Licensed Ontario mortgage agents and brokers may leave one mortgage brokerage and transfer to another. They will need to submit an application to the Financial Services Regulatory Authority of Ontario (FSRA).
They may, however, only practice as a mortgage agent or broker under one brokerage at a time, as stated in the Mortgage Brokerages, Lenders and Administrators Act, 2006.
Incoming transfer of a new agent or broker
As a Principal Broker, you are responsible for initiating the transfer of any agent or broker, who is transferring to join your brokerage as follows:
- Initiate the transfer application via Licensing Link.
- A link will be sent to the agent or broker to confirm the transfer.
- Once they have confirmed the transfer, you submit the application.
- There are no fees for transferring a mortgage agent or broker licence.
Outgoing transfer or termination of an agent or broker
As a Principal Broker, you are responsible for transferring or terminating any agent or broker who is leaving your brokerage via Licensing Link.
Transferring as a Principal Broker
Should you, as Principal Broker, wish to transfer to another brokerage, you are responsible for appointing a new Principal Broker to take your place. This process must be completed prior to leaving your position.
What happens after you submit
Once you have submitted a transfer or termination, it becomes effective immediately. However, FSRA may contact the agent, broker or brokerage (previous or current) to request more information.