Description
The Private Mortgages Course is an education requirement that mortgage agents must complete in order to upgrade their licence to "Level 2" and be able to deal and trade in mortgages provided by lenders other than financial institutions and CMHC approved lenders under the National Housing Act, such as:
- mortgage investment companies (MICs)
- syndicates
- private individuals
- agents, brokers, and brokerages
The online format is a self-study program which must be completed within 6 months of the registration date, including the final exam. Once you have completed the Private Mortgages Course and final exam, you will need to apply for the level 2 mortgage agent licence with FSRA. Below is a list of the eligibility requirements for licensing:
- Be 18 years of age or older.
- Be a resident of Canada.
- Have an Ontario mailing address that can receive registered mail (not a post office box).
- Have a valid email address.
- Be authorized by a mortgage brokerage to deal in mortgages.
- Have already been licensed as a mortgage agent level 1 for at least 12 months over the last 24 months.
- Have successfully completed an approved mortgage agent education program for a Mortgage Agent Level 1 licence. For more information, review the mortgage agent level 1 licence requirements.
- Have successfully completed an approved education program for a Mortgage Agent Level 2 licence (Private Mortgage Course) within two years before you apply for the mortgage agent level 2 licence.•Be suitable for a licence.
For more detailed information on obtaining your level 2 mortgage agent licence, please visit the Financial Services Regulatory Authority of Ontario's (FSRA) licensing requirements page.
- Licensing
- Ontario
