FSRA Webinar on new Mortgage Brokering Continuing Education requirements (May 7, 2025)

0:05

Hello everyone and welcome to today's webinar, Fizra's webinar on new mortgage brokering continuing education requirements.

0:14

Before we get started I would like to go over a few items so you know how to participate in today's event.

0:21

You have the opportunity to submit text questions to today's presenters by typing your questions into the questions pane of the control panel.

0:29

You may send in your questions at any time during the presentation.

0:34

We will collect these and address them during the Q and A session at the end of today's presentation.

0:40

I would now like to introduce Nicole Pace, Senior Manager Market Conduct Action Team.

0:47

Nicole.

0:48

Good morning.

0:49

Thank you for the introduction.

0:50

And thank you for attending today's overview of the continuing education requirements for mortgage brokers and agents between the licensing cycle of 2024 to 2026.

1:03

My name is Nicole Paiz, and I will be your host for today's meeting.

1:08

I hope you find today's meeting informative, and I'm really excited to get started.

1:12

If I could have the next screen, please.

1:16

Today's agenda will include the following.

1:19

We are going to be discussing conduct CE versus professional development CE and the reporting requirements for each of the CE courses taken.

1:30

We will be very happy to take some questions at the end of the webinar.

1:35

Please enter your questions as they come to you so that we can address them at the end of the presentation during the question and answers portion.

1:45

Please also note that there will be a link to the recording posted on our webinar next week. Next slide please.

1:58

It is important to acknowledge the land we are on is the traditional territory of many nations including the Mississaugas of the Credit, the Ashnenavik, the Chippewa, the Hutunashone and the Wendat people and is now home to many diverse First Nations, Inuit and Métis peoples.

2:22

We acknowledge that Toronto is covered by Treaty 13 with the Mississaugas of the Credit and the Williams Treaties, signed with multiple Mississaugas and Chippewa bands.

2:34

Next slide, please.

2:40

I am so pleased to introduce today's presenter, David Ha, Senior Manager of the Regulatory and Credentialing Oversight.

2:48

David, we're all really excited for this presentation.

2:51

I'm gonna hand it over to you now.

2:54

Thank you so much, Nicole.

2:56

Good morning, everyone.

2:58

My name is David Ha and today I'll be speaking to you all about the new continuing education requirements for all licensed mortgage agents and brokers for the 2024 to 2026 continuing education cycle. As you may know, FISRA's continuing education runs on a two-year cycle.

3:19

So right now we're in the 2024 to 2026 cycle.

3:24

So this cycle started on April 1st 2024 and ends on March 31st 2026.

3:32

That means that the CE requirements which I'm going to be discussing with you today needs to be completed by March 31st 2026 if you want to renew your license.

3:45

FISRA's new CE requirements consist of two components.

3:50

The first component is referred to as Conduct CE, and the second component is called the Technical Knowledge and Professional Development CE.

4:00

And I know this is a mouthful, so I'll refer to this as Professional CE for the remainder of this webinar today.

4:08

And before I go into greater detail of the two components, I wanted to share with you what FISRA's desired outcomes are of continued education that's broken down by the two components.

4:20

I will start off with the first component, which is conduct CE.

4:25

While FISRA's desired outcome is that all agents and all brokers conduct mortgage broker activities in compliance with EMBLA, its regulations, and topics identified as important by FISRA, and to raise professionalism in the sector.

4:42

The second component, which is known as professional CE, well, FISRA's desired outcome is to ensure that agents and brokers obtain and apply up-to-date technical knowledge in their areas of focus.

4:58

Next slide, please.

5:05

On this next slide here, I will explain in detail what the conduct CE and what the professional CE requirements are.

5:13

I will start off with the first component, which is Conduct CE, and that's actually illustrated by the box on the top half of the screen, on your screen.

5:25

The Conduct CE, it's basically a course that is delivered by the following three FISRA accredited course providers that is listed on the screen here.

5:34

So in no particular order, the three accredited course providers are the Canadian Mortgage Brokers Association of Ontario, which is also known as SIMBA Ontario.

5:45

We have the Mortgage Professionals Canada, which is known as MPC, and we also have the Real Estate and Mortgage Institute of Canada, which is also known as REMEC.

5:54

All mortgage agents, and when I say all, I'm referring to all level one and level two agents, they're all required to complete a five-hour course, while all mortgage brokers are required to complete a similar course that is seven hours in total duration.

