Mortgage Agent Program
Overview
Those who successfully complete this course 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.
Course
This 42-hour course has been accredited by the industry regulator, the Financial Services Commission of Ontario (FSCO), as meeting the educational requirements for licensing as a Mortgage Agent. It covers all the Mortgage Agent Qualifying Standards (MAQs) identified by 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 course also covers the legislation which governs the industry; the role of the Agent in consumer protection; and ethical decision-making.
Students who successfully complete MAP100 need to be employed by a Mortgage Brokerage in order to become licensed as a Mortgage Agent. Only the Mortgage Brokerage who employs you may apply to FSCO for your Mortgage Agent License. For further details about licensing requirements, please refer to the FSCO website: www.fsco.gov.on.ca
Frequently Asked Questions
PREPARING TO WORK IN THE MORTGAGE INDUSTRY: FAQS
INDUSTRY DETAILS
- What is the difference between a Mortgage Agent and a Mortgage Broker?
Mortgage Agent: This individual is typically new to the industry with little or no experience. They have successfully completed a Mortgage Agent's licensing course, such as Seneca College's Mortgage Agent Program (MAP100). In order to obtain their Mortgage Agent's license, they must be hired by a mortgage brokerage who will apply to the Financial Services Commission of Ontario (FSCO) for their license. Once licensed, they can arrange mortgage financing for clients while under the supervision of a licensed Mortgage Broker. Mortgage Agents cannot work on their own. The Agent is licensed by virtue of being employed by the brokerage which applied for the license.
Mortgage Broker: Seneca College no longer offers the Mortgage Broker Program. Please check with FSCO's website for the delivery agency details. To be licensed as a Broker, one must complete the licensing program approved by FSCO and to have been registered or licensed as a Mortgage Agent (working for a brokerage) for at least 2 years in addition to meeting the other requirements found on the FSCO website. This individual's brokerage will facilitate the individual's obtaining of a Mortgage Broker's license from FSCO. A Mortgage Broker must work for a licensed mortgage brokerage and, in addition to arranging mortgage financing for clients, is able to supervise licensed Mortgage Agents.
- What are the licensing requirements for Mortgage Agents?
The Financial Services Commission of Ontario (FSCO) licenses Mortgage Agents. For a list of the qualifications please visit FSCO's website at www.fsco.gov.on.ca.
- What education can I take at Seneca to meet the education-related licensing requirements for Mortgage Agents?
Seneca College offers the Mortgage Agent Program (MAP100) which meets all of the educational requirements as mandated by FSCO to obtain a Mortgage Agent's license. It is available either in class or online. The classroom delivery involves 42 hours of instruction and is available in a variety of ways including one night a week or all day Saturday for 7 weeks. The online delivery is offered in a variety of ways including semester (Jan, May, Sept) startups, as well as an intensive one week delivery offered each month (when it is assumed that students dedicate the entire week to their studies).
- How long will it take me to complete the Mortgage Agent Program?
As there are many different modes of delivery, time to complete MAP100 can vary. Please check the MAP website.
- Where can I get information about what's available this semester?
Please check our web site
- How can I register for MAP100?
There are three ways to register: online, by telephone or in person. Please check out the registration information.
- I am registered and received confirmation that I'm in an online course. How do I get my textbook?
Information on the required textbooks is available online. The required text book is listed on the course outline. To access the course outline, go to our main website @ http://www.senecacollege.ca/ce/index.html use the Google Search Bar to find the Mortgage Agent Program, then Course, Availability and Outline. You can order the book online through the Seneca Bookstore.
- Once in a course, how do I contact the instructor?
Once you are an active student in a class (virtual or otherwise), your instructor will give you very specific instructions about how to reach him/her. You should keep these instructions in a safe place (such as taping it to the inside cover of your textbook.)
- What if I don't like the course? Do I get my money back?
Please check our
transfer/withdrawal policy
Timelines related to withdrawal dictate how much money, if any, you get refunded.
- What's involved in taking an online course?
If you have the choice of classroom or online, we suggest you choose the method best suited for you. Check the Centre for Flexible Learning web site for an assessment that will help you decide if you're a good candidate for online learning.
- Where do I write the exam if I do the course online?
Every one, regardless of mode taken – on-line or in-class, writes the exam in an invigilated test centre at a College or a University. If you live within 100km of the college, it is expected that you do the exam in Seneca's test centre. Instructions on booking your exam are provided to you once your course begins.
- How soon after I write the exam can I get my grade?
For traditional classroom-based courses, your grade will be available within one week of the course's completion date. For online courses, your grade will be available 2-3 weeks after the end of the exam period. Students must access their grades online through the Student Centre. Grades are never released by your instructor. For more information on accessing grades please go to: http://www.senecacollege.ca/ce/info/registration/grade-results.html.
- How long does it take to receive my certificate?
Certificates are provided by Seneca College for those who successfully complete the educational requirements for licensing, MAP100 Mortgage Agent. You will be mailed your certificate once your exam has been graded and it has been determined that you have passed.
- What are admission requirements for the Mortgage Agent program?
There are no admission requirements; however, students with no previous financial services background should be prepared to devote a considerable amount of time to studying. The course also has a math component that requires students to have an understanding of general math concepts.
- Where can I get additional Information?
If, after you have reviewed the web site you have further questions, please contact the
following:
For Administrative or Student Support contact the Program Assistant at
Jacqueline.Bar@senecacollege.ca.