FSRA reminds mortgage professionals to begin licence renewal process

The deadline is on March 31, 2024

FSRA reminds mortgage professionals to begin licence renewal process

The Financial Services Regulatory Authority of Ontario (FSRA) has issued a reminder to mortgage agents and brokers about the upcoming licence renewal deadline on March 31, 2024.

As part of this advisory, the regulator has outlined specific prerequisites for professionals in the sector.

All mortgage agents and brokers are required to complete mandatory continuing education to qualify for licence renewal, FSRA emphasized.

Furthermore, those holding Level 2 or mortgage broker licences must undertake the Private Mortgages Course, except for individuals who have completed their Challenge Exam.

FSRA implemented new licencing requirements last year as part of a move to “help ensure consumers and investors receive appropriate mortgage advice and product recommendations when dealing with private mortgages.”

The changes have redefined the criteria for licence renewal, distinguishing between Level 1 agents, who are restricted to dealing with financial institutions or approved lenders as defined under the National Housing Act, and Level 2 agents or mortgage brokers. This latter group is permitted to arrange mortgages across a broader spectrum of lenders, including mortgage investment companies, syndicates, and private entities, in addition to traditional financial institutions.

For those seeking to fulfil their educational obligations, FSRA has endorsed the following bodies to administer the Private Mortgage Course, Challenge Exam, and Continuing Education:

  • Canadian Mortgage Brokers Association - Ontario (CMBA)
  • Mortgage Professionals Canada (MPC)
  • Real Estate and Mortgage Institute of Canada (REMIC)

Professionals in the field are encouraged to visit the FSRA’s website for further details on the licence renewal process to ensure they remain compliant and continue to serve their clients without interruption.

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