Below are the topics covered in the Private Mortgages Course. These are the same topics assessed by the Private Mortgages Course-Challenge Exam.
- Introduction to Private Mortgages
- Private Mortgage Transaction Process
- Working for the Borrower
- Working for the Lender/Investor
- Working for both the Borrower and Lender/Investor
- Understanding Mortgage Administration
- Detecting and Preventing Mortgage Fraud
- Ethics and MBRCC Code of Conduct
The transition period will take place between April 1, 2023, and March 31, 2024.
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 by March 31, 2024, OR
- Private Mortgages Course - Challenge Exam by October 31, 2023 (1 attempt limit)
Mortgage Brokers - To maintain their mortgage broker licence, individuals must:
- Private Mortgages Course by March 31, 2024, OR
- Private Mortgages Course - 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 I 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 Mortgage Course by March 31, 2024.
Mortgage Brokers - To maintain their mortgage broker licence, individuals must:
- complete the Private Mortgages Course by March 31, 2024.
Individuals with less than one year of continuous licensing:
Mortgage Agent - To transition to Mortgage Agent Level 2 must:
- attain one year of experience AND
- complete the Private Mortgages Course
Mortgage Broker - To maintain their mortgage broker licence, individuals must:
- complete the Private Mortgages Course by March 31, 2024.
- Brokers are exempt from attaining two years' experience as an agent, level 2 prior to transitioning to the new broker licence.