New Licensing Requirements Transition – Information and Resources

Mortgage agent

How many years of continuous licensing experience do you have?

Less than 1 year

• You will receive a level 1 agent licence

1-5 years

• You may choose to obtain a level 1 or level 2 agent licence in 2023.
• If you choose a level 2 agent licence, you must complete the private lending education program before you submit your renewal between February 1-March 31, 2024, to maintain your licence after March 31, 2024.

More than 5 years

• You may choose to obtain a level 1 or level 2 agent licence in 2023.
• If you choose a level 2 agent licence, you must do one of the following to maintain your licence after March 31, 2024:
  • Complete the private lending education program before you submit your renewal between February 1-March 31, 2024; or
  • pass the challenge exam by October 31, 2023.

Mortgage broker

How many years of continuous licensing experience do you have?

1-5 years

• You will maintain your broker licence in 2023.
• You must complete the private lending education program before you submit your renewal between February 1-March 31, 2024, to maintain your broker licence after March 31, 2024.

More than 5 years

• You will maintain your broker licence in 2023.
• You must do one of the following to maintain your broker licence after March 31, 2024:
  • Complete the private lending education program before you submit your renewal between February 1-March 31, 2024; or
  • pass the challenge exam by October 31, 2023.

Early  2023

•  Private Lending Course and Challenge Exam Available

Feb – Mar 2023

• Agents and Brokers renew their licence

April 1, 2023

•  New Licensing classes into force

Oct 31, 2022

•  Deadline to complete the Challenge Exam

Feb – Mar 2024

• L1 and L2 Agents and Brokers renew their licence

Mar 31, 2024

• Deadline to complete the Private Mortgages Course

All level 2 Agents and Brokers must complete the Challenge Exam or Private Mortgages Course before they renew their licence in March 2024.

The Challenge Exam is only available to mortgage agents and brokers who have five years or more continuous licensing experience as of April 1, 2023. The Challenge Exam must be completed by October 31, 2023, and may only be attempted once. Individuals who do not pass the Challenge Exam must complete the Private Mortgages Course.

The current approved providers of the Private Mortgages Course and Challenge Exam are:

1. Mortgage Professionals Canada (MPC)
2. Canadian Mortgage Brokers Association – Ontario (CMBA)
3. Real Estate and Mortgage Institute of Canada Inc. (REMIC)

Please contact the course providers for further details about the courses and exams.

Level 2 agents and brokers who do not meet the new education requirements by March 31, 2024 will transition to the mortgage agent level 1 licence. If you transition to a level 1 agent licence, you will only be able to transact in mortgages where the lender is a financial institution.

Principal brokers who do not meet the new education requirements by March 31, 2024 will transition to the mortgage agent level 1 licence. This means you will no longer be a principal broker and there is also the risk that the mortgage brokerage's licence could be suspended. FSRA will work with the mortgage brokerage to obtain another principal broker.

Individuals with five or more years of continuous licensing as a mortgage agent or broker are eligible to take the Challenge Exam. They must pass the exam by October 31, 2023.

Before April 1, 2023, the current requirements to upgrade to a broker licence remain in place.

After April 1, 2023, you can apply for a mortgage broker licence if you have been licensed for a total of at least 24 of the last 36 months as a mortgage agent, agent level 1 or agent level 2 before applying for the broker licence.

You will need to confirm that you successfully completed the Mortgage Broker Course in the three years before applying for the mortgage broker licence. You must also successfully complete the Private Mortgages Course by March 31, 2024.

Yes, FSRA’s public registry will reflect the new licence types. Moreover, as of April 1, 2023, all mortgage agents/brokers will need to show their new licence type on all public relations or advertising materials.