RLE030 - 2016 - Ontario CE Course for Mortgage Brokers and Agents

Outline info
Last revision date 2017-11-21 11:32:47.422
Last review date 2017-11-21 11:32:50.642

Subject Title
2016 - Ontario CE Course for Mortgage Brokers and Agents

Subject Description
This course meets the Mortgage Broker and Agent Re-Licensing Education (RE) requirements as mandated by the Financial Services Commission of Ontario (FSCO). Starting November, 2015 all licensed mortgage brokers and agents (including agents reemployed by finance companies) and principal brokers, are required to complete this course to be eligible to renew their license in 2016.

Credit Status
This course meets the Mortgage Broker and Agent Re-licensing requirements as stipulated by FSCO. A designation of SAT/UNSAT will be recorded on the student’s Seneca College Academic Record. Students will not receive a certificate for this course, but are able to access their Academic Record or request an official transcript from the Registrar’s office. Results will be forwarded to the Financial Services Commission of Ontario (FSCO).

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

Upon successful completion of this course the student will be able to:

  1. Professional practice
Ensure public relations materials comply with the MBLAA
  • Identify examples of public relations materials that comply and examples that do not comply. (Public relations materials are the top cause of complaints of FSCO. 19 per cent of mortgage brokering complaints in 2014 concerned public relations materials.)
Enhance detection and prevention of mortgage fraud
  • Describe practices that brokers and agents can apply to their dailt practice to prevent mortgage fraud.
  • Describe what brokers and agents can do to ensure they are not being used to facilitate fraud and are not making themselves willfully blind to fraud.
Documentation and records
  • Practices to proactively keep documentation and records - including notes of conversations - to help brokers and agents validate compliance with the MBLAA when responding to consumer complaints. ( FSCO field audits found documents from files were missing or unavailable. )
  • Application to surrender a mortgage broker or agent licence
  2. Private lending and investing
Ensure suitability in private lending

  • How to ensure a mortgage arranged for a high-risk borrower is suitable for the borrower and that the borrower makes an informed decision.
Complete due diligence on syndicated mortgage investments
  • How brokers and agents who sell syndicated mortgage investments should complete proper due diligence regarding developers, promoters, the property and other risks in syndicated mortgage investments.
Understand new features of the updated Invertor/Lender Disclosure Statement and Renewal Forms
  • How to use the updated and new features of the Investor/Lender Disclosure documents to ensure clients understand the investment and its risk and are able to make informed decisions.
  • When are brokers required to complete the new Addendum for Construction and Development Loans and the new Waiver for reducing the required waiting period.
CE course supporting documents:
  • Investor/Lender Disclosure Statement, Waiver and Renewal Forms
  • Bulletin on "Requirements for Promoting Syndicated Mortgage Investments"
  • Detecting and Preventing Mortgage Fraud- A Checklist
  • Amendments to Regulations 187/08, 188/08 effective January 1, 2016
  • FSCO Mortgage Broker e-Newsletters
  • FSCO Compliance checklists

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.

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.

This course is avaiable to licensed mortgage brokers and agents.

Topic Outline


  • Professional Practice
  • Public relations material compliance with MBLAA
  • Detection and prevention of mortgage fraud
  • Documentation and records
  • Suitability in private lending
  • Due diligence on syndicated mortgage investments
  • Investor/Lender Disclosure statement and renewal forms

Mode of Instruction
This course is delivered in an on-line format. It utilizes pre-reading of learning materials, discussion forums, case studies, and self-testing quizzes.

Prescribed Texts

Reference Material

Required Supplies

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)
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
SAT/UNSAT grades are awarded for the completion/non-completion of this course. All results will be reported to FSCO.

Approved by: Sandra Noble