As the principal broker for your mortgage brokerage, you need to be aware that all mortgage broker and agent licences in Ontario will expire on March 31, 2016. If you or your mortgage brokers and agents want to conduct mortgage brokering activities after this date, you need to:
- Verify that the required 2016 continuing education course has been completed by you and all of your brokerage's mortgage brokers and agents.
- 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 $700 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.
Who Needs to Complete the Continuing Education Course?
The 2016 Ontario Continuing Education Course for Mortgage Brokers and Agents is mandatory for all licensed 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.
This course must be completed before a mortgage broker or agent licence renewal application is submitted to FSCO.
Important Information About Licence Renewals
The deadline for licence renewal applications is 11:59 p.m. on March 31, 2016. 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.
Your mortgage brokers and agents will not be authorized to deal or trade in mortgages after March 31, 2016, unless FSCO has processed and approved their licence renewal applications. This means, if you wait until close to the deadline, you may experience a licensing gap. You can avoid this by applying early and are strongly encouraged to submit your renewal applications in February.
If a 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.