Mortgage Agent | MORT 201
The Mortgage Agent course is accredited by Financial Services Regulatory Authority of Ontario (FSRAO). This part-time course has been developed to train you in meeting the educational requirements for licensing as a Mortgage Agent. It covers all the Mortgage Agent Qualifying Standards (MAQs) identified by the regulator, the Financial Services Regulatory Authority of Ontario (FSRAO); 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 application 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 MORT 201 need to be employed by a Mortgage Broker in order to become licensed as a Mortgage Agent. Only the Mortgage Broker who employs you may apply to FSCO for your Mortgage Agent License.
This 42-hour subject has been accredited by FSCO as meeting the educational requirements for licensing as a Mortgage Agent. It covers all the Mortgage Agent Qualifying Standards (MAQs) identified by the regulator, the Financial Services Commission of Ontario (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 application 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 MORT 201 need to be employed by a Mortgage Broker in order to become licensed as a Mortgage Agent. Only the Mortgage Broker 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.
- Determine the borrower's needs.
- Obtain a commitment from an appropriate lending source.
- 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 of Brokers and Agents.
STEP 1:
Complete MORT 201 Mortgage Agent Course.
STEP 4:
After 2 years of being a licensed mortgage broker you can apply to change your licence from Agent to Broker.
Admission Requirements: There are no admission requirements for this course. Register and pay for the course.
Problems registering? Contact 416-675-5005
Course Manuals
Course manuals are mandatory. They are not included in the course fee and are available for purchase at the campus bookstore upon proof of registration. Titles are as follows:
- MORT 201: Mortgage Agent, White, Joseph J., Mortgage Brokering in Ontario – Agent Edition, 13th Edition, Real Estate and Mortgage Institute of Canada. ISBN #978-1-988049-06-9 HP10B II Hewlett-Packard calculator.
Online Learning
Online courses are accessible via web browser from anywhere in the world and are well-suited to those who need a more flexible study schedule. For information on system requirements for online courses and other information regarding online learning at Humber, visit the Open Learning website at www.humberonline.ca or call 416.675.5049. (These online courses are offered through OntarioLearn, a partnership of 24 Ontario community colleges that have pooled their resources to increase your online learning options. Visit ontariolearn.com).
How does it work?
- The online course content is the same as the in-class content
- Once you receive your User ID and password, you can logon to the online learning management system
- You will work from a Critical Path which outlines the chapters covered week-by-week
- You work according to your own schedule, keeping up with the content weekly as laid out in the Critical Path document
- You will use a Discussion Board, which is an ongoing thread of discussion topics where you are expected to contribute
- There may be opportunities to “chat” live online with your instructor and class during the course. Dates and times of chat sessions will be posted
- There are no face-to-face meetings with your instructor or classmates
Examity System Requirements: • macOS X 10.5 or higher, Windows Vista or higher. Examity does not support Linux or Chrome OS • Desktop computer or laptop (tablets, Chromebook and cell phones do not meet our requirements) • A working built-in or external webcam and microphone • Internet speed must be at least 2 Mbps download and 2 Mbps upload. Hot spots are not recommended • Browser with pop-up blocker disabled
Contact Us
Association & Professional Programs
416-675-6622 ext. 4139
ceparttime@humber.ca