Ontario Mortgage Agent L1 case studies
Ontario Mortgage Agent L1 · Put your knowledge to work in context.
The Ontario Mortgage Agent Licence (Level 1) qualifying exam is the entry credential that candidates pursue in order to work as mortgage agents in Ontario, where mortgage brokering is supervised by the Financial Services Regulatory Authority of Ontario (FSRA), described on its site as "an agency of the Government of Ontario" that protects consumer rights by promoting high standards of business conduct and transparency within the financial services it regulates. Candidates are typically people entering the mortgage brokering industry, career changers, and staff at brokerage firms who need a licence before dealing with borrowers. FSRA's home page points consumers to a "Getting a Mortgage" section that asks "Is your broker or agent licenced?", and directs industry users to a Mortgage Licensing Link, so licensing status is a live public question rather than a formality. The exam is delivered in multiple-choice format and spans six areas: the FSRA regulatory and licensing framework and conduct rules; mortgage fundamentals, terminology and documentation; products, lenders and insurers; qualifying the borrower on income, credit and down payment; mortgage mathematics and underwriting calculations; and fraud prevention, ethics and consumer protection. The Ontario Mortgage Agent L1 case studies are 5 cases and about 2,570 words.
1The Gift That Isn't Quite a Gift
Priya is a newly licensed agent. Her clients, Marcus and Dana, are purchasing a 620,000 home with a 10% down payment.
512 words, about 3 min2The Self-Employed Borrower With Two Sets of Numbers
Owen is pre-approving a borrower, Ms. Chen, who owns a incorporated consulting business.
514 words, about 3 min3The Referral Fee and the Unlicensed 'Assistant'
Dev has been a licensed mortgage agent for three years. A real estate colleague, Tanya, refers a client to him.
502 words, about 3 min4The Refinance That Doesn't Add Up
Sonia is working on a refinance for Mr. His application states 7,400 net monthly income from his job and 1,900 per month from 'rental income' on a basement apartment.
539 words, about 3 min5The Client Who Wants to 'Adjust' the Application
Kenji is meeting a couple, the Ahmeds, for a purchase of a 540,000 townhouse with 5% down. Their verifiable income supports a mortgage of about 430,000, but they need 513,000.
503 words, about 3 min