In Ontario, mortgage professionals are regulated by the Financial Services Regulatory Authority of Ontario (FSRA), which oversees licensing requirements and industry compliance.
If you're looking to get started, follow this step-by-step guide to obtaining your mortgage license in Ontario.
Step 1: Meet the Basic Requirements
Before you begin the licensing process, ensure you meet the following basic eligibility criteria:
- You must be at least 18 years old
- You must be a resident of Canada
- You must have a valid Social Insurance Number (SIN)
- You must work under a licensed mortgage brokerage
- You must meet the educational requirements set by FSRA
Step 2: Complete the Mortgage Agent Course
To become a licensed mortgage agent in Ontario, you must successfully complete an approved Mortgage Agent Course. These courses are offered by FSRA-approved educational institutions such as:
- Mortgage Professionals Canada (MPC)
- Real Estate and Mortgage Institute of Canada (REMIC)
- Seneca College
The course typically covers topics like mortgage products, regulations, ethics, and risk assessment. It usually takes a few weeks to complete, depending on the institution and your schedule.
Step 3: Pass the Course Exam
Upon completion of the course, you’ll need to pass a final exam to demonstrate your knowledge. A minimum passing grade (often 60% or higher) is required to proceed with your licensing application. The exam is typically multiple-choice and can be taken online or in person.
Step 4: Find a Sponsoring Mortgage Brokerage
In Ontario, you cannot operate independently as a mortgage agent. Instead, you must be employed by a licensed mortgage brokerage that sponsors your application. The brokerage will provide you with mentorship, training, and guidance as you begin your career in mortgage brokering.
What to Look for in a Brokerage:
- A strong reputation in the industry
- Supportive training programs
- Competitive commission structures
- Licensing and compliance assistance
- Access to multiple lenders and mortgage products
At Lendworth, we offer a team-oriented environment, ongoing training, and direct access to experienced mortgage professionals. If you're looking for a brokerage to kickstart your mortgage career, reach out to us!
Step 5: Apply for Your Mortgage Agent License with FSRA
Once you have completed your course and secured a sponsoring brokerage, you can apply for your mortgage agent license through FSRA. Your brokerage will submit your application on your behalf.
Application Requirements:
- Proof of successful completion of the mortgage agent course
- Employment with a licensed mortgage brokerage
- Payment of the licensing fee (approximately $941 for a two-year term)
- A background check may be required
Once approved, your name will appear in FSRA’s public registry as a licensed mortgage agent.
Step 6: Maintain Your License and Continue Learning
To maintain your mortgage license, you must:
- Renew your license every two years through FSRA
- Complete Continuing Education (CE) credits as required by FSRA
- Stay updated on industry regulations and best practices
As you gain experience, you may consider upgrading your license to a Mortgage Broker License, which allows you to manage a brokerage and supervise agents.
Start Your Mortgage Career with Lendworth
At Lendworth, we support new mortgage professionals by providing: ✅ Comprehensive training ✅ Access to top lenders ✅ Competitive commission structures ✅ Hands-on mentorship
If you're ready to start your career as a mortgage agent in Ontario, contact Lendworth today! Let’s help you build a successful future in the mortgage industry.
📩 Apply now or reach out to us at admin@lendworth.ca