FAQs

REMIC Courses FAQs

Mortgage Agent Course

Course FAQS

T2202A forms are issued to students who have paid $100.00 or more in eligible fees for qualifying courses beginning and ending in a particular calendar year.

In depth questions regarding the use of the T2202A form in the tax preparation process should be directed to Revenue Canada. Tax guides are available from any Revenue Canada office or a Post Office. Revenue Canada also publishes a booklet called “Students & Income Tax” – Government form P105(E).

Official receipts for income tax purposes covering tuition fees paid for qualifying courses taken during the preceding calendar year are available in late February. In accordance with Revenue Canada regulations, official receipts (T2202A Forms) are only issued for tuition fees totalling $100.00 or more. Materials and administrative fees are not eligible for tax deduction.

You have 3 hours to complete the exam.

The final exam consists of 50 multiple choice questions, many based on case studies that are designed to test your knowledge and understanding of the course material as required by the Financial Services Regulatory Authority of Ontario (FSRA).

Exams can now be completed fully online. If you are doing the course online and within the GTA, REMIC hosts examinations at our head office training facility every week at Sheppard and Victoria Park. If you are doing the course online and are outside the GTA, you can choose to write your examination at any College or University test centre of your choice. If you are doing an in-class course, you would write the examination on the last day of the course. REMIC offers courses at both our Toronto and Mississauga location.

If writing in person in the GTA you will have access to your final mark online the same day as you wrote your examination. If writing at a College or University we will typically advise you within 24 hours as we request that the College or University fax your exam to us immediately as well as courier your original exam to us. If writing online your results is typically available within 3 business days.

Once you have been notified that you have passed the course you will be required to log in to the online section of the course and complete our feedback. You will then be able to print your certificate of completion and save it electronically.

You must bring your photo ID (either a driver’s license or valid passport) and one additional piece of valid identification, , a pen or pencil and your calculator. No other aids are allowed during the exam.

REMIC gives you access to an Exam Review Report that details the section and topics from the textbook that you missed. If you fail the exam you may request to review it at a time convenient to both yourself and REMIC (due to current restrictions the exam review is not available at this time). Please refer to our Policies and Procedures Manual for additional information.
If you fail the exam you can arrange a rewrite exam at the next available exam date. If you fail the rewrite you must re-enroll in the course, paying the full tuition. This is a FSRA requirement.
REMIC does not publicize these statistics as they have no impact on your individual results and in publicizing these types of statistics a student may put more or less work into the course than required based on his or her perception.
The course is valid for 2 years from the time you pass your exam. If you do not obtain a mortgage agent license within this time you must retake the course.
No, however they are designed to help you understand the material and will greatly increase your chances of passing the final exam. While your final grade is based solely on the final exam, it is strongly recommended that you complete all assigned tasks in the course.
Once you have passed the course you must then be hired by a licensed mortgage brokerage that will initiate the licensing process on your behalf. This is a Financial Services Regulatory Authority (FSRA) requirement.
Yes, there is a mandatory course that you will need to take before you are able to renew your license. You can find more info on the CE for mortgage agents and brokers by clicking here.
Yes, the REMIC Mortgage Agent Course (RMAC) is approved by FSRA and meets the educational requirements to obtain a mortgage agent license in Ontario.
A broker and agent both ‘broker’ mortgages, however a broker may also hire agents and be the principal broker of a brokerage (equivalent to the Chief Compliance Officer). A broker does not necessarily earn more on a mortgage transaction than an agent. In addition, a broker must have been a licensed agent, level 2 for at least two years, take and pass the broker course for licensing, and be approved by FSRA to upgrade his or her license from an agent to a broker.
Once you have passed the course you will have the option to create a free account in the REMIC Job Bank. The Job Bank allows you to view job postings from brokerages across Ontario. Like a typical job bank, mortgage brokerages will also have access to your resume and cover letter (should you include them), allowing them to contact you directly and setup an interview. REMIC will provide you information and resources that will assist you in the interview process; understanding the procedures and knowing the right questions are vital when choosing a brokerage to join as a mortgage agent. This is a completely free service for all previous REMIC RMAC students.

