All individuals and businesses who conduct mortgage brokering activities in Ontario must be licensed with the Financial Services Regulatory Authority of Ontario (FSRA). FSRA regulates the mortgage brokering industry in Ontario under the Mortgage Brokerages, Lenders and Administrators Act, 2006.
All mortgage broker and agent licences (including Principal Broker licences) expire on March 31 each year. Renewal applications can be submitted to FSRA starting February 1 through Licensing Link.
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.
If the Principal Broker does not submit an application to renew his or her own licence by March 31, and there is no other licensed broker who has renewed their licence, the brokerage licence will be automatically suspended. In addition, all the agents and brokers under that brokerage will no longer be authorized to deal or trade in mortgages, and their licence status will be “Suspended but can Transfer.”
Continuing education requirements
Every two years, by law, all mortgage agents and brokers (including Principal Brokers) in Ontario must complete an approved continuing education course before they can renew their licence. FSRA will release specific annual information on educational and other requirements prior to the renewal date each year.
Additional responsibilities for Principal Brokers
In addition to renewing your own licence, if you are a Principal Broker, you are responsible for renewing each of your broker’s or agent’s licences as follows:
- Verify that each mortgage broker or agent is still suitable for licensing and has completed the required continuing education course.
- Initiate the licence renewal application on behalf of each agent or broker in Licensing Link, and send the application to the agent or broker.
- Review the licence renewal application that has been completed by each mortgage broker or agent to ensure it is accurate.
- The broker must pay the required licence renewal fee and submit the application via the Licensing Link.
All of these steps must be completed each year by March 31, otherwise the licence may be suspended.