6:14

The courses are actually available today.

6:17

So the Conduct CE courses that is delivered by the three accredited course providers, they are all available today.

6:23

And it was actually launched a few weeks ago on April 16, 2025.

6:29

And all agents and all brokers will have until March 31, 2026 to complete the Conduct CE course.

6:36

So it's pretty much 10 months from the date of this webinar to complete the conduct CE course.

6:45

This conduct CE component is actually very similar to the CE requirements that agents and brokers are used to fulfilling in the previous years.

6:55

I would now like to move on to the bottom half of the screen and speak about the second component, which is the professional CE requirements.

7:05

So what is the professional CE requirement?

7:07

Well, the licensees have the freedom and licensees have the autonomy to select courses to fulfill this requirement as long as these courses are related to the technical aspects of mortgage brokering.

7:23

All agents, so that's level one and level two agents and brokers must complete a total of 10 hours of this professional CE requirement by March 31st, 2026.

7:36

And it is very important to note that FISRA does not accredit and FISRA does not approve courses for this professional CE component.

7:46

So at the end of the day, if you're wondering what courses are eligible or what courses are acceptable or not, FISRA has actually published criteria for acceptable and eligible professional CE topics on our website.

8:00

And I will be spending a lot of time in my next slide going over a couple of examples of what is an appropriate course for this professional CE requirement and what is not an eligible or what is not an appropriate course for this professional CE requirements.

8:18

However, I just want to cover the last point on this slide and that's regarding timing of when these courses are to be completed.

8:25

Only courses that are completed between April 1st, 2024 to March 31st, 2026 will count towards the professional CE requirement, which is also known as a CE cycle that we are in right now today.

8:43

Next slide, please.

8:48

On this slide here, I'll actually spend quite a bit of time here just to discuss in detail what courses will qualify for these Component 2 Professional CE and which do not.

9:02

I wish to spend a bit of time on this slide because we commonly receive the most questions here at FISRA related to courses that qualify for Professional CE and what courses do not.

9:14

And I mentioned before that FISRA does not approve and FISRA does not accredit courses for this professional CE requirement.

9:23

So the number one takeaway that I want for everybody on this webinar today to take away is that the course will qualify if the course relates to the technical aspects of mortgage brokering.

9:36

And for guidance on whether specific topics or courses are illegible, we strongly encourage you to visit FISRA's website for more information.

9:46

But for the time being, I want to start off with the left hand side of the screen here, that box that you see on the left, which gives a listing of examples of courses that qualify for the professional CE requirement and rest assured all of this information here is on our website.

10:04

So any courses that relate to legal, legislative, regulatory matters, fundamentals and principles of mortgage brokering, ethics, professional responsibility, mortgage fraud, client needs analysis, and I won't go through the entire listing today, but you can see and you can observe that the courses on the left-hand side of the screen of what qualifies are topics that relate to the technical aspects of mortgage brokering can be applied to the mortgage sector as a whole.

10:39

If I can now turn your attention to the right hand side of the screen, we provided some examples of courses that do not qualify for the professional CE requirement.

10:51

So a few examples are like sales techniques, marketing, telephone best practices, recruiting, office skills, management training, volunteering, language courses, And really, when you can look at these examples on the right-hand side of the screen, these topics could be seen as company-specific training or concepts that cannot be applied to the mortgage sector as a whole.

11:19

Now, to further explain and to further go through what courses qualify for professional CE, I'll actually provide you with a couple of real-world examples and some common questions that we have received.

11:33

at FISRA so far.

11:35

So I will start off with qualifying courses and qualifying eligible courses for the professional CE requirements.

11:43

So my first example I wanted to share with you is, you know, if you take a course that focuses on assessing client needs to provide suitable mortgages to clients, well this will qualify because this covers the concept of the importance and theory on how to provide suitable mortgage products to consumers.

12:04

Another example, courses on cybersecurity practices to safeguard client information.

12:10

Well, this will qualify as well because these courses teach licensees how to protect sensitive data, which is crucial for mortgage brokering activities and protecting client information.

12:24

Another example, courses that focus on legal, legislative, regulatory matters related to mortgage brokering.

12:31

Well, this will qualify as well, because this ensures licensees are up to date with the latest regulations, up to date with compliance requirements, and it is definitely related to the technical aspects of mortgage brokering.