Through REMIC’s secure shopping cart you can pay by credit card or using your PayPal account. In person at 2175 Sheppard Avenue East, Suite 307 where you can pay by debit card, Visa, Mastercard or cash.
Registration is easy. Simply go to remic.ca/mortgage-agent-course and follow the instructions using our secure online payment system. You can also register in person at our head office training facility at 2175 Sheppard Ave East Suite 307 North York, ON, M2J1W8 (Business hours are Mon-Fri, 9AM – 5PM). We accept Visa, Mastercard, debit or cash.
You will receive an online login immediately following your registration that gives you access to an electronic version of the textbook, whether you are doing the course in-class or online. This way you can get started in the course right away! REMIC will also ship you a hard copy of the textbook within 2 business days.
The cost of the course ranges from $338 to $385 (printed textbook + shipping) and includes online delivery and the final examination.
No, the course is available to anyone, however it is recommended that you have at least a high school education with equivalent English or French language and math skills.
Whether you register for an in-class or online course you will have immediate access to the online information. This includes a soft copy of the textbook, audio-backed video tutorials, assignments, discussions, a case study and a full exam prep guide and practice exam. REMIC will also ship you a hard copy of the textbook within 2 business days. All registrations are subject to REMIC’s acceptance policy. Any students not accepted will have their registration fee fully refunded.

A student who wishes to withdraw from RMAC may do so by completing the request to withdrawal form and submitting it to REMIC. Please click here to open the Student Academic Policy which includes the withdrawal form. Upon receipt the request will be processed based on the following schedule: After registration but before the examination AND within 30 days of registration: 100% refund MINUS a $150 withdrawal fee. During or after the examination or after 30 days after registration: No credit and No refund.
Yes, during your enrollment you can withdraw and transfer the course to someone else. However, this is not authorized if you have already attempted the final exam. There is a $100 fee to do this.
If taking RMAC online you have the flexibility to begin your course at any date, and you may complete it within as little as one week or up to 6 months – the choice is yours. If taking the in-class course you must begin and end the course on set dates.
This depends on your learning skills. While some take longer others learn and understand the material more quickly. The course is designed to be completed in 47 hours, which includes online exercises, tutorials, assignments, tests, and reading. We suggest that you set aside at least this amount of time to complete the course.
Only qualified, experienced industry experts are used to teach the course, which was developed by veteran industry expert and REMIC President, Joseph J. White who is also the author of the textbook.
No, the course is designed for those with basic computing skills, however the course contains rich, interactive content designed to engage you.
Of course! Your Professor, an industry professional, is there to help, Monday to Friday during regular business hours.
No, we are here to help! Your online course has a dedicated Professor who will interact with you, answering your questions and helping you along the way, when you need it. In addition, you are able to communicate with your fellow students in the course via chat message and open discussions.
Yes. You can complete the course in as little as one week or take up to 6 months – the choice is yours.
REMIC offers the REMIC Mortgage Agent Course (RMAC) in house to several brokerages, based on the brokerage meeting certain quality control and professional standards. The course is taught by a REMIC Professor and standard exam security is employed regardless of the location of the course. There is no difference in the course cost, content and/or exam, regardless of where it is delivered. A brokerage may charge an additional fee to the student for additional services it provides before or after the course.

Career Faqs

There are 3 steps to get mortgage agent licensed in Ontario:

1. Pass The Course – the mortgage agent course can be done in as little as 5 days for as little as $338.

2. Get Hired – you must join a mortgage brokerage first before you can get licensed.

3. Complete the FSRA Application – the FSRA (formerly FSCO) licensed mortgage brokerage applies to FSRA for your mortgage agent license.

The mortgage agent course can be completed from start to finish in as little as 5 days, but you have up to 6 months.

