Seneca College has been the sole provider of the educational program for licensing as a Mortgage Broker in Ontario for the past 4 years. The contract is up for renewal and Seneca is in the process of responding to the Request for Proposal issued by the Financial Services Commission (FSCO). The successful bidder for delivery of the Mortgage Broker Program will be announced by FSCO early in the fall, at which time Seneca will provide details on our website. Meanwhile, any inquiries regarding the Mortgage Broker Program should be directed to FSCO.

Students who successfully completed Mortgage Broker Part 1 MBP100 prior to September 2012 will have an opportunity to complete Mortgage Broker Part 2 – MBP200 October 22 – 26, 2012.

 

Those who successfully complete this subject will have met the educational requirements for licensing by the regulator, the Financial Services Commission of Ontario (FSCO) as a Mortgage Agent in Ontario. All of the competencies (Mortgage Agent Qualifying Standards), or “MAQs” identified as critical by the regulator have been addressed in this offering.

The following information was taken from the FSCO website:

A Mortgage Agent is an individual who carries out mortgage activities for a mortgage brokerage under the supervision of a licensed Mortgage Broker.

In order to be a licensed Mortgage Agent, you must:

  • be 18 years of age or older
  • be a resident of Canada
  • have a mailing address in Ontario that can receive registered mail (not a post office box)
  • be authorized by a mortgage brokerage to deal in mortgages*
  • work for only one mortgage brokerage
  • meet or have met the Mortgage Agent education requirements
  • have a valid email address

*The Mortgage Brokerage must apply to FSCO for your mortgage agent license.
For complete requirements for registration as a licensed Mortgage Agent- please visit the Financial Services Commission of Ontario (FSCO) website at:

www.fsco.gov.on.ca