Frequently Asked Questions

Licensing - The Current Act

1. What application forms do I use to become registered under the Mortgage Brokers Act?
2. I have not yet notified FSCO about a Mortgage Agent who has been working for me for the past 6 months. What do I do?  

Fees

3. Has the annual fee for Mortgage Broker registrations changed under the Mortgage Brokers Act?
4. Is the fee adjusted for partial months?
5. Are fees refundable?
6. Why are you pro-rating fees?
7. Who is affected by the pro-rated fee schedule?
8. What is the fee for adding new officers/directors/authorized agents?

1. What application forms do I use to become registered under the Mortgage Brokers Act?

The Application for Registration Form and the Notification for a New Officer/Director/Authorized Agent Form can be downloaded by visiting FSCO’s website These forms must be used when starting a new registration, renewing a registration, or adding new officers/directors/authorized agents under the Mortgage Brokers Act, from August 1, 2007 until June 30, 2008.

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2. I have not yet notified FSCO about a Mortgage Agent who has been working for me for the past 6 months. What do I do?

Regulation 798 (9) and (9.1) of the Mortgage Brokers Act (Terms and Conditions of Registration) states: "Every mortgage broker shall notify the Superintendent of the name of every person who is employed or authorized to arrange or deal in mortgages on behalf of the mortgage broker within five days after the person is employed or authorized or ceases to be employed or authorized."  

If you have not done so already, you must immediately notify FSCO about the Mortgage Agent who is working for your company.  You will need to complete a  New Officer/Director/Authorized Agent form and explain why you did not notify FSCO about the Mortgage Agent, when he/she first started working for the company.  The form needs to be mailed to the following address:

The Financial Services Commission of Ontario (FSCO)
Licensing Divison
5160 Yonge Street, 4th Floor
Toronto, ON  M2N 6L9.

Not following the Mortgage Brokers Act and its regulations may result in disciplinary actions.

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3. Has the annual fee for Mortgage Broker registrations changed under the Mortgage Brokers Act?

No, the annual fee is still $275 for each Mortgage Broker or Agent. The $275 fee will be pro-rated from August 1, 2007 to June 30, 2008.  The amount payable will depend on the month in which the Mortgage Broker is renewing or adding new officers/directors/authorized agents. 

In anticipation of the Mortgage Brokerages, Lenders and Administrators Act, 2006, a new fee schedule is being developed. The new fee schedule will be published as soon as it is finalized.

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4. Is the fee adjusted for partial months?

No, the fee is not adjusted for partial months. The fee is based on the actual month a Mortgage Agent starts working at a Mortgage Brokerage.  For example, if a Mortgage Agent started on August 30, the full fee for the month of August would apply.

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5. Are fees refundable?

No, fees are not refundable.

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6. Why are you pro-rating fees?

All Ontario Mortgage Broker registrations currently in effect under the Mortgage Brokers Act will expire when the Mortgage Brokers Act is withdrawn on July 1, 2008.  To avoid overpayment of fees, FSCO has modified the existing fee schedule for Mortgage Broker renewals.  Fees will be pro-rated until June 30, 2008.   This means you only pay fees based on the number of months remaining until the Mortgage Brokerages, Lenders and Administrators Act comes into effect on July 1, 2008.

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7. Who is affected by the pro-rated fee schedule?

The pro-rated fee schedule applies to any Mortgage Broker who submits a renewal or new application from August 1, 2007 to June 30, 2008.

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8. What is the fee for adding new officers/directors/authorized agents?

Please refer to the pro-rated fee table on the interim application form to determine the required fee for adding a new officer, director or authorized agent.  The fee will depend on the Mortgage Broker’s next renewal date.

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Mortgage Brokers Act Prorated Fee Schedule August 07-June 08

Individual Start Date
(Broker Renewal Month is down vertical axis)