Frequently Asked Questions

Licensing - Applying for a Licence

1. I am a sole proprietor. Do I need to apply for both a Mortgage Broker and a Mortgage Brokerage licence?
   
   
2. What are the licensing fees under the Act?
   
   
3. Why is FSCO changing to an electronic application process?
   

1. I am a sole proprietor. Do I need to apply for both a Mortgage Broker and a Mortgage Brokerage licence?

Yes. Your Mortgage Brokerage may use a trade name and be featured in advertising, therefore your business is required to be licensed under the Act. You will need to submit a one-time application for a Mortgage Brokerage licence, which is continuous until it is cancelled. As the business owner, you will also be considered the Principal Broker and need to apply for a Mortgage Broker licence.

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2. What are the licensing fees under the Act?

Summary of New Fees & Licence Renewals:

Note: Brokers designated by the Brokerage as the Principal Broker will not be required to pay a fee. This is to avoid one person brokerages (sole proprietors and corporations) that represent 50% of the brokerages, from paying a fee twice (as a Broker and Brokerage).

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3 . Why did FSCO switch to an electronic application process?

The new electronic application process is accessible 24 hours a day. The system makes filing an application faster and easier, and incorporates checking processes to ensure your application is properly completed before being submitted.

Licensing Link immediately updates Mortgage Agent information on FSCO’s website, providing you, your Brokerage, and the public with up-to-date information on the status of your licence. The electronic application system is an important cost-controlling mechanism.

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