Ontario Mortgage Broker Education Program (OMBEP)

The two-phased format of the Ontario Mortgage Broker Education Program (OMBEP) is prescribed by the Financial Services Regulatory Authority of Ontario (FSRA). The program focuses on the skills and knowledge required to hire and effectively supervise agents and to ensure that the brokerage complies with the Mortgage Brokerages, Lenders and Administrators Act, 2006, its Regulations, and prescribed requirements. It is also designed to meet both the Mortgage Broker Qualifying Standards (MBQS) and MBRCC’s Managing Broker Program Competencies and Curriculum.

Phase I must be completed within six (6) months of registration. Participants must fully complete Phase I (online) in order to register into Phase II (in-class).The Phase II (in-class) component must be completed within one (1) year of completing the Phase I (online) component. Dates for the in-class training will be provided upon successful completion of Phase I.

Admission Requirements

• Minimum age of 18 years old.
• Resident of Canada.
• Be authorized by a mortgage brokerage to deal in mortgages.
• Complete an approved mortgage agent education program for a Mortgage Agent Level 1 licence.
• Have already been licensed as a mortgage agent level 2 for at least 24 months over the last 36 months.
• Complete an approved education program for a Mortgage Agent Level 2 licence.

What You’ll Learn

• Understanding the regulatory environment and the importance of promoting a collaborative relationship with the Regulator.
• Implementing policies and procedures to ensure agents comply with the Act, its Regulations, and prescribed requirements.
• Determining whether staff are acting ethically or unethically and determining the most appropriate action to take.
• Dealing with, and protecting, clients.
• Creating and implementing best practices.