Industry trainer REMIC becomes the second provider to announce FSCO approval for its Ontario mandatory re-licensing course – following IMBA’s announcement and likely just ahead of two others.
We’re excited to assist the regulator in its goal of increasing industry compliance through our leading edge training program,” REMIC President Joe White said in a press release issued Wednesday. “Mortgage agents and brokers in Ontario are committed to providing the highest quality of counsel possible to their clients, and REMIC is just as dedicated to providing the industry with the highest quality of training.”
On Tuesday, the Independent Mortgage Brokers Association of Ontario posted its own course plans on the web, citing FSCO approvals, now in hand. CAAMP and Seneca College have yet to make their announcements, although they were among the four organizations invited to present course proposals this summer.
To be completed by March 31, 2012, the mandatory course will bring Ontario mortgage brokers and agents in line with counterparts in Alberta and British Columbia. They already submit to similar education requirements as a condition for license renewal and billed as a way of improving compliance with provincial laws on mortgage brokering.
In Ontario, the course – generally, five hours – will provide brokers and agents with details on complying with disclosure and other requirements set out in the Mortgage Brokerages, Lenders and Administrators Act, 2006, and its regulations.
There is some leeway: licenses that are renewed on March 31, 2012, without the mandatory course will be deemed “conditional licenses.” And those conditional licensees have until June 30 to complete the course or surrender their right to practice in the province.
Neither IMBA nor REMIC have publicized prices for courses, which will be offered both online and in class as early as Nov. 1.
“Our online course will engage participants through its cutting edge interactive video presentations, case studies and a quiz,” said White. “REMIC's one-day in-class course will be provided in several locations throughout Ontario, and be taught by industry professionals.”
Those same professionals have been largely supportive of the new requirement, with both CAAMP and IMBA actively lobbying for it.