All mortgage broker and agent licences will expire on March 31, 2018, unless the broker or agent completes the continuing education requirement and renews his or her licence before that date. Here's what you need to do to renew your mortgage broker or agent licence.
Information for Mortgage Brokers and Agents
If you are currently licensed as a mortgage broker or agent, and want to continue doing business after March 31, 2018, you must:
- Complete your continuing education course.
- Complete the licence renewal application in Licensing Link between February 1 and March 31, 2018.
*Note: Your principal broker must initiate your licence renewal application in Licensing Link ― FSCO's online licensing system ― between February 1 and March 31, 2018. You can ask them to initiate it if they have not done so already. (Instructions for principal brokers
are provided below.)
Here are the step-by-step instructions for completing your licence renewal application in Licensing Link once it is available:
- Click on the renewal link sent to you by your principal broker.
- Enter the PIN that FSCO provided you for Licensing Link. (Your PIN is located on your first mortgage broker or agent licence application.) If you have forgotten your PIN, you may reset it by following the instructions on the web page.
- Complete the licence renewal application.
- Click on the "submit" button at the end of the application.
Your mortgage brokerage's principal broker will then review your licence renewal application and submit it with the required $1,056 renewal fee to FSCO. You may need to discuss with your principal broker whether you need to provide them with the licence renewal fee so they can pay it on your behalf.
The deadline for licence renewal applications is 11:59 p.m. on March 31, 2018. In most cases, it takes approximately five business days to process an application. However, FSCO is expecting a high volume of applications in March, and as a result, you may experience a longer than normal turnaround time.
If your application is not submitted to FSCO by 11:59 p.m. on March 31, 2018, your mortgage broker or agent licence will expire and you will no longer be authorized to deal or trade in mortgages. You are strongly encouraged to submit your renewal application as early as possible.
To ensure that you receive your licence renewal application by email, log into Licensing Link to check that FSCO has up-to-date contact information listed for you. This is important, as Ontario Regulation 193/08 requires that you notify FSCO of any changes to your contact information or status within five days. If your contact information is not correct, you should update it in Licensing Link.
Continuing Education Course Requirement
If you wish to renew your mortgage broker or agent licence, you must complete the 2018 Ontario Continuing Education Course for Mortgage Brokers and Agents. If you do not complete the course by March 31, 2018, you will not be able to renew your licence and your licence will expire. This means you will not be authorized to deal or trade in mortgages after March 31, 2018.
If your licence expired and you wish to deal or trade in mortgages after March 31, 2018, you will need to apply for a new mortgage broker or agent licence. You will also need to pay the $1,156 new licence fee. To obtain a new mortgage broker or agent licence before July 1, 2018, you will be expected, as a condition of your new licence, to complete the continuing education requirement.
You will not be able to deal or trade in mortgages until your new licence is issued. If you conduct mortgage brokering activities without a licence, FSCO will take enforcement action against you and your mortgage brokerage.
FSCO is not accepting applications for new mortgage agent or broker licences between March 15 – April 2, 2018. Applications will re-open on April 3, 2018.
Instructions for Principal Brokers
If you are a principal broker, in addition to renewing your own licence, you must do the following in order to renew your mortgage broker’s or agent’s licences:
- Verify that the mortgage broker or agent has completed the required 2018 continuing education course.
- Initiate the licence renewal application on behalf of the broker or agent in Licensing Link.
- Review the licence renewal application that has been completed by the mortgage broker or agent to ensure it is accurate.
- Pay the $1,056 licence renewal fee on behalf of the broker or agent, and submit the application to FSCO in Licensing Link.
- Ensure the mortgage brokerage continues to maintain a valid licence and the required errors and omissions insurance coverage.
All of these steps need to be completed before 11:59 p.m. on March 31, 2018, otherwise the mortgage broker’s or agent’s licence will expire.
You can contact FSCO at 1-800-668-0128 (toll-free) or (416) 250-7250 during its regular business hours (Monday through Friday, 8:00 a.m. to 5:00 p.m.), or by emailing email@example.com.
Please note our offices will close on Thursday, March 29 at 5:00 p.m. for Good Friday and Easter Monday. They will re-open at 8:00 a.m. on Tuesday, April 3.