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Education

Private Mortgages Course

Mortgage Agent Level 2 Licensing

The Private Mortgages Course is a new 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


Mortgage agents and brokers must complete this course by March 31, 2024, as part of the Financial Services Regulatory Authority of Ontario's (FSRA) new licensing requirements. For agents and brokers with five or more years of consecutive, recent licensing experience, they may forego the course by completing the challenge exam by October 31, 2023. 

Both the Private Mortgages Course and the Private Mortgages Course - Challenge Exam will be available for registration by early 2023. 


See the tabs below for more information. For questions, please contact Education@MPC.ca

MORE INFORMATION

Below are the topics covered in the Private Mortgages Course. These are the same topics assessed by the Private Mortgages Course-Challenge Exam.

  1. Introduction to Private Mortgages
  2. Private Mortgage Transaction Process
  3. Working for the Borrower
  4. Working for the Lender/Investor
  5. Working for both the Borrower and Lender/Investor
  6. Understanding Mortgage Administration
  7. Detecting and Preventing Mortgage Fraud
  8. Ethics and MBRCC Code of Conduct

The below licensing and experience requirements are effective as of April 1, 2023. 


Mortgage Agent Level 1

  • Experience: No experience required.
  • Licensing Education: successfully complete the Ontario Mortgage Agent Course
  • Apply for a Mortgage Agent Level 1 licence within two years of successfully completing the approved course

*Mortgage Agent Level 2

  • Experience: Applicants must have at least 12 months of experience over the last 24 months as a Mortgage Agent Level 1.
  • Licensing Education: successfully complete the Private Mortgages Course
  • Apply for a Mortgage Agent Level 2 licence within two years of successfully completing the approved course.

Mortgage Broker

  • Experience: Applicants must have at least 24 months experience over the last 36 months as a Mortgage Agent Level 2.
  • Licensing Education: successfully complete the approved Ontario Mortgage Broker Education Program.
  • Apply for a Mortgage Broker licence within three years of successfully completing the approved education program.

     

    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
    • pass the Private Mortgages Course - Challenge Exam by October 31, 2023 (1 attempt limit)

    Mortgage Brokers - To maintain their mortgage broker licence, individuals must:

    • complete the Private Mortgages Course by March 31, 2024, OR
    • pass the 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.