EDUCATION

*FSCO Mandatory Re-Licensing is upon us! Please note if you receive your license between Nov 1,2017 & March 31, 2018 – you will be required to take the Continuing Education Course

Are you interested in starting your career in the mortgage brokerage industry in Ontario?

Then you have landed in the right place!

CMBA Ontario offers the premier mortgage agent licensing course that is taught exclusively by industry veterans who bring years of experience to our students.

Financial Services Commission of Ontario

CMBA is approved by the Financial Services Commission of Ontario (FSCO) to provide the mortgage agent course in Ontario. The CMBA Mortgage Agent Course is your first step in becoming a licensed mortgage agent in the province of Ontario. We urge you to view our list of upcoming courses and contact us with any questions. We’re here to help ensure you have a positive experience on your way to an incredibly rewarding career!

Subject Description

CMBA Ontario’s Mortgage Agent Course has been accredited by Financial Services Commission of Ontario (FSCO) as meeting the educational requirement for licensing as a Mortgage Agent. It covers all the Mortgage Agent Qualifying Standards (MAQs) identified by the regulator (FSCO); it provides those wishing to become licensed Mortgage Agents in Ontario with an understanding of the mortgage brokerage industry and an ability to perform the Agent’s role in the mortgage origination process. The subject also covers the legislation which governs the industry; the role of the Agent in consumer protection; and ethical decision-making. Students who successfully complete the CMBA Mortgage Agent Course will need to be employed by a Mortgage Brokerage in order to become licensed as a Mortgage Agent. Only the Mortgage Brokerage who employs you may apply to FSCO for your Mortgage Agent License.

Learning Outcomes

Upon successful completion of this course, the student will be able to:

  1. Analyze the contextual framework in which mortgages are transacted in Ontario.
  2. Explain the components and mechanics of a mortgage.
  3. Recognize the impact of the legal requirements related to the ownership and disposition of land and property on the mortgage industry.
  4. Recognize the impact of regulation and legislation on the mortgage industry in Ontario.
  5. Qualify the borrower(s).
  6. Determine the borrower’s needs and match them up with product offerings available in the market.
  7. Obtain an approval for a mortgage that is suitable for the borrower(s) from a lender.
  8. Disclose terms and conditions to the borrower.
  9. Facilitate the mortgage closing process.
  10. Manage contracts and agreements in accordance with legislation, including PIPEDA.
  11. Recognize the impact of tort law on the mortgage brokerage industry.
  12. Distinguish between ethical and unethical behaviours.

Modes of Evaluation

This subject meets the educational requirements for Mortgage Agent licensing by the Financial Services Commission of Ontario. As such, results of successful completion of this program are reported to FSCO (The Financial Services Commission of Ontario) on a regular basis. The minimum grade required to pass the final exam is 60%. The exam contains multiple choice questions based on cases that reflect practical examples typically encountered by mortgage agents in the industry. Students who fail the final exam are eligible for one rewrite exam at the first available date, at a cost of $75 plus HST.

Withdrawals/Refunds

CMBA Ontario will accept withdrawals for the course prior to the beginning date of the course only. Should you wish to withdraw for any reason, please contact CMBA at office@cmbaontario.ca for the course withdrawal form. A withdrawal form must be completed and submitted for a refund to be issued. There are no refunds for CMBA’s online course. Please note there will be a 25% administration fee deducted from any in-class course refunds. There are no refunds for textbooks once distributed.

Modes of Instruction

Click on each mode to learn more about the different ways you can take our course, and to see the dates and pricing options.
· Online
· In-Class

FAQs

Want to know the different between Mortgage Brokers and Agents? The cost and steps to take to get a licence? How to book your exam if taking the online course? Click here to see a list of Frequently Asked Questions.

New graduates from CMBA’s Mortgage Agent Course are invited to join the Association at a reduced membership fee for their first year. As members, they would have access to our discounts on the Become the Expert Course and Trade Show tickets. In addition, they could save money with the MemberPerks program and keep updated on industry news with our national quarterly magazine.

Application fee is only $129 plus HST.