The Alberta Mortgage Broker Program: associate to broker.

An associate needs at least 2 years of experience as a mortgage associate within the last 5 years, then must complete the Mortgage Broker Program and pass its exam, administered by AMBA. RECA's own reported stats for Jan-Dec 2025 show 12 exam attempts, a 75% success rate, and a 74% average score.

Once eligible, a RECA online account (myRECA) shows an “Open a Brokerage” button, which starts the brokerage application.

Before applying, a would-be broker needs: a registered business office located in Alberta; corporate or trade-name registration with Alberta Registries as applicable; documented policies and procedures (RECA provides templates); and, for mortgage brokerages specifically, E&O insurance already in place.

The application itself, submitted through myRECA, requires different documents depending on structure — a corporation more than 50% owned, a corporation 50% or less owned, a partnership, or a sole proprietorship — such as a Corporate Summary, Broker Management Acknowledgement, Continuing Guarantee or Irrevocable Letter of Credit, and Brokerage Licence Suitability Questions, plus payment of the Brokerage Licensing Review Fee (see Alberta Mortgage Licensing Costs for the number).

Any material brokerage change — a change of broker, name change, partnership change, corporate access number change, registered office address, corporate structure, or fiscal year-end — must generally be reported to RECA within 5 business days, per the Real Estate Act Rules.

E&O insurance is mandatory for all Alberta mortgage brokerages under the Real Estate Act Rules: a minimum of $500,000 per claim and $1,000,000 aggregate within a 365-day policy period, including fraud coverage. Coverage extends to the brokerage, its licensed associates and brokers, employees, and former licensees or employees — associates don't need a separate policy of their own; they're covered under the brokerage's policy.

Policies include a minimum 12-month extended reporting period at no extra cost if an insurer declines to renew, and closing a brokerage gives a 60-day extended reporting period, with further extended protection purchasable. RECA-approved providers include named programs through insurers such as AIG, Chubb, Intact (via Axis Insurance), several Lloyd's of London-underwritten programs, and the Alberta Mortgage Brokers Association's own E&O program via Victor Insurance Managers Inc.; premiums are set by the insurer, not RECA. For the wider Canadian E&O picture across provinces, see Errors & Omissions Insurance for Mortgage Professionals in Canada.

Opening a brokerage adds administrative weight right when growth matters most — see how Treadstone works with Canadian mortgage professionals, and see Treadstone's Canadian Mortgage Underwriting Course waitlist for brokers building underwriting skill into a new brokerage.