Ontario Mortgage Broker Education Program

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1 What is the focus of the program? What will I learn? CAAMP s Mortgage Broker Education Program is designed in line with the FSCOmandated curriculum as set forth by the Mortgage Broker Qualifying Standards (MBQS) which can be found here: MBQS. The MBQS were created by FSCO with the assistance of education experts and through extensive industry consultation, ensuring that the standards align with actual practice. The Program focuses on: Implementing policies and procedures to ensure that agents comply with the Act and Regulations; Supervisory skills; Ethics; Conflict of interest; and Best practices. The Mortgage Broker Education Program has a different focus than the Mortgage Agent Program - it is on the skills and knowledge required to effectively supervise agents and to ensure that the brokerage complies with all applicable rules. It is a program meant to prepare you to become the Principal Broker, or compliance officer of a brokerage. Are there any prerequisites I need to take the Program? Program Format: The program is designed specifically for those seeking broker licenses and is geared toward the knowledge required to be a principal broker. It is highly recommended that registrants: a) have already completed an Ontario Mortgage Agent Course (or other provincial equivalent); and b) have active experience in the mortgage industry. As required by FSCO, the program is offered in two phases: - will cover all 32 of the MBQS Learning Objectives so that students acquire the knowledge and skills necessary to supervise agents and carry out the responsibilities of a principal broker. - will include knowledge check activities, readings, tests and participation in a virtual study group. - Full completion of all components (including assessment) in Phase I is required in order to be eligible for Phase II (in-class). - You will have a full 6-months from your registration date to complete Phase I (online). - The online component will have a timed online assessment (50 multiple choice questions). Minimum 60% is required to pass the online assessment. Copyright of 5

2 Program Format: (cont d) - If a student is unsuccessful on the first attempt, they may re-write the assessment ONCE at no cost. If the student is unsuccessful on the second attempt, they must contact CAAMP for a feedback report and to reset access to the assessment. A fee will apply. - Successful completion of all components in Phase I is required in order to be eligible for Phase II (in-class), within a maximum of six (6) months from your registration date. Phase II (in-class) - Contact the Education Department after Phase I (successful completion mandatory) in order to register for Phase II. - Phase II is 5 day, in-class (9am-5pm). Attendance on all days for the full day is mandatory (sign-in and sign-out attendance will be verified). Identification will be verified on the first day and again at the exam sitting. - Content will build on acquired knowledge and skills using practical examples (case scenarios, advertising samples, etc.). Students must interact and learn from others ideas and experiences. - Phase II (in class) will have an in-person final examination (100 multiple choice questions). A minimum of 60% is required to pass the final examination. - If a student is unsuccessful on the final examination, they may attempt ONE re-write, a fee will apply. If the student is unsuccessful on the re-write, they must re-enrol in the full program. - Any student who does not appear for their scheduled final examination will automatically receive a mark of 0 which will be considered the first attempt. A re-write will have to be booked to complete the examination. - A student who wishes to re-write must do so within six (6) months of their original examination write date. After six (6) months, the student must reenrol in and successfully complete the full program in order to be eligible to write the examination again. - Phase II must be completed within 12 months of completing Phase I. After 12 months, you must re-enrol in the full program. How many Phase II (inclass) sessions will be scheduled and what locations? When can I register for Phase II (in-class)? A minimum of two (2) in-class sessions will be offered annually. Please see website for schedule and locations. Registrations for Phase II (in-class) are made by contacting CAAMP directly. Registration will close two (2) weeks before the scheduled in-class session, or when class capacity has been reached, whichever is first. Copyright of 5

3 I completed MBP100 (Phase I online) with Seneca College. Can I take CAAMP s Phase II? Please contact FSCO. General: Participants must register using their full legal name as shown on their government-issued photo ID and/or existing license(s). Expired documents are not accepted. Participants are required to show two (2) pieces of identification: 1) Government-issued photo identification with signature (i.e. driver s license, passport, citizenship card); and 2) An additional signed piece of identification (credit/debit card, transit identification card). Do not register any another individual using your online account. Accommodations can be made for students with special needs (e.g. physical disabilities, learning disabilities, etc.). Medical documentation may be required. All program communication is through ; please ensure that your address is maintained up to date. You can update your profile on Course participants will be notified via of their pass/fail status within 14 days of writing the final examination; however the exact grade will not be disclosed. A Certificate of Completion will be sent by mail within two to three weeks of pass confirmation. Any student who does not appear for their scheduled final examination will automatically receive a mark of 0 which will be considered the first attempt. A re-write will have to be booked to complete the examination. Background Info: Ontario has a two-tiered licensing system: 1. You must get a Mortgage AGENT license. One requirement for the agent license is the Ontario Mortgage Agent Course. - Once you complete the Ontario Mortgage Agent Course, you must find a brokerage to sponsor your application for an agent license (and meet the other licensing criteria). The Principal Broker at the brokerage submits your license application on your behalf. - Full details on agent licensing can be found here: FSCO. Copyright of 5

4 Background Info: (cont d) 2. After you have been a licensed mortgage agent for a minimum of 24 of the last 36 months, you may apply for your BROKER license. - Licensed mortgage agents who plan to become principal brokers or supervise other agents must become licensed as a mortgage broker. One requirement for broker licensing is successful completion of the Mortgage Broker Education Program available only through CAAMP. - Once you complete the full Mortgage Broker Education Program you can apply for a broker license (assuming you meet the other requirements for licensing as well). - You must apply for a broker license within 3 years of completing the Mortgage Broker Education Program. If you exceed 3 years, then you must re-enrol and successfully complete the program again in its entirety. - Successful completion of the Mortgage Broker Education Program DOES NOT automatically guarantee that you will be granted a broker license it is only one of several requirements for licensing. - Full details on broker licensing can be found here: Broker. Fees: Mortgage Broker Education Program Tuition Extension: Final Assessment Reset: $ Includes: - Access to for six (6) months - Access to Virtual Study Group (online) for six (6) months - Online Study Guide and reading materials - Course materials including case studies, documentation, resource materials, etc. $ HST - Registration into Phase II and inclass instruction - In-person final assessment - Certificate of Completion - Completion status reporting to FSCO Two (2) month extension for online and virtual study group access. Extension requests must be made in writing via to education@caamp.org prior to the course expiry date. $ HST Students will receive a feedback report based on the previous assessment attempts. Students access to the assessment will be reset; a maximum of two (2) additional attempts are provided. Copyright of 5

5 Fees: Phase II (in-class) Examination Re-write: Cancellation: Transfer: $ HST If a student is unsuccessful on the final examination, they may attempt ONE re-write. The re-write examination must be completed within six (6) months of the original examination write date. If the student is unsuccessful on the rewrite, they must re-enrol in the full program. Phase I (Online Program) Requests must be received in writing via to education@caamp.org. Cancellation requests made within one (1) week of registration = full refund provided that no online modules have been accessed. If the online modules have been accessed, a fee of $ HST will apply. Cancellation requests made within four (4) weeks of registration = $150 + HST (regardless if modules have been accessed or not). No refunds for cancellation requests made more than one (1) month after registration. Phase II (In-Class) Transfer requests must be received in writing via to education@caamp.org and are subject to space and availability. Registration cannot be transferred to another individual. Transfer requests made one (1) month or more before class start date = no fee. Transfer requests made after two (2) weeks but before one (1) month before class start date = $ HST. A new in-class date must be selected. No transfers for requests made less than two (2) weeks before class start date. Copyright of 5