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Are you licensed as a mortgage broker or mortgage agent in another province or territory?

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.
 

Local Knowledge Requirement

 
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:
 

Other Eligibility Criteria

 
For more information about these requirements, please see Becoming Licensed as a Mortgage Broker and Becoming Licensed as a Mortgage Agent. For general information about being a licensed mortgage broker or agent in Ontario, please see the Mortgage Broker Industry.
 
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.   
 

Want to be Licensed in Another Province?

 
If you are licensed in Ontario and want information on becoming licensed in another province or territory, please go to: Want to be licensed in another province or territory?
 

Who is Eligible Under the AIT?

 
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.  
 

Mortgage Agent Licence

 
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: 
 

British Columbia

  • Sub-mortgage broker

Alberta

  • Mortgage Associate

Saskatchewan

  • Mortgage Associate

Manitoba

  • Salesperson

 

Québec

  • Mortgage Broker
  • Fully Qualified Real Estate Broker

Mortgage Broker Licence

 
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:

Alberta

  • Mortgage Broker

Saskatchewan

  • Mortgage Broker

Manitoba

  • Authorized Official 

Québec

  • Mortgage Broker Qualified to Manage an Agency
  • Fully Qualified Real Estate Broker Qualified to Manage an Agency

Not Eligible Under the AIT

 
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.