Corporations, partnerships and sole proprietorships (unincorporated businesses) that plan to act as a mortgage administrator in Ontario must apply for a licence, unless granted an exception.

New: You can submit your application for a mortgage administrator licence through the Online Services Portal. It’s fast, easy, and convenient.

About the licence

Under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (the Act), as amended, a mortgage administrator must be licensed unless exempted from doing so. In order to obtain a mortgage administrator licence, a business must complete the Mortgage Administrator Licence Application.

The CEO of the Financial Services Regulatory Authority of Ontario (CEO of FSRA) will use the information obtained in this application to determine whether an applicant meets the prescribed eligibility requirements and is suitable for a licence. The applicant will be required to submit supporting documents about the business and the sole proprietor or directors/officers/partners.

To ensure a timely review of your application, please provide complete and correct information, as well as the required supporting documents.

A separate application is required to be licensed as a mortgage brokerage.


There is a fee to complete the application, but it is not required with the application submission. FSRA collects fees through its online licensing system when you submit the first declaration for a director/officer/partner or sole proprietor of your business. The fee is prorated based on when you submit the first declaration. To maintain a licence, every mortgage administrator is required to pay a regulatory fee every year on March 31.

For more information on fees, please review our Fee Rule document.

Requirements for getting a licence

Before you begin the application, you will need:

  1. The name and contact information, including an email address, for the principal representative of the business.
  2. Official documentation about the business, such as the articles of incorporation if a corporation, the partnership agreement if a partnership, the Master Business Licence if the business uses a business or trade name, and a list of the directors/officers/partners as applicable of the business.
  3. A copy of the business’s errors and omissions insurance (E&O) certificate and policy.
  4. Specific documentation such as the trust account information and the external auditor’s contact information.
  5. An Ontario mailing address for service or registered mail; this cannot be a post office box.

Ready to apply?

An incomplete or unclear application submission may result in processing delays or rejection. You can submit your application for a mortgage administrator licence through the Online Services Portal.

Once you complete your application and submit it to FSRA, you will receive an email confirming receipt. FSRA will advise the principal representative of your business if the application can proceed to the next step in the process.

As part of this process, you will be asked to prepare and submit online declarations for all individuals (including directors/officers/partners (DOPs) or sole proprietor and  the principal representative) of the business through FSRA's online licensing system. All DOPs or the sole proprietor, including the principal representative, must first complete their criminal record and judicial matters checks (CRJMCs) through FSRA’s approved vendor, Triton Canada (Triton). All DOPs or sole proprietor, including the principal representative, must provide their Triton CRJMC confirmation number with their declarations (confirmation of their suitability for licensing of the mortgage administrator). 

New Criminal Record and Judicial Matters check process 

FSRA is changing its licensing process for criminal record and judicial matters checks (CRJMCs) to ensure the processes remain up to date. CRJMCs are part of FSRA’s rigorous licence qualification process to protect consumers by ensuring only suitable individuals sell or offer financial products and services in Ontario.

FSRA now requires licence applicants to complete their CRJMCs through our approved vendor, Triton. You must use FSRA’s link directing you to Triton’s website. After completing the CRJMC, you will then return to your sponsoring application email and complete your licensing application on FSRA’s website. Please note that a fee of $19.15 applies for Triton’s service, and the CRJMC is valid for 90 days.

If you have any further questions about the new criminal record and judicial matters check process, please contact us.

Frequently asked questions - Criminal record and judicial matters check (CRJMC) process

A mortgage administrator licence can only be approved and issued when FSRA receives and reviews all the declarations from directors/officers/partners or the sole proprietor. Once the administrator licence has been approved, FSRA will send a confirmation by email to the licensing system primary user. No paper licence is issued.

Mortgage administrator licensing information

FSRA is required to maintain a public registry of licensed mortgage administrators.

FSRA collaborates with other organizations, including other regulators, fraud prevention organizations and law enforcement agencies, as part of our role in protecting the public interest. Please be advised that the licensing information of you and the business (e.g., licence number, licence status, legal business address and the names of the directors/officers/partners or sole proprietor) may be shared with organizations that collect and use this information, only as reasonably necessary, for the purposes of detecting, suppressing and preventing fraud, and for other law enforcement purposes.

Detailed instructions for completing your application

The application has eight steps:

  • Step 1 - Attestation, consent and notification
  • Step 2 - Applicant information
  • Step 3 - Business information
  • Step 4 - Suitability for a licence
  • Step 5 - Directors/officers/partners
  • Step 6 - Business Operations
  • Step 7 - Submit the application form
  • Step 8 - Upload all required documents and submit the application online

You must complete all steps to submit the mortgage administrator application through FSRA’s Online Service Portal.  Step 5 does not apply to sole proprietorships.

