Attention Online Mortgage Agent Licensing Course Students!
If you registered for the course prior to January 5th, 2015 please click here to access your course and records.
If you registered on or after January 5th, 2015 please click here to access your course and records.
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!
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.
Upon successful completion of this subject, the student will be able to:
- Analyze the contextual framework in which mortgages are transacted in Ontario.
- Explain the components and mechanics of a mortgage.
- Recognize the impact of the legal requirements related to the ownership and disposition of land and property on the mortgage industry.
- Recognize the impact of regulation and legislation on the mortgage industry in Ontario.
- Qualify the borrower(s).
- Determine the borrower’s needs and match them up with product offerings available in the market.
- Obtain an approval for a mortgage that is suitable for the borrower(s) from a lender.
- Disclose terms and conditions to the borrower.
- Facilitate the mortgage closing process.
- Manage contracts and agreements in accordance with legislation, including PIPEDA.
- Recognize the impact of tort law on the mortgage brokerage industry.
- Distinguish between ethical and unethical behaviours.
Mode of Instruction
- 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.
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.
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.