A new process will be in place as it relates to mortgage broker licence applications.
Financial Services Regulatory Authority of Ontario (FSRA) recently announced a new process for criminal background checks as it relates to mortgage broker licence applications. FSRA will need to outsource Criminal reference checks in order to remain compliant with the Police Record Checks Reform Act (PRCRA).
What can mortgage brokers expect of this new process once launched?
- The applicant will be responsible for initiating the CPIC request with an approved third-party criminal record check provider.
- The applicant will be required to pay a fee anticipated to be $40.00 directly to the provider.
- The provider will verify and authenticate the identity of the applicant using Equifax verification. (Authentication by Equifax ensures that FSRA only issues licenses to individuals whose identity has been verified.)
- FSRA will continue to seek consent from the applicant on the licence application, which allows FSRA to continue to receive the results directly from the third-party criminal record check provider.
- FSRA expects CPIC processing to be significantly faster than the current process, by as much as 2 days.
- Where there is applicable information on the CPIC report, FSRA completes a suitability review to assess the application and make the licensing decision.
FSRA is expected to launch the new process in January 2022 giving brokers time to continue using their in-house CPIC terminal. Once a third-party criminal record check provider is in place, the new process will take effect. FSRA would like its regulated entities to consider how this may impact bulk licensing applications. FSRA will communicate with stakeholders again, after process changes on FSRA’s end have been established.
- For more information on applying for your mortgage brokering licence with FSRA, click here.
- For more information on the MPC Broker Licensing courses, click here.