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New Requirements for Mortgage Agents

FSCO In Ontario, mortgage agents currently do business under the umbrella of their employer’s broker license.  When an agent is hired their broker simply notifies FSCO and pays an agent fee. 

The new Mortgage Brokerages, Lenders and Administrators Act will change all that.  For the first time, Ontario mortgage agents will need to be registered on FSCO’s electronic registration system, and meet specific educational requirements.

Agents who haven’t taken one of the two courses below AND haven’t been registered for at least 24 of the 36 months prior to registering under the new Act, will have two choices:

1. Take a college-level course for credit–like FSU101 at Seneca; or,

2. Take an interim licensing course like those offered by CAAMP or the IMBA.

The interim course options are designed for experienced mortgage professionals and are shorter than the full college course. 

CAAMP, for example, is offering a new 2-day course on Wednesdays (July 18 and 25) or Saturdays (July 14 and 21).  The cost is $312.70 including tax.  Contact Martin Rembecki at CAAMP (888-442-4625 ext. 21) for more information.

IMBA offers a more in-depth course, which lasts 6, 12 or 14 weeks.  More info is available here.