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2014 Mortgage Brokers and Agents Continuing Education FAQs

  1. How do I know if the mandatory continuing education requirement applies to me?

    It applies to all mortgage agents and brokers – including Principal Brokers who will be renewing their licence in 2014. It also includes agents employed by finance companies licensed under the Mortgage Brokerages, Lenders and Administrators Act. (A finance company is a partnership or corporation, other than a financial institution, that makes loans and is listed on a stock exchange in Canada.

    Individuals entering the mortgage broker profession late in the licensing term are still required to complete CE to be relicensed as of March 31, 2014.
  2. How can I get more information about the continuing education course?

    For more information, contact the approved providers directly:

 

  1. Do I have to take the course from all four providers?

    No, you only need to take the course once. You can choose any one of the approved providers.
  2. How much does the course cost?

    Each course provider sets their own fee. Contact course providers directly.
  3. What is the deadline for completing the course?

    All mortgage brokers and agents, including Principal Brokers, are required to complete the course by March 31, 2014, in order to be able to renew their licences.
  4. What will the course cover?

    The two main areas the course will cover are ensuring the mortgage is suitable for the client and being alert to and avoiding mortgage fraud.
  5. Will there be a final exam?

    No, the course will not include a final exam. However, you are required to complete the entire course, including test questions and quizzes.
  6. Can I take the course in French?

    Yes, the course will be available in French through
    REMIC (Real Estate and Mortgage Institute of Canada Inc.) [New Window] 
  7. How can I prove that I completed the course?

    All of the course providers will notify FSCO of the names and licence numbers of each person who completes the course.
  8. Why is FSCO requiring continuing education?

    Continuing education is a requirement under section 9 of Ontario Regulation 409/07, Mortgage Brokers and Agents: Licensing. FSCO is implementing this requirement through the 2014 Mortgage Broker and Agent Continuing Education course, the mandatory course approved by the Superintendent for licence renewal in 2014.
  9. Will there be the same continuing education requirement in the future?
    The 2014 Mortgage Broker and Agent Continuing Education course requirement applies only to the 2014 licence renewal. FSCO will review the course and work with the industry to determine what course will be required for future re-licensing terms.

For Principal Brokers

 

  1. Does the continuing education requirement apply to Principal Brokers?

    Yes, Principal Brokers are required to be licensed mortgage brokers, and all licensed mortgage brokers are required to take the course in order to be re-licensed in 2014.
  2. As Principal Broker, what are my responsibilities concerning the mortgage brokers and agents authorized by my brokerage?

    Under Ontario Regulation 410/07: Principal Brokers: Eligibility, Powers And Duties, Principal Brokers are required to ensure that brokers and agents are informed that they must complete the continuing education course in order to be re-licensed in 2014. The Principal Broker is required to take all reasonable steps to ensure that they complete the course.
  3. Where can I get information about the continuing education course?

    For more information, contact the approved providers directly:

    a.  Canadian Association of Accredited Mortgage Professionals (CAAMP) [New Window] will offer the course in-class and online.

    b.  Independent Mortgage Brokers Association of Ontario (IMBA) [New Window] will offer the course in-class and online.

    c. Real Estate and Mortgage Institute of Canada Inc. (REMIC) [New Window] will offer the course in-class and online, in English and French.

    d.  Seneca College of Applied Arts and Technology [New Window] will offer an online course.

    For more information about the course, visit FSCO’s Mandatory 2014 Mortgage Broker and Agent Continuing Education Course (CE) [New Window] webpage.
  4. How will I know which of my brokers and agents need to complete the continuing education requirement?

    All brokers and agents who will be applying for re-licensing in 2014 are required to complete the course.

 

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    Please note that due to scheduled maintenance, Licensing Link (Mortgage and Insurance) and the Service Provider Licensing Application will be unavailable between 7:00am and 11:00am on Sunday, October 26, 2014

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