Step 1 - Attestation, consent and notification

A director/officer, partner or the sole proprietor of the business must sign this application. This individual must declare that the statements, declarations and answers provided, including attachments, are true and complete.

Any false, deceptive or misleading statement or omission in an application or supporting material may result in refusal or revocation of the licence, prosecution or other sanctions.

Any false, deceptive or misleading information provided to the CEO or a person designated by the CEO with respect to matters of the Act or its regulations is an offence under section 45 of the Act, as amended.

The individual signing the application is providing consent on behalf of the applicant for the collection and validation of the information in this application and to share and disclose any of the information to other licensing authorities, regulatory bodies or law enforcement agencies for any purpose related to law enforcement.

Step 2 - Applicant information

This part of the application collects key pieces of information about the applicant that will be included in the registry for identification and administrative purposes. Items 1, 3, 5 and 8 as listed in the form may be shared with the public.

1. Business type and legal name

A mortgage administrator licence must be held by a business in one of the following three accepted types. Choose one of the following:

  1. Corporation
  2. Partnership
  3. Sole Proprietor (unincorporated business)

State the full legal name of your corporation, partnership or sole proprietorship:

  • Corporation—the name specified in your articles of incorporation, latest articles of amendment, articles of amalgamation or articles of continuance.
  • Partnership—the name as it appears on the partnership agreement, registered as the firm name with the Ministry of Government and Consumer Services (if different than the full name of the partners). List the names of all partners within the partnership, and the type of partnership.
  • Sole Proprietor—the sole proprietor’s legal name in Canada (must be a Canadian resident).

In the case of a partnership in which not all partners are individuals, you must also provide an organizational chart identifying the partners and the structure of the partnership. In the case of a limited partnership, identify the general partner and each of the limited partners. For corporate partnerships, list the officers and directors for each partner.

2. Corporation or partnership information

If your business type is a corporation or partnership, please provide the following information:

  1. Corporation Number—the Ontario Corporation Number issued by the Ministry of Government and Consumer Services or the Corporation Number issued by the Government of Canada.
  2. Jurisdiction of Incorporation—if the business is a corporation, provide the jurisdiction of incorporation (federal or provincial/territorial).
  3. Jurisdiction of Formation—if the business is a partnership, provide the jurisdiction of formation (name of the province or territory).
3. Registered business name/trade name

If the corporation/partnership/sole proprietorship will be conducting business in a name other than, or in addition to, its legal name, specify the name here. A mortgage administrator may use one other name in addition to its legal name. The name must be registered to the corporation/partnership/sole proprietorship under Ontario's Business Names Act.

A licence cannot be issued to a corporation/partnership/sole proprietorship using a name that is confusingly similar to that of another licensee or is otherwise objectionable on public grounds.

4. Participation in a franchise

If your corporation/partnership/sole proprietorship intends to carry on business using a franchise name, the franchise name must be included in either its legal or registered business name. The corporation/partnership/sole proprietorship must have authorization from the franchisor to use its franchise name.

5. Name of principal representative

Provide the name and email address of the individual designated as the contact person for the business. This individual will be addressed as the principal representative.

6. Licensing system user

Provide the name and email address of the primary licensing system user for the business. The principal representative and the primary licensing system user can be the same individual or different individuals. The licensing system is the online application system that would be used by the business to submit declarations for its directors, officers and partners, or for the sole proprietor.

Primary licensing system user:

The primary licensing system user designated by the business is responsible for implementing and exercising security precautions to control access to and use of the licensing system, and password protection. This designated individual will do so with at least the same degree of care and to the same standards as exercised by the business toward its own confidential and proprietary information. The primary licensing system user must ensure that only they and the business's other administrative users (if any) will be permitted access to and use of the licensing system administrative features.

In the event that the primary licensing system user becomes aware of any unauthorized access to the licensing system, this individual must promptly notify FSRA by email at [email protected]. FSRA will discontinue the business's access to the licensing system until security is re-established by the business to the satisfaction of both FSRA and the primary licensing system user.

The primary licensing system user will be responsible for approving all data entered by them or by other administrative users (if any). The primary licensing system user is the central contact for the business on any and all matters related to the licensing system.

Administrative users:

The primary licensing system user has the ability to provide access to other users. Depending on the security access granted to administrative users by the primary licensing system user, administrative users can initiate new declarations, approve declarations for submission to FSRA and initiate/approve reports regarding change of status. Administrative users can also be provided with access to all the reporting features available through the licensing system.

