On April 1, 2023 the Financial Services Regulatory Authority of Ontario (FSRA) implemented new licensing requirements, with three licensing levels. These requirements are set to ensure mortgage brokers (and agents who deal in private mortgages) are equipped to better serve consumers looking at recommendations in the private mortgage space. Feedback from membership has indicated there are some questions regarding these new licensing requirements and as a result, we requested FSRA to put on this event with us to help answer your questions.
Under the new licensing requirements, there are three licensing levels:
- Level 1 - agents are authorized to deal and trade in mortgages with financial institutions or approved by the Canada Mortgage and Housing Corporation (CMHC) approved lenders under the National Housing Act
- Level 2 - agents are authorized to deal and trade in mortgages with mortgage lenders, including private individuals
- Mortgage Broker - brokers are authorized to deal and trade in mortgages with mortgage lenders including private individuals
This hour-long information session, presented by MPC in partnership with FSRA is designed to help mortgage professionals build their understanding of the new licensing requirements and any questions associated with getting the correct level of licensing. You will hear from Antoinette Leung, Head of Financial Institutions at FSRA, who will provide an overview of
- what the new requirements are
- how it impacts agents and brokers, and
- where you can find regulatory information, answers to common questions, and resources to complete the correct level of licensing
Your questions around the new licensing requirements will be answered so that you have peace of mind and won’t feel rushed during the process.