12:46

Now, my last example for you of a course that qualifies is courses on managing a brokerage effectively.

12:53

Well, this will help licensees understand the aspects of running a mortgage broker effectively.

12:58

So this it could be seen as related to the technical aspects of mortgage brokering.

13:06

Now I wanted to take a couple minutes just to give you with a couple of example of courses that do not qualify for the component to professional CE requirements.

13:17

An example would be courses that primarily related to marketing and selling and promotion of mortgage products.

13:25

These don't qualify because they focus on sales techniques rather than the technical aspects of mortgage brokering.

13:33

Another example, courses on company-specific mortgage products or use of company-specific IT software.

13:43

This would not qualify as well because these are tailored and specific to individual companies and could be seen as company-specific product training.

13:53

Another example, office skills. So courses on general computer training or office management will not qualify because these courses do not relate to the technical aspects of mortgage brokering.

14:08

Another example is a language course. Like maybe you want to take a course to learn a new language because you want to appeal to a new demographic for you to market your mortgage products to.

14:19

Well, this is a language course, so this will not qualify for professional C as well.

14:25

And one final example that I want to provide, if you attend a professional networking event, having a couple of drinks at the Maple Leafs game with your mortgage clients, as much as we all love the leaves and as much as we want to see them win over the Florida Panthers tonight, that would not qualify because it is considered as professional networking.

14:47

And I want to end off by saying that this listing of examples and this listing that you see on this screen here is not exhaustive.

14:55

I provided you with a couple of examples to illustrate my point.

14:59

At the end of the day, my biggest takeaway for everybody on this call is as long as the course, the course will qualify as long as it is related to the technical aspects of mortgage brokering.

15:11

And if you want some more guidance on whether specific courses or topics qualify or is eligible for this component of Professional CE, we strongly encourage you to visit our website or have a conversation with your principal broker.

15:30

Next slide, please.

15:35

The final slide here before the question and answer period will be about the reporting requirements for both the components of the CE requirements.

15:48

And component one being conduct CE and component two being professional CE.

15:54

And I will start off on the top half of the screen.

15:58

So I'll speak to you about the conduct CE course too.

16:01

And I'll remind you, the Conduct CE is delivered by one of the three FISRA accredited course provider.

16:07

And the good news is that when you complete the Conduct CE course, the course provider will inform FISRA directly about your completion.

16:18

So the good news is that you do not need to report Conduct CE completion to FISRA.

16:26

I will move on to the second component, which is Professional CE.

16:30

All licensees will need to provide evidence of completion during license renewal in 2026.

16:38

And evidence of completion must contain the following information that is presented on the screen.

16:44

So the four things that evidence of completion must contain.

16:48

First one, the name of the course.

16:51

Second, the name of the course provider, the number of CE hours that was completed, the date that the course was completed.

17:01

It is also important to note that CE hours cannot be claimed for courses where details cannot be supplied, courses that were registered but did not attend, hours spent as an instructor or teaching a course, repeating a course unless new content can be demonstrated, or any that an agent or broker fails and in terms of maintaining professional CE completion records, the records of professional CE hours must be kept for four years prior to the current licensing cycle.

17:44

I'll illustrate my point with an example.

17:46

So let's say you go out there you complete a professional CE course today on May 7th, 2025.

17:53

It was completed for this licensing cycle that will end on March 31st, 2026. So it must be retained until March 31st, 2030.

18:05

Next slide, please. So that completes the content part of today's presentation.

18:16

Before we go into the question and answer session, I wanted the moderator to switch one more slide. Next slide.

18:26

I wanted to share some very neat and useful resources for everybody on this call today that basically goes over and summarizes all of the information that I presented to you in this webinar so far.

18:40

And if you want more information, we strongly encourage you to visit our website using the following links on this screen here.

18:48

we also strongly encourage you to speak to your principal broker or you can also reach out to us at this email below here at contactcenter at fiscero.ca.

19:00

So Nicole, I know you've been really patient waiting for me to finish my presentation.

19:05

That is basically my material today.

19:07

I think we can switch over and use the remainder of this time today to answer the question and answers that is coming from the chat. So Nicole over to you. Thank you, David.

19:19

That was a very informative presentation. It answered a lot of my questions, so thank you.

