How to apply for your Mortgage Agent License in Ontario
Licenses are issued when approved, and are then renewed every two years on a fixed date. For example, March 31, 2012 and each two year period thereafter. Licenses for agents are renewed as long as the agent satisfies all of the original licensing requirements and if they meet any continuing education requirements that may be instituted by FSCO from time to time.
To become a licensed mortgage agent an individual must:
- be at least 18 years old
- be a resident of Canada
- have a mailing address in Ontario that is not a post office box and that is suitable to permit services by registered mail
- be authorized by a brokerage to deal or trade in mortgages on its behalf
- have successfully completed an approved education program for mortgage agents within two years before he or she applies for the license
A person is deemed to have met the education and experience requirements if the Superintendent is satisfied that the individual has a combination of education and experience equivalent to the requirements. The individual may also be exempted from the required education and experience requirements if he or she was licensed as a mortgage agent at any time during the 24 months before applying for the license.
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 www.remic.ca/getlicensed or call us at 877-447-3642
An agent will be deemed unsuitable for a license (as will a broker) if:
- the individual’s past conduct affords reasonable grounds for belief that he or she will not deal or trade in mortgages in accordance with the law and with integrity and honesty
- the individual is carrying on activities that contravene or will contravene the MBLAA or its Regulations
- the individual has made a false statement in his or her application for a license
Individuals who are remunerated for dealing in mortgages or trading in mortgages in Ontario, as employees or otherwise, are required to have either a mortgage broker’s or mortgage agent’s license.
The mortgage agent license allows the licensee to deal or trade mortgages on behalf of one licensed mortgage brokerage in Ontario, “under the supervision of a mortgage broker” (section 9, subsection 5). The MBLAA does not define what this term means in regards to the number of agents allowed to be supervised by a broker. However, FSCO’s mortgage broker Qualifying Standards (MBQS), a document that details the knowledge that a mortgage broker must have to obtain a license, includes such items as application oversight as well as other items related to the management of agents. In addition, in its webinar, FSCO clearly stated that the desired outcome of supervision is the high standards of ethical conduct and business practices and includes hiring the right people, establishing effective policies and procedures, training brokers and agents and monitoring brokers and agents. Furthermore, the MBLAA does not deem real estate brokers to be licensed.
With regards to borrower disclosure, the mortgage brokerage is responsible for all disclosure obligations as per the Act and Regulations. The mortgage agent is responsible for following brokerage procedures in this regard.
Remember, the first step to getting your Mortgage Agent License in Ontario is to complete the Mortgage Agent Course. REMIC is a FSCO approved and HRSDC accredited educational institution.
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