Out of Province Quiz (OMC) – Online Self-Study Course


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This course focuses on competencies (knowledge and skills) that are Ontario specific to ensure out-of-province applicants have knowledge of the requirements included in the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA), its regulations and FSRA’s guidance and rules that differ from other jurisdictions (i.e., local knowledge requirements).
Upon completion of the seminar/quiz, out-of-province applicants will be able to demonstrate knowledge of the requirements to practice the mortgage broker/agent occupation in Ontario. That is, they will be able to:
Explain the legal and regulatory framework that applies to mortgage brokering in Ontario;
Differentiate between mortgage brokerage/broker/agent/administrator in Ontario; and
Apply the requirements (including standards of practice) applicable to mortgage brokering in Ontario
Areas of Focus. Out-of-province applicants must understand:
MBLAA/Regulations Under the Act
1. Licensing Requirements:
Licence categories (two tiers of agent licensing in Ontario, different names for licensing classes across Canada)
2. Role of the Principal Broker
Not clearly set out in all provinces
3. Mortgage Suitability
Not all provinces have the requirement set out the same way as Ontario
Reasonable steps in Ontario
Private lending in Ontario
4. Disclosure Requirements
FSRA forms
5. Regulation and Enforcement
6. Filings, Errors and Omissions (E&O) insurance and Financial Guarantee requirements
Financial statements and financial guarantee for mortgage administrators
7. Standards of Practice
Mortgage Agents and Brokers
Mortgage Brokerages
Mortgage Administrators
8. Continuing Education Requirements