Under the Mortgage Brokerages, Lenders and Administrators Act, 2006, as amended, the Financial Services Regulatory Authority of Ontario (FSRA) may issue a mortgage broker or agent licence to an individual without the education requirements. FSRA will determine if they have a combination of education and experience that is equivalent to the applicable requirement. To qualify for education equivalency, an applicant must meet all other criteria listed in sections 2(1) or 5(1) of Ontario Regulation 409/07—Mortgage Broker and Agents: Licensing. FSRA will also have to confirm that the individual is suitable to be licensed.

FSRA has established education standards for mortgage agents and brokers. These standards are known as Mortgage Agent Qualifying Standards (MAQS) and Mortgage Broker Qualifying Standards (MBQS). Individuals applying for mortgage agent and/or mortgage broker licences, who believe they meet the education and experience requirements listed in the regulations can apply to FSRA if they wish to demonstrate that they meet these equivalency criteria. FSRA thoroughly reviews all equivalency requests to ensure applicants’ backgrounds and qualifications meet all of these requirements. Please note that FSRA’s standards for granting this equivalency are very rigorous.

Determining equivalency

Before you submit a request to have your education and experience confirmed as equivalent to the MAQS and/or MBQS. Please ensure you are able to present clear and compelling evidence that you are able meet FSRA’s rigorous standards. These standards are in place to protect the public interest. The general public must have a reasonable expectation that all mortgage agents and brokers are suitably qualified to carry out their duties.

The following section outlines what should be included in your request for equivalency, and the standards you must meet for FSRA to approve your request.

Beginning your equivalency request

To obtain an equivalency package, please email [email protected]. The package will contain all the information you need to complete your submission package, along with the application form.

Before you submit your request for equivalency:

  • Ensure your application will be supported by the principal broker of a licensed mortgage brokerage
  • Ensure you understand the education standards outlined in the MAQS and MBQS.
  • Be prepared to complete a full submission package and provide a full explanation for each required qualification.

Please note the following:

  • FSRA will only review complete submission packages.
  • Requests for equivalency cannot be submitted through Licensing Link. You need to contact FSRA directly to request a paper-based application form.
  • Your mortgage brokerage needs to forward the completed application to FSRA, along with all the other required information.

In order to submit a request for equivalency, you need to provide all of the following:

  1. A completed FSRA Mortgage Agent/Broker Application Form (FSRA will provide you with a paper-based application form to complete).
  2. Your up-to-date résumé.
  3. A complete assessment of your qualifications, and level of experience for each learning objective specified in the MAQS and MBQS. Ensure you clearly indicate how your work experience and educational training equals or surpasses the required learning objective. You must use the form provided by FSRA.
  4. A signed Letter of Confirmation from the business for which you currently work. The letter should describe your role and responsibilities at the business. Letters from other individuals or businesses with suitable knowledge of your training and experience are also acceptable.
  5. If you are requesting equivalency as a mortgage broker. You need to confirm that you meet the requirement for supervising mortgage agents (i.e., that you have supervised at least five mortgage agents).
  6. Recent letter(s) from current or previous employers that support your relevant education and work experience.
  7. A letter from your mortgage brokerage's Principal Broker confirming support for your request for equivalency.

Tips for assessing your qualifications

The form FSRA provides to assess your eligibility for equivalency must be filled out in its entirety. When completing your form, please note the following:

  • Before you submit your request for equivalency, ensure you carefully review the MAQS and MBQS.
  • In your request for equivalency clearly analyze the learning objectives. Provide specific examples of situations in which your experience, and education satisfied each appropriate learning objective at the required proficiency level.
  • To assess your own qualifications, refer to the learning objectives with their associated levels of achievement. For guidance on the level that applies to you, review the MAQS and MBQS.
  • To ensure a fair and standardized review process, FSRA requires each equivalency request to follow a standard table format. The table will be provided by FSRA with the application form.

For an example of a completed form, please see the sample mortgage broker qualifying standards form. You will be required to use the “Bloom's taxonomy” when outlining, how your education meets the required numerical proficiency level for each learning objective. For reference, the following table describes the six levels of proficiency as classified by Bloom’s taxonomy, along with common verbs used in describing that level of proficiency.

Numerical Proficiency Level


Common verb descriptors



defines, describes, and identifies, labels, lists, matches, names, reads, records, reproduces, selects, states, views



classifies, cites, discusses, estimates, explains, generalizes, gives examples, restates, summarizes, understands



assesses, charts, computes, determines, establishes, predicts, produces, reports, shows, solves, teaches, uses



breaks down, calculates, correlates, differentiates, discriminates, distinguishes, prioritizes



adapts, categorizes, combines, compares, compiles, generates, integrates, modifies, negotiates, revises, validates



appraises, compares and contrasts, critiques, decides, defends, interprets, judges, justifies, supports

To learn more about how to apply this taxonomy to a learning objective, please review this example on applying Bloom's taxonomy to a given learning objective.

