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MORTGAGE AGENT COURSE

Virtual exams are coming soon! We are concerned for everyone’s safety and are working on having this available as soon as possible. Please feel free to inquire.

COVID-19 Notice regarding Exams! We are now scheduling exams for July. Please contact deanna@cmbaontario.ca to book.

  • Exams will be scheduled a head of time on-line not in person.
  • Students must arrive 15 mins prior to the scheduled start time.
  • The front door will be locked 5 minutes prior to the exam start time.
  • Once the exam is complete, students must leave immediately.
  • Leave the exam face down on the table.
  • If a student is late or a no show, there may be a re-scheduling fee.
  • There will not be more than 3 students in the exam room at one time or depending on space of the examination room.
  • Students must situate themselves at 2 meters apart from the next student. Seating may be clearly marked if unsure.
  • Hand sanitizer and gloves will be made available to students, please provide your own mask as we may not have them readily available
  • There will not be any outside food or drink allowed to avoid unnecessary additional garbage.
  • All phones must be turned off. Personal belongings should be left in your vehicle if possible, or you will be asked to leave them at the reception while you take the exam.
  • Only pencils, erasers and a standard calculator is required, an amortization chart will be provided.
  • Proof of identification will be required. Photo ID such as Driver’s license, passport or Citizenship cards are acceptable.

Are you interested in starting your career in the mortgage brokerage industry in Ontario? Then you have landed in the right place!

The CMBA Mortgage Agent Course is your first step in becoming a licensed mortgage agent in the province of Ontario. CMBA’s premier mortgage agent licensing course is taught exclusively by industry veterans who bring years of experience to our students. You can complete your mortgage agent education in as little as week (in-class), or up to six months (online). Both include a course of study followed by a final examination.

We offer the in-class course in two formats: 1 week long or 2 consecutive weekends. The online course can be started immediately, and you can work at your own pace. See our 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!

About the Mortgage Agent Course

The CMBA Mortgage Agent Course meets the educational requirements for Mortgage Agent licensing by the Financial Services Regulatory Authority of Ontario. As such, results of successful completion of this program are reported to FSRA (The Financial Services Regulatory Authority of Ontario) on a regular basis.

CMBA’s Mortgage Agent Course provides those wishing to become licensed Mortgage Agents with an understanding of the mortgage brokerage industry and an ability to perform the Agent’s role in the mortgage origination process. The course also covers the legislation which governs the industry, the role of the Agent in consumer protection, and ethical decision-making.

For both the Online and In-class courses, the course content and exam are the same. The exam contains multiple choice questions based on cases that reflect practical examples typically encountered by mortgage agents in the industry. The minimum grade required to pass the final exam is 60%. Students who fail the final exam are eligible for one rewrite exam at the first available date, at a cost of $75 plus HST. If you have failed your second exam, you will have to take the course over as per the regulator. Note: If you completed your Mortgage Agent Course over 2 years ago, or if your license has been expired for over 2 years you MUST re-take the course and pass the exam.

CMBA Ontario reports to FSRA, on a regular basis, all individuals who have successfully completed the Mortgage Agent Course. In order to become licensed as a Mortgage Agent, such individuals will need to be employed by a Mortgage Brokerage. Only the Mortgage Brokerage may apply to FSRA for a Mortgage Agent License on behalf of an individual.

To meet the education requirements for a mortgage agent licence, you must

  • successfully complete the mortgage agent course
  • and apply for a mortgage agent licence within two years of successfully completing the mortgage agent course

For more info about mortgage agent licensing in Ontario, see FAQ’s

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.

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 deanna@cmbaontario.ca for the course withdrawal form. A withdrawal form must be completed and submitted for a refund to be issued. Please note there will be a 25% administration fee deducted from any in-class course refunds.

There are no refunds for CMBA’s Online Mortgage Agent Course. There are no refunds for textbooks once distributed.

In-Class or Online? The choice is yours…

Every individual is different, with different learning needs. If you need flexibility for family and work commitments, and like to work at your own pace, the online course may be your best option. If you like an interactive learning experience with discussions, you may be better suited for the in-class course. Learn more about each option to decide which is the best fit for you, and see course dates and pricing.

 

 

Did you know there is a difference between Mortgage Brokers and Agents? Do you know the costs and steps to take to get a licence? Do you kmow how to book your exam if taking the online course? Click here to see a list of Frequently Asked Questions.