Citation & Credit: https://www.remic.ca/information-for-new-students/
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Download a pdf version of the study books at www.coursetreelearning.com
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RMAC Course Overview – REMIC Mortgage Agent Course for Licensing (RMAC)
The first step in becoming a licensed mortgage agent begins with taking and completing the REMIC mortgage agent course for licensing (RMAC). This course is required by the Financial Services Commission of Ontario (FSCO) to become a licensed mortgage agent or mortgage broker in Ontario.
Table of Contents
Course Summary
How to Register in 2 Steps
What happens once I Register
Topics Covered
Course Duration
Course Formats
Inclass courses
Online courses
Course and Academic Support
The Final Exam
Mortgage Agent Course Prerequisites
Licensing Prerequisites
Registration Policy
Mortgage Agent Course Summary
Course Length: 47 hours
Course Delivery: online, live webcast or in-class
Final Examination: 3 hours (Online through our Online Proctored Exam partner)
Enrollment Period: one week up to 6 months
How to Register in 2 Steps
Step 1: Choose your course mode, either in class, live webcast or online. If you choose the in class or live webcast you have 3 different options to choose from:
5 days Mon to Fri – 5 days in class in a row
2 Saturdays – 2 consecutive Saturdays in class with 6 days online in between
5 Sundays – 5 consecutive Sundays in class.
Step 2: If in class or live webcast click on a course date to register. If online click here or go to www.remic.ca/online to see the online course options. Choose one by clicking on “register now”.
Registrations are accepted online, by telephone at 877-447-3642 or in person at 2175 Sheppard Ave East suite 307 (our office is closed at this time due to COVID-19).
What happens once I Register?
Once you complete your registration, you will receive a confirmation email with your course details. All course options come with immediate access to an online section of the course. Once registered you can log in right away. You will also receive a hard copy of the textbook via Canada Post within 2 business days (there may be delays due to COVID-19) unless you registered for the e-textbook course OR unless your course starts within 5 business days – in this case you will be given your textbook in class on your first day. Of course you still have immediate access to the online version of the textbook.
Topics Covered
The topics in the course are all based on REMIC’s textbook ‘Mortgage Brokering in Ontario – Agent Edition. The textbook is comprised of 23 different Chapters as per below, that touch on all the aspects that are included in the mortgage process. If you are looking for a detailed breakdown of the type of information that is in the course, you can click here to view/download a full table of contents.
Chapter 1: Market OverviewChapter 13: Application Analysis – Application RatiosChapter 2: Basic Mortgage ConceptsChapter 14: Application Analysis – Borrower CreditChapter 3: Advanced Mortgage ConceptsChapter 15: Application Analysis – The PropertyChapter 4: Property Ownership in OntarioChapter 16: Choosing the LenderChapter 5: Regulation and LegislationChapter 17: Submitting the ApplicationChapter 6: Transaction OverviewChapter 18: Borrower DisclosureChapter 7: Insurance in the Mortgage IndustryChapter 19: Closing the TransactionChapter 8: Calculating a Mortgage PaymentChapter 20: Contract LawChapter 9: Attracting a ClientChapter 21: Mortgage RemediesChapter 10: First ContactChapter 22: Mortgage FraudChapter 11: The Initial ConsultationChapter 23: Ethics and Mortgage BrokeringChapter 12: Application Analysis – Borrower DocumentsFinal Case Study
Mortgage Agent Course Duration
For the in class courses the examination is set for the last day of the course. You can choose to defer the exam at no penalty as long as you complete it within 6 months. For the live web class and the online course you must complete the course within 6 months. However, most students get through it much faster.
Mortgage Agent Course Formats
We offer several different types of in-class courses designed to meet the varying needs of our students who prefer the in-class experience. The material is the same as in the online course, however in class you also have the benefit of the live experience. Another main difference between the online and the in-class course is the time allotted to complete the course. The online course can be completed in up to 6 months, while the in class course is completed in its format. So a five day course is completed in those five days, while 5 Sundays are completed in that time frame. However, if you don’t feel that you are prepared to write the exam at the end of the in class course (perhaps you could not devote the time necessary during the course) you can defer the exam at no cost. It’s as simple as requesting that from your instructor. You will also receive a hard copy of the textbook within 2 business days unless your course starts within 5 business days – in this case you will be given your textbook in class on your first day. Of course you still have immediate access to the online version of the textbook.
