All mortgage brokerage and administrator licenses are continuous and do not need to be renewed. However, all mortgage brokerages and administrators are required to pay a fee every two years, to cover the Financial Services Commission of Ontario's (FSCO's) costs for regulating the mortgage brokering industry in Ontario.
All existing mortgage brokerages and administrators are required to pay a fee of $700. This fee covers a two-year period (April 1, 2010 to March 31, 2012) and needs be paid between February 1 and March 31, 2010.
Mortgage brokerages are required to pay this fee through Licensing Link. Since mortgage administrators do not have access to the payment feature in Licensing Link, FSCO will send an invoice to all administrators in February 2010. Fee payment must be made by March 31, 2010. Mortgage brokerages and administrators that do not pay this fee may be subject to enforcement action.
To learn more about this fee, please read FSCO's web page on fees.
Important Notes
- The mortgage brokerage fee covers both the brokerage and the principal broker. This avoids one-person brokerages, which represent the majority of mortgage brokerages, from paying the fee twice. (Principal brokers are required to pay this fee on behalf of their mortgage brokerages.)
- All mortgage brokerages and administrators need to ensure they have an approved form of errors and omissions insurance in place.
- Principal brokers and administrators should log into Licensing Link to verify that their contact information is up-to-date.
Helpful Resources