If a mortgage administrator business in Ontario wishes to cease operations and surrender its licence, the designated contact person of the mortgage administrator must complete an application to surrender its mortgage administrator licence.
New: You can submit your application to surrender the mortgage administrator licence through Licensing Link. It’s fast, easy, and convenient.
What you need to know:
It's important to follow the instructions in the application form, as it:
- Notifies the CEO of the Financial Services Regulatory Authority of Ontario (CEO of FSRA) of the intention to surrender the mortgage administrator licence.
- Ensures that the company has properly exited the mortgage administrator business.
The CEO will allow the surrender of a mortgage administrator licence unless FSRA believes it is not in the public interest to do so. The CEO will consider:
- Whether there are any current disciplinary actions, outstanding complaints or investigations under way against the mortgage administrator business.
- Whether the mortgage administrator owes any administrative monetary penalties to FSRA.
- If the mortgage administrator has notified its clients that it is planning to exit the mortgage administrator business.
- If the mortgage administrator has made arrangements that will ensure its clients continue to receive mortgage administrator services.
In some instances, FSRA may propose allowing the surrender with some conditions. If you disagree with those conditions, you will have an opportunity to request a hearing before the Financial Services Tribunal, which will make the final decision.
Ready to surrender the licence?
Follow these steps to submit the application to surrender the mortgage administrator licence:
Sign into Licensing Link and select Surrender Your Licence from the menu or;
- Access/download a copy of the application to surrender its mortgage administrator licence. To download a copy, right-click on the link and choose Save link as.
- Complete the application—the administrator's principal contact person must fill out and submit the application in order for the administrator to successfully surrender its licence.
- Send the completed and signed application to FSRA by mail or email to the following address:
Financial Services Regulatory Authority of Ontario
25 Sheppard Avenue West, Suite 100
Email (for electronic copies): [email protected]
No fee is required.
FSRA will review your application and contact you if further clarification and/or additional information are required. If the CEO approves the surrender of the licence, FSRA will send you a confirmation via email.
You can also find the application and other mortgage brokering forms on our Mortgage Brokering Forms page. Forms are available in both English and French, and may be downloaded and filled out electronically.
The mortgage administrator licence remains in force until the CEO has received and approved the application form. While the licence remains in force, the business is still required to comply with the Mortgage Brokerages, Lenders and Administrators Act, 2006 and its regulations, including requirements to file the Annual Information Return and to maintain errors and omissions insurance.