Mortgage Agent Licensing Course

 

Are you interested in starting your career in the mortgage brokerage industry in Ontario?

Then you have landed in the right place!

IMBA offers the premier mortgage agent-licensing course that is taught exclusively by industry veterans who bring years of industry experience to students.

IMBA provides government advocacy for mortgage agents and brokers, education for professional development and many other services and benefits that help to enhance the mortgage industry.

IMBA is approved by the Financial Services Commission of Ontario (FSCO) to provide the mortgage agent course in Ontario.  The IMBA Mortgage Agent Course is your first step in becoming a licensed mortgage agent in the province of Ontario.  We urge you to view our list of upcoming courses and contact us with any questions.  We're here to help ensure you have a positive experience on your way to an incredibly rewarding career!

On-Line Course
Work at your own pace

September 8, 2014
1 week in-class
September 20, 2014
2 consecutive weekends



October 6, 2014
1 week in-class
October 18, 2014
2 consecutive weekends



November 8, 2014
2 consecutive weekends
November 24, 2014
1 week in-class



Subject Description

IMBA Mortgage Agent Course has been accredited by Financial Services Commission of Ontario (FSCO) as meeting the educational requirement for licensing as a Mortgage Agent. It covers all the Mortgage Agent Qualifying Standards (MAQs) identified by the regulator (FSCO); it provides those wishing to become licensed Mortgage Agents in Ontario with an understanding of the mortgage brokerage industry and an ability to perform the Agent’s role in the mortgage origination process. The subject also covers the legislation which governs the industry; the role of the Agent in consumer protection; and ethical decision-making. Students who successfully complete the IMBA mortgage agent course will need to be employed by a Mortgage Brokerage in order to become licensed as a Mortgage Agent. Only the Mortgage Brokerage who employs you may apply to FSCO for your Mortgage Agent License.

Learning Outcomes
Upon successful completion of this subject, the student will be able to:

  1. Analyze the contextual framework in which mortgages are transacted in Ontario.
  2. Explain the components and mechanics of a mortgage.
  3. Recognize the impact of the legal requirements related to the ownership and disposition of land and property on the mortgage industry.
  4. Recognize the impact of regulation and legislation on the mortgage industry in Ontario.
  5. Qualify the borrower(s).
  6. Determine the borrower’s needs and match them up with product offerings available in the market.
  7. Obtain an approval for a mortgage that is suitable for the borrower(s) from a lender.
  8. Disclose terms and conditions to the borrower.
  9. Facilitate the mortgage closing process.
  10. Manage contracts and agreements in accordance with legislation, including PIPEDA.
  11. Recognize the impact of tort law on the mortgage brokerage industry.
  12. Distinguish between ethical and unethical behaviours.

Mode of Instruction

Classroom

  • Classroom format includes lectures, class discussions, group problem solving and case studies.
  • Any matters covered in the assigned chapters and by the instructor constitutes part of the subject content and is eligible for inclusion on the final examination.
  • It is ESSENTIAL that students read assigned material before class and make careful notes on the reading material as well as in-class lectures and discussion.

It is extremely important for students to be prepared for class and to be actively involved in discussions as this greatly aids the learning process.

September 8, 2014
1 week in-class
September 20, 2014
2 consecutive weekends



October 6, 2014
1 week in-class
October 18, 2014
2 consecutive weekends



November 8, 2014
2 consecutive weekends
November 24, 2014
1 week in-class



Online

Students can take up to 6 months to complete their online course. Students who are unable to complete their online course within the 6-month period may request a 2-month extension for a nominal fee of $75 plus HST. Once you have completed the online course, you must arrange to take your exam (in person) at an IMBA arranged facility.

On-Line Course
Work at your own pace
On-line Mortgage
Agent Course Exam
Registration



Modes of Evaluation
This subject meets the educational requirements for Mortgage Agent licensing by the Financial Services Commission of Ontario. As such, results of successful completion of this program are reported to FSCO (The Financial Services Commission of Ontario) on a regular basis.

The minimum grade required to pass the final exam is 60%. The exam contains multiple choice questions based on cases that reflect practical examples typically encountered by mortgage agents in the industry.

Students who fail the final exam are eligible for one rewrite exam at the first available date, at a cost of $75 plus HST.

FAQ’s

How to Become an Ontario Mortgage Agent

Your first step is to pass the IMBA Mortgage Agent Course that has been approved by the Financial Services Commission of Ontario. Your next step is to be hired by a brokerage as a licensed mortgage agent.

IMBA would be happy to assist our graduates with job placement assistance without any costs.

What’s the difference between a broker and an agent?

A licensed mortgage agent in Ontario can trade in mortgage financing, as can a licensed broker. The main difference between the two licenses is that a broker can supervise a team of mortgage agents, while an agent cannot supervise other agents. In addition, a licensed mortgage broker can hold the title of Principal Broker, which is basically the chief compliance officer of a licensed mortgage brokerage.

How much can a mortgage agent earn?

A career as a Mortgage Agent can be both financially and personally rewarding. As the individual responsible for bringing borrowers and lenders together, you will typically be compensated by the lender in the form of a finder’s fee, or commission that is based on a number of basis points (bps) multiplied by the amount of the mortgage. In other cases, where you are dealing with a borrower who doesn’t qualify with a traditional lender, you may arrange the mortgage with a private lender. In this case you would charge the borrower a brokerage fee that would be deducted directly from the mortgage proceeds.

The whole process begins with the mortgage agent course. If you’re considering a career as a mortgage agent we urge you to contact us for more details at www.imba.ca or visit us in person at our training centre at 2950 Keele St., Suite 103, Toronto, ON, or call us at 1.877.564.4622.

IMBA is an officially designated education provider by the Financial Services Commission of Ontario (FSCO), the government regulatory body that licenses mortgage agents and brokers in Ontario. We look forward to assisting you in starting a rewarding new career!

 

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The Independent Mortgage Brokers Association of Ontario (IMBA) is a professional association that represents licensed mortgage brokers and mortgage agents in Ontario.

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