7. Principal place of business in Ontario

This is the address in Ontario where the corporation/partnership/sole proprietorship would carry out its mortgage administration activities and/or maintain its records. A business address cannot be a post office box number.

8. Mailing address for service in Ontario

A licensed mortgage administrator must have a mailing address in Ontario. This address cannot be a post office box number and must permit service by registered mail.

9. Business contact information

Mortgage administrators must have and continue to have an operating telephone number.

Notices and legal documents are considered to have been served by the CEO to the mortgage administrator if they were sent by fax to the number listed in FSRA's records.

10. Branch offices

If the corporation/partnership/sole proprietorship has or will have any offices open to the public in Ontario (branch offices) other than the principal place of business, list the address and telephone numbers of the branch offices.

11. Do you have an Ontario mortgage brokerage licence?

Provide details if the business holds a mortgage brokerage licence.

Step 3 - Business information

This part of the application collects relevant information about the business to determine if it meets the eligibility requirements to obtain and hold an administrator licence. You can also use this section to keep track of information that must be kept up to date for the licence.

1. Business policies and procedures

Mortgage administrators must comply with standards of practice and reporting requirements under the Act and its regulations. This section highlights key requirements to maintain a licence in good standing and requires you to confirm the business's awareness of such requirements.

2. Errors and omissions (E&O) insurance

Mortgage administrators must have E&O insurance with an approved issuer that offers extended coverage for loss resulting from fraudulent acts, covering the mortgage administrator.

For more information on E&O insurance and the approved list of issuers, review these E&O insurance requirements.

3. Trust account

Every mortgage administrator must have a trust account. All funds held in trust (trust funds) must be maintained separately from the mortgage administrator’s own operating funds and held in a trust account. This must be designated as a mortgage administrator trust account, at a bank, credit union or loan and trust company.

A mortgage administrator must only have one trust account, unless it has obtained the CEO's approval to open other accounts. If your business wishes to have more than one account, you must make the request in writing.

Any money that is received by a mortgage administrator, directly or indirectly, from a borrower, lender or investor is deemed to be trust funds. Except for money clearly earned for services that have been completed or expenses actually incurred.

Mortgage administrators are required to file audited financial statement and an auditor’s report on the trust account annually. They must also conduct monthly trust account reconciliations. Mortgage administrators that have not received any trust funds in the fiscal year must provide a declaration to that effect annually.

When completing your application, you must confirm that you are aware of the requirements for mortgage administrators in relation to their trust account(s).

4. Financial guarantee

Mortgage administrators must have and maintain a financial guarantee of at least $25,000.

Unimpaired working capital (the excess of funds once current liabilities are deducted from current assets) is an acceptable financial guarantee. Mortgage administrators should note that assets falling under general security agreements will not be considered unimpaired for the purpose of this guarantee, as such funds must not be subject to any known charges or claims.

As an applicant, you must indicate the manner in which the business meets the requirement for the financial guarantee of $25,000. You must confirm that the business will maintain the requisite level of unimpaired working capital at all times. The business must provide its most recent audited financial statements if applicable. Newly incorporated companies must provide an opening balance sheet approved by its board of directors, partners or sole proprietor.

In certain limited circumstances, the CEO may consider a proposal other than unimpaired working capital for compliance with the financial guarantee of $25,000. A letter of guarantee or letter of credit could be considered an acceptable form of a financial guarantee. A proposal for an alternative form must be submitted to the CEO for approval. If approved, a formal approval letter is issued to the applicant.

5. Designated person to receive complaints

The business must respond in writing to all written complaints it receives. You must name the individual in the business who is designated to receive complaints. A name, email address and other contact information must be provided.

6. Annual audited financial statements

A mortgage administrator is required to prepare and submit audited annual financial statements prepared in accordance with Generally Accepted Accounting Principles. A licensed public accountant must conduct the audit. Your business must also arrange and provide for this auditor to issue a report on the books, records and accounts of the business for the year and a report about your business's trust account(s), as well as assets and liabilities under administration for the year.

You must provide the name and contact information of the licensed public accountant and your business's financial year-end date.

7. Is any other type of business conducted from the business premises?

Provide details if other business is conducted from your business's premises.

8. Does the business hold any other licence(s)?

Provide details if your business holds any other licences under another regulatory regime in Ontario or elsewhere.

9. Does the business intend to operate a Mortgage Investment Corporation (MIC) this year?

A MIC is an investment/lending company designed specifically for mortgage investing or lending in Canada and governed by the Income Tax Act. A MIC is organized for investing in pools of mortgages, primarily residential, and manages a diversified and secured portfolio of mortgages. Profits generated by the MIC are distributed to its shareholders according to their proportionate share. You must answer yes or no as to whether your business intends to operate as a MIC in the year of your application.

