FSM341 - Mortgage Financing and Consumer Credit

Outline information
Schools offering this subject
Last revision date May 18, 2020 10:00:54 PM
Last review date May 19, 2020 9:06:28 AM

Subject Title
Mortgage Financing and Consumer Credit

Subject Description

The focus of this course is processes associated with consumer credit, residential mortgage administration and underwriting. The course will focus on the tools needed to assess the financial viability of an individual's mortgage and/or loan request and will provide exposure to the procedures followed by financial institutions should borrowers experience financial difficulties in meeting their debt requirements.
Pre-requisite: BAB110

Learning Outcomes
Upon successful completion of this subject the student will be able to:

  1. Analyze the framework in which mortgages are transacted in Ontario.
  2. Outline the mechanics of a mortgage, identifying the various components included in a mortgage.
  3. Offer mortgage-related advice, taking into consideration all legal requirements related to the ownership and disposition of land and property.
  4. Articulate relevant regulations and legislation and their impact on the mortgage industry in Ontario.
  5. Synthesize information from a variety of sources and analyze data to determine a borrower’s needs and to qualify a borrower.
  6. Evaluate lending sources and then identify an appropriate lender, communicating mortgage terms and conditions accurately and facilitating the closing process.
  7. Manage contracts and agreements in accordance with legislation, including PIPEDA.
  8. Explain components of tort law and outline the impact of tort law on the mortgage brokerage industry.
  9. Given a case scenario, analyze the decisions and actions of Brokers & Agents and distinguish between ethical and unethical behaviours.

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Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Accessibility Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.