Attention principal brokers: New licensing requirements for eligible non-Ontario applicants
Before being able to practice in Ontario, mortgage licence holders from outside the province will be required to know the provincial rules and regulations so they can properly protect consumers’ interests.
As of April 1, 2023, applicants with eligible non-Ontario mortgage sector licences will be required to complete the Ontario Mortgage Licensing Equivalency Course (OMC) from a FSRA-approved provider.
The OMC is a two-hour seminar on regulations and requirements for conducting mortgage business in Ontario. It is followed by a quiz. Applicants must complete the OMC to ensure they understand and comply with Ontario mortgage brokering sector laws before practicing in the province.
Principal brokers need to confirm their applicant has completed the OMC before submitting their licence application to FSRA. Results do not need to be submitted to FSRA.
The FSRA-approved OMC providers are:
- Canadian Mortgage Brokers Association (CMBA) – Ontario
- Mortgage Professionals Canada (MPC)
- Real Estate and Mortgage Institute of Canada Inc. (REMIC)
At the same time, FSRA is introducing new licensing requirements for Ontario’s mortgage brokering sector to better deal with private lending.
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.
Learn more at www.fsrao.ca.