Mortgage Broker license is regulated by the Superintendent of Financial Services Commission of Ontario (FSCO). A Mortgage Broker is someone who is licensed to carry out mortgage activities and eligible to own a Mortgage Brokerage business. They are also responsible for supervising Mortgage agents under their brokerage umbrella. Keep inb mind this is a different testing from the Real Estate License or the Mortgage Specialist License. To get your Mortgage Broker License in Ontario, please kindly follow the steps below.
Step 1 – Fulfill some basic entrance requirements
Similar to the Mortgage Agent requirements, you must be at least 18 years of age and be a resident of Canada. You also need a mailing address in Ontario that you can receive regular mails(PO box is not accepted). Secondly, you must be authorized by a mortgage brokerage, either your own brokerage or someone else brokerage. You can only work for one brokerage at any point in time.
In addition to the above, you must have been licensed as a Mortgage Agent for at least 24 months during the most recent 36 months period.
Step 2 – Fulfill the education requirements
Now you need to complete the mortgage broker education program that is approved by Superintendent of Financial Services Commission of Ontario (FSCO). Unlike the education program for Mortgage Agent, the Mortgage Broker program provider will be selected by FSCO in every four years. For the year 2012 – 2016, the provider is: The Canadian Association of Accredited Mortgage Professionals (CAAMP). For information on the Broker Program, please click here.
Step 3 – Apply for Mortgage Agent License
Upon successful completion of the mortgage broker education program, you have up to three years or 36 months to apply for the Broker License.
Course and license fees:
Broker Education Program: $345
New license fee: $800
The information on this page is gathered from the resources listed above. Please note that the requirements will change or get updated from time to time, it is best to treat this one page guide as a quick overview and always visit the official sources to confirm the accuracy of the contents. If you notice any errors or outdated contents on this page please kindly email us by using the contact section or simply leave us a comment. If you have questions or comments, please feel free to leave it at the comment section below. Your comments or suggestions will not only help us to improve the site, but will also assist others that have similar questions. Thank you for inquiring, sharing and participating!
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