The AIR is designed to collect information about business practices, internal controls, and market conditions for the previous calendar year. The information is used to assist the Financial Services Commission of Ontario (FSCO) in its risk assessment and oversight of mortgage brokerages and administrators.
Electronic filing (e-filing) of the AIR is mandatory in accordance with the Superintendent's Rule governing the filing of the AIR.
Mortgage brokerages and administrators that fail to submit an AIR via Licensing Link by the March 31st deadline may be required to pay an administrative monetary penalty of $1000.
For the 2013 AIR, 96 per cent of mortgage brokerages and administrators complied with the requirement to file by March 31, 2014. The remaining four per cent, were subject to enforcement actions, but ultimate compliance was 99 per cent for mortgage brokerages and 100 per cent for mortgage administrators.
2013 AIR Summary Results
FSCO reviewed the data collected through the 2013 AIR and compiled a 2013 AIR Summary Results Report Size: ## kb. This report provides a snapshot of the mortgage activities conducted by mortgage brokerages and administrators between January 1 and December 31, 2013.
How to Complete the AIR
Principal brokers and mortgage administrators should visit Licensing Link between mid-January and March 31 of each year 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 enforces the AIR filing requirement. All brokerages and administrators are required to complete the AIR by the deadline. Non-compliance increases FSCO’s regulatory costs and impacts the fees that all licensees pay.
Prior to filing the AIR, principal brokers and administrators are encouraged to review the following resources: