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.
All mortgage brokers must renew their licences with the Financial Services Regulatory Authority of Ontario (FSRA) each year before March 31.
About licence renewals
Your brokerage can begin the annual licence renewal starting February 1.
FSRA will send you an email 60 calendar days before the expiration date to let you know you will need to renew your licence. This is a courtesy reminder – it is your responsibility to know when your licence will expire and to ensure your email address is up to date with FSRA.
Note: while some renewals are processed quickly, others may require additional review. Submit your renewal application as soon as possible to avoid having your licence expire. Your brokerage can apply to renew your licence at any time during the 60-day window.
The applicable fee for renewing a mortgage broker’s licence is $841 annually. The Principal Broker of your brokerage will submit the renewal fee to FSRA after reviewing your licence renewal application. You may need to discuss with your Principal Broker whether you need to provide your brokerage with your licence renewal fee so it can be paid on your behalf.
What if I have an inactive licence?
If you want to start practicing as a mortgage broker again, review how to reinstate broker licences.
What if I miss the deadline for renewing my licence?
If you don’t renew your licence before the expiration date, your licence will lapse and it will no longer be active.
If you want to continue practicing as a mortgage broker after your licence lapses, review how to reinstate broker licences.
Requirements for renewing the licence
To qualify for licence renewal, you must:
- Have an active licence as a mortgage broker in Ontario.
- Be currently authorized by an established mortgage brokerage in Ontario to deal in mortgages.
- Reconfirm your suitability to hold a licence and meet all licensing requirements.
By reconfirming your suitability to hold a licence, you will need to verify that:
- You are familiar with the laws of Ontario relating to the licensing of mortgage agents (levels 1 and 2) and brokers.
- You will hold yourself out publicly and carry out business in good faith as a mortgage broker in the name in which you are licensed.
- You are not engaged in any other business or occupation that would jeopardize your integrity, independence or competence.
- You are of good character and reputation.
- You have provided information about bankruptcies, lawsuits, criminal records, decisions from other regulators or licensing bodies and other employment information.
- You are a suitable person to receive a licence and meet all licensing requirements.
Ready to renew?
After your Principal Broker initiates the licence renewal process, you must complete the following steps:
- Click on the renewal link sent by your Principal Broker. This link will take you to Licensing Link.
- Enter your Licensing Link PIN, which was provided to you on your first mortgage broker application. If you have forgotten your PIN, you can reset it by following the instructions on the Licensing Link page.
- Complete your licence renewal application and click "Submit."
Your brokerage's Principal Broker will review your licence renewal application and submit it with the required fee.
Please note you will need to complete a private mortgages course from a FSRA approved course provider by March 31, 2024. See FSRA’s mortgage brokering hub for information about the transition period.
Find answers to frequently asked questions about mortgage broker license renewals.
New private mortgages course and challenge exam
All mortgage brokers must complete the Challenge Exam or Private Mortgages Course before renewing their licence in March 2024. The Challenge Exam is only available to brokers who have five years or more continuous licensing experience as of April 1, 2023. The Challenge Exam must be completed by October 31, 2023, and may only be attempted once. Individuals who do not pass the Challenge Exam must complete the Private Mortgages Course.
In February 2023, all active mortgage brokers received an email advising the if they are eligible to take the Challenge Exam or must complete the Private Mortgages Course in order to maintain their licence after March 31, 2024.
Brokers who do not meet the new education requirements will transition to the mortgage agent level 1 licence upon licence renewal on April 1, 2024. If you transition to a mortgage agent level 1 licence, you will only be able to transact in mortgages where the lender is a financial institution.
Visit FSRA’s information hub for the New Licensing Requirements Transition to learn more about new licensing requirements.