Out of Province Licensed Applicant Seminar with Quiz – $30
This course focuses on competencies (knowledge and skills) that are Ontario specific to ensure out-of-province applicants have knowledge of the requirements included in the Mortgage Brokerages.
About the Course
The Ontario Mortgage Licensing Equivalency Course (OMC) is comprised of a 2-hour seminar followed by a quiz, as required by FSRA (Financial Services Regulatory Authority of Ontario), designed for mortgage professionals who are currently licensed in another Canadian province and are seeking licensure in Ontario.
Who Should Take This Course
This course is for individuals who:
- Are licensed mortgage agents or brokers outside Ontario
- Are applying for a mortgage licence in Ontario
- Need to meet the OMC requirement set by FSRA
Note: Ontario mortgage licence applicants must also have an Ontario mailing address. Also, Level 1 mortgage agents are not authorized to deal with private mortgages in Ontario. If you intend to work in that market, you must apply for the Mortgage Agent Level 2 licence.
Learning Outcomes
This course focuses on competencies (knowledge and skills) that are Ontario specific to ensure out-of-province applicants have knowledge of the requirements included in the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA), its regulations and FSRA’s guidance and rules that differ from other jurisdictions (i.e., local knowledge requirements).
Upon completion of the 2-hour seminar and quiz, out-of-province applicants will be able to demonstrate knowledge of the requirements to practice the mortgage broker/agent occupation in Ontario. That is, they will be able to:
- Explain the legal and regulatory framework that applies to mortgage brokering in Ontario;
- Differentiate between mortgage brokerage/broker/agent/administrator in Ontario; and
- Apply the requirements (including standards of practice) applicable to mortgage brokering in Ontario
About the Quiz (follows the 2-hour seminar)
30 minutes
20 questions
70% pass requirement
2 attempts included
Areas of Focus
Out-of-province applicants must understand:
MBLAA/Regulations Under the Act
- Licensing Requirements:
- Licence categories (two tiers of agent licensing in Ontario, different names for licensing classes across Canada)
- Role of the Principal Broker
- Not clearly set out in all provinces
- Mortgage Suitability
- Not all provinces have the requirement set out the same way as Ontario
- Reasonable steps in Ontario
- Private lending in Ontario
- Disclosure Requirements
- FSRA forms
- Regulation and Enforcement
- Filings, Errors and Omissions (E&O) insurance and Financial Guarantee requirements
- AIR
- E&O
- Financial statements and financial guarantee for mortgage administrators
- Standards of Practice
- Mortgage Agents and Brokers
- Mortgage Brokerages
- Mortgage Administrators
- Continuing Education Requirements
