Overview
Overview
REMIC is pleased to announce that we have been approved by FSRA to provide the following mandatory CE courses. You have up to May 31, 2020 (the date has been extended from March 31) to complete the course. Mortgage Brokers must take the 2020 Ontario Continuing Education Course for Mortgage Brokers while Mortgage Agents can take either course.
Mortgage Agents: 2020 Ontario Continuing Education Course for Mortgage Agents
- 5 hour course
- 15 question quiz with unlimited attempts
- online: $25; in-class $50
Mortgage Brokers: 2020 Ontario Continuing Education Course for Mortgage Brokers
- 7 hour course
- 22 question quiz with unlimited attempts
- online: $45; in-class: $60
Online Course
Details:
- Agent course: 5 hours; Broker course: 7 hours
- 6 modules (chapters) with an associated manual, supporting documentation and a quiz.
- As soon as you register you have immediate access to the course and you can get started right away – you have until May 31, 2020 (the date has been extended from March 31) to complete the course
- Online quizzes (15 questions for the agent course and 22 questions for the broker course) with unlimited attempts
Advantages of the online course include:
- Convenience: Complete the course when and how you want. Everything is done completely online, so as long as you have an internet connection you are good to go. The course is mobile-friendly, meaning you can access the course from your tablet or smart phone.
- Flexibility: Finish the course right away or work slowly depending on your situation. Unexpected things can happen and the online course allows you to prioritize your time without missing out on course material.
- Individual Instruction: Throughout the course online you have constant access to your instructor via email and through the message centre in the course. This allows you to ask more direct and personalized questions that you may have otherwise not posed in a classroom environment.
- Lower Cost: The online course offers a less expensive option than the in class course.
Topics
Chapter 1: Fraud
Learning Outcome:
Brokers and agents apply best practices, in their daily operations, for preventing, detecting, and reporting mortgage fraud
Learning Objectives:
- Explain the direct and indirect consequences of mortgage fraud.
- Analyze schemes used to perpetrate mortgage fraud, highlighting the red flags for mortgage fraud (including falsified documentation).
- Recommend practices that mortgage brokers and agents can apply in their daily operations to combat mortgage fraud.
Chapter 2: Disclosure
Learning Outcome:
Brokers and agents provide the relevant disclosures to borrowers, investors/lenders, authorizing brokerages and Regulators, as required.
Learning Objectives:
- Discuss the various types of broker and agent compensation arrangements and the related disclosure requirements.
- Discuss the various types of material risks associated with a mortgage (including syndicated mortgage) and the related disclosure requirements.
- Analyze the consequences of not providing a borrower or investor/lender with the required disclosures.
- Analyze the consequences of not providing complete and truthful disclosure to Regulators on applications/renewals for licensing.
- Differentiate between a co-brokered mortgage transaction and simple referral (including the related disclosure obligations).
Chapter 3: Suitability of Mortgages
Learning Outcome:
Brokers and agents complete thorough analyses of the factors which inform their selection of mortgage option(s) for each borrower or investor/lender, in a manner which can be confirmed
Learning Objectives:
- Determine the elements that must be assessed when analyzing the suitability of a mortgage for a specific borrower or investor/lender in order to assist them with making an informed decision.
- Evaluate the suitability of syndicated mortgage investment (SMIs) for investors/lenders.
- Apply best practices for demonstrating that the required mortgage suitability analysis was conducted
Chapter 4: Advertising
Learning Outcome:
Brokers and agents use public relations materials that comply with the MBLAA and its Regulations, in their daily operations.
Learning Objectives:
- Readily identify public relations materials that contain misleading and/or deceptive information
- Discuss practices that brokers and agents can apply to ensure their use of social media, and other online fora, complies with the MBLAA and its Regulations
Chapter 5: Role of the Principal Broker
Learning Outcome:
Brokers and agents have increased knowledge of the role of the Principal Broker
Learning Objectives:
- Describe the duties and responsibilities of the Principal Broker and how these impact the daily activities of brokers and agents.
The following section is for Brokers only
Chapter 6: Role of the Principal Broker
Learning Outcome:
Principal Brokers effectively supervise agents and brokers to facilitate agent and broker compliance with the MBLAA and its Regulations and the policies and procedures of the mortgage brokerage.
Learning Objectives:
- Describe the elements that should be included in a brokerage’s policies and procedures and the purpose of each.
- Recommend strategies for effectively communicating the brokerage’s policies and procedures throughout the brokerage, and to external stakeholders, as appropriate.
- Apply processes for monitoring mortgage transactions, in particular private lending and syndicated mortgage investments, to ensure required disclosures and suitability assessments have been made and documented.
- Recommend processes for ensuring a brokerage recruits and authorizes only brokers and agents that meet the suitability requirements for working in the industry.
- Evaluate the behaviour of brokers and agents to assess their compliance with the MBLAA and its Regulations and/or the brokerage’s policies and procedures.
- Recommend strategies for leading/influencing brokers and agents to conduct themselves in a manner that complies with the MBLAA and its Regulations and the brokerage’s policies and procedures.
- Discuss the Principal Broker’s role in promoting an effective and collaborative relationship between the brokerage and Regulators
