Private Mortgages Course
The CMBA Accredited Private Mortgages Course provides active mortgage agents in Ontario with the knowledge and skills they need to effectively transact with Private Lenders.
Read All About New Licensing and Education Requirements Here
This is a mandatory course for all agents looking to obtain their Mortgage Agent Level 2 licence.
This course is accredited by the Financial Services Regulatory Authority of Ontario (FSRA), and adheres to the Mortgage Broker Regulators Council of Canada (MBRCC) accreditation standards.
You must successfully pass the final examination online to complete the course. The examination consists of 50 questions and a score of at least 70% is required. Results will be provided within 7 business days after the completion of the final examination.
Register For The Private Mortgage Course Below:
Courses Will Run 9am – 4pm each day
Learning Outcomes
The course is designed to align with FSRA’s learning outcomes:
- Education/competency requirements that better align with activities in the mortgage market
- Enhanced consumer protection as borrowers and lenders / investors receive appropriate levels of information and recommendations to make informed decisions relevant to their mortgages / mortgage investments
- Enhanced confidence in the mortgage brokering industry as licensees are prepared for their career in the mortgage brokering sector
Live Virtual Setting
Experience the in-class setting from the comfort of your own home or office. Instructed by experienced mortgage industry professionals, and includes lectures, class discussions, group problem solving and case studies. Virtual class is offered in 2 formats to accommodate various work and family schedules. Take the week-long course (Mon-Fri) or the weekend course (2 consecutive weekends, Sat and Sun). Classes run from 9:00AM to 4:00PM each day
Cost for Virtual Course:
Member: $299 (HST exempt)
Non-Member: $349 (HST exempt)
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
Students will be given 2 breaks and 1 lunch break each day. The instructor will go through all the chapters during class, including PowerPoint presentations and quizzes that will be done as a class and on your own time. Attendance is mandatory, to successfully fulfil FSRA’s requirements for the Mortgage Agent Level 2 Certification. The instructor will also provide their contact information if the students have any questions while studying at home.
Students must complete the online exam after the last class. A rescheduling fee will be applicable for students who need to reschedule the exam.
An electronic textbook will be emailed to students prior to the first class. A paper textbook can be ordered for a fee.
The course content and exam are the same for both the virtual and online formats. Everything covered in the assigned chapters and by the instructor constitutes part of the subject content and is eligible for inclusion on the final examination.
It is ESSENTIAL that students read the assigned material before class and make careful notes on the reading material as well as in-class lectures and discussion.
NOTE: In order for a course to proceed, a minimum number of participants must be met. If the minimum number of registrants for the course dates you have chosen is not met, you can switch into an alternate date we are offering or into our online course.
In-Class Course
The in-class course is hosted at CMBA Ontario’s head office at 40 Winges Road, Unit 7, Woodbridge, Ontario, L4L 6B2. It is instructed by an experienced mortgage industry professional, and includes lectures, class discussions, group problem solving and case studies.
Cost for In-Class Course:
Member: $299 (HST exempt)
Non-Member: $349 (HST exempt)
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
It’s offered in 2 formats to accommodate various work and family schedules. Take the weeklong course (Mon-Fri) or the weekend course (2 consecutive weekends, Sat and Sun). Classes run from 9:00AM to 4:00PM each day
The course content and exam are the same for both the in-class and online formats. Everything covered in the assigned chapters and by the instructor constitutes part of the subject content and is eligible for inclusion on the final examination.
Students must complete the online exam after the last class. A rescheduling fee will be applicable for students who need to reschedule the exam.
An electronic textbook will be emailed to students prior to the first class. A paper textbook can be ordered for a fee.
It is ESSENTIAL that students read assigned material before class and make careful notes on the reading material as well as in-class lectures and discussion.
Your safety is important:
- Each session date is followed by a complete cleaning of the classroom.
- There are numerous sanitation stations.
- Measures for social exclusion are in place.
NOTE: In order for a course to proceed, a minimum number of participants must be met. If the minimum number of registrants for the course dates you have chosen is not met, you can switch into an alternate date we are offering or into our online course.
Online/Self-Study
Take the course on your own time! Students can take up to 6 months from the date of registration to complete the online course and examination.
