An individual interested in becoming a Mortgage Agent in Ontario must complete a Mortgage Agent Course that meets the Mortgage Agent Qualifying Standards as defined by the Financial Services Commission of Ontario (FSCO). FSCO is the regulator of the Ontario mortgage industry and is responsible for regulating brokers, agents, brokerages, and administrators.

There are a number of Mortgage Agent Courses offered in Ontario that are approved by FSCO. The Canadian Association of Accredited Mortgage Professionals (CAAMP) offers the Ontario Mortgage Agent Course in online and in-class format. There are also a number of other courses offered through various community colleges.

The various Mortgage Agent Courses available are required to follow the same curriculum, feature a course of study, and be followed by an examination. The format, however, may vary depending on whether it is offered online, in-class, or a combination of both. Course providers set their own tuition fees.

Topics covered in CAAMP’s Ontario Mortgage Agent Course include:

• Introduction to the Canadian Mortgage Industry

• Overview of the Industry; Regulatory Framework

• Legal Overview; Mortgage Mathematics

• Understanding the Mortgage Process

• Completing the Mortgage Application

• Qualifying the Borrower

• Mortgage Products

• Related Products and Submitting the Application

• Valuing Property and the Decision to Lend

• The Closing Process

• Protecting Consumers and Increasing Industry Professionalism.

There are no admission requirements for enrolling in a Mortgage Agent Course. However, students will find it useful to have a general understanding of mathematics and will benefit from a background in financial services. Those who do not will likely require additional study time.

WHAT MORTGAGE BROKER COURSE DO YOU TAKE TO BECOME A LICENSED MORTGAGE BROKER IN ONTARIO?

Individuals interested in becoming Mortgage Brokers in Ontario must meet a number of qualifications as defined by FSCO. All individuals interested in obtaining a Mortgage Broker license in Ontario must have successfully completed an approved Mortgage Agent Course; must have been working as a licensed Mortgage Agent for a minimum of two years within the three years prior to application; and must have successfully completed an approved Mortgage Broker Course within the three years prior to applying for a Mortgage Broker license.

In Ontario, the Mortgage Broker Course is offered in English by Seneca College of Applied Arts and Technology and in French by La Cité collégiale. The Mortgage Broker Course consists of 42 hours of online study which takes approximately 14 weeks to complete, followed by five consecutive days of in-class seminars. Participants are required to attend all of the in-class seminars to be eligible to write the mandatory final qualifying examination.

AS A MORTGAGE AGENT OR MORTGAGE BROKER, ARE THERE ANY OTHER COURSES THAT I AM REQUIRED TO TAKE?

All currently-licensed Mortgage Agents and Mortgage Brokers (including Principal Brokers and Brokers employed by finance companies) who will be renewing their licenses in 2012 will first have to complete a five-hour FSCO-approved Re-licensing Course.

Mandatory Re-licensing Education for Ontario Mortgage Agents and Mortgage Brokers will be available in November 2011 and will be offered by select education providers. An outline of the Mortgage Agent and Mortgage Broker Re-licensing Education Course, entitled MB Re-licensing Education 2012, is available on the FSCO website.

The objective of mandatory Re-licensing Education is to ensure that Mortgage Agents and Mortgage Brokers fully understand the requirements and regulations of the Mortgage Brokerages, Lenders, and Administrators Act (MBLAA).

Requirements for Mandatory Re-licensing Education following 2012 are yet to be determined.