An individual who wishes to become licensed as a mortgage agent in Ontario must:
- be 18 years of age or older,
- be a resident of Canada,
- have a mailing address in Ontario that can receive registered mail (not a post office box),
- be authorized by a Mortgage Brokerage to deal in mortgages,
- work for only one Mortgage Brokerage,
- meet the Mortgage Agent education requirements (below), and
- have a valid e-mail address (this is necessary for the application process).
Mortgage Agent Education Requirements
To meet the education requirements for a mortgage agent license, you must:
- successfully complete one of the mortgage agent education programs that have been approved by the Superintendent, FSCO (listed below).
AND
- apply for a mortgage agent licence within two years of successfully completing one of the approved mortgage agent education programs.
Approved Mortgage Agent Education Programs
The Superintendent has approved the following new mortgage agent education programs for licensing purposes. All of these programs are available as of July 2, 2008, except as noted below.
These programs are provided commercially, and tuition fees are set by each program provider. All of these programs were developed using the same curriculum, but different providers may use different formats, such as classroom, correspondence, online, or a combination. All of these approved programs include a course of study followed by a final examination.
Please research these options to see which one is right for you:
TRANSITIONAL MORTGAGE AGENT COURSES: If you have successfully completed one of the following transitional courses before July 1, 2008 and apply for a mortgage agent licence within two years of completing the course, you will meet the education requirement.
- Independent Mortgage Brokers Association of Ontario (IMBA): 10 Steps to Becoming a Successful Mortgage Agent (based on the textbook under the same name).
- Canadian Association of Accredited Mortgage Professionals (CAAMP): CAAMP’s Canadian Mortgage Industry Course (based on the textbook Introduction to the Canadian Mortgage Industry).
- Seneca’s FSU 101: Introduction to the Canadian Mortgage Industry (also referred to as "Mortgage Brokering") and FSU 111: Introduction to Mortgage Brokering (both based on the textbook Introduction to the Canadian Mortgage Industry).
- The Ontario Real Estate Association's mortgage agent educational program (consisting of Phase 1, Phase 2, 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.