In Class / Live Webcast Course Format – $385
ALL in class courses include full online access to video tutorials, interactive quizzes, discussion questions, a case study, a full exam prep guide and practice examination. REMIC offers 3 different types of in-class/live webcast courses designed to meet the varying needs of our students who prefer the in-class experience. All courses run from 10AM – 4PM:
Monday to Friday
Perfect if want to complete the course quickly and can committ a full week
5 days in-class in a row Monday – Friday
the exam is written on Friday
2 Saturdays
Perfect for you if you want “face time” with your instructor but you can’t commit to a full week
1st Saturday in-class, 6 days online, 2nd Saturday in-class
the exam is written on the second Saturday
5 Sundays
Perfect if you want 5 full days in-class but can’t commit 5 consecutive days
5 consecutive Sundays in-class
the exam is written on the last Sunday
Online Course Format
The online course is best suited for those students who are able to work on their own, enjoy or need to be able to work at their own pace and have a minimum level of self-motivation. The online course offers you the flexibility to complete it in as little as one week or take up to six months. This means that it has the flexibility to meet even the most demanding schedules. Designed for ease of use, our online course combines video tutorials, interactive assignments, a very user-friendly textbook and the ability to communicate with your dedicated instructor online when you need the help.
Each version includes:
Dedicated online instructor
Immediate online access including a pdf soft copy of the textbook
Online quizzes, discussions, assignments, video tutorials and the exam prep guide and practice exam
Finish the course from within 1 week or take up to 6 months
Exams every Monday and Friday in Toronto, every other Monday in Mississauga, or at any College or University of your choice
Online with a hard copy of the textbook – $365
REMIC will ship you a hard copy of the textbook within 2 business days
Online with e-textbook only – $338
Immediate online access including a pdf soft copy of the textbook
Mortgage Agent Course and Academic Support
REMIC offers unparalleled support to our students. For academic support you have constant access to your instructor via email and through the online portal. The online section of the course includes a full examination prep guide and practice examination. In addition, REMIC has a Live Chat service operated 9:00AM – 7:00PM Monday-Friday. You can also call us at 877-447-3642. REMIC also offers free job placement assistance for all of our graduates. This is a completely free service that you can take advantage of once you complete the course!
The Final Exam
RMAC provides you with all of the material you need to prepare for the exam, including exam preparation quizzes based on previous exams. If you fail your first attempt you have the option to come and review your exam at no additional cost. You will also have one free rewrite. Once you pass you’ll have your results within 24 hours, including your certificate! REMIC is the only provider providing results this fast.
Online Exam: [During COVID-19] The exam is available online 24 hours per day, 365 days per year through our Online Proctored Exam partner. Results are available after a review process that can take up to 3 days. Please see the Online Proctored Exam Rules.
In-Person Exam: [Post COVID-19 (dates to be announced later)] The exam can be written at our Toronto location or at any College or University test centre in Canada. For online students within the GTA REMIC hosts exams every Friday from 1 PM to 4 pm at our Toronto location
In Class: Exams are held on the final day of your course, from 1 pm to 4 pm (unless otherwise noted in the course). If you don’t feel ready to write the exam on the last day of your in class course you can defer the exam for up to 6 months from the date that you registered, at no cost and no penalty and write it on on any exam date in Toronto (typically held every Friday except for holidays), or at any College or University test centre in Canada (a separate cost would apply in that case)
Online: Exams can be written any time before your course enrollment ends. You can defer the exam for up to 6 months from the date that you registered, at no cost and no penalty.
Exam format: Online through our Online Proctored Exam partner (during COVID) or paper based (in-person, dates to be announced post-COVID)
Exam length: 3 hours
Question format: Multiple Choice (some questions will reference a case study)
Attempts: 2 attempts (no additional charge for in-person rewrite. Online rewrite costs are payable by the student)
NOTE: There is no penalty for missed in-person exams and you can re-schedule your exam free of charge. There is a penalty for missing an online scheduled exam.
Passing grade: 60% (30/50)
Results: Online exam results are available after a review that normally takes 3 days. In-person exam results (and certificate if passed) are given within 24 hours with the exam score
Exam Review: For students who do not pass their first attempt a free exam review is available
Mortgage Agent Course Prerequisites
The mortgage agent course in Ontario is available to anyone; however it is recommended that you have at least a high school education with equivalent English or French language and math skills.
Licensing Prerequisites
The Financial Services Commission of Ontario has set out the following additional requirements in order to become licensed after completing the course:
be 18 years of age or older,
be a resident of Canada,
have a mailing address in Ontario that can receive registered mail (not a post office box),
be authorized by a Mortgage Brokerage to deal in mortgages,
work for only one Mortgage Brokerage,
meet the Mortgage Agent education requirements, and
have a valid e-mail address (this is necessary for the application process