An Ontario mortgage agent level 1 is a professional who deals or trades in mortgages for a licensed mortgage brokerage, under the supervision of a licensed mortgage broker.
A mortgage agent level 1 may arrange mortgages solely with lenders which are financial institutions or approved lenders under the National Housing Act, as described in regulation.
If you wish to apply for a mortgage agent level 1 licence in Ontario and hold a licence in another Canadian jurisdiction that is equivalent to Ontario’s mortgage agent level 1 licence, you might be exempt from Ontario's education requirements for your application. This exemption depends on the Canadian jurisdiction(s) in which you hold your existing licence(s).
What you need to know
You must hold one of the following licences from another province for an education exemption:
- British Columbia (sub-mortgage broker)
- Alberta (mortgage associate)
- Saskatchewan (mortgage associate)
- Manitoba (salesperson)
- New Brunswick (mortgage associate)
- Nova Scotia (associate mortgage broker)
- Québec (mortgage broker)
- Newfoundland and Labrador (mortgage broker)
Ontario Mortgage Licensing Equivalency Course (OMC)
Before being able to practice in Ontario, mortgage licence holders from outside the province will be required to know the provincial rules and regulations so they can properly protect consumers’ interests.
Applicants with eligible non-Ontario mortgage sector licences will be required to complete the Ontario Mortgage Licensing Equivalency Course (OMC) from a FSRA-approved provider.
The OMC is a two-hour seminar on regulations and requirements for conducting mortgage business in Ontario. It is followed by a quiz. Applicants must complete the OMC to ensure they understand and comply with Ontario mortgage brokering sector laws before practicing in the province.
Principal brokers need to confirm their applicant has completed the OMC before submitting their licence application to FSRA. Results do not need to be submitted to FSRA.
The FSRA-approved OMC providers are:
- Canadian Mortgage Brokers Association (CMBA) – Ontario
- Mortgage Professionals Canada (MPC)
- Real Estate and Mortgage Institute of Canada (REMIC)
Please note that level 1 mortgage agents are not authorized to deal with private lenders and mortgages in Ontario. If you wish to work in this market segment, you must apply for a Mortgage Agent Level 2 licence.
Please note that any mortgage licensee in Ontario requires an Ontario mailing address.
How to apply:
Even if you hold a valid licence from an exempt province, you still must meet all the other eligibility requirements for an Ontario licence. This includes being authorized to deal in mortgages with only one established Ontario mortgage brokerage. Your mortgage brokerage will initiate your application.
If you hold a mortgage agent level 1 licence from an exempt province, you will need to attest that you understand and will comply with Ontario’s laws and regulations under the Mortgage Brokerages, Lenders and Administrators Act, 2006.
The fee for a mortgage agent level 1 licence is $941. The fee will be prorated based on the month in which your application is submitted in the fiscal year, starting in April.
Your brokerage will submit the application fee to FSRA after reviewing your licence application. Depending on the arrangement with your brokerage, you may need to provide your brokerage with your licence application fee so it can be paid on your behalf.
New Criminal Record check process
FSRA is changing its licensing process for criminal background checks to ensure the processes remain up to date. Criminal record checks 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 criminal record checks through our approved vendor Triton. You must use FSRA’s link directing you to Triton’s website. After completing the background check, 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 background check is valid for 90 days.
If you have any further questions about the new background check process, please contact us.
Want to apply to a different province/territory?
If you are a licensed Ontario mortgage agent level 1 and wish to apply for a licence in another Canadian jurisdiction, you may need to provide a Reciprocity Letter. This is an official record of your licensing and enforcement history in Ontario. Please see the official documents request page for more details.