MAP100 - Mortgage Agent Program

Outline info
Semester
School
Last revision date 2017-06-15 11:17:50.877
Last review date 2017-06-15 11:17:50.878


Subject Title
Mortgage Agent Program

Subject Description
This 42-hour subject has been accredited by FSCO as meeting the educational requirements for licensing as a Mortgage Agent. It covers all the Mortgage Agent Qualifying Standards (MAQs) identified by the regulator, the Financial Services Commission of Ontario (FSCO); it provides those wishing to become licensed Mortgage Agents in Ontario with an understanding of the mortgage brokerage industry and an ability to perform the Agent's role in the mortgage application process. The subject also covers the legislation which governs the industry; the role of the Agent in consumer protection; and ethical decision-making. Students who successfully complete the MAP100 need to be employed by a Mortgage Broker in order to become licensed as a Mortgage Agent. Only the Mortgage Broker who employs you may apply to FSCO for your Mortgage Agent License.

Credit Status
This is a credit subject.

Learning Outcomes
Upon successful completion of this subject the student will be able to:

1. Analyze the contextual framework in which mortgages are transacted in Ontario.
2. Explain the components and mechanics of a mortgage.
3. Recognize the impact of the legal requirements related to the ownership and disposition of land and property on the mortgage industry.
4. Recognize the impact of regulation and legislation on the mortgage industry in Ontario.
5. Qualify the borrower.
6. Determine the borrower's needs.
7. Obtain a commitment from an appropriate lending source.
8. Disclose terms and conditions to the borrower.
9. Facilitate the mortgage closing process.
10. Manage contracts and agreements in accordance with legislation, including PIPEDA.
11. Recognize the impact of tort law on the mortgage brokerage industry.
12. Distinguish between ethical and unethical behaviours of Brokers and Agents.

Cheating and Plagiarism
Each student should be aware of the College's policy regarding Cheating and Plagiarism. Seneca's Academic Policy will be strictly enforced.

To support academic honesty at Seneca College, all work submitted by students may be reviewed for authenticity and originality, utilizing software tools and third party services. Please visit the Academic Honesty site on http://library.senecacollege.ca for further information regarding cheating and plagiarism policies and procedures.

Discrimination/Harassment
All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at student.conduct@senecacollege.ca.

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Disabilities Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.

Prerequisite(s)
None

Topic Outline

  • Market Overview
  • Basic Mortgage Concepts
  • Advanced Mortgage Concepts 
  • Property Ownership in Ontario
  • Regulation and Legislation
  • Transaction Overview
  • Insurance in the Mortgage Industry
  • Calculating a Mortgage Payment       
  • Attracting a Client
  • First Contact       
  • The Initial Consultation
  • Application Analysis – Application Ratios       
  • Application Analysis – Borrower Credit
  • Application Analysis – The Property
  • Choosing a Lender
  • Submitting the Application and Obtaining a Commitment      
  • Disclosure
  • Closing the Transaction
  • Contract and Tort Law
  • Mortgage Remedies
  • Mortgage Fraud
  • Ethical Mortgage Brokering 

Mode of Instruction
Classroom

  • Classroom format includes lectures, class discussions, group problem solving and case studies.
  • Any matters covered in the assigned chapters and by the instructor constitutes part of the course  content and is eligible for inclusion on the final examination.
  • It is ESSENTIAL that students read assigned material before class and make careful notes on the reading material as well as in-class lectures and discussion.
  • It is extremely important for students to be prepared for class and to be actively involved in discussions as this greatly aids the learning process.

Online
  • This course is delivered online.  This may involve the use of digital materials and/or a text, group discussions, interaction with your instructor, and online activities.
  • Any matters covered in the assigned chapters, by the instructor and in online Units constitutes part of the course content and is eligible for inclusion on the final examination.
  • It is ESSENTIAL that students follow the Syllabus and complete tasks by their assigned due dates.
  • It is extremely important for students to be actively involved in discussions as this greatly aids the learning process.

Prescribed Texts

  • White, Joseph J., Mortgage Brokering in Ontario – Agent Edition, 11th Edition, Real Estate and Mortgage Institute of Canada. ISBN #978-198-804-904-5
  • HP10B II Hewlett-Packard calculator.

Reference Material
None

Required Supplies
Three-ring binder, paper, pens, pencils, highlighter, above noted text and calculator.  

Promotion Policy

Grading Policy
A+ 90%  to  100%
A 80%  to  89%
B+ 75%  to  79%
B 70%  to  74%
C+ 65%  to  69%
C 60%  to  64%
D+ 55%  to  59%
D 50%  to  54%
F 0%    to  49% (Not a Pass)
OR
EXC Excellent
SAT Satisfactory
UNSAT Unsatisfactory

For further information, see a copy of the Academic Policy, available online (http://www.senecacollege.ca/academic-policy) or at Seneca's Registrar's Offices.


Modes of Evaluation
This course meets the educational requirements for Mortgage Agent licensing by the Financial Services Commission of Ontario.  Results of successful completion of this program are reported to FSCO (The Financial Services Commission of Ontario) on a regular basis.

In order to pass the final exam, students must obtain 60%.   The exam is multiple choice and case-based.  Students must pass the final exam to pass the course and meet the educational requirements for licensing.

Students who fail the final exam are eligible for one rewrite exam at the first available college rewrite date, at a cost of $125.  The highest grade a student can achieve on a rewrite is a 'C'.

Grading Scheme:


for Classroom students


In-Class Multiple Choice Test I
 
5%
In-Class Multiple Choice Test II 10%
Multiple Choice Term Test 20%
Case Study 15%
Final Exam 50%


If you are absent for the examination due to an emergency (death in the family, motor vehicle accident – not a business trip) official documentation must be provided to the Faculty of Continuing Education and Training Program Coordinator’s office, fax number 416-756-4360, prior to the examination and no later than the following day.


for Online students


Six Online Discussions 30%
4 Assignments 20%
Final Exam 50%







The final exam must be written at the Test Centre of the College at which you registered.  If you are unable to do so, please make alternative arrangements through the College at which you registered.


Absenteeism

Students should be aware that absenteeism will impact on their ability to achieve satisfactory grades.
Tests or examinations missed without official documentation and approval, prior to the test or examination and no later than the following day, results in a grade of zero.


PLEASE RETAIN THIS SUBJECT OUTLINE DOCUMENT FOR FUTURE EDUCATIONAL AND/OR EMPLOYMENT USE

Approved by: Sandra Noble