Private Mortgage Course (Level 2)
To move up to a Level 2 mortgage agent licence in Ontario, you must pass the Private Mortgages Course. It covers private lenders and syndicates, underwriting, disclosure to lenders and borrowers, and spotting fraud. At REMIC the exam has 50 multiple-choice questions in 3 hours with 70% to pass; other schools do not publish their format.
Official exam: Private Mortgages Course Exam — Ontario Mortgage Agent Level 2, by Financial Services Regulatory Authority of Ontario (FSRA).
| Questions | 50 multiple choice |
|---|---|
| Time | 180 minutes |
| Pass mark | 70% (35/50) at REMIC; other providers not published (not published by the exam body; practice target) |
| Delivery | REMIC: online proctored or in person (Toronto) |
| Fee | Set by provider: e.g. REMIC online course $298 |
| Attempts | REMIC: 2 attempts (1st included, 2nd paid) |
| Language | English |
What the exam covers
- Private mortgages: the brokerage and the regulators
- Private lenders, syndicates and MICs
- Transaction process and underwriting the application
- Security and exit strategies
- Investor/lender disclosure and commitment
- Borrower disclosure and closing
- Mortgage administration
- Fraud detection and prevention; ethics
Sample questions
In our own words, from this exam area. Try five more on the home page.
Under Ontario's Mortgage Brokerages, Lenders and Administrators Act, a mortgage agent's licence lets the agent act on behalf of how many brokerages?
- One specified brokerage
- Up to three brokerages at once
- Any brokerage in Ontario
- None; agents work only for lenders
Show the answer
A. The licence ties the agent to one named brokerage.
Which of these is exempt under the MBLAA from needing a mortgage brokerage licence?
- A bank
- A private individual who regularly arranges mortgages for others
- A mortgage investment company that is not a financial institution
- A real estate brokerage that also arranges mortgages
Show the answer
A. Banks are financial institutions, and these are exempt from the brokerage licence.
Questions about PMC
Is this the real Financial Services Regulatory Authority of Ontario exam?
No. This is practice built to the published format of the official exam. The real exam is run by Financial Services Regulatory Authority of Ontario (FSRA).
What is the pass mark?
70% (35/50) at REMIC; other providers not published (not published by the exam body; practice target)
How long do I have access?
30 days from when your access is activated. Need more time? You can buy the course again.
When does it open?
Tap "Notify me when it opens" and we message you as soon as this course is ready.