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PMC Challenge Exam

Mortgage Agent Level 2 Licensing

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

Only one attempt is permitted for the challenge exam. Should a participant fail to achieve the minimum passing grade of 80%, registration into the full Private Mortgages Course will be required.

The topics assessed by the Private Mortgages Course-Challenge Exam include:

  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
All in-person examinations are held at MPC's head office located at 2005 Sheppard Avenue East and run from 10 AM-1 PM. Those interested in an online exam should carefully read the details provided in the Online Exam Information tab prior to registering.

Please read the Exam Policies and review the information in the tabs below prior to registering. For questions, please contact Education@MPC.ca.


ONLINE CHALLENGE EXAM

IN-PERSON CHALLENGE EXAM



MORE INFORMATION

Please make sure to read the Exam Policies, as well as the Learners Code of Conduct prior to registering.



Note that only students who have a personal computer that pass the systems check are eligible to complete their exam online. We also recommend that students watch the test-taker video tutorial and read the article Exam Day: What to Expect to familiarize themselves with procedures. Students can also visit the test-taker resource centre for additional information.

Requirements & Rules:

  • Access to the Google Chrome web browser.
    • For exam sessions scheduled on or after January 31 2023, students will be required to download and use the proctoring service provider's proprietary web browser called Guardian to complete their online exam. 
  • Access to a personal computer (not a work computer) to complete the online exam. Work computers have firewalls that may prevent students from completing the online exam.
  • Students must login 15 minutes prior to their scheduled exam to recheck their system and review exam rules. Proctors connect only at the time of the student's scheduled exam.
  • Students who "No-Show" will automatically receive a mark of ‘0’ on their exam. As one attempt is permitted for the challenge exam, enrolment into the full course will be required.
  • Two (2) pieces of ID: ONE (1) must be a government-issued photo ID, such as a driver’s license or passport (a health card will NOT be accepted as your primary ID.)
  • Washroom breaks are not permitted during the exam. Students must ensure to visit the facilities prior to beginning their exam.
  • All electronic devices must be turned off for the entire duration of the exam. There is a timer available in the online exam platform.
  • An email will be sent to students with their results within one week of Mortgage Professionals Canada receiving their completed exam.


Once a student has submitted payment for their online exam, they will receive an email with registration information and instructions from the MPC Exams Department.

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.