Typically there are many brokerages that are seeking new agent in Ontario. We recommend using the FREE REMIC Job Bank where there are dozens of brokerages looking for new agents.

Mortgage agents are typically paid a commission by the lender (via their brokerage) after the mortgage is funded.  The fee or commission amount is based on a number of basis points (bps), or “beeps” as they’re commonly referred to in the brokerage industry.  See more here.

Textbook Review Answers For The REMIC Mortgage Agent Textbook

Private Mortgage Course

Popular FAQS

n addition to financial institutions that are CMHC approved lenders under the National Housing Act, the level 2 licence authorizes licensees to deal and trade in mortgages with all mortgage lenders, including mortgage investment companies, syndicates, private individuals, agents, brokers, and brokerages.

The course is valid for licensing for 2 years from the date of completion.

Any licensee wishing to deal in private lending should take note of the following key dates:

  • April 1, 2023: new licensing classes come into effect
  • October 31, 2023: deadline to pass the Private Mortgages Course (PMC) Challenge Exam
  • March 31, 2024: deadline to complete the Private Mortgages Course (PMC)

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

  • Experience: No experience required.
  • Education: Successfully complete an approved mortgage agent course for licensing in Ontario, such as REMIC’s RMAC.
  • Licensing: Apply for a mortgage agent level 1 licence within two years of successfully completing an 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.
  • Education: Successfully complete REMIC’s Private Mortgages Course (PMC).
  • Licensing: Apply for a mortgage agent level 2 licence within two years of successfully completing the course.

Mortgage Broker

  • Experience: Applicants must have at least 24 months experience over the last 36 months as a mortgage agent level 2.
  • Education: Successfully complete an approved mortgage broker course for licensing in Ontario.
  • Licensing: Apply for a mortgage broker licence within three years of successfully completing an approved education program.

The following transition period is relevant for those that are currently mortgage licensed in Ontario.

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 (PMC) by March 31, 2024, OR
  • pass the Private Mortgages Course (PMC) – Challenge Exam by October 31, 2023 (1 attempt limit)

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

  • complete the Private Mortgages Course (PMC) by March 31, 2024, OR
  • pass the Private Mortgages Course (PMC) – 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 1 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 Mortgages Course (PMC) by March 31, 2024.

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

  • complete the Private Mortgages Course (PMC) by March 31, 2024.

Individuals with less than one year of continuous licensing:

Mortgage Agents – To transition to mortgage agent level 2 must:

  • attain one year of experience AND
  • complete the Private Mortgages Course (PMC)

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

  • complete the Private Mortgages Course (PMC) by March 31, 2024.
  • complete the Private Mortgages Course (PMC) by March 31, 2024.
  • Brokers are exempt from attaining two years’ experience as a mortgage agent, level 2 prior to transitioning to the new broker licence.

The challenge exam is a 50 question multiple choice examination that upon successful completion replaces the requirement to complete the Private Mortgages Course (PMC).

The challenge exam may only be attempted once; individuals who do not pass the challenge exam must complete the Private Mortgages Course (PMC).

The challenge exam option is ONLY available to those licensees that:

  • have five or more years of continuous licensing experience
  • believe they have the experience and competencies reflected in the new education requirement to be a mortgage agent level 2 or mortgage broker. View MBRCC’s Private Lending Competencies and Curriculum.

Course Faqs

Mortgage Broker Course

Popular FAQS

We think there are several great reasons to choose us:

  1. Support: You always have access to your industry professional instructor, and our award winning, Ontario based support team via live chat, phone and email.
  2. Flexible: No need to take any part of the course in person – you can complete the course at your speed, from the comfort of your home or office
  3. Always available: Once you’ve registered you have immediate access (as of July 24th, 2023) – finish as quickly as you want, or take your time.
  4. Value: we’re known for the highest quality education at pricing that makes our courses accessible
  5. Satisfaction: Over 1.3K 5-star Google reviews: and counting! No other provider has anywhere near that, with the closest having less than 10!
  6. Certified by FSRA and HRSDC: REMIC is approved by FSRA, the mortgage broker licensing body in Ontario, to provide the Mortgage Agent Course in Ontario. REMIC is also approved by Human Resources and Skills Development Canada (HRSDC) as an accredited educational institution. We are the ONLY certified educational institution in Ontario providing the mortgage agent course.
  7. Tax Deductible: REMIC and Ontario’s colleges are the only providers of the mortgage agent course authorized to issue a T2202A.

