If you are desirous of a mortgage license Ontario, you must first know that every one wishful of working as a mortgage agent, broker or administrator is issued a permission by FSCO, the Financial Services Commission of Ontario, by way of this license. This is Finance Ministry’s authorized agency meant for regulating the mortgage industry in Ontario. Mortgage licensing in Ontario is governed by the Mortgage Brokerages, Lenders and Administrators Act or MBLAA of 1966.
Next, it is imperative for you to know that your mortgage license is subject to meeting specified criteria, which comprise of requisite education or degree, experience in this field and compatibility with the mortgage regulations and guidelines. All the details in this respect can be found over FSCO’s official website. As part of its significant role in the industry, FSCO has also been entrusted the task of securing consumer rights and hence the agency has to act from the customer’s perspective majority of times. Accordingly, the agency also releases a list of such brokers, agents, administrators or brokerages who have acquired the mortgage license Ontario.
Third prerequisite to know in this regard is to identify which specific license you are looking for. Mortgage licenses are issued for four different streams namely the license for mortgage broker, mortgage license, mortgage administrator and mortgage brokerage. Minimum applicable age for Ontario residents to acquire mortgage license is eighteen years and issuance of license also depends upon a clean criminal history. Your business must adhere to the MBLAA guidelines and the license you will be issued will either be for mortgage broker or mortgage agent.
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