19:24

I'm going to move over into some of the questions now.

19:28

Our first question is can attendance at seminars, conferences, or other industry events be counted towards the professional CE requirements and how does that work? Thanks, Nicole.

19:46

So My answer is yes, licensees can definitely use seminars or conferences to meet the professional CE requirements, provided that the content relates to the technical aspects of mortgage brokering.

20:02

And it is important to note that FISRA will only grant CE hours only for the sessions during the conference that focus on the topics that are related to the technical aspects of mortgage brokering.

20:15

Now, I'll give you an example to illustrate my point.

20:18

For example, you can attend an eight-hour conference.

20:22

Five hours was focused on mortgage legislation.

20:25

Three hours was spent networking at lunch at the Maple Leafs game.

20:29

As much as we all like the Leafs, only the five hours that is actually spent discussing and learning the mortgage technical concepts will count towards the professional CE requirements.

20:38

I mentioned before that it is the responsibility of each licensee to maintain appropriate documentation as evidence of CE completion.

20:50

So for conferences or seminars, licensees must retain the event agenda with a detailed breakdown of the session topics and the session duration.

21:01

And FISRA may request documentation as part of the license renewal process.

21:05

and a question that I get asked here often at FISRA is, is what is appropriate evidence?

21:12

Well, that's defined as it's basically anything that can demonstrate to FISRA, the regulator, that you had indeed attended the event, such as like a certificate of completion or similar documents verifying attendance. Thank you, David. I'm going to move on to the next question.

21:31

So the next question that's come up is, if I'm hosting a group viewing of this webinar in our office, let's say, where multiple agents and brokers are present, but they're not individually registered, can their attendance still be recognized or credited in some way?

21:51

That's a really good question.

21:52

So one of the requirements for this professional CE component is that all licensees must be to provide evidence of their attendance at the event and provide evidence of successful completion.

22:08

So in this situation here where a person is registered and the screen is broadcasted in the boardroom, that's considered group attendance.

22:18

Like even if several licensees viewed the attendance together, FSRA is really unable to verify the attendance of each individual in the or at the event.

22:28

So by having multiple agents or by having multiple brokers sit in the same room, all viewing one webinar, it would not count based on the fact that the licensee will not be able to provide evidence of completion to FISRA in this situation. Thank you for clarifying that David.

22:50

Our next question is specifically about this webinar actually.

22:55

So if this webinar qualifies for professional CE, how do we prove attendance?

23:02

Thank you.

23:03

And can I ask the moderator to move the slide deck back to, I believe, slide eight, please, before I answer this question.

23:15

I apologize, slide nine is the one I want.

23:18

Thank you.

23:19

So one more to the right.

23:21

So I mentioned before during my presentation and displayed on this screen here that FISRA webinars or FISRA hosted events on regulatory updates and guidelines in the mortgage brokerage sector would qualify for this professional CE requirement.

23:39

And while we are not issuing certificates at this time, FISRA is able to validate attendance at these events.

23:47

And just a reminder to complete and to confirm completion of the professional CE hours, you will need to provide the following details when you're renewing your license.

23:59

So the four things are you need to provide the course name, the course provider, the number of CE hours that were completed, as well as the date of completion. Great.

24:16

Our next question is having to do with a level two agent versus a broker.

24:24

So the question is, I'm currently licensed as a level two agent and required to complete the five hour CE course.

24:34

If I become a broker later this year or early next year, will I be subject to the five hour course or the seven hour CE requirement for this cycle?

24:47

That's a great question.

24:48

My response is the license class that is held at the time of renewal will determine the CE requirements.

24:58

So to illustrate this, let's say you're a level 2 mortgage agent today and you become licensed as a mortgage broker during the CE cycle, you must complete the CE requirements applicable to mortgage brokers for that cycle.

25:16

And further to illustrate my point, let's just say, I'll tie dates to this.

25:21

If an individual holds a mortgage agent level two license, they become a mortgage broker on September 30th, 2025, they will be required to complete the mortgage broker CE requirements by March 31st, 2026.

25:39

Thank you.

25:40

The next question has to do with timing, the credit versus hours.

25:45

So, for courses that are currently offered that indicate they qualify for one CE credit, does this correspond to one hour of continuing education or for the professional CE requirement?

26:02

Thank you.

26:03

And just so I understand the question correctly, it's basically, it's a question that asks about the professional CE requirements.