Submitting your application

  • In addition to the education equivalency requirements, you must meet all the other licensing requirements and must be considered suitable for licensing.
  • Please review the licence application requirements for Ontario mortgage brokers and mortgage agents for more information.

Once you've completed your submission package, please mail it to the address below:

Attn: Senior Manager, Licensing
Market Conduct

Financial Services Regulatory Authority of Ontario
25 Sheppard Avenue West, Suite 100
Toronto, ON
M2N 6S6

After your submission is received

Upon receipt of your submission package, FSRA will respond in one of the following ways:

  • Acknowledge receipt of your request for equivalency.
  • Return your incomplete submission package, along with a note that specifies the information you are missing.

If your submission package is considered to be complete, FSRA will:

  • Review your responses to the learning objectives, and assess if your achievement is at or above the required standard.
  • Review all other documents in your submission package for completeness and relevance.
  • Prepare a recommendation.

As part of its evaluation of your submission package, FSRA may also:

  • Request an interview.
  • Contact your mortgage brokerage's Principal Broker if there are any questions regarding the completeness of your application or your suitability. Please note that if you or your Principal Broker do not provide the requested information, your application may be refused.

After a complete review of your application, FSRA will notify you one of the following outcomes:

  • That your mortgage agent/broker licence equivalency application is approved.
  • That your education and experience do not meet equivalency requirements, and that you have been issued a Notice of Proposal proposing to refuse the application. Consequently, you would not meet the prescribed requirements for the mortgage agent/broker licence you applied for. Please note that if your mortgage agent/broker licence is refused, you cannot reapply for a licence for 12 months.

FSRA’s goal is to complete each equivalency review within 60 days of receiving the completed equivalency submission package. Please keep in mind that this time frame may change based on the volume of requests FSRA receives.

Public listings of mortgage brokers/agents granted equivalency

If your application for equivalency is successful, FSRA will publish your name and licence number online. FSRA publishes these names to inform consumers as to which mortgage agents/brokers have met the equivalency standard, and to further ensure public interests are protected.

The following is a list of individuals who have been granted equivalency:

  • Kevin James Weir—licence number: M18000182
  • John Peter Battaglia—licence number: M08000717
  • Robert Dool—licence number: M10000051
  • Audrey Lynn Howe—licence number M11002763
  • George Hugh—licence number: M11001177
  • Clayton Joseph—licence number: M08010260
  • Glen Malcolm—licence number: M10001002
  • Chadwick (Chad) Van Mallow—licence number: M13001553
  • Ross Brennan—licence number: M08006297
  • Daniel Andress—licence number: M08000446
  • Howie Wong—licence number: M20000487
  • Anthony Pistillo—licence number: M08006704
  • Donald Scott—licence number: M21001322
  • Michael Forshee-licence number: M17002322
  • Michel Cubric-licence number: M13000267

Applying Bloom's taxonomy to learning objectives

According to Bloom's taxonomy, the table below illustrates how to indicate your level of proficiency for a given learning objective. In this example, the MBQS learning objective of recruiting suitable agents and brokers is used.

Proficiency Level (Blooms Level)



Knowledge (Blooms Level 1)


You are aware that there are set hiring practices, but have never actually hired anyone.

Describe the human resources training that you have taken.

Describe your relevant work experience.



Comprehension (Blooms Level 2)


You know how to go through a hiring protocol, but have never actually put that protocol into practice.

Describe the relevant courses and training that you have taken.

Give examples of an approach for recruiting suitable mortgage brokers and agents.

Application (Blooms Level 3)


You have actual experience in recruiting and hiring staff.

Describe the relevant courses and training that you have taken.

Provide specific examples of your experience.

Analysis (Blooms Level 4)


Through your practical experience, you are able to assess if hiring decisions are producing satisfactory results.

Describe the relevant courses and training that you have taken.

Give examples of the procedures you followed in making these types of assessments.

Synthesis (Blooms Level 5)


You have the capacity to establish policies and procedures to ensure effective hiring.

Describe the relevant courses and training that you have taken.

Provide details of the policies and procedures you have developed.

Evaluation (Blooms Level 6)


Based on experience, you are able to assess what changes and enhancements are required in the hiring policies and procedures to improve recruitment results.

Describe the relevant courses and training that you have taken.

Describe the specific assessment strategies you used in your assessment and the changes that were adopted.