Mortgage Agent Level 2 Course
This Course Is Required For All Mortgage Licensees In Ontario Who Want To Upgrade To The Agent Level 2 Licence.
Trusted by over 50,000 learners from
leading companies across Ontario
Private Mortgages Course
Registration Options
ONLINE COURSE
Work at your own pace and finish fully online with up to 1 year access. Takes approximately 40 hours to complete.
298CAD
More Info
Includes:
- Self-paced online study
- +All online resources
- Direct message with instructor
- Online exam prep
- 50 question exam (70% to pass)
Live Webcast
Choose between a 5-day Mon-Fri class or 2 Saturdays class. Combined in class and online of 40 hours to complete.
298CAD
- More Info
Includes:
- Live, scheduled webinar class
- +All online resources
- +Live interaction with your instructor
- +Live online exam prep session
- 50 question exam (70% to pass)
In-Class Course
Choose between a 5 day Mon-Fri class or 2 Saturdays class. Combined in class and online of 40 hours to complete.
348CAD
- More Info
- More Info
Includes:
- Live, In-person classes
- +All online resources
- ++In-person instructor interaction
- ++In-person exam prep session
- 50 question exam (70% to pass)
1 Year Enrollment
With full online access
Video Tutorials
Over 40 hours of Video Tutorials to ensure you understand the material
70% Exam Grade
Required to pass (80% for the challenge exam)
2 Years
Valid for licensing
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Frequently Asked Questions
Popular FAQS
In addition to financial institutions that are CMHC approved lenders under the National Housing Act, the level 2 licence authorizes licensees to deal and trade in mortgages with all mortgage lenders, including mortgage investment companies, syndicates, private individuals, agents, brokers, and brokerages.
The course is valid for licensing for 2 years from the date of completion.
Any licensee wishing to deal in private lending should take note of the following key dates:
- April 1, 2023: new licensing classes come into effect
- October 31, 2023: deadline to pass the Private Mortgages Course (PMC) Challenge Exam
- March 31, 2024: deadline to complete the Private Mortgages Course (PMC)
There is no technical prerequisite to take this course, however, this course is typically completed by existing mortgage agents, level 1 who want to upgrade their licence to an agent, level 2.
The licensing and experience requirements below are effective as of April 1, 2023.
Mortgage Agent Level 1
- Experience: No experience required.
- Education: Successfully complete an approved mortgage agent course for licensing in Ontario, such as REMIC’s RMAC.
- Licensing: Apply for a mortgage agent level 1 licence within two years of successfully completing an approved course.
Mortgage Agent Level 2
- Experience: Applicants must have at least 12 months of experience over the last 24 months as a mortgage agent level 1.
- Education: Successfully complete REMIC’s Private Mortgages Course (PMC).
- Licensing: Apply for a mortgage agent level 2 licence within two years of successfully completing the course.
Mortgage Broker
- Experience: Applicants must have at least 24 months experience over the last 36 months as a mortgage agent level 2.
- Education: Successfully complete an approved mortgage broker course for licensing in Ontario.
- Licensing: Apply for a mortgage broker licence within three years of successfully completing an approved education program.
The following transition period is relevant for those that are currently mortgage licensed in Ontario.
Individuals with five or more years of continuous licensing as of April 1, 2023:
Mortgage Agents – To transition to mortgage agent level 2, individuals must:
- complete the Private Mortgages Course (PMC) by March 31, 2024, OR
- pass the Private Mortgages Course (PMC) – Challenge Exam by October 31, 2023 (1 attempt limit)
Mortgage Brokers – To maintain their mortgage broker licence, individuals must:
- complete the Private Mortgages Course (PMC) by March 31, 2024, OR
- pass the Private Mortgages Course (PMC) – Challenge Exam by October 31, 2023 (1 attempt limit)
- Brokers who do not meet the new education requirements will transition to the mortgage agent level 1 licence upon renewal on April 1, 2024 and cannot carry out activities as a Principal Broker.
Individuals with one to five years of continuous licensing as of April 1, 2023:
Mortgage Agents – To transition to mortgage agent level 2, individuals must:
- complete the Private Mortgages Course (PMC) by March 31, 2024.
Mortgage Brokers – To maintain their mortgage broker licence, individuals must:
- complete the Private Mortgages Course (PMC) by March 31, 2024.
Individuals with less than one year of continuous licensing:
Mortgage Agents – To transition to mortgage agent level 2 must:
- attain one year of experience AND
- complete the Private Mortgages Course (PMC)
Mortgage Brokers – To maintain their mortgage broker licence, individuals must:
- complete the Private Mortgages Course (PMC) by March 31, 2024.
- complete the Private Mortgages Course (PMC) by March 31, 2024.
- Brokers are exempt from attaining two years’ experience as a mortgage agent, level 2 prior to transitioning to the new broker licence.
