Renew early: information, resources and approved education for new licensing requirements
The Financial Services Regulatory Authority of Ontario (FSRA) is encouraging mortgage agents and brokers to renew their licences early this year to avoid delays given new licensing requirements.
The new requirements will help ensure consumers and investors receive appropriate mortgage advice and product recommendations when dealing with private mortgages.
FSRA will email mortgage agents and brokers about the licence type they qualify for in the coming weeks, and they may begin renewing their licences beginning February 1, 2023.
They can also visit FSRA’s website for transition information and responses to common questions about the new licensing requirements.
As outlined in the April 2022 guidance, FSRA will renew licences based on the following:
- Level 1 agent – may arrange mortgages solely with lenders that are financial institutions or approved lenders under the National Housing Act, as described in regulation
- Level 2 agent or mortgage broker – may arrange mortgages for all mortgage lenders, including mortgage investment companies, syndicates, private individuals, agents, brokers, and brokerages
FSRA-approved Private Mortgages Courses
Mortgage agents and brokers must do one of the following to maintain a Level 2 agent or mortgage broker licence after April 1, 2024:
- complete the Private Mortgages Course by March 31, 2024 or
- pass a Challenge Exam by October 31, 2023. The exam option is only available for agents and brokers who have five or more years of continuous licensing experience
The FSRA-approved Private Mortgage Course and Challenge Exam are available through:
- Canadian Mortgage Brokers Association (CMBA) – Ontario
- Mortgage Professionals Canada (MPC)
- Real Estate and Mortgage Institute of Canada (REMIC)
New mortgage broker course providers
As of January 1, 2023, there is more than one provider of the mortgage broker course. Visit FSRA’s website to view approved providers.
Email [email protected] and we will get back to you.
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.