If you are a licensed mortgage agent in Ontario and wish to exit the mortgage brokering business, you must complete an application to surrender your licence.
What you need to know:
It is important for you to complete this form in its entirety, as it:
- Notifies the Financial Services Regulatory Authority of Ontario (FSRA) of your intention to surrender your mortgage agent licence.
- Ensures that you have properly exited the mortgage brokering business.
FSRA’s licensing team will review your application to make sure the surrender is in the public’s best interest.
The licensing team will consider a number of factors, including:
- Are there any current disciplinary actions, outstanding complaints or investigations under way?
- Do you need to pay any administrative monetary penalties?
The licensing team may propose that you can surrender your licence but impose some conditions. In rare instances, the licensing team may reject an application if there are serious concerns. If you disagree with the decision, you can request a hearing before the Financial Services Tribunal.
Effective date for the surrendered licence
It is important to keep in mind that your licence is not officially surrendered until the FSRA licensing team approves your application. You will receive a confirmation email once it is approved. Until then, you are still required to comply with all requirements of the Mortgage Brokerages, Lenders and Administrators Act, 2006 and its regulations.
How to reinstate your licence after surrendering it
If you want to deal or trade in mortgages again in the future, you can apply to reinstate your licence. The process will depend on the date your surrendered licence application was approved (i.e., the surrender date).
- If it has been less than two years since the surrender date, you can reinstate your licence. Read how to reinstate your mortgage agent licence for more details.
- If it has been more than two years since the surrender date, you will have to reapply for a new mortgage agent licence. Read how to apply for a new mortgage agent licence for more details.
Ready to surrender your licence?
Follow these steps to submit the application to surrender your licence:
- Access and/or download the Application for the Surrender of a Mortgage Broker or Agent Licence. To download a copy, right-click on the link and choose Save link as.
- Complete and sign the application, and submit it to FSRA by email to [email protected].
- FSRA will send you a confirmation email once the licensing team has completed its review, which should take approximately 10 business days. The three possible outcomes are:
- Your application is approved.
- Your application is approved with conditions.
- Your application is rejected. Note: this happens in rare cases where there are serious concerns.
- Until you receive an email confirmation that your application is approved, continue to maintain all requirements for your licence.