Students who are unable to complete the online course within the 6-month period, may request a 2-month extension for a nominal fee of $75 plus HST. Students will be allowed to purchase a maximum of two, 2-month extensions, for a total of 4 months that can be taken consecutively or staggered but must be completed along with final exam within a year of initial registration. If the course, extension(s) and exam cannot be completed
after 2 course extensions, you will be required to re-register for the course again at full cost.
Cost for Online Course:
Member: $299 (HST exempt)
Non-Member: $349 (HST exempt)
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
Only once you have completed your review of the course content, you can access the final examination, which is proctored online.
Refund policy
Virtual or In-Class:
- Students who wish to cancel the course after purchase will receive a refund minus a 25% administration fee.
- There is no charge for re-scheduling.
- Refunds will not be available past the start date of the class.
Online/Self-Study:
- No refund shall be given beyond 5 days of registration or if the first module has been opened.
- If within 5 days and no modules have been opened, a refund will be given minus 25% administration fee.
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.
Privacy Policy
We are committed to protecting the privacy of the personal information on CMBA’s members and students enrolled in CMBA’s courses.
Review our privacy policy for more information.
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.
The mortgage Agent Course (MAC) will soon be called Mortgage Agent Level 1 or MAL1.
What is a Private Mortgage?
A private mortgage is a type of mortgage loan whereby funds can be sourced from another person or business rather than borrowing from a bank or other financial institution.
Areas of focus: Following guidance from the Mortgage Broker Regulators’ Council of Canada (MBRCC) and the Financial Services Regulatory Authority of Ontario (FSRA), the course will follow these eight areas of focus:
1. General – Introduction to Private Mortgages
2. Private Mortgages Transaction Process
3. Working for the Borrower
4. Working for the Lender/Investor
5. Working for Both the Borrower and the Lender/Investor
6. Understanding Mortgage Administration
7. Detecting and Preventing Mortgage Fraud
8. Ethics and MBRCC National Code of Conduct for the Mortgage Brokering Sector
In April 2022, the government and FSRA implemented new licensing classes with enhanced educational requirements for brokers and agents working with private mortgage lenders and raising capital. This initiative supports the Ontario government’s direction to introduce licensing categories that better respond to the unique practices required by certain segments of the mortgage market, and enhance competency in the mortgage brokering sector to better protect consumers.
What is a Private Lender?
A private lender is a person or business that loans money to someone but is not connected to a financial institution such as a bank, credit union, finance company, or NHA-approved lenders. Private lenders can be a relative, a friend or colleague, or someone you don’t even know.
What will change?
Effective April 1, 2023, there will be two licensing classes for mortgage agents as follows:
- Level 1 – agents are authorized to deal and trade in mortgages with financial institutions or approved by the Canada Mortgage and Housing Corporation (CMHC) approved lenders under the National Housing Act
- Level 2 – agents are authorized to deal and trade in mortgages with mortgage lenders, including private individuals.
Full details can be found on FSRA’s information and resource page, including the official Guidance.
To demonstrate their competency in dealing and trading in private mortgages, mortgage brokers, including principal brokers and agents who want to hold a level 2 licence, will need to complete and pass the Private Mortgages Course approved by FSRA. Brokers and agents who have five years of continuous licensing experience may choose to write the Private Mortgages Course Challenge Exam in place of completing the course.
The objective of the course and exam is to ensure that licensees have enhanced knowledge about the regulatory framework, transaction processes and risks (including risk of fraud) associated with private lending.
Key dates
- Early 2023 – Private Mortgages Course and Challenge Exam available
- October 31, 2023 – deadline to pass the Private Mortgages Course Challenge Exam
- March 31, 2024 – deadline to complete the Private Mortgages Course
What this means for you
Existing brokers and agents who are eligible and wish to hold a level 2 agent or broker licence must successfully pass the Private Mortgage Course or the Challenge Exam before the deadlines. Licensees that do not pass the Challenge Exam by October 31, 2023, must complete and pass the Private Mortgage Course by March 31, 2024. Those who do not complete these requirements will transition to a Level 1 agent licence on April 1, 2024.
If a principal broker does not successfully complete the course or the exam, its mortgage brokerage must appoint another principal broker who has the appropriate experience and educational requirements.
Be sure to watch for more updates on this important initiative from FSRA, including course availability and an industry webinar.
