FAQs on Licensing Renewals and Fees for Mortgage Brokers and Agents

 
  1. How can my mortgage brokerage authorize pre-payment for mortgage broker and agent fees?
  2. I can't remember my PIN, secret question or answer for logging into Licensing Link. What should I do? 
  3. How can I verify if FSCO received my licence renewal application?
  4. On my first application for a mortgage broker or agent licence, I admitted to being charged or convicted of an offence. Do I need to disclose this offence again on my licence renewal application?
  5. I was charged or convicted of an offence after I became licensed as a mortgage broker or agent. Do I need to disclose this offence on my licence renewal application?
  6. I have been charged with an offence, but not convicted. Do I need to disclose this to FSCO on my licence renewal application?
  7. I did not receive an e-mail from FSCO that says I need to renew my mortgage broker or agent licence.  What should I do?
  8. I am unable to successfully input my signature on the licence renewal application. What should I do?
  9. Do mortgage brokers or agents need personal errors and omissions insurance policies?
  10. Do mortgage brokers and agents need to wait until FSCO renews their licences before they can continue to deal and trade in mortgages?
  11. Will FSCO renew a mortgage broker or agent licence if the application is submitted on April 1, 2018? 
1. How can my mortgage brokerage authorize pre-payment for mortgage broker and agent fees?
 
The principal broker can authorize pre-payment for the mortgage broker and agent fees that the mortgage brokerage needs to pay by doing the following:
 
  • Complete the Pre-Payment Deposit Authorization Form that is available on the Financial Services Commission of Ontario’s (FSCO’s) website.
  • Write a cheque made payable to the Minister of Finance.
  • Mail your form and cheque to FSCO. (See the form for the address.)
2. I can't remember my PIN, secret question or answer for logging into Licensing Link.  What should I do?
 
To get access to Licensing Link, please follow the steps below:
 
  • Go to the Licensing Link log in page.
  • Enter your licence number or last name, and then click on the "search" button.
  • Select your name from the search results.
  • Click on the button "update contact information (email, address, telephone)".
  • Read the instructions and then select the “I agree” button.
  • Click on the "Reset Your PIN" button
  • Provide the personal information that is requested (e.g., date of birth, postal code) and then click on the “Confirmed” button.
Once these steps have been completed, you will get a new PIN and will be asked to reset your secret question and answer.
 
3. How can I verify if FSCO received my licence renewal application?
 
To verify if FSCO received your application, ask your principal broker to check Licensing Link.  Licensing Link should state that your application is "in process" or "completed". 
 
4. On my first application for a mortgage broker or agent licence, I admitted to being charged or convicted of an offence. Do I need to disclose this offence again on my licence renewal application?
 
The mortgage broker or agent licence renewal application allows you to indicate that you previously disclosed to FSCO that you were charged or convicted of an offence in the past, and you already provided all supporting documents and details related to the offence.
 
 
5. I was charged or convicted of an offence after I became licensed as a mortgage broker or agent.  Do I need to disclose this offence on my licence renewal application?
 
Yes. Your mortgage broker or agent licence renewal application must provide details of all charges or convictions since you last applied for a mortgage broker or agent licence.
 
6. I have been charged with an offence, but not convicted. Do I need to disclose this to FSCO on my licence renewal application?
 
Yes. Information about the offence must be disclosed to FSCO on your mortgage broker or agent licence renewal application.
 
7. I did not receive an e-mail from FSCO that says I need to renew my mortgage broker or agent licence.  What should I do?
 
If you did not receive an e-mail from FSCO, log into Licensing Link to verify if the correct e-mail address is on file. If the wrong e-mail address is on file, please update your e-mail address and any other contact information that is out-of-date.  If the correct e-mail address is on file, please contact your principal broker to inquire about the status of your licence renewal application.
 
8. I am unable to successfully input my signature on the licence renewal application. What should I do?
 
Try to input your signature exactly as shown on the application.  You can also copy and paste your name into the signature box. Please ensure there are no spaces before your first name or after your last name, if you paste your name on the application. 
 
 
9. Do mortgage brokers or agents need personal errors and omissions insurance policies?
 
No. The mortgage brokerage's errors and omissions insurance policy must provide coverage for all licensed mortgage brokers and agents that work for the brokerage.
 
10. Do mortgage brokers and agents need to wait until FSCO renews their licences before they can continue to deal and trade in mortgages?
 
No. Mortgage brokers and agents may continue dealing and trading in mortgages as long as their licence renewal applications are submitted in Licensing Link by March 31, 2018.
 
11. Will FSCO renew a mortgage broker or agent licence if the application is submitted on April 1, 2018?
 
No. After March 31, 2018 you will no longer be able to apply for a mortgage broker or agent licence renewal.  If you wish to deal or trade in mortgages, you must submit an application for a new mortgage broker or agent licence, and pay the new applicant fee. In addition, you cannot conduct any mortgage brokering activities until your new licence is issued. Up until June 30, 2016, previously licensed applicants are required to complete the 2016 Continuing Education Course for Mortgage Brokers and Agents before applying for a new mortgage broker or agent licence.
 

 
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