Principal brokers, mortgage agents and mortgage brokers
You will find information and resources on this page to help you transition to the new licensing requirements, including:
What's on this page:
Overview of upcoming 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 will be two licensing 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 existing mortgage agents and brokers
Who is impacted?
- All active agents and brokers, including principal brokers
- Agents and brokers whose licence expired between March 31, 2022, and March 31, 2024
How will you be impacted in the 2023 renewal cycle?
Are you currently a mortgage agent or a mortgage broker?
Private mortgage course and challenge exam information
The FSRA-approved Private Mortgage Course and Challenge Exam are available through:
- Canadian Mortgage Brokers Association (CMBA) – Ontario
- Mortgage Professionals Canada (MPC)
- Real Estate and Mortgage Institute of Canada (REMIC)
Top questions asked at webinars
In November 2022, FSRA held two webinars on the new licensing requirements for principal brokers, and mortgage agents and brokers.
Here are the top questions that were asked:
View more questions and answers from the webinars.
- New mortgage agent and broker licensing requirements final guidance
- FSRA's principal broker webinar on new licensing requirements (November 9, 2022)
- FSRA's new licensing classes webinar for mortgage agents and brokers (November 15, 2022)
- Renew early: information, resources and approved education for new licensing requirements
- You’re invited: FSRA’s new licensing classes webinar for mortgage agents and brokers
- You’re invited: FSRA's principal broker webinar on new licensing requirements
- New licensing and education requirements to better protect consumers
- Better protecting consumers with new requirements for the Mortgage Brokering Sector
- Proposed new licensing requirements to help mortgage agents and brokers better serve consumers and investors