The course is valid for licensing for 3 years from the date of completion.

Upgrading to a mortgage broker license has never been more convenient.  Here is what you need to know about timing:

  • Immediately: Registration is now open
  • April 1, 2023: Course content becomes available
  • 1 year: Your registration length – you can finish in as little as a week or take up to 1 year
  • 2 years: How long your certificate of completion is valid
  1. Anyone can take this course, but we highly recommend that you are already a licensed mortgage agent level 2
  2. To get licensed you must pass this course and be licensed for at least 24 of the past 36 months

You should upgrade your license for several reasons:

  1. Title: if you’re not a mortgage broker you have to market yourself as a mortgage agent level 1 or mortgage agent level 2.
  2. Knowledge: Knowing the legislation, best practices, and what you can and can’t do will help keep you on the right side of the law.  Many contraventions are made due to a lack of understanding or knowledge.
  3. Opportunity: As a mortgage broker you can be the Principle Broker of a brokerage, the most important compliance role in a brokerage.  You can also start your own brokerage and hire and supervise agents.
  4. Respect: Being a mortgage broker comes with the respect of the industry. We know how much goes into being a broker, from experience to knowledge.  You deserve the respect!

In short, NO! 

Your tuition includes:

  • the course,
  • access for up to one year,
  • unlimited exam prep attempts,
  • 2 examination attempts,
  • Exam review analysis report
  • a pdf manual,
  • support,
  • a live instructor,
  • Message My Teacher in your course,
  • and much more!

Fine print:

  • If you fail your first examination attempt, there is as $25 rewrite fee for your second attempt
  • Free pdf included; Hard textbook is $100
  • Extensions from $50

The exam consists of:

  • 100 multiple choice questions
  • 3 hour time-limit
  • 60% grade required to pass
  • Exams are online, proctored
  • Flexible daliy exam dates and times
  • Free exam analysis report is provided to all students

HLLQP Course

Popular FAQS

There are 4 steps to get life insurance agent licensed in Ontario:

  1. Pass the course (HLLQP) – This qualifies you to write the 4 provincial licensing exams.

    2. Pass the Exams – These are in the same format as the certification exams.

    3. Get Sponsored – Many brokerages are looking for motivated new life agents.

    4. Get licensed – The life insurance company will apply to the regulator.

Depending on your Province, the costs to becoming a life insurance agent / life insurance sales person can vary. Typically starting your new career should cost you approximately $1,000 to $1,500. See more here.

The Harmonized Life License Qualification Program (HLLQP) can be completed in as little as one week (2-3 weeks is more common). The licensing exams can all be done in 1 (one) day. Therefore, the HLLQP and the licensing exams can be completed in as little as 3-4 weeks from initial registration.

The industry needs new advisors as existing agents approach retirement age! This means there are currently many companies that are seeking new agents. We recommend using the FREE REMIC Job Bank (coming 2022) where there are dozens of companies looking for new agents.

Life insurance agents are paid a commission by the life insurance provider. This commission/fee is based on a percentage of the policy premium so your earning potential is only limited by the number of deals you do. Becoming a life insurance agent is a fairly inexpensive industry to get into, while offering the potential benefit of earning you a six figure income much more quickly when compared to other careers with the same income potential.

In the last two years approximately 93% of REMIC students have went on to pass the licensing exams!

All of our support team members are subject matter experts and are empowered to make decisions on your behalf right away!

Thanks to the Canadian federal government Canada Tax Credit (CTC). Click for more.

Approved by national and provincial regulators, including FSRA, CISRO, CIPR, HRSDC.