Step 4 - Suitability for a licence

This part of the application collects information to assess the applicant's suitability to hold a mortgage administrator licence. To assess suitability for a licence, FSRA is required to consider all relevant information. This includes for example, information about criminal records, current charges and convictions under any legislation or by any regulatory body and information about other registrations or licences and bankruptcies.

1. Other licences/registrations

Provide details as to whether the business (the corporation/partnership/sole proprietorship) had a licence or registration refused, revoked, suspended or cancelled under the Act, or under another regulatory regime in Ontario or elsewhere. Also provide details if the business has been the subject of a disciplinary proceeding that resulted in a penalty being imposed, such as suspension, termination, reprimand, surrender or a monetary penalty.

2. Bankruptcy

Provide details as to whether the business has ever declared bankruptcy, made a voluntary assignment in bankruptcy, made a proposal under any legislation related to bankruptcy or insolvency, or if it is presently party to bankruptcy or insolvency proceedings. If yes, describe the circumstances and indicate if the bankruptcy has been discharged or not. In any case, provide a list of the amounts owing, the creditors and the status of the matter.

Attach supporting documents, if applicable, such as:

  • A certified copy of the discharge of bankruptcy.
  • A copy of the assignment in bankruptcy and creditor list.
3. Judgments

Provide details as to whether the business has any outstanding judgments against it as of the date of the application. If yes, describe the circumstances and specify the following:

  1. The amount owing at the time of the judgment.
  2. Amounts currently owing.
  3. The person to whom the judgment is owing.
  4. Repayment dates and arrangements.
4. Charges/convictions

Provide details as to whether the business, a subsidiary or a related business ever pleaded guilty or was found guilty under the laws of any province/territory, state or country, or if it is currently the subject of any charges.

5. Conduct–relevant lawsuit and complaints

Provide details whether the business in the last five years has ever been successfully sued or a complaint has ever been made against the business, and its director/officers/partners or employees acting on its behalf, to a regulatory body in any province, territory, state or country that was or is, based in whole or in part, on fraud, theft, deceit, misrepresentation, forgery, or similar conduct; or based in whole or in part, on professional negligence or misconduct (including claims by the errors and omissions insurance carrier or bonding company). Also provide details as to whether the business is currently the subject of such lawsuits or complaints.

6. Conduct—relevant inappropriate conduct

Provide details as to whether the business in the last five years has had any business relationship terminated for its conduct, or for the conduct of its directors/officers/partners or employees for breach of confidentiality, breach of trust, fraud, misappropriation of funds, theft, forgery or similar actions.

Step 5 - Directors/officers/partners

You must complete this section if the business is a type of company other than a sole proprietorship. This part collects information about the names and roles of all officers, directors and partners of the business. All officers, directors and partners of the business listed must complete a declaration through FSRA's online licensing system. Your business's primary licensing system user will be notified when to start this step in the application process. The declaration from each individual is required to provide confirmation of suitability of licensing the business as a mortgage administrator.

Step 6 - Business operations

This part of the application collects relevant information about the administrator’s business operations and its policies and procedures, to assess if it meets the standards of practice requirements to obtain and hold a administrator licence.

1. First year of operation

Provide the business plan for the first year of operation. This information includes the type of mortgages the administrator plans to engage in, number of mortgages it expects to administer and the number of staff it intends to hire etc.

2. Funding sources for mortgage

Provide information on funding sources for mortgages that the business plans to administrate.

3. Business operation policies and procedures

Provide details of the business operation’s policies and procedures. This includes if the business intends to administer any non-qualified syndicated mortgage investments (NQSMIs), supervision processes and internal controls, description of the business model, policies and procedures for resolving conflicts of interest (COI) etc.

4. Confirmation of MBRCC code of conduct (Code of Conduct for the Mortgage Brokering Sector)

Confirm that you read and understand the MBRCC code of conduct.

Step 7 - Submit the application form

Submit the application form when all the required information in the form is completed.  After submitting the application form,  return to the main page and continue to step 8.

Step 8 - Upload all required documents and submit the application online

This part of the application provides a list of all required documents. You must upload all required documents to complete the submission of the mortgage administrator application. Once the mortgage administrator application is submitted, you will receive an email from FSRA confirming receipt.

For more information, review our regulatory guide to Ontario's mortgage brokering sector or contact:

Senior Manager, Licensing Approvals
Licensing and Market Conduct Division
25 Sheppard Avenue West, Suite 100
Toronto, ON
M2N 6S6

Telephone: 416-250-7250
Toll free: 1-800-668-0128
Email: [email protected]