In 2007, FSCO invited stakeholders and industry practitioners to participate in an Education Review. The goal of the Review was to develop new education requirements for mortgage brokers and agents in Ontario. Participants identified the duties, tasks and abilities that mortgage brokers and agents need in order to meet the consumer protection measures in the Mortgage Brokerages, Lenders and Administrators Act, 2006.

One of the results of the Education Review is a new set of Mortgage Broker Qualifying Standards (MBQS). The MBQS is the curriculum "blueprint" for the Mortgage Broker Education Program. Successful completion of the program, and passing the qualifying examination, are requirements for becoming licensed as a mortgage broker in Ontario.

To select the Mortgage Broker Education Program provider, FSCO conducted an open, public tender process in accordance with Ontario government procurement policies. FSCO evaluated each proposal and assigned points in three categories: 1) qualifications and experience providing education in relevant financial service areas – 40 points; 2) its proposed mortgage broker course and examination – 20 points; and 3) its proposed tuition fees for students – 40 points. Since the MBQS had already been prepared and standards established for the examination, points were not awarded for this design work.

The proposal from Seneca College of Applied Arts and Technology earned the highest number of points and Seneca was selected to provide the Mortgage Broker Education Program. Successful completion of the Seneca program will satisfy the education requirements for a mortgage broker licence under the Mortgage Brokerages, Lenders and Administrators Act, 2006.

The program consists of an online course of study and a period of in-class seminars, followed by the qualifying examination. The five-day in-class study seminars are offered at least once yearly at a location in Ontario where the demand is the greatest.

The program is provided in English by Seneca College and in French by La Cité collégiale.

For more information about the program in English, please contact: Seneca College

For more information about the program in French, please contact: La Cité collégiale