If you wish to deal in mortgages as a mortgage agent in Ontario, you must apply for a licence with the Financial Services Regulatory Authority of Ontario (FSRA).
About the licence
An Ontario mortgage agent is a professional who deals or trades in mortgages for a licensed mortgage brokerage, under the supervision of a licensed mortgage broker. All individuals acting as mortgage agents or mortgage brokers in Ontario must have a licence from FSRA. They must also be sponsored by one licensed mortgage brokerage.
Fee for a new application
The fee for a new mortgage agent licence is $941. The fee will be prorated based on the month in which your application is submitted in the fiscal year.
The Principal Broker of your brokerage will submit the application fee to FSRA after reviewing your licence application. Depending on the arrangement with your Principal Broker, you may need to provide your brokerage with your licence application fee so it can be paid on your behalf.
Requirements for getting a licence
If you wish to become a licensed mortgage agent in Ontario, you must:
- Be 18 years of age or older.
- Be a resident of Canada.
- Have a mailing address in Ontario that can receive registered mail (not a post office box).
- Be authorized by a mortgage brokerage to deal in mortgages.
- Work for only one mortgage brokerage.
- Have a valid email address.
- Meet the mortgage agent education requirements.
- Be suitable for a licence.
To verify your suitability to have a licence, you will need to confirm that:
- You are familiar with the laws of Ontario relating to the licensing of mortgage agents and brokers.
- You will hold yourself out publicly and carry out business in good faith as a mortgage agent in the name in which you are licensed.
- You are not engaged in any other business or occupation that would jeopardize your integrity, independence or competence.
- You are of good character and reputation.
- You have provided all information about bankruptcies, lawsuits, criminal records, decisions from other regulators or licensing bodies and other employment information.
- You are a suitable person to receive a licence and meet all licensing requirements.
Mortgage agent education requirements
To meet the education requirements for a mortgage agent licence, you must successfully complete one of the FSRA-approved mortgage agent education programs. You must apply for a mortgage agent licence within two years of successfully completing one of these approved mortgage agent education programs.
Approved mortgage agent education programs
FSRA has approved several mortgage agent education programs for licensing purposes. All of these programs were developed using the same curriculum, but different providers may use different formats- such as classroom, correspondence, online or a combination of teaching methods. The tuition fees for each program are set by each independent program provider.
All the approved programs include a final examination. Here is a list of mortgage agent education programs approved by FSRA:
- The Ontario Mortgage Agent Course, provided by Mortgage Professionals Canada.
- The CMBA Mortgage Agent Course, provided by the Canadian Mortgage Brokers Association—Ontario.
- The REMIC Mortgage Agent Course, provided by the Real Estate and Mortgage Institute of Canada Inc.
- The mortgage agent programs provided by member colleges of OntarioLearn (see the following list of colleges).
The following college mortgage agent programs have been approved by FSRA:
- Algonquin College
- Cambrian College
- Canadore College
- Centennial College
- Collège Boréal (offers services in French)
- Confederation College
- Durham College
- Fanshawe College
- Fleming College
- George Brown College
- Humber College
- La Cité collégiale (offers services in French)
- Lambton College
- Mohawk College
- Niagara College
- Northern College
- Sault College
- Seneca College
- St. Lawrence College
Education equivalency requests
Certain individuals might qualify for an agent licence without the education requirement, if they meet other education and experience requirements. To see if you qualify, review the education equivalency criteria.
Ready to apply?
If you have met all the requirements for becoming a licensed mortgage agent, ask your brokerage to start your application process.
- The Principal Broker of your brokerage will initiate your licence application through Licensing Link. Then, send the licence application to you via email.
- Click on the application link in the email. This link will take you to Licensing Link.
- Complete the application and Submit your application. It will be sent back to your brokerage for final approval.
- Your brokerage's Principal Broker will review your licence application and submit it with the required fee.
What happens after the application is submitted:
FSRA will send you an email to confirm it has received your application.
For most applications
If the application requires additional review