The Qualifying Standards are a critical component of the education review. They identify the skills and knowledge that mortgage agents and brokers would need to demonstrate to be eligible to apply for a licence in Ontario when the new Act and regulations come into effect.

The competencies identified in the Qualifying Standards relate to consumer protection measures and not to business skills aimed at improving an individual’s marketing and sales abilities.  While these skills are important, they are not the responsibility of a regulator.

Recognizing the impact of the supervisory role of the mortgage broker under the new Act, and the introduction of an entry-level mortgage agent licence, the new Qualifying Standards make a clear distinction between the position of mortgage agent and mortgage broker.

The Mortgage Agent Qualifying Standards – MAQs are technical and appropriate for someone who is entering into the occupation and will be under the supervision of a broker.  They focus specifically on the skills an agent needs to perform such duties as completing a mortgage application form, explaining mortgages to a potential borrower and qualifying a borrower for a mortgage. 

The Mortgage Broker Qualifying Standards – MBQS focus on supervisory and compliance skills such as hiring agents and implementing policies and procedures to ensure agents are complying with the provisions of the new Act. The MBQS build on basic technical skills and knowledge acquired at the agent’s level. 

The basis for the development of the Qualifying Standards was an inventory of duties and tasks (DACUM charts) developed by industry practitioners (subject matter experts).

Industry involvement in the development of the Qualifying Standards and through the feedback received during public consultation was key in ensuring that the Standards are an accurate reflection of the competencies required of mortgage brokers and agents to perform their respective roles in a way that effectively protects consumers.