Overview

REMIC is pleased to announce that we have been approved by FSRA to provide the following mandatory CE courses.  You have up to March 31 to complete the course. Mortgage Brokers must take the 2022 Ontario Continuing Education Course for Mortgage Brokers while Mortgage Agents can take either course. Please note that there are no refunds for this course.

Mortgage Agents: 2022 Ontario Continuing Education Course for Mortgage Agents

• 5 hour course 
• 15 question quiz with unlimited attempts
• online: $25; live webinar $50

Mortgage Brokers: 2022 Ontario Continuing Education Course for Mortgage Brokers

• 7 hour course 
• 22 question quiz with unlimited attempts
• online: $45; live webinar: $60

Details:

• Agent course: 5 hours; Broker course: 7 hours
• 6 modules (chapters) with an associated manual, supporting documentation and a quiz. 
• You have until March 31, 2022 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.

Chapter 1: Conflicts of Interest

Learning Outcome:
Brokers and agents comply with regulatory requirements and apply best practices in their daily operations to ensure actual and/or potential conflicts do not harm client interests.

Learning Objectives:

Chapter 2: Ethical Practices in Brokered Mortgage Transactions

• Describe values promoted by the MBLAA and its Regulations and the MBRCC Mortgage Broker Code of Conduct.
• Describe key characteristics of a mortgage that impact the suitability assessment (e.g., cost, conditions for early repayment, foreclosure, conflicts of interest).
• Analyze the factors (including disclosures) that impact a broker’s/agent’s assessment of the suitability of a mortgage for a borrower (e.g., in a private lending transaction).
• Analyze the factors (including disclosures) that impact a broker’s/agent’s assessment of the suitability of a mortgage investment for a lender/investor (e.g., in a private lending transaction).
• Recommend strategies to achieve common understanding of mortgage/mortgage investment options with clients, including situations in which a client wishes to proceed with a transaction that contradicts the broker’s/agent’s recommendation.
  
  

Chapter 3: Relationship between the MBLAA, FSRA and Licensees

• Analyze the principles-based aspect of the MBLAA
• Describe the functions that FSRA performs to administer the MBLAA
• Recommend actions licensees can take to stay up to date on regulatory requirements (e.g., regulation updates, FSRA guidance and/or forms).

Chapter 4: Reporting and Record-keeping Requirements

• Create a checklist of the items (including timeframe) that must be reported by mortgage agents, brokers, brokerages and administrators to FSRA.
• Explain the rationale for each of the reporting requirements
• Describe the record-keeping requirements

Chapter 5: Role of the Principal Broker

• Describe the duties and responsibilities of the Principal Broker, including references to the relevant provisions in the MBLAA and its Regulations.
• Describe the purpose of each element that should be included in a brokerage’s policies and procedures.
• Recommend actions agents (and brokers) can take to stay up to date on their brokerage’s policies and procedures.

The following section is for Brokers only

Chapter 6: Fostering a Culture of Compliance and Consumer Protection

• Describe how each of the following brokerage factors may impact supervision of brokers and
• agents by the Principal Broker: (2)
  • Brokerage business/operational model (including compliance mandate and Principal Broker
  • authority/independence for decision-making)
  • Number of authorized brokers and agents
  • Geographical spread of agents/brokers, including interprovincial business/operations
  • Number of mortgage transactions
  • Compliance resources (number and expertise of compliance team)
  • Products offered
  • Consumer demographics
• Apply processes to ensure policies and procedures manuals are specific to their brokerage and its
• business activities.
• Recommend strategies for effectively communicating the brokerage’s policies and procedures
• (i.e., throughout the brokerage and to external stakeholders, as appropriate).
• Apply processes for monitoring brokering activities, in particular dealing/trading/lending in private
• mortgages, to ensure compliance with regulatory requirements (e.g., disclosures and suitability
• assessments).
• Apply strategies for supervising an agent/broker who has been required to be placed under
• supervision by the Regulator.
• Recommend processes for supporting brokers and agents with their mortgage transactions
• (including recruiting, training, mentoring, coaching).
• Evaluate the behaviour of brokers and agents to assess their compliance with the MBLAA and its
• Regulations and the brokerage’s policies and procedures.
• Conduct a self-assessment of steps taken to ensure PB obligations are fully met.