Regulator encourages mortgage professionals to renew as early as possible
The Financial Services Regulatory Authority of Ontario announced that renewal time for licences held by principal brokers, brokers, and agents began on February 1.
“To help ensure consumers are getting sound advice about mortgages, mortgage agents and brokers must be properly trained and licensed,” the agency said. “Given new licensing classes and requirements this year, FSRA encourages everyone to renew early to avoid delays.”
Principal brokers will need to submit their renewal applications before they do so for their agents and brokers. The agency said that the latter step should be done through its licensing portal.
All applications should be submitted before March 31, although brokers and agents “may continue to conduct business if they submit their application by the deadline and until FSRA makes a decision about the renewal,” the agency said.
FSRA stated that it will not be accepting applications for new mortgage agent or broker licences and change of agent-to-broker licence transactions from March 15 to 31. Applications are slated to re-open on April 1.
The agency added that mortgage professionals do not need to undergo continuing education for the 2023 renewal, although it will be a requirement for 2024.
