management
Module 6Strata Bylaws and Enforcement
Module 7Contracts
Module 8Taxes
Module 9Commercial Transactions and Contract Issues
Module 10Due Diligence on Commercial Transactions
Module 11Climate Change and Natural Catastrophes
Module 12Indigenous Lands

During the virtual classroom session, you will take a closer look at the content of the modules covered through scenarios, case studies, and group discussions.

Frequently Asked Questions

  • All licensees undertaking the Legal Update program will acquire a comprehensive understanding of essential concepts pertaining to climate change, Indigenous lands, and personal conduct. Mortgage Brokers will delve into in-depth concepts associated with fraud and prevention, as well as due diligence.

    Legal Update forms an integral component of the obligatory continuing education requirements for mortgage brokers, essential for the maintenance of their licences. The course structure consists of two components: mandatory online components, followed by a full-day classroom session. Participants can anticipate completing online assessments and engaging in classroom activities designed to enhance their practical skills.

    The 2024 iteration of Legal Update introduces a more targeted approach with distinct modules tailored to each licensing category.

  • After registering for the Legal Update course, you will receive access to the online component on the day it is scheduled to start. You’ll find:

    • Self-paced modules, each with a final quiz with multiple choice questions.

    Once you have completed the online component, you can attend the virtual classroom component, which will include:

    • Case scenarios;
    • Interactivity;
    • Group work and class discussions.

  • No. You must successfully complete all the sections in the online component of the course before you will be able to attend the virtual classroom component. If you are not able to complete the online component in time, you will be required to reschedule your course to another available offering, and pay a course rescheduling fee (50% of the course cost).

  • If you do not successfully complete the appropriate Legal Update course by the time your registration renewal application is due, your mortgage broker registration will not be renewed. Register for the next available course and once you have completed it, you can submit a late renewal application form, paying an additional late renewal application fee of $50 per day (up to a maximum of $500) for renewals made after the due date.

    If you do not renew your registration, you will not be registered and cannot provide mortgage broker services.