Although the Mortgage Brokerages, Lenders and Administrators Act, 2006 does not go into full effect until July 1, 2008, there are several sections of the new Act, as well as licensing regulations, that are now in effect.
The Advance Application Period runs from March 1 to June 30, 2008. During this period:
- All Mortgage Brokerages and Mortgage Administrators in Ontario need to apply for a licence at the Financial Services Commission of Ontario (FSCO).
- Each Mortgage Brokerage (after it has become licensed) must initiate licensing applications on behalf of its Mortgage Brokers and Mortgage Agents.
Licences issued during the Advance Application Period are effective as of July 1, 2008. Please Note: If you are currentlyconducting business as a Mortgage Broker you must be registered with FSCO under the Mortgage Brokers Act.
Application Process / Forms
- Advance Application Period
- Mortgage Brokerage Application (Coming Soon)
- Mortgage Administrator Application (Available April 15, 2008)
- Amendment Application (Coming Soon) - Used to make changes to profile information including contact names, addresses and other information.
Licensing Link
- Online application system (Coming Soon)
- Instructional video and presentation (Coming Soon)
Communications
- Mortgage Brokers Frequently Asked Questions
- Mortgage Broker Tool Kit
- Mortgage Broker e-Info Newsletter
- Information Sessions for Mortgage Brokers and Brokerages
- News Releases
Act & Regulations
- Draft Regulations for Consultation proposed under the Mortgage Brokerages, Lenders and Administrators Act, 2006
- Link to the New Act
- Link to the Licensing Regulations
For general inquiries on the Mortgage Brokerages, Lenders and Administrators Act please call (416) 250-7250 or 1-800-668-0128 (toll free). You can also send an e-mail to contactcentre@fsco.gov.on.ca.
Financial Services Commission of Ontario