Effective July 1, 2011, changes to the Agreement on Internal Trade (AIT) and the Ontario Labour Mobility Act, 2009 make it easier for individuals already licensed for an equivalent occupation in British Columbia, Alberta, Saskatchewan, Manitoba or Québec to apply for and receive a mortgage broker or mortgage agent licence in Ontario.
Under the new rules, an individual holding a valid licence equivalent to Ontario’s mortgage agent or mortgage broker licence is exempt from Ontario’s education and experience requirements. However, an individual will still need to meet all the other eligibility requirements for an Ontario licence.
When applying for a licence, an individual will need to attest that he/she understands and will comply with Ontario’s laws under the Mortgage Brokerages, Lenders and Administrative Act (MBLAA) . To ensure applicants are familiar with the MBLAA, FSCO recommends that applicants applying under the new process read the following material:
Individuals who are not eligible under the AIT may apply to FSCO to be licensed but will need to meet education, experience and eligibility requirements.
Under the AIT, an individual must hold a valid licence that authorizes him/ her to practice the occupation equivalent to a mortgage broker or agent in a Canadian jurisdiction outside Ontario.
An individual holding any of the following licences in the provinces listed below will be exempted from the Ontario education requirement when applying for a mortgage agent licence in Ontario:
- Mortgage Broker
- Fully Qualified Real Estate Broker
An individual holding any of the following licences in the following provinces will be exempted from the Ontario education and experience requirements when applying for a mortgage broker licence in Ontario:
- Mortgage Broker Qualified to Manage an Agency
- Fully Qualified Real Estate Broker Qualified to Manage an Agency
At this time, individuals acting as mortgage agents and brokers in Nova Scotia, Newfoundland, New Brunswick, Prince Edward Island, Yukon, Northwest Territories and Nunavut are not exempted from Ontario’s education and experience requirements. Individuals from these jurisdictions may apply to FSCO to be licensed but will need to meet education, experience and eligibility requirements.