All mortgage broker and agent licences expire on March 31, 2020. Here's what you need to do to renew your mortgage broker or agent licence:
Mortgage Brokers and Agents:
- Complete your 2020 continuing education course.
- Your principal broker must initiate your licence renewal application in Licensing Link ― FSRA's online licensing system ― between February 1 and March 31, 2020. You can ask them to initiate it if they have not done so already. (Instructions for principal brokers are provided below.) Complete the licence renewal application in Licensing Link between February 1 and March 31, 2020.
If you are a principal broker, in addition to renewing your own licence, you must do the following in order to renew your mortgage broker’s or agent’s licences:
- Verify that the mortgage broker or agent has completed the required 2020 continuing education course.
- Initiate the licence renewal application on behalf of the broker or agent in Licensing Link.
- Review the licence renewal application that has been completed by the mortgage broker or agent to ensure it is accurate.
- Pay the $841 licence renewal fee on behalf of the broker or agent, and submit the application to FSRA in Licensing Link.
- Ensure the mortgage brokerage continues to maintain a valid licence and the required errors and omissions insurance coverage.
Don’t miss the March 31 Deadline!
The deadline for licence renewal applications is 11:59 p.m. on March 31, 2020.
In most cases, it takes approximately ten business days to process an application. FSRA is expecting a high volume of applications in March. As a result, you may experience a longer than normal turnaround time.
If your application is not submitted to FSRA by 11:59 p.m. on March 31, 2020, your mortgage broker or agent licence will expire and you will no longer be authorized to deal or trade in mortgages. You are strongly encouraged to submit your renewal application as early as possible.
If you have any questions about renewing your license You can contact FSRA at 1-800-668-0128 (toll-free) or (416) 250-7250 during its regular business hours (Monday through Friday, 8:00 a.m. to 5:00 p.m.), or by emailing contactcentre@FSRAO.ca.