An individual is applying for a new mortgage agent license in Ontario. Which of the following is a mandatory character requirement that must be satisfied?

Question: An individual is applying for a new mortgage agent license in Ontario. Which of the following is a mandatory character requirement that must be satisfied?

Answer options:

• Must be a resident of Ontario for at least two years prior to application.
• Must possess an undergraduate degree in finance or a related field. ✅ Must be of good character and repute.
• Must have prior experience working in a financial institution for a minimum of one year.

Correct answer: Must be of good character and repute.

Explanation: The Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA) and its regulations stipulate that an applicant for a mortgage agent license must be of good character and repute. This is a fundamental requirement to ensure public trust and integrity within the mortgage industry.