26:10

There's a question that brings the difference between what's the difference between a CE hour and what's the difference between a CE credit.

26:17

Well, that's a great question. My response is FISRA measures CE requirements in hours.

26:24

So, for example, a course with a one-hour duration will qualify and will count for one hour of professional CE.

26:34

Now, on the contrary, on the other hand, if you attend a 30-minute course and that course awards you with a one CE credit, FISRA will only count that as 0.5, so one half worth of hours for the professional CE requirements.

26:53

Okay, David, actually, I think you answered the next question I was going to ask you, and that was you mentioned that this webinar can be used for the professional CE.

27:03

And so the question is, just to clarify again, what would we receive as confirmation that we attended this, number one, and number two, is it one hour or point seven five hours?

27:18

Okay, so I mentioned before that FISRA does not currently issue certificates of completion for these webinars or these events at this time.

27:28

However, we are able, FISRA is able to validate attendance at these events.

27:34

And my response to your second part of the question, whether or not this webinar will count for 0.75 or one hour.

27:42

The CE hours that is awarded by FISRA will correspond to the duration of this webinar.

27:48

So for example, this webinar goes from 11 to 11.45.

27:52

So it's a 45 minute webinar.

27:54

So this webinar will count for three fourths.

27:56

So 0.75 hours for the professional CE.

28:03

Thank you.

28:04

Our next question is about technical knowledge providers and the question just says who are the technical knowledge providers?

28:14

Okay, to answer this question, can I get the moderator to switch it to slide 8 please, switch back one slide.

28:23

So I'll answer this part, I'll probably answer a little bit more than what was asked.

28:27

I mentioned before that the accredited course providers for the conduct C, I believe the question asked me about the technical knowledge of the professional CE, but just to recap, the conduct CE providers component one, that's delivered by the three accredited course providers that you see on the top half of the screen.

28:46

Now the question asks, who are the technical knowledge providers?

28:50

Well, my answer to this is licensees have the flexibility and licensees have the autonomy to select professional CE courses from any provider of their choice and to explore topics and subjects that align with their provided that the topics cover the technical aspects of mortgage brokering.

29:11

And FISRA does not accredit and FISRA does not approve any course providers for these professional CE requirements.

29:23

Thank you for that clarification David.

29:25

Our next one, our next question is are there any of the qualified courses specifically for commercial mortgages?

29:37

So I want to When you say qualified course, I'm assuming the question is asking about the accredited courses for the conduct CE requirements, which was component one.

29:49

What I can share with everybody here today is that FISRA's conduct CE topics for this CE cycle of 2024 to 2026 are of the following.

30:00

There's business ethics, managing conflict of interests.

30:04

There's a topic and a lesson on mortgage fraud, mortgage suitability, as well as cyber security.

30:12

And I'll move on to that second part, professional CE.

30:15

Well, if the commercial mortgage topic is of particular interest towards the licensees, licensees may consider taking a commercial mortgage course to fulfill the professional CE requirements.

30:28

As long as the course relates to the technical aspects of mortgage brokering, rather than company-specific training for a particular commercial mortgage product.

30:42

Oh, interesting.

30:43

Thank you, David.

30:45

Our next question is about allocating hours.

30:48

So the question is, how do we allocate hours for courses taken or seminars attended that do not state how many hours the course or the seminar counts for?

31:03

So if you're not able to verify how many hours the course is in duration, Can I ask the moderator to switch to the next slide where we speak about the reporting requirements, please?

31:14

One more slide. Thank you.

31:17

So, to confirm completion of the professional CE, so bottom half of the screen, you will actually need to provide Fisher with the following details.

31:27

As I mentioned before, the course name, the course provider, the number of CE hours that was completed as well as the dates of completion.

31:36

So to answer your question, if you are unable to provide the number of hours or the number of CE hours that was completed and if you are unable to retain acceptable and appropriate evidence such as certificates or similar documents verifying attendance, you will not be able to claim and report CE hours for this professional CE component.

32:02

But for the conduct CE I mentioned before, there's really no reporting that you will need to do for the Conduct CE because the three accredited course providers, the one that you take the course with, will transmit completion data to FISRA when you complete the course. Great.

32:22

The next question involves an employer providing some annual training.

32:30

So, if my employer provides annual AML or anti-money laundering, I believe it is, training, would this count towards the professional CE requirements, number one?

