MAP100 - Mortgage Agent Program

Outline information
Semester
Schools offering this subject
Last revision date Sep 30, 2019 12:44:20 AM
Last review date Nov 11, 2019 12:15:04 AM

Subject Title
Mortgage Agent Program

Subject Description
This 42-hour subject has been accredited by FSCO as meeting the educational requirements for licensing as a Mortgage Agent. It covers all the Mortgage Agent Qualifying Standards (MAQs) identified by the regulator, the Financial Services Commission of Ontario (FSCO); it provides those wishing to become licensed Mortgage Agents in Ontario with an understanding of the mortgage brokerage industry and an ability to perform the Agent's role in the mortgage application process. The subject also covers the legislation which governs the industry; the role of the Agent in consumer protection; and ethical decision-making. Students who successfully complete the MAP100 need to be employed by a Mortgage Broker in order to become licensed as a Mortgage Agent. Only the Mortgage Broker who employs you may apply to FSCO for your Mortgage Agent License.

Credit Status
This is a credit subject.

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

1. Analyze the contextual framework in which mortgages are transacted in Ontario.
2. Explain the components and mechanics of a mortgage.
3. Recognize the impact of the legal requirements related to the ownership and disposition of land and property on the mortgage industry.
4. Recognize the impact of regulation and legislation on the mortgage industry in Ontario.
5. Qualify the borrower.
6. Determine the borrower's needs.
7. Obtain a commitment from an appropriate lending source.
8. Disclose terms and conditions to the borrower.
9. Facilitate the mortgage closing process.
10. Manage contracts and agreements in accordance with legislation, including PIPEDA.
11. Recognize the impact of tort law on the mortgage brokerage industry.
12. Distinguish between ethical and unethical behaviours of Brokers and Agents.

Academic Integrity
Seneca upholds a learning community that values academic integrity, honesty, fairness, trust, respect, responsibility and courage. These values enhance Seneca's commitment to deliver high-quality education and teaching excellence, while supporting a positive learning environment. Ensure that you are aware of Seneca's Academic Integrity Policy which can be found at: http://www.senecacollege.ca/about/policies/academic-integrity-policy.html Review section 2 of the policy for details regarding approaches to supporting integrity. Section 2.3 and Appendix B of the policy describe various sanctions that can be applied, if there is suspected academic misconduct (e.g., contract cheating, cheating, falsification, impersonation or plagiarism).

Please visit the Academic Integrity website http://open2.senecac.on.ca/sites/academic-integrity/for-students to understand and learn more about how to prepare and submit work so that it supports academic integrity, and to avoid academic misconduct.

Discrimination/Harassment
All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at student.conduct@senecacollege.ca.

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.