[chiac_divi_accordions chiac_i_header_padding=”||||false|false” chiac_i_right_icon_clr=”#FFFFFF” chiac_i_right_icon_bg_clr=”#000000″ chiac_i_right_icon_margin=”||||false|false” chiac_i_right_icon_padding=”0px|0px|0px|0px|false|false” admin_label=”FAQ Accordions Plus” module_class=”acccordions” _builder_version=”4.19.4″ _module_preset=”default” default_font=”Poppins|300|||||||” default_text_color=”#333333″ default_font_size=”1.2em” default_line_height=”1.6em” chiac_i_title_font=”Poppins|600|||||||” chiac_i_title_text_color=”#353535″ chiac_i_title_font_size=”18px” chiac_i_title_line_height=”1.4em” chiac_h4_font=”Poppins||||||||” chiac_h4_text_color=”#E02B20″ border_radii_chiac_i_right_icon=”on|50px|50px|50px|50px” saved_tabs=”all” global_colors_info=”{}”][chiac_divi_accordions_item title=”What is the mortgage agent level 2 licence?” chiac_subtitle_state=”off” chiac_title_padding=”0px|0px|0px|0px|false|false” chiac_body_padding=”30px|0px|0px|0px|false|false” chiac_r_icon_rotate=”on” chiac_r_icon_rotate_degree=”130deg” chiac_select_r_fonticon=”L||divi||400″ _builder_version=”4.19.4″ _module_preset=”default” chiac_title_font=”||||||||” chiac_text_font=”||||||||” chiac_h4_line_height=”1.4em” background_enable_color=”off” global_colors_info=”{}”]In addition to financial institutions that are CMHC approved lenders under the National Housing Act, the level 2 licence authorizes licensees to deal and trade in mortgages with all mortgage lenders, including mortgage investment companies, syndicates, private individuals, agents, brokers, and brokerages.[/chiac_divi_accordions_item][chiac_divi_accordions_item title=”How long is the course certificate valid for?” chiac_subtitle_state=”off” chiac_title_padding=”0px|0px|0px|0px|false|false” chiac_body_padding=”30px|0px|0px|0px|false|false” chiac_r_icon_rotate=”on” chiac_r_icon_rotate_degree=”130deg” chiac_select_r_fonticon=”L||divi||400″ _builder_version=”4.19.4″ _module_preset=”default” chiac_title_font=”|600|||||||” chiac_text_font=”||||||||” chiac_h4_line_height=”1.4em” background_enable_color=”off” global_colors_info=”{}”]The course is valid for licensing for 2 years from the date of completion.[/chiac_divi_accordions_item][chiac_divi_accordions_item title=”What are the key dates?” chiac_subtitle_state=”off” chiac_title_padding=”0px|0px|0px|0px|false|false” chiac_body_padding=”30px|0px|0px|0px|false|false” chiac_r_icon_rotate=”on” chiac_r_icon_rotate_degree=”130deg” chiac_select_r_fonticon=”L||divi||400″ _builder_version=”4.19.4″ _module_preset=”default” chiac_title_font=”|600|||||||” chiac_text_font=”||||||||” chiac_h4_line_height=”1.4em” background_enable_color=”off” global_colors_info=”{}”]Any licensee wishing to deal in private lending should take note of the following key dates:

• April 1, 2023: new licensing classes come into effect
• October 31, 2023: deadline to pass the Private Mortgages Course (PMC) Challenge Exam
• March 31, 2024: deadline to complete the Private Mortgages Course (PMC)

[/chiac_divi_accordions_item][chiac_divi_accordions_item title=”What are the requirements to take the Private Mortgages Course (PMC)?” chiac_subtitle_state=”off” chiac_title_padding=”0px|0px|0px|0px|false|false” chiac_body_padding=”30px|0px|0px|0px|false|false” chiac_r_icon_rotate=”on” chiac_r_icon_rotate_degree=”130deg” chiac_select_r_fonticon=”L||divi||400″ _builder_version=”4.19.4″ _module_preset=”default” chiac_title_font=”|600|||||||” chiac_text_font=”||||||||” chiac_h4_line_height=”1.4em” background_enable_color=”off” global_colors_info=”{}”]Anyone can take this course.[/chiac_divi_accordions_item][chiac_divi_accordions_item title=”What are the licensing and experience requirements?” chiac_subtitle_state=”off” chiac_title_padding=”0px|0px|0px|0px|false|false” chiac_body_padding=”30px|0px|0px|0px|false|false” chiac_r_icon_rotate=”on” chiac_r_icon_rotate_degree=”130deg” chiac_select_r_fonticon=”L||divi||400″ _builder_version=”4.19.4″ _module_preset=”default” chiac_title_font=”|600|||||||” chiac_text_font=”||||||||” chiac_h4_line_height=”1.4em” background_enable_color=”off” global_colors_info=”{}”]

The licensing and experience requirements below are effective as of April 1, 2023.
Mortgage Agent Level 1

• Experience: No experience required.
• Education: Successfully complete an approved mortgage agent course for licensing in Ontario, such as REMIC’s RMAC.
• Licensing: Apply for a mortgage agent level 1 licence within two years of successfully completing an approved course.