32:43

And number two, what documentation would I have to get from my employer to prove this internal training?

32:52

Okay, so two-part question.

32:53

The part about retaining successful completion records is on screen here, so the four elements that you need to provide and retain.

33:03

But now I answer the question about AML or anti-money training, anti-money laundering training.

33:09

If the AML training is related to the technical aspects of mortgage brokering, it will qualify for this professional CE component.

33:20

Now, on the other hand, on the contrary, if this AML training is really just related to company specific product training, this will not qualify for the professional C requirements.

33:32

So that is where the line of distinction should be drawn when these type of questions about what qualifies or what does not qualify.

33:41

And that's what FISRA takes into consideration when reviewing.

33:45

All right, and to clarify on the screen is what the documentation we would have to provide if we wanted to prove that we had taken an internal course.

33:54

Absolutely.

33:55

Great. So our next question has to do with accumulating conduct CE hours.

34:02

So the question says, if we accrue more than the required conduct CE hours, can the extra hours be credited towards the professional CE requirement?

34:18

So I mentioned before that the FISRA accredited course, so this is a question relating to component one, which is conduct CE, and maybe if I can ask the to switch the slide back to slide 8 where I can further illustrate my points please.

34:33

So I mentioned before it's the FISRA accredited course providers they manage the delivery of the conduct CE course.

34:41

The agent level course as you can see on the screen is fixed at five hours and the broker course is fixed at seven hours and these courses are fixed in duration so any additional hours that is beyond the requirements cannot be carried over and applied to the professional CE requirements. That was a good question. Thanks David.

35:06

That was a good answer.

35:09

Our next question has to do with being licensed in two different jurisdictions. Okay.

35:14

So our question is, I am licensed in both Quebec and Ontario.

35:20

Can a professional CE course be used towards the CE requirements for both AMF and FISRA and I presume AMF is the regulator in Quebec I think is who they're referring to.

35:38

So my answer is yes you can definitely use CE courses which you complete for other licensing or for other provinces to meet Ontario's professional CE requirements as long as the course content is related to the technical aspects of mortgage brokering it's important to know also the timing of when these courses are completed.

36:01

It's only the courses that are completed between or during the CE cycle.

36:06

And the CE cycle, to remind everybody on this call, is any courses that are completed from April 1st 2024 to March 31st 2026 will qualify for this professional CE requirement. But great question. Thank you. Thank you.

36:23

So our next question has do with private mortgages.

36:26

So for those who completed the private mortgage course in 2024, does this count towards the professional CE credits? Thank you for that question.

36:37

So the private mortgage course for everybody on this call is a licensing course.

36:41

It's a course that you have to take to become a Level 2 agent. So this is considered a licensing course.

36:47

So the private mortgages course, because it's a licensing course, will not count towards the education requirements. Thank you.

37:00

Oh, this is a good question that just popped up.

37:03

When it comes to maintaining records of completed professional CE hours, who holds the responsibility, individual licensees, the licensed entity, or the principal broker?

37:17

That's a great question, actually a question that was asked a times. I'll answer this question speaking about the two components.

37:25

I'll start off with the professional CE components.

37:28

So licensees themselves are required to maintain records of their completed hours.

37:34

But that said, mortgage brokerages, including the principal brokers, they're not not required to maintain CE records.

37:43

But they also have a role in the play in the world of compliance.

37:46

They should, these principal brokers and the mortgage brokerages should take reasonable steps to ensure that mortgage agents and mortgage broker licenses have indeed fulfilled their CE requirements.

37:59

And for the conduct CE, I mentioned before that licensees are not required to maintain completion records for this component as the completion data that it will be transmitted directly to FISRA by one of the three accredited course providers, depending which course provider you take the Conduct CE course with.

38:23

Thank you.

38:25

We have another question about who are the course providers, which I think is perfectly on the screen, but if you can go through who are course providers, that would be nice. Yes.

38:33

Thanks, Nicole.

38:34

So yeah, the three course providers for the Conduct CE is what's on the screen.

38:37

You have CIMBA, MBC, and Remic.

38:40

And I mentioned before for the professional CE components, The licensees have the flexibility and the autonomy to select professional CE courses from any providers as long as the topics cover the technical aspects of mortgage brokering.

