Principal brokers, mortgage agents and mortgage brokers

You will find information and resources on this page to help you understand the new licensing requirements, including:

What's on this page:

Overview of changes

In April 2022, the government and FSRA implemented a new licence class for mortgage agents. They also introduced enhanced educational requirements for brokers and agents working with private mortgage lenders and working on raising capital.

The new requirements will better protect consumers and investors by helping ensure they receive appropriate mortgage advice and product recommendations when dealing with private mortgages.

Effective April 1, 2023, there are two licence classes for mortgage agents:

Level 1 agent

Agents authorized to deal and trade in mortgages with lenders that are financial institutions or approved under the National Housing Act, as described in regulation

Level 2 agent

Agents authorized to deal and trade in mortgages with lenders that are financial institutions or approved under the National Housing Act, as described in regulation, and all other mortgage lenders such as mortgage investment companies, syndicates, private individuals, agents, brokers, and brokerages

Full details can be found in FSRA’s guidance.

Transition period for active mortgage agents and brokers between April 1, 2023, to March 31, 2024

Who is impacted?

  • All active agents and brokers, including principal brokers
  • Agents and brokers whose licence expires between March 31, 2022, and March 31, 2024

What do you need to do before you renew your licence in 2024?

Mortgage agent level 1

You must complete the mandatory Continuing Education before submitting your renewal application.

Mortgage agent level 2

You must complete and pass the following before submitting your renewal application:

1. Mandatory Continuing Education

2. Private Mortgages Course

OR

Challenge Exam (only for individuals with five or more years of continuous licensing as of April 1, 2023)

Mortgage broker

You must complete and pass the following before submitting your renewal application:

1. Mandatory Continuing Education

2. Private Mortgages Course

OR

Challenge Exam (only for individuals with five or more years of continuous licensing as of April 1, 2023)

 

Level 2 mortgage agents and mortgage brokers who do not meet their education requirements and renew their licence before March 31, 2024, will automatically be transitioned to the mortgage agent level 1 licence upon renewing their licence.

FSRA is accepting renewal applications from February 1, 2024, to March 31, 2024. To avoid delays in processing, please submit your renewal application early. 

Continuing education, private mortgage course, and challenge exam information

The FSRA-approved Private Mortgage Course, Challenge Exam and Continuing Education are available through:

The Challenge Exam can be taken until October 31, 2023.
Continuing Education will be available starting November 2023. 

Key dates 

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Key Dates

Top questions asked

Common questions about the new licensing requirements

Challenge Exams

Quality Assurance of Private Mortgage Course Materials