About BC Mortgage Brokers & Sub Mortgage Brokers

BC Mortgage Brokers and Sub Mortgage Brokers work for you and not the lender. Mortgage Brokers are independent mortgage companies that have access to several lenders and a vast variety of mortgage products for their clients. Unlike Bank Mortgage Agents who are not required to complete educational requirements or to be licensed to administer mortgages Licensed BC Mortgage Brokers and/or a Licensed BC Sub Mortgage Brokers are required to pass the Brokers Licensing Course and exam. After completion of the Licensing Course the broker must register with the British Columbia’s Financial Institutions Commission (FICOM) and are required to follow the British Columbia’s Mortgage Brokers Act, pass annual licensing courses and to adhere to all regulations set forth by FICOM. The primary difference between a Mortgage Broker and a Sub Mortgage Broker is that the Mortgage Broker holds the Broker’s License and is able to employ Sub Mortgage Brokers. A Sub Mortgage Broker cannot operate unless they are registered under a Mortgage Broker, commonly called the Brokerage Office. FICOM regulations do not allow Sub Mortgage Brokers to call themselves Mortgage Brokers which at times can cause confusion among the general public. Sub Mortgage Brokers commonly call themselves Mortgage Consultants, Mortgage Experts, Mortgage Specialists and Mortgage Professionals.