Real Estate and Mortgage Institute of Canada Inc.
2175 Sheppard Ave E, Suite 307
Mississauga: 1065 Canadian Pl, Suite 203
t: 1-877-447-3642     e:

What are the costs involved in becoming a licensed mortgage broker / agent in Ontario?

cost to become a mortgage agentTo begin your journey in your new mortgage career you will need to take the mortgage course. REMIC’s course, considered by many to be the best in the industry, is also the least expensive ranging from $298 to $345. This cost includes the textbook, online access with interactive exercises, video tutorials and exam guides, as well as one free exam rewrite, if necessary.

Once you’ve passed the course you will need to be hired by a brokerage. You will be required to pay errors and omissions insurance, which may cost you approximately $300 to $400 dollars. You may also be required to join a trade association, although this is not a requirement to being licensed.

You will then have to pay for your license to FSCO. Here is a breakdown of the costs to FSCO to begin your mortgage career:

Licenses come up for renewal every two years, with the next renewal on March 31, 2018 (the last one was March 31, 2016). The fee is calculated like this: $100 + (# of months to March 31, 2020 x $44).

Mortgage brokering in Ontario is regulated by the Financial Services Commission of Ontario (FSCO) and requires a license.  To obtain a license you must first pass an accredited course.  The Real Estate and Mortgage Institute of Canada Inc. (REMIC) is accredited by FSCO to provide the course.  For more information please visit us at or call us at 877-447-3642.

For example, if you applied for a license on December 1, 2018 then you would pay an application fee of $100 plus (16 months to March 1, 2016 x $44) = $100 + $704 = $804

In total your new career should cost you approximately $1,500 to get started. Your income potential is unlimited, making this a great investment.

Licence Type​
Two-year licensing fee for existing licensees
Two-year licensing fee for new applicants*
Mortgage Agent​
$100 + (A x $44)​
Mortgage Broker​
$100 + (A x $44)​
Mortgage Brokerage​
$100 + (A x $44)​
Mortgage Administrator​
$100 + (A x $44)​
​*$1,156 fee for new licence applicants. 
Note: A = number of full or partial months from the date the application was submitted.​

For more information on fees please visit the Financial Services Commission of Ontario at

Joe White
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Joe White

President at REMIC
Joseph J. White has been involved in the mortgage industry since 1988. He began his career as a mortgage agent, and in the mortgage lending sector of the industry he has held positions as National Sales Manager and VP of Sales with two national mortgage lenders.

In the industry’s mortgage brokering sector he is a licensed mortgage broker and has been a partner at a successful mortgage brokerage, manager at two national brokerages, principal broker at a commercial brokerage, founder of a mortgage investment corporation, and is owner and principal broker of his own boutique brokerage.

As an educator, Mr. White has been educating the mortgage industry since 1996.During his 14 years at Seneca College he was a professor and program coordinator and is currently President of the Real Estate and Mortgage Institute of Canada Inc. (REMIC).Mr. White has developed several courses for Seneca College, including the first mortgage broker education program in Ontario,as well as the mortgage agent course.He has written two textbooks used in the mortgage industry and by over 20 Ontario colleges with over twenty thousand copies in print, in addition to several business focused books and e-books. He has instructed over fifteen thousand students and in 2003 won the Excellence Award for teaching and leadership excellence at Seneca College.He can be contacted at
Joe White
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