An individual who wishes to become licensed as a mortgage broker in Ontario must:
- be 18 years of age or older,
- be a resident of Canada,
- have a mailing address in Ontario that can receive registered mail (it cannot be a post office box),
- be authorized by a Mortgage Brokerage to deal or trade mortgages on its behalf,
- work for only one Mortgage Brokerage,
- have successfully completed an approved education program for mortgage agents,
- have been licensed as a Mortgage Agent for at least 24 months, during the 36 month period before applying for the Mortgage Broker licence*, and
- successfully complete the approved educational course and exam for Mortgage Brokers, up to three years before applying for a Mortgage Broker licence.
To meet the education requirements for a mortgage broker licence, you must; successfully complete the Mortgage Broker Education Program approved by the Superintendent, FSCO, and apply for the mortgage broker licence within three years of successfully completing the approved Mortgage Broker Education Program.
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Mortgage Broker Qualifying Standards Size: 230 kb
Mortgage Broker Education Program
A licensed mortgage agent who plans to become a principal broker or supervise other agents must become licensed as a mortgage broker. One requirement for licensing is successful completion of the mortgage broker education program. This program has a different focus than the mortgage agent program - it is on the skills and knowledge required to effectively supervise agents and to ensure that the brokerage complies with all applicable rules. FSCO developed the education standards for the mortgage broker and mortgage agent programs with the assistance of education experts and through extensive industry consultation to ensure that the standards align with actual practice.
The mortgage broker program is available in English and French. It consists of an online component followed by a five-day in-class session that ends with a qualifying examination. In fall 2012, the Canadian Association of Accredited Mortgage Professionals (CAAMP) was selected by FSCO as the education provider for the next four years.
The FAQs provide additional information.