FAQs for Mortgage Brokers, Agents and Principal Brokers Whose Licences Have Expired or Been Suspended

Q: Why did I receive an e-mail that says my mortgage broker or agent licence has expired?


A: Your mortgage agent or broker licence has expired because the Financial Services Commission of Ontario (FSCO) did not receive an application for the renewal of your licence by March 31, 2010. As a result, you are no longer authorized to deal or trade in mortgages in Ontario.  Subsection 8.1(3) of Ontario Regulation 409/07 stipulates that mortgage broker and agent licences expire on March 31, 2010, unless a renewal application is made by the deadline. 


If you wish to conduct mortgage brokering activities, you will need to apply for a new mortgage broker or agent licence and pay the $800 application fee. The fee is pro-rated depending on the month in which you make your application.  Keep in mind that you will not be authorized to deal or trade in mortgages unless/until your application is approved by FSCO.



Q: My mortgage broker or agent licence has expired.  How do I get licensed again?


A: To submit a new mortgage broker or agent licence to FSCO, you will need to follow these steps:


  1. Your principal broker initiates your new licence application in Licensing Link.
  2. You will receive an e-mail from Licensing Link asking you to complete your portion of the application. 
  3. Your principal broker will complete the application and remit the $800 new applicant fee to FSCO.
  4. Your principal broker will submit the application to FSCO through Licensing Link


Q: Why did I receive an e-mail that says my mortgage agent licence has been suspended?


A: According to subsection 17(1) of the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA), every mortgage brokerage must have at least one licensed mortgage broker, failing which the brokerage licence is automatically suspended. Your brokerage did not meet this requirement as of April 1, 2010.


Subsection 17(3) of the MBLAA stipulates that an agent's or broker's licence is suspended if the brokerage's licence is suspended.


As a result, you are no longer authorized to deal or trade in mortgages in Ontario. Your licence will remain suspended until:


  • Your mortgage brokerage becomes compliant with the MBLAA and its licence suspension is terminated by FSCO; or
  • You become authorized to deal or trade in mortgages with another licensed mortgage brokerage.


Q: Why did I receive an e-mail that says my mortgage brokerage's licence is suspended?


A: Your mortgage brokerage's licence has been suspended because it does not have at least one licensed mortgage broker. According to subsection 17(1) of the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA), a brokerage's licence is automatically suspended if it ceases to have a minimum of one licensed mortgage broker who is authorized to deal in mortgages or trade in mortgages on its behalf.  


Your mortgage brokerage's licence will be suspended until it becomes compliant with the MBLAA and its licence suspension is terminated by FSCO.

 
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