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Administers the Real Estate Act, regulates real estate and mortgage brokers, property managers, and appraisers; sets and enforces standards of conduct; licenses industry members, establishes education criteria, monitors industry member trust accounts, administers the Real Estate Assurance Fund, and investigates and enforces complaints.
Mortgage Professionals Canada is the official provider of: Mortgage Broker [5] and Mortgage Agent [6] education programs that provide Government of Ontario licensing for brokers and agents. Mortgage Salespersons Licensing Courses in Manitoba [7] Mortgage Associate licensing courses in Saskatchewan [8]
The nature and scope of a mortgage broker's activities vary with jurisdiction. For example, anyone offering mortgage brokerage in the United Kingdom is offering a regulated financial activity; the broker is responsible for ensuring the advice is appropriate for the borrowers' circumstances and is held financially liable if the advice is later shown to be defective.
Mortgage bankers are often confused with mortgage brokers, but they’re very different. A mortgage banker is tied to one financial institution, while a mortgage broker works independently of lenders.
Mortgage loan officers in the United States must have a Mortgage Loan Originator (MLO) license. To become licensed, they must complete at least 20 hours of coursework, pass an exam, and submit to background and credit checks. Licenses must be renewed annually, and individual states may have additional requirements. [3]
A mortgage investment corporation or MIC is an investment and lending company designed specifically for mortgage lending (primarily residential mortgage lending) in Canada. Shares of a MIC are qualified investments under the Income Tax Act (Canada) for RDSPs, RRSPs, RRIFs, TFSAs, or RESPs. Mortgage investment corporations are generally ...
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