FAQs on the Mandatory 2016 Continuing Education Requirement for Mortgage Brokers and Agents

The following frequently asked questions (FAQs) provide information on the mandatory 2016 Ontario Continuing Education Course for Mortgage Brokers and Agents (2016 continuing education course) that is a requirement for all mortgage brokers and agents that want to renew their licences in 2016.

 

FAQs for Mortgage Brokers and Agents

 
  1. How do I know if the mandatory 2016 continuing education requirement applies to me?
  2. How can I get more information about the 2016 continuing education course?
  3. Do I have to take the mandatory 2016 continuing education course from all the course providers?
  4. How much does the mandatory 2016 continuing education course cost?
  5. Why does FSCO not control the price of the mandatory 2016 continuing education course?
  6. What is the deadline for completing the mandatory 2016 continuing education course?
  7. What will the mandatory 2016 continuing education course cover?
  8. Do I need to complete a final exam?
  9. Can I take the mandatory 2016 continuing education course in French?
  10. How can I prove that I completed the mandatory 2016 continuing education course?
  11. Why do mortgage brokers and agents need to complete a continuing education course?  
  12. Will FSCO have the same continuing education requirement in the future?

FAQs for Principal Brokers

 
  1. Does the mandatory 2016 continuing education requirement apply to principal brokers?  
  2. As a principal broker, what are my responsibilities regarding the mortgage brokers and agents that are authorized by my mortgage brokerage?
  3. Where can I get more information about the mandatory 2016 continuing education course?
  4. How will I know which of my mortgage brokers and agents need to complete the 2016 continuing education requirement?

FAQs for Mortgage Brokers and Agents


1. 
How do I know if the mandatory 2016 continuing education requirement applies to me?
 
The mandatory 2016 continuing education course must be completed by all mortgage brokers and agents in Ontario. This includes principal brokers who will be renewing their licences in 2016, and agents who are employed by finance companies that are licensed under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA).
 
If you obtain a new mortgage broker or agent licence between January 1 and March 31, 2016, you are still required to complete the mandatory 2016 continuing education requirement by March 31, 2016. This mandatory course is a requirement for all mortgage brokers or agents who want to renew their licences by March 31, 2016.
 
2. How can I get more information about the 2016 continuing education course?
 
For more information, read FSCO's web page on the mandatory 2016 Continuing Education Course for Mortgage Brokers and AgentsThis web page includes more details about the course and lists the names of the continuing education course providers.
 
To learn more about the courses that are being offered (e.g., dates, locations, delivery methods and costs), please contact the course providers directly.
 
3. Do I have to take the mandatory 2016 continuing education course from all the course providers?
 
No. You only need to take the mandatory 2016 continuing education course once. You can choose any one of the approved course providers.
 
4. How much does the mandatory 2016 continuing education course cost?
 
Each course provider sets its own fee. Please contact the course providers directly to ask about the cost for the mandatory 2016 Ontario Continuing Education Course for Mortgage Brokers and Agents.
 
 
5. Why does FSCO not control the price of the mandatory 2016 continuing education course?
 
Where there are multiple course providers, such as this mandatory 2016 continuing education course and the mortgage agent course, providers can set their own prices. Students can choose which course provider best suits their needs in a competitive marketplace.
 
6. What is the deadline for completing the mandatory 2016 continuing education course?
 
All mortgage brokers and agents in Ontario ―this includes principal brokers and agents of finance companies ― are required to complete the mandatory 2016 continuing education course by March 31, 2016. This mandatory course is a requirement for anyone who is renewing their mortgage broker or agent licence by March 31, 2016.
 
7. What will the mandatory 2016 continuing education course cover?

The mandatory 2016 continuing education course covers two main areas: professional practices and private lending and investing. To learn more, see the course outline.
 
8. Which course providers will offer the 2016 continuing education course? 
 
To register for the mandatory 2016 continuing education course, please contact one of the following course providers whose courses have been approved by the Superintendent of Financial Services:  
 

To learn more, please contact these course providers directly.

 

 9. Do I need to complete a final exam?
 
No. The mandatory 2016 continuing education course will not include a final exam. However, you are required to complete the entire course that includes test questions and quizzes.
 
 
 10. Can I take the mandatory 2016 continuing education course in French?
 
Yes. The mandatory 2016 continuing education course will be available in French.
 
11. How can I prove that I completed the mandatory 2016 continuing education course?
 
FSCO will be notified by course providers whenever someone completes the mandatory 2016 continuing education course. FSCO will receive the name and licence number of each person who completes the mandatory course.
 
12. Why do mortgage brokers and agents need to complete a continuing education course?
 
Continuing education is a requirement under section 9 of Ontario Regulation 409/07 Mortgage Brokers and Agents: Licensing [New Window]. FSCO is implementing this requirement through the 2016 Ontario Continuing Education Course for Mortgage Brokers and Agents, which is the mandatory course that was approved by the Superintendent of Financial Services for anyone who wants to renew their mortgage broker or agent licence in 2016.
 
13. Will FSCO have the same continuing education requirement in the future?
 
FSCO will review the course and determine what education requirement is required for future re-licensing terms.
 
 

FAQs for Principal Brokers

 
14. Does the mandatory 2016 continuing education requirement also apply to principal brokers?
 
Yes. This mandatory continuing education course applies to all principal brokers because they are required to be licensed as mortgage brokers. Since all licensed mortgage brokers are required to take the mandatory  2016 continuing education course in order to be re-licensed in 2016, principal brokers also need to complete this mandatory course.
 
15. As a principal broker, what are my responsibilities regarding the mortgage brokers and agents that are authorized by my mortgage brokerage?
 
Under Ontario Regulation 410/07 – Principal Brokers: Eligibility, Powers And Duties [New Window], principal brokers are required to ensure that their brokerage's mortgage brokers and agents are informed that they must complete the mandatory 2016 continuing education course in order to have their licences renewed by March 31, 2016. The principal broker is required to take all reasonable steps to ensure that the brokerage's mortgage brokers and agents complete this mandatory course.
 
16. Where can I get more information about the mandatory 2016 continuing education course?
 
For more information, read FSCO's web page on the mandatory 2016 Continuing Education Course for Mortgage Brokers and Agents. This web page includes more details about the course and lists the names of the continuing education course providers.
 
To learn more about the courses that are being offered (e.g., dates, locations, delivery methods and costs), please contact the course providers directly.
 
17. How will I know which of my mortgage brokers and agents need to complete the 2016 continuing education requirement?
 
The mandatory 2016 continuing education course must be completed by all mortgage brokers and agents that want to renew their licences by March 31, 2016.
 


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