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Real Estate and Mortgage Institute of Canada Inc.
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Mortgage Brokers License – How to get licensed in Ontario – 4 Steps

mortgage brokers license

I’m glad you’re interested in getting a mortgage brokers license.  It is a wonderful industry with literally unlimited income potential.  In Ontario there is a straightforward three step process to get your mortgage agent license (when you first start in the industry it’s called a mortgage agent license – once you’ve been a licensed mortgage agent for at least two years and you complete the broker educational course you can apply to change your license to a mortgage brokers license).  I’m going to list the steps and then explain them in detail.

1. Pass the FSCO approved mortgage agent course for licensing (offered by REMIC), also referred to as the mortgage agent licensing course

2. Get hired by a FSCO licensed mortgage brokerage (REMIC offers free job placement assistance for those who need it)

3. Get licensed.  The FSCO licensed mortgage brokerage applies to FSCO for your license.  We’ll discuss the licensing requirements below.

Detailed Steps to get your Mortgage Brokers License

1. Pass the FSCO approved mortgage agent course for licensing

There are four mortgage agent course providers in Ontario (this is the first step to get a mortgage brokers license): REMIC, Seneca College (uses the REMIC textbook), IMBA and CAAMP (two trade associations).  Out of these four REMIC teaches and has more students licensed by FSCO than all other providers combined.    You can view a comparison of the providers here, at compareeducation.org

The course ranges in price and duration, depending on the provider.  REMIC offers the least expensive (from $298 to $365 all in) and quickest way (online or in class in as little as one week) to complete the mortgage agent course.  You can view the course options here

2. Get hired by a FSCO licensed mortgage brokerage

This is a fairly easy, but very important step.  There are many brokerages that are hiring both full and part time mortgage agents, and offer everything from web sites to full training and ongoing support.  You need to be aware that there are different standards of training and support.  In other words, while a brokerage says it offers great training, it may not be as great as you want it to be.  So what can you do?

In the REMIC course there is a section that discusses how to choose the right brokerage.  It includes a list of questions that you need to ask to ensure you’re getting hired by a brokerage that you will enjoy working for.  Choosing a great brokerage is definitely an important step in the process to getting your mortgage brokers license.

In addition REMIC is the only educational provider that offers a free job placement assistance program.  This program will help you choose a brokerage that you feel is right for you.   These are only two reasons to choose REMIC for your mortgage broker career.  Click here to read them all.

3. Get licensed.  The FSCO licensed mortgage brokerage applies to FSCO for your mortgage agent license. 

According to FSCO, to be eligible for licensing you must meet these minimum requirements:

  • 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 (this means that you need to be hired by a brokerage before you can get your license)
  • have successfully completed an approved education program for mortgage agents within two years before he or she applies for the license (this means the REMIC course is valid for two years from the time you pass it;  you need to get your license within those two years)

Costs for your license

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, 2018 x $30).
  • For example, if you applied for a license on December 1, 2016 then you would pay an application fee of $100 plus (16 months to March 1, 2018 x $30) = $100 + $480 = $580

Additional costs

Typically the only additional cost you’ll need to pay is your portion of your brokerage’s errors and omissions insurance (referred to as E & O).  The brokerage will have a master E & O policy that you will be covered under. To help pay for that policy the brokerage typically charges every agent and broker to be covered under their policy.  This can cost a few hundred dollars per year.  

Be aware that some brokerages will also have additional fees.  These may include registration fees, training fees, marketing fees and so on.  It’s important to interview with several mortgage brokerages and choose the one that you feel is best suited for what you need and the level of support you need in your new career.  Using our list of questions to ask when being interviewed by a brokerage will definitely help you understand the differences in brokerages.

4. Upgrade to mortgage broker license

Once you’ve been a licensed mortgage agent for at least two years and have completed the mortgage broker course, you can apply to change your license to a broker.  The main difference between an agent and broker license is that a broker can supervise mortgage agents and be the Principal Broker (similar to chief compliance officer) of a mortgage brokerage.

In Summary

In total your new career should cost you approximately $1,000 to $1,500 to get started when you add up the costs involved.  For example if you were to get a mortgage agent license on April 1st, 2018, the costs would be approximately $1,418, depending on the cost of the course you take and the cost of the E & O.

  • education:  $298
  • mortgage agent licensing: $820 ($30 x 24 months plus $100 application fee)
  • E & O: $300

Your income potential is unlimited, making this a fantastic investment.

When you’re ready to become a licensed mortgage agent and get your mortgage brokers license, REMIC will be here to help.  Once you’ve passed the course REMIC will be here to get you started in this exciting new career.

