All Mortgage Brokerages, Administrators, Brokers and Agents need to be licensed with the Financial Services Commission of Ontario (FSCO) in order to conduct mortgage brokering business in Ontario. The licence period is a two-year period.
- Mortgage brokers and agents must be covered by the mortgage brokerage's errors and omissions insurance.
- Mortgage brokers and agents cannot hold a licence independent of a mortgage brokerage – they must be associated with a mortgage brokerage.
- A mortgage broker or agent cannot apply directly to FSCO for a licence renewal, this must be done by the principal broker.
Existing Mortgage Brokerages and Administrators
All mortgage brokerage and administrator licences are continuous and do not need to be renewed. However, all mortgage brokerages and administrators are required to pay a regulatory fee every two years, to cover FSCO's costs for regulating the mortgage brokering industry in Ontario. The regulatory fee of $700 can be paid through Licensing Link
- The mortgage brokerage fee covers both the brokerage and the principal broker. This avoids one-person brokerages, from paying the fee twice. Principal brokers are required to pay this fee on behalf of their mortgage brokerages.
- Principal brokers and administrators should log into Licensing Link to verify that their contact information is up-to-date.
Summary of Fees
Mortgage brokerages and administrators that do not pay this fee may be subject to enforcement action.
Licensing Instructions & Applications
Other Licensing Forms
Licensing Link: Application Learning Guides