March 8th - 2010

Mortgage brokers and agents licences up for renewal

More than 1,300 real estate brokers and sales representatives met the requirements to be licensed as mortgage brokerages, brokers or agents under the new Mortgage Brokerages, Lenders and Administrators Act, 2006 (the Act).

More than 1,300 real estate brokers and sales representatives met the requirements to be licensed as mortgage brokerages, brokers or agents under the new Mortgage Brokerages, Lenders and Administrators Act, 2006 (the Act). Licensees under the Act are beginning the first full renewal cycle. All mortgage broker and agent applications must be completed on-line and received by the Financial Services Commission of Ontario (FSCO) by midnight on March 31, 2010.

The FSCO on-line licensing system Licensing Link is available for renewals until midnight March 31, 2010. You must ensure your principal broker has sufficient time to review and submit your application to FSCO or your risk not having your licence renewed. Those principal brokers, mortgage brokers or mortgage agents who have not renewed their licenses by March 31, 2010, but continue to deal and trade in mortgages, may be subject to fines & prosecution.

Mortgage brokers and agents who choose not to renew their licence may allow their licences to expire.

Mortgage brokerages have a continuous licence and do not need to renew the licence. If you wish to close your brokerage you must apply to FSCO to surrender the brokerage licence. Please contact FSCO to request a licence surrender declaration form.

Mortgage brokerages must have a licensed principal broker at all times.

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For more information contact

Ontario Real Estate Association

Jean-Adrien Delicano

Manager, Media Relations

JeanAdrienD@orea.com

416-445-9910 ext. 246