Challenge Exam - Private Mortgages Course

CMBA offers the challenge exam as part of the transition period to adopt the new licensing classes established under sections 2, 5, 5.0.1 and 5.0.2 of O. Reg. 409/07 for individuals seeking a mortgage agent or broker licence in Ontario.

Eligibility to take the challenge exam
  • You have a Mortgage Agent licence with five or more years of continuous licensing as of April 1, 2023 OR
  • You have a Mortgage Broker licence with five or more years of continuous licensing as of April 1, 2023

Specific information on eligibility criteria is available on FSRA’s website: Click Here.

    Details on the challenge exam
    • Cost to write the challenge exam is $175 + HST for members and $199 for non-members
    • Members must use a coupon when paying for the Challenge Exam to activate the reduced cost. The coupon can be found once you login to the members portal Here
    • Challenge exam is an online exam consisting of 55 multiple choice questions
    • You have 3 hours to complete the exam in one sitting. You cannot leave and re-enter the exam. Your results will be scored once you leave the exam.
    • You must achieve a minimum score of 80% to successfully pass the challenge exam. Only pass/fail results will be provided.
    • Results will be provided within 7 business days
    • You have only 1 attempt.
    • If you are not successful, you will be required to successfully complete the Private Mortgages Course by March 31, 2024.
    • For any specific accessibility accommodations, please contact CMBA at office@cmbaontario.ca
    Breakdown of exam questions
    • No material is provided for review in advance of writing the Challenge Exam
    • It is expected that you have the experience and competencies reflected in the new education requirement to be a mortgage agent level 2 or mortgage broker that exempts you from taking the Private Mortgages Course
    • The examination questions will cover the following MBRCC competencies:

    1. General – Introduction to Private Mortgages = up to 5% of questions

    2. Private Mortgage Transaction Process = up to 20% of questions

    3. Working for the Borrower = up to 20% of questions

    4. Working for the Lender/Investor = up to 20% of questions

    5. Working for both the Borrower and Lender/Investor = up to 20% of questions

    6. Understanding Mortgage Administration = up to 5% of questions

    7. Detecting and Preventing Mortgage Fraud = up to 5% of questions

    8. Ethics and MBRCC Code of Conduct = up to 5% of questions

    Timeline to complete the challenge exam
    • If you are eligible to write the challenge exam, you have between January 1, 2023 and October 31, 2023 to successfully pass the challenge exam
    • If you do not successfully pass the challenge exam, you will be required to take the Private Mortgages Course in order to maintain your licensing level.
    • More details on the transition period requirements for the new licensing classes is available on FSRA’s website: Click Here.
    What happens if I do not successfully pass the challenge exam?

    If you have not achieved the minimum score of 80% on the challenge exam, you will be required to successfully complete the Private Mortgages Course by March 31, 2024. Click here for details on the Course.

    CMBA Education Policies

    Code of Conduct

    Everyone taking a course at CMBA must adhere to the Learner’s Code of Conduct. You will need to attest that you adhere to the code.

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          Accommodation Policy

          CMBA is happy to make accommodations within reason for Learners with a valid accessibility need.

          It is expected that at a minimum, all Learners who are registering for a CMBA course is able to successfully operate as a Mortgage Agent or Broker with these basic skills: fluency in English, comfortable with computers, able to navigate web browsers, and comfortable completing online forms/questionnaires.

          Please contact CMBA at office@cmbaontario.ca to inquire about your specific accessibility accommodation.

            Register to write the Challenge Exam

            To Register Please Click Here

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