38:56

And I mentioned before that we do not, we, FISRA does not accredit any courses or FISRA does not accredit any course providers for this component of professional CE.

39:10

Thank you.

39:12

Our next question is about Mortgage Professionals Canada.

39:17

So the question asks whether Mortgage Professionals Canada offers a wide variety of courses other than the standard agent and broker courses such as AML or ethics or something along those lines.

39:32

Can I assume that these qualify as the professional CE courses?

39:37

My response is as long as the courses are related like the course context is related to the technical aspects of mortgage brokering, the course will qualify for the professional seat.

39:49

Thank you.

39:53

The next question asks essentially where, and I think we've answered this before, but just to make sure, once a course is finished, do we need to send the certificate to FISRA right away?

40:06

Number one, and number two, there a cost for these courses? My response is no.

40:13

Licensees do not need to send completion certificates to FISRA upon completion of their CE courses.

40:19

I mentioned before for the conduct CE component there's no need to do this because the accredited course providers will transmit the details of completion to FISRA directly.

40:29

Now on the other hand for the professional CE requirements Licensees are required to maintain records of their professional CE hours and really regarding that second part of the question regarding the costs, the costs associated with the conduct CE course or costs associated with the professional CE course, I encourage the licensees just to contact the course providers directly for any more detailed information about any cost any fees. Oh, this is a licensing question.

41:03

So what happens if I submit my application attesting that I have met the CE requirements but FISRA reviews it and subsequently determines that the CE was not sufficient?

41:18

If FISRA determines that the CE provided is insufficient, the licensee will not be able to renew their license until the requirement is fulfilled.

41:30

And if FISRA at the end of the day determines that the information that was provided at the time of renewal was inaccurate or misleading or false, the licensee may be subject to compliance action.

41:42

And it is definitely the licensee's responsibility to ensure that information submitted to FISRA is complete and accurate.

41:52

And Nicole, I just wanted to be mindful of time.

41:54

I know we only have a couple minutes left on this call.

41:57

I just want to see if there are any other commonly asked questions that are coming in through the chat right now.

42:03

Just have an eye on the time right now.

42:06

Yes, I think we have time for one or two questions through the chat.

42:11

So one of the questions, pardon me, is if I arrange lenders to provide update sessions to my brokerage about their products.

42:21

Does that count as proper use of mortgage products? I think that's the name of it. And so does that qualify?

42:29

To answer this question, I would, I would love to ask the moderator to also move the slide to, I believe it's forward. So slide nine.

42:42

So I mentioned before that company specific product training does not qualify for professional CE because it's this company specific product and it cannot be applied to the entire sector.

42:54

So really a general rule of thumb that I'm pretty sure everybody on this call is tired of hearing me say a hundred times is as long as the course relates to the technical aspects of mortgage brokering, it will qualify for the professional CE requirements.

43:12

Thank you, David. Another question in the chat is, do I have to complete the five-hour course in one day, or can that be split up into multiple days?

43:24

So that question is the Conduct CE course. It's really up to the licensee and how the course provider runs this course to dictate that.

43:33

So, if you have any specific questions about if you can complete the course in one sitting or multiple sittings, I strongly encourage you to reach out to the one of the three accredited course providers that deliver this convex C component and ask them for clarification on this question.

43:54

And I think one final question, David, I have is, can a rep from a bank confirm the time spent in a course for reverse mortgages, for example?

44:12

For reverse mortgages.

44:14

And my response, and like I said, this question is probably related to the professional CE component, which was component two, and reverse mortgages.

44:23

My response is the response that I've given probably a hundred times, but now if the course relates to the technical aspects of mortgage brokering is not specific product to the bank, but it's like a general knowledge of the mortgage brokering sector, like what are the implications technical aspects of the reverse mortgage, then yes, that would qualify for the professional CE.

44:45

But as soon as you dive into the territory with teaching about a company specific product, then that is a situation where it will not qualify for this component to, for this professional CE requirement. Thank you so much David.

45:02

I think that wraps up our webinar so thank you very much for fielding those questions.

45:07

Thank you everyone for taking the time today to listen to David's informative and educational seminar.

45:14

I want to remind everybody that today's seminar was recorded and will be posted on the FISRA website hopefully next week.

45:22

And we hope that you found this session insightful and helpful and we hope you have a wonderful rest of your day. Thank you.

45:29

Thank you.