Mortgage Agent Level 2

• Experience: Applicants must have at least 12 months of experience over the last 24 months as a mortgage agent level 1.
• Education: Successfully complete REMIC’s Private Mortgages Course (PMC).
• Licensing: Apply for a mortgage agent level 2 licence within two years of successfully completing the course.

Mortgage Broker

• Experience: Applicants must have at least 24 months experience over the last 36 months as a mortgage agent level 2.
• Education: Successfully complete an approved mortgage broker course for licensing in Ontario.
• Licensing: Apply for a mortgage broker licence within three years of successfully completing an approved education program.

[/chiac_divi_accordions_item][chiac_divi_accordions_item title=”What is the transition period for current licensees? ” chiac_subtitle_state=”off” chiac_title_padding=”0px|0px|0px|0px|false|false” chiac_body_padding=”30px|0px|0px|0px|false|false” chiac_r_icon_rotate=”on” chiac_r_icon_rotate_degree=”130deg” chiac_select_r_fonticon=”L||divi||400″ _builder_version=”4.19.4″ _module_preset=”default” chiac_title_font=”|600|||||||” chiac_text_font=”||||||||” chiac_h4_line_height=”1.4em” background_enable_color=”off” global_colors_info=”{}”]The following transition period is relevant for those that are currently mortgage licensed in Ontario.

Individuals with five or more years of continuous licensing as of April 1, 2023:

Mortgage Agents – To transition to mortgage agent level 2, individuals must:

• complete the Private Mortgages Course (PMC) by March 31, 2024, OR
• pass the Private Mortgages Course (PMC) – Challenge Exam by October 31, 2023 (1 attempt limit)

Mortgage Brokers – To maintain their mortgage broker licence, individuals must:

• complete the Private Mortgages Course (PMC) by March 31, 2024, OR
• pass the Private Mortgages Course (PMC) – Challenge Exam by October 31, 2023 (1 attempt limit)
• Brokers who do not meet the new education requirements will transition to the mortgage agent level 1 licence upon renewal on April 1, 2024 and cannot carry out activities as a Principal Broker.

Individuals with one to five years of continuous licensing as of April 1, 2023:

Mortgage Agents – To transition to mortgage agent level 2, individuals must:

• complete the Private Mortgages Course (PMC) by March 31, 2024.

Mortgage Brokers – To maintain their mortgage broker licence, individuals must:

• complete the Private Mortgages Course (PMC) by March 31, 2024.

Individuals with less than one year of continuous licensing:

Mortgage Agents – To transition to mortgage agent level 2 must:

attain one year of experience AND

complete the Private Mortgages Course (PMC)

Mortgage Brokers – To maintain their mortgage broker licence, individuals must:

• complete the Private Mortgages Course (PMC) by March 31, 2024.
• complete the Private Mortgages Course (PMC) by March 31, 2024.
• Brokers are exempt from attaining two years’ experience as a mortgage agent, level 2 prior to transitioning to the new broker licence.

[/chiac_divi_accordions_item][chiac_divi_accordions_item title=”What is the challenge exam?” chiac_subtitle_state=”off” chiac_title_padding=”0px|0px|0px|0px|false|false” chiac_body_padding=”30px|0px|0px|0px|false|false” chiac_r_icon_rotate=”on” chiac_r_icon_rotate_degree=”130deg” chiac_select_r_fonticon=”L||divi||400″ _builder_version=”4.19.4″ _module_preset=”default” chiac_title_font=”|600|||||||” chiac_text_font=”||||||||” chiac_h4_line_height=”1.4em” background_enable_color=”off” global_colors_info=”{}”]The challenge exam is a 50 question multiple choice examination that upon successful completion replaces the requirement to complete the Private Mortgages Course (PMC).

The challenge exam may only be attempted once; individuals who do not pass the challenge exam must complete the Private Mortgages Course (PMC).

The challenge exam option is ONLY available to those licensees that:

• have five or more years of continuous licensing experience
• believe they have the experience and competencies reflected in the new education requirement to be a mortgage agent level 2 or mortgage broker. View MBRCC’s Private Lending Competencies and Curriculum.

   

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