Your mortgage broker or agent licence will expire on March 31, 2016. If you want to conduct mortgage brokering activities in Ontario after this date, you need to:
- Complete the mandatory 2016 Ontario continuing education course for mortgage brokers and agents by March 31, 2016. (You cannot proceed with the licence renewal application process until this required course has been completed.)
- Ask your principal broker to initiate your licence renewal application in Licensing Link between February 1 and March 31, 2016.
- Complete your licence renewal application in Licensing Link between February 1 and March 31, 2016.
- Provide your principal broker the required $700 licence renewal fee. Your principal broker will need to pay the fee on your behalf in Licensing Link.
These requirements apply to all mortgage brokers and agents in Ontario. This includes principal brokers of mortgage brokerages, agents that are employed by finance companies, and anyone who has recently obtained a new mortgage broker or agent licence.
If your mortgage broker or agent licence is renewed, it will be in effect for a two-year period, from April 1, 2016 to March 31, 2018. The $700 licence renewal fee covers a two-year period and is non-refundable.
If You Do Not Plan to Renew Your Licence
If you do not plan to renew your mortgage broker or agent licence by March 31, 2016, you do not need to complete this 2016 continuing education course. In this situation, tell your principal broker not to initiate a licence renewal application for you in Licensing Link. In addition, you should pursue one of the following options:
If you need assistance in determining which option is best for you, please speak to your mortgage brokerage's principal broker.