Permission to Practice as a Mortgage Broker

I applaud your desire to pursue a career as a mortgage broker. It's a fantastic field with infinite earning potential. A mortgage agent license in Ontario can be obtained in just five simple steps (called a mortgage agent license when first entering the industry, and a mortgage broker license after two years of experience and passing the necessary exams). mortgage broker training course before you can apply to have your license amended to reflect that designation. I'll outline the procedure and then walk you through it step by step.

1. Complete the Mortgage Agent Licensing Course (also known as the Mortgage Agent Course) offered by REMIC and approved by the Financial Services Authority of Ontario (FSRA - formerly FSCO).

Second, get a job with a mortgage broker that is licensed by the Financial Services Regulatory Authority (FSRA; formerly FSCO) (REMIC provides free job placement assistance for those who qualify).

Acquire your license Apply for a license with the Financial Services Regulatory Authority (FSRA; formerly FSCO) and become a Level 1 Mortgage Agent. License specifications are outlined below.

Fourth, after working as a Level 1 Mortgage Agent for a year, you can apply for and receive your Level 2 Mortgage Agent license (detailed below).

After two years as an agent, if you've completed the necessary education to become a mortgage broker, you can upgrade your license.

Obtaining Your Mortgage Broker's License: Detailed Instructions

1. Graduate from a FSRA-approved mortgage agent education program.

REMIC, Humber College (uses the REMIC textbook), CMBA (formerly IMBA), and MPC (formerly CAAMP, CIMBL, the two trade associations) are the four Ontario-based providers of mortgage agent courses (the first step toward obtaining a mortgage brokers license). Among these four, REMIC has the largest number of FSRA-certified instructors and students. Check out to see how different schools stack up.

The cost and length of the program vary from one provider to the next. REMIC's mortgage agent training is both the cheapest (from $338 to $385 total) and the quickest (online or in class in as little as one week). Check out the available programs here.

Obtain a position with a mortgage company that is a member of the Financial Services Regulatory Authority (FSRA

This is a simple but vital procedure. Mortgage agents, both full-time and part-time, can find employment with a variety of brokerages that provide everything from websites to comprehensive training and ongoing support. There are varying levels of training and support that you should be aware of. That is to say, it's not guaranteed that the brokerage will provide you with the level of training that you desire, even if they claim to. Consequently, what options do you have?

How to find a reliable brokerage is covered in detail in the REMIC training. It contains a list of questions you should ask to find a brokerage that you will enjoy working for. When pursuing a career as a mortgage broker, selecting a reputable firm to work for is crucial.

Furthermore, only REMIC provides a no-cost job-placement service to its students. You can use this software to find a broker that suits your needs. To sum up, these are just two of the many advantages of working as a mortgage broker with REMIC. To see all of them, please click here.

Acquire your license For your mortgage agent license, your FSRA (previously FSCO)-approved mortgage broker will submit an application to FSRA (previously FSCO).

Minimum requirements for licensing by FSRA (formerly FSCO) are as follows.

  • be over the age of 18
  • live in Canada and count as a full-time worker there
  • possess a valid, physical address in Ontario (not a PO Box) for receiving legal notices and other documents by registered mail
  • be employed by a brokerage and given permission to engage in mortgage trading on its behalf before applying for a license.
  • have completed a mortgage agent education program within the preceding two years (the REMIC course is valid for two years from the time you pass it; you must apply for your license within that time frame).

The price of your license

You will then submit payment for your license to FSRA (previously FSCO). In order to get started in the mortgage industry, here is what you'll need to pay FSRA (previously FSCO) to get started:

  • There is a yearly (instead of biannual) renewal for licenses, and that renewal is due on April 1st this year. The 1 renewal fee is due every two years. A new license costs 1 for the year, or $100 per month until March 31, 2023 (multiplied by ) if you apply after April 1. 08) [1] 
  • A license application submitted on April 1, 2023 would incur a total cost of 1 ($100 application fee plus $12 months' worth of payments, or $12 months until April 1, 2024). 08) = $100 1 = 1 If you already hold a mortgage broker's license, you won't need to pay the application fee to renew it; the total cost is 1. FSRA, [1].

There will be further expenses.

Your share of your brokerage's errors and omissions insurance (also known as E & O) is usually the only other expense you'll incur. Your protection will come from the brokerage's umbrella E & O policy. Every broker and agent in the brokerage will incur a fee from the brokerage to help cover the cost of this insurance. It may cost several hundred dollars annually to do this.

Some brokerages may charge you a fee on top of that. Registration charges, tuition for courses, advertising costs, and so on are all examples. It is in your best interest to interview with multiple mortgage brokerages before deciding which one will provide you with the resources and guidance you need to succeed in your new profession. If you want to learn more about the various brokerages out there, use our list of questions to ask during an interview.

4. Complete a Private Mortgage Education Program (NEW in 2023)

Level 2 mortgage broker licenses are available to those who have worked as level 1 mortgage agents for at least a year and have completed the private mortgage course (which allows them to broker mortgages with lenders other than financial institutions). The next step, 5, is accessible after that.

5. Obtain a license to act as a mortgage broker

You can apply to switch your license to that of a broker after working as a mortgage agent for at least two years and completing the required education. The primary function of a broker's license is to oversee mortgage agents and act as the Principal Broker (akin to a chief compliance officer) of a mortgage brokerage.

In Summary

When you add up all the costs associated with starting your new career, you should have between $1,600 and $2,000. If you wanted to get your mortgage broker's license on April 1, 2020, for instance, it would cost you about $1,539 between the tuition for the required course and the E & O insurance premium.

  • Spending on Schooling: $338
  • Initial license for a mortgage broker is 1 (1 + $100 application fee).
  • E & O: $300

In other words, this is a fantastic investment with virtually no ceiling on potential earnings.

REMIC is here to assist you in obtaining your licenses as a mortgage agent and a mortgage broker when that time comes. REMIC will be here to help you launch your career in this field once you have completed the course.

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