The government and FSRA have implemented new licensing classes for mortgage agents and brokers effective April 01, 2023. Visit the page for details. New Licensing Requirements Transition - Information and Resources.
Mortgage brokers who have an inactive licence may be able to apply to reinstate their licence, with the Financial Services Regulatory Authority of Ontario (FSRA). The process differs depending on how many years the licence has been inactive.
About the reinstatement
If your mortgage broker licence expired less than two years ago, you can apply to have it reinstated. If your licence expired or was surrendered more than two years ago, you will need to apply for a new mortgage agent level 1 licence. In both cases, your brokerage will need to submit the application.
To check your licence expiry date, please visit the public registry. Please note that licences that expired more than two years ago are not displayed in the public registry. If your licence is not visible on the public registry, you will need to apply as a new mortgage agent level 1.
Ready to reinstate (less than two years)?
To apply for your licence reinstatement within the two-year period since it expired, your brokerage must initiate your application. A reinstatement application will be sent to you via email.
The fee for reinstating your mortgage broker licence is $983. The fee will be prorated based on the month in which your reinstatement application is submitted. For more information on fees, please review FSRA's Fee Rule.
Ready to requalify as a new agent level 1 (more than two years)?
If your mortgage broker licence expired more than two years ago, you must apply as a new mortgage agent level 1. Before you apply, you must complete a FSRA-approved mortgage agent level 1 education program within 24 months of this application. Your brokerage must initiate your application.
As of April 1, 2023, you can apply for a mortgage broker licence after being licensed as a mortgage agent for at least 36 months:
- 12 months as a mortgage agent level 1.
- 24 months as a mortgage agent level 2.
Please review how to become a mortgage agent level 1 or how to become a mortgage broker for more information.
New Criminal Record check process
FSRA is changing its licensing processes for background criminal 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 Canada (Triton). If you have disclosed information about a criminal matter, or FSRA has received information that you may be involved in a criminal matter, you may be required to complete a background check after you have submitted your renewal application.
If required, FSRA will notify you, and will send a link to Triton’s website to complete the background check. Once completed, you will need to provide the 8-digit confirmation number found in your Triton invoice to FSRA. A fee of $19.15 applies for Triton’s service, and the background check is valid for 90 days.
Please monitor your email frequently for any information requests from FSRA. If you have any further questions about the new background check process, please contact us.