Ontario Mortgage Broker Education Program (Phase I)

ntario Mortgage Broker Education Program (Phase I)

Online

Description

Mortgage Professionals Canada's Ontario Mortgage Broker Education Program (OMBEP) is required by the Financial Services Regulator Authority of Ontario (FSRA) for Mortgage Broker licensing under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (the Act). For full broker licensing requirements, please visit FSRA's website.

The OMBEP is designed to meet both the FSRA-developed Mortgage Broker Qualifying Standards (MBQS) and the MBRCC Managing Broker Program Competencies and Curriculum. The program is delivered in two phases (Phase I online and Phase II in-class) and has a different goal than the mortgage agent course. The OMBEP focuses on the skills and knowledge required to effectively hire and supervise agents and to ensure that the brokerage complies with the Act, its Regulations, and prescribed requirements. It is meant to prepare you to become the “Compliance Officer” of a brokerage.

The OMBEP includes information on:

Understanding the regulatory environment and the importance of promoting a collaborative relationship with the Regulator
Implementing policies and procedures to ensure agents comply with the Act, its Regulations, and prescribed requirements
Learning about the required skills for hiring and supervising staff
Determining whether staff are acting ethically or unethically and determining the most appropriate action to take
Dealing with, and protecting, clients
Creating and implementing best practices

Licensing
Ontario

Chose date to register

Pricing

Licensing
Ontario

Course Policies

Phase I must be completed within six (6) months of registration. You must fully complete Phase I (online) in order to register into Phase II (in-class).

The Phase II (in-class) component must be completed within one (1) year of completing the Phase I (online) component.

Please review the Course Information and Policies document as well as the Learners Code of Conduct prior to registering for the course.

Phase I

Phase I must be taught by distance-learning in order to be accessible to students across the province. This stage must cover all of the MBQS and MBRCC learning objectives so that students acquire the knowledge and skills necessary to supervise agents and carry out the responsibilities of a Principal Broker or Compliance Officer.

Phase I has been re-launched in a new HTML format to make it easier and more convenience to complete on a variety of devices and browsers. For the best user experience, a desktop or laptop is recommended.

Phase II

Phase II must consist of in-class seminars that build on the knowledge and skills acquired in the first phase through practical examples. In this phase, students will interact and learn from others' ideas and experiences. This phase must run a minimum of five full days, including the examination. Students must take both stages of the course and pass the examination in order to meet the education requirements for licensing.