24 Comments

  • Jaena Alano December 6, 2015 at 9:18 am

    Is my having a mortgage broker license be in conflict with Canadian Securities License?

    • Joe White December 7, 2015 at 7:33 pm

      Hi,
      The MBLAA, the legislation governing the mortgage brokerage industry in Ontario does not prohibit you from having other licenses. However, you should check with your regulator to ensure that they allow you to hold other licenses.
      Cheers,
      Joe

    • Joe White January 30, 2016 at 5:35 pm

      Hi,
      I apologize for the late response. Typically questions are asked via live help, by calling or emailing us.
      No it is not a conflict.
      Cheers,
      Joe

  • waqar ahmed January 29, 2016 at 11:31 pm

    I have already registered and would like to attend in class study period starting from Feb 01-5, pl let me know the process for the same.

    • Joe White January 30, 2016 at 5:34 pm

      Hi,
      Please contact us directly at 877 447 3642 or email cain.daniel@remic.ca for assistance on this specific question.
      Cheers,
      Joe

  • Denise Perrin June 1, 2016 at 7:26 pm

    Hi there!

    Am I permitted to have a mortgage agent license and my life license?

    • Joe White June 6, 2016 at 4:17 pm

      Hi,
      Yes, you can hold both.
      Cheers,
      Joe

  • D July 11, 2016 at 11:55 am

    Do I have to hired by a brokerage prior to starting the course?

    • Joe White July 18, 2016 at 4:08 pm

      Hi,
      No, you have up to two years to get hired by a brokerage after passing the course.
      Cheers,
      Joe

  • Natalya August 23, 2016 at 2:47 pm

    Do you provide the Mortgage Broker Course, I already have my Mortgage Agent Course

  • Kimar January 15, 2017 at 11:51 pm

    how much does it cost to take the test? for the mortgage agent and broker

    • Joe White January 16, 2017 at 2:35 am

      Hi and thanks for your question.
      The exam for th mortgag agent course is not a separate cost. It is included in the cost of tuition. For more information please feel free to respond to this post, call us during the day or use our live help.
      Cheers,
      Joe
      Cheers,
      Joe

  • joe June 21, 2017 at 7:11 pm

    Hi i am a realtor under toronto real estate board. Is it possible for me to become a mortgage broker Please

    • Joe White June 26, 2017 at 5:39 pm

      Hi,
      Yes, you can have two licenses. You will need to take the mortgage course and then get hired by a mortgage brokerage. That brokerage then applies to FSCO for your license.
      Joe

  • Ange August 21, 2017 at 4:58 pm

    This article is unclear when differentiating between Mortgage Agent and Broker. In fact, it blurs the two, when they are not the same thing. This article should be called “your Mortgage Agent’s license”, not “your Mortgage Broker’s license”. If one followed all your steps, you would only have a Mortgage Agent’s license, not a Mortgage Broker’s license. And you also left out that you actually require 24m of experience as a Mortgage Agent before obtaining your Mortgage Broker License.

    • Joe White September 5, 2017 at 3:27 pm

      Hi,
      The first step to getting a broker’s license is the agent license. That is a must. You must follow the steps to get an agent license before you can get a broker license.
      Cheers,
      Joe

    • Joe White September 5, 2017 at 3:33 pm

      Hi,
      The first step to getting a broker’s license is the agent license. That is a must. You must follow the steps to get an agent license before you can get a broker license.
      We’ve also added the final step on getting the broker license after being licensed for two years and completing the broker course.
      Thanks for your input!
      Cheers,
      Joe

  • Felicia Rosmiyati September 5, 2017 at 6:02 am

    Hi,

    “Be a resident of Canada” does it mean has to be a citizen or permanent resident? I am not PR or citizen, I am international student and just finished my college and will have 3 years work permit, can I take the mortgage agent course?

    Thank you

    • Joe White September 5, 2017 at 3:23 pm

      Hi,
      No, you don’t need to be a permanent resident to take the course.
      Cheers,
      Joe

  • Joe White October 1, 2017 at 5:19 pm

    Hi,
    No, the regulator, FSCO, does that when you apply for your license.
    Cheers,
    Joe

  • Alex October 6, 2017 at 5:42 pm

    Can a Mortgage Broker also be an Accountant or Bookkeeper in Ontario?

    • Joe White October 10, 2017 at 5:35 pm

      Hi,
      Yes, the MBLAA does not specifically prohibit a mortgage broker from having any other specific job, however it does state that the other job cannot jeopardize your ability to do your job as a mortgage broker.

  • Jobiemae October 11, 2017 at 3:59 pm

    I have a full-time day job. Can I be a mortgage agent part-time or I’m required to work full-time as an agent?

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