An Ontario mortgage broker is a professional who deals or trades in mortgages for a licensed mortgage brokerage. They may also be responsible for supervising the activities of one or more licensed mortgage agents.
If you wish to apply for a mortgage broker licence in Ontario and hold a licence in another Canadian jurisdiction that is equivalent to Ontario’s mortgage broker licence, you might be exempt from Ontario's education requirements for your application. This exemption depends on the Canadian jurisdiction(s) in which you hold your existing licence(s).
What you need to know
You must hold one of the following licences from another province for an education exemption:
- Alberta (mortgage broker)
- Saskatchewan (mortgage broker)
- Manitoba (authorized official)
- New Brunswick (mortgage broker)
- Québec (mortgage broker – responsible officer)
If you hold a licence in Nova Scotia, Newfoundland and Labrador, Prince Edward Island, Yukon, the Northwest Territories or Nunavut, you are not exempted from Ontario’s education and experience requirements. You can still apply to the Financial Services Regulatory Authority of Ontario (FSRA) to be licensed, but will need to meet the education, experience and other eligibility requirements. For more information on applying for a mortgage broker licence, visit our licence application page.
If you hold a licence in British Columbia, please review how to apply for a mortgage agent licence from another province/territory.
How to apply:
Even if you hold a valid licence from an exempt province, you still must meet all the other eligibility requirements for an Ontario licence. This includes being authorized to deal in mortgages with only one established Ontario mortgage brokerage. Your mortgage brokerage will initiate your application via Licensing Link.
If you hold a mortgage broker licence from an exempt province, you will need to attest that you understand and will comply with Ontario’s laws under the Mortgage Brokerages, Lenders and Administrators Act, 2006.
The fee for a mortgage agent licence is $941. The fee will be prorated based on the month in which your application is submitted in the fiscal year.
Your brokerage will submit the application fee to FSRA after reviewing your licence application. Depending on the arrangement with your brokerage, you may need to provide your brokerage with your licence application fee so it can be paid on your behalf.
Want to apply to a different province/territory?
If you are a licensed Ontario mortgage broker and wish to apply for a licence in another Canadian jurisdiction, you may need to provide a Reciprocity Letter. This is an official record of your licensing and enforcement history in Ontario. Please review how to request official documents for more details.