Frequently Asked Questions
- Can I apply for a Mortgage Broker licence, if I’m qualified to be a Mortgage Broker, but am currently working as a Mortgage Agent?
- I have misplaced my OMBA certificate. Where can I get a copy of this certificate?
- I have completed the Seneca College Financial Services Underwriting course to become a Mortgage Broker after July 1, 2008, Can I still use the course to become a Mortgage Broker now that the Act is in effect?
- I am a Real Estate Sales Representative. Am I exempt from the Mortgage Agent education requirements?
- I work for a bank or other financial institution. Do I need to apply for a licence?
- What Mortgage Agent education courses are acceptable under the Act?
1. Can I apply for a Mortgage Broker licence, if I’m qualified to be a Mortgage Broker, but am currently working as a Mortgage Agent?
If you are currently working as a Mortgage Agent, but are qualified to be a Mortgage Broker, you can apply for a Mortgage Broker licence. To get your Mortgage Broker licence you must:
- Notify your Mortgage Brokerage, since your Brokerage will need to apply on your behalf.
- Provide details on the Mortgage Broker course that you have successfully completed.
2. I have misplaced my OMBA certificate. Where can I get a copy of this certificate?
Ontario Mortgage Brokers Association (OMBA) records are currently held by the Canadian Association of Accredited Mortgage Professionals (CAAMP). Please contact CAAMP to request a copy of your certificate.
3. I have completed the Seneca College Financial Services Underwriting course to become a Mortgage Broker after July 1, 2008. Can I still use the course to become a Mortgage Broker now that the Act is in effect?
As long as you are enrolled in the course before July 1, 2008, you can still use the course to become a Mortgage Broker, now that the Mortgage Brokerages, Lenders and Administrators Act, 2006, is in effect. You will need to apply for a Mortgage Broker licence within one (1) year of successfully completing the full course.
4. I am a Real Estate Sales Representative. Am I exempt from the Mortgage Agent education requirements?
Under the Mortgage Brokerages, Lenders and Administrators Act, 2006, Real Estate Sales Representatives are not exempt from the Mortgage Agent education requirements. To qualify for a Mortgage Agent licence, an approved education course must be taken.
5. I work for a bank or other financial institution. Do I need to apply for a licence?
No, you do not need to apply for licence under the Mortgage Brokerages, Lenders and Administrators Act. As an employee of a bank or other financial institution, both you and your employer are exempt from the licensing requirement.
6. What Mortgage Agent education courses are acceptable under the Act?
The following Mortgage Agent education courses are acceptable under the Act, if they were successfully completed before July 1, 2008:
(courses are listed in alphabetical order)
- Canadian Association of Accredited Mortgage Professionals (CAAMP)- Canadian Mortgage Industry Course
- Independent Mortgage Brokers Association of Ontario (IMBA) -10 Steps to Becoming a Successful Mortgage Agent
- The Ontario Real Estate Association (OREA) – Mortgage Agent Educational Program (consisting of Phase 1, Phase 2 and Phase 3 Residential, Phase 3 Commercial, Real Property Law, and Principles of Mortgage Financing) as it was offered between January 2000 and June 30, 2008.
- Seneca College - Financial Services Underwriting 101: Introduction to the Canadian Mortgage Industry (also referred to as "Mortgage Brokering") OR FSU 111: Introduction to Mortgage Brokering
Financial Services Commission of Ontario