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You Must Submit an Annual Information Return by March 31, 2012

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Each mortgage administrator is required to complete and submit the required Annual Information Return (AIR) no later than March 31st of each year.  This is a reporting requirement for all licensed mortgage administrators under Ontario Regulation 193/08 - Reporting Requirements for Licensees and section 29 of the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA).
 
The AIR is designed to collect information from mortgage administrators about their business practices, internal controls and market conditions.  The information will be used to assist the Financial Services Commission of Ontario (FSCO) in its risk assessment and oversight of mortgage administrators.  The reporting period is January 1 to December 31, 2011.
 
Electronic filing (e-filing) of the AIR is mandatory in accordance with the Superintendent’s Rule governing the filing of the AIR.  This rule formalizes the Superintendent’s existing e-filing practice for the AIR, which was implemented in 2009, using FSCO’s Licensing Link web portal.
 
Mortgage administrators that fail to submit their AIR by March 31, 2012 may be required to pay an administrative monetary penalty of $1000.
 

Last Year's AIR Compliance Rate

Last year, 13 per cent of brokerages and administrators were not compliant with this filing requirement, as they either filed after the March 31st deadline or did not file at all.  As a result, FSCO took enforcement action, such as ordering $1000 administrative monetary penalties. 
 

How to Complete the AIR

Mortgage administrators should visit Licensing Link by March 31, 2012 to fill out the online form in English.  If a French version of the AIR form is required, please contact FSCO at 1-800-668-0128 (toll-free) or (416) 250-7250.
 
FSCO will be vigorously enforcing the AIR requirement.  All mortgage administrators need to ensure that they complete the AIR in Licensing Link by the deadline.  Non-compliance increases FSCO’s regulatory costs and impacts the fees that all licensees pay.
 

Helpful Resources

Prior to filing the AIR, you are encouraged to review the following resources: