FSRA announces guidelines and deadline for this year's round of license renewals
The Financial Services Regulatory Authority of Ontario has officially launched the mortgage broker and agent license renewal period for this year.
“To ensure they are up to date on the latest advancements in the industry, mortgage brokers and agents are also being required to complete a FSRA approved continuing education course before applying for renewal,” FSRA said. “The licensing process helps maintain consumer confidence in the profession and ensure brokers and agents are qualified, suitable, and up to date on the latest industry advancements.”
Read more: Is it too easy to become a mortgage agent in Ontario?
Brokers and agent licenses can be renewed until March 31, with a renewal fee of $841. Brokers and agents are allowed to continue conducting their business “as long as the renewal application is submitted by the deadline and until FSRA makes a decision about the renewal,” the agency said.
“A license will no longer be active if the renewal application is not submitted before the deadline,” FSRA warned.
Some entities might be exempt from holding a mortgage brokerage license if they do not deal with individual consumers, FSRA said.
FSRA added that it will not accept applications for new mortgage agent or broker licences from March 15 to 31. Applications are scheduled to reopen on April 01.
