Out of Province Licensed Applicant
Quiz – $30
This course focuses on competencies (knowledge and skills) that are Ontario specific to ensure out-of-province applicants have knowledge of the requirements included in the Mortgage Brokerages.
Learning Outcomes
This course focuses on competencies (knowledge and skills) that are Ontario specific to ensure out-of-province applicants have knowledge of the requirements included in the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA), its regulations and FSRA’s guidance and rules that differ from other jurisdictions (i.e., local knowledge requirements).
Upon completion of the seminar/quiz, out-of-province applicants will be able to demonstrate knowledge of the requirements to practice the mortgage broker/agent occupation in Ontario. That is, they will be able to:
1. Explain the legal and regulatory framework that applies to mortgage brokering in Ontario;
2. Differentiate between mortgage brokerage/broker/agent/administrator in Ontario; and
3. Apply the requirements (including standards of practice) applicable to mortgage brokering in Ontario
To Proceed With The Quiz, Consider The Following Steps
AREAS OF FOCUS
For Out-of-Province Applicants: Understanding MBLLA / Regulations Under the Act
1. 📋 Licensing Requirements
- Two-tier licensing in Ontario
- Different licensing names across Canada
2. 🧑💼 Role of the Principal Broker
- Not clearly defined in all provinces
3. 🏠 Mortgage Suitability
- Requirements vary by province
- Reasonable steps required in Ontario
- Private lending considerations in Ontario
4. 🧾 Disclosure Requirements
- FSRA forms
5. 🛡️ Regulation and Enforcement
- Enforcement under MBLLA
6. 🧾 Filings, E&O, and Financial Guarantees
- AIR
- E&O
- Financial statements (Mortgage Administrators)
7. ⚖️ Standards of Practice
- Agents and Brokers
- Brokerages
- Administrators
8. 🎓 Continuing Education Requirements
- Ongoing education compliance