If you’re considering a career in the mortgage industry, getting your mortgage agent license Ontario is your first step. Becoming a mortgage agent in Ontario opens the door to a rewarding career in the province’s thriving mortgage industry.
In Ontario, anyone who deals or trades in mortgages must be licensed by the Financial Services Regulatory Authority of Ontario (FSRA). This article breaks down the key steps and requirements, from eligibility to education to the licensing application, in clear, straightforward terms so you can see exactly how to become a mortgage agent in Ontario.
Key Eligibility Requirements
Before you can train or apply, you must meet basic FSRA criteria. The Mortgage agent exam Ontario is typically multiple-choice and must be passed to get licensed. In general, you must:
- Be at least 18 years old and a Canadian resident: FSRA requires mortgage agents to be adults who are legally allowed to work in Canada.
- Have an Ontario address: You need a mailing address in Ontario (no P.O. boxes) to receive official documents.
- Be sponsored by a mortgage brokerage: You must work under and be authorized by a licensed Ontario mortgage brokerage (this is sometimes called brokerage sponsorship). Your sponsoring brokerage’s principal broker will ultimately apply for your licence on your behalf.
- Pass a suitability check: FSRA will verify you are of good character and have a clean record. This means disclosing bankruptcies, criminal history, or other regulatory issues. (Practically, you will complete a criminal background check as part of the license application).
- Dedicate yourself to the profession: You should plan to work full-time for one brokerage, carry out business in good faith, and follow Ontario’s mortgage brokering laws and ethics. Meeting these requirements shows FSRA that you are a responsible, “suitable” candidate.
Meeting all the above makes you eligible to apply for an Ontario mortgage agent licence. Next, you must complete the required mortgage agent training and exam.
Complete an FSRA-Approved Mortgage Agent Course (Training & Exam):
To become licensed, you must finish a Mortgage Agent Level 1 course that’s approved by FSRA. This is often referred to as mortgage agent training or education. The course teaches you Ontario mortgage brokering laws, ethics, and practical skills. Key points:
- Choose an FSRA-approved course: FSRA has multiple approved providers offering the same curriculum. Options include Mortgage Professionals Canada, CMBA Ontario, REMIC, Humber College, and others. (Courses may be offered online or in person.)
- Study the material thoroughly: The course covers topics like mortgage law, borrower disclosure, mortgage products, and professional ethics. It will prepare you for real-world brokerage work. You must complete a mortgage agent course Ontario approved by FSRA to qualify.
- Pass the final exam: Each approved course ends with a proctored final exam. For example, a typical exam is 50 multiple-choice questions and requires a 60% score to pass. You must pass this exam to earn your certificate of completion (i.e. your mortgage agent certification). When researching how to become a mortgage agent in Ontario, keep these timelines in mind.
All approved programs include a final examination. Passing this Mortgage Agent Exam (Ontario) is mandatory to move forward. After you finish the course and exam, you’ll receive a certificate of completion. This certificate proves you have met the education requirement and will be needed when applying for your licence.
Find a Brokerage Sponsor and Apply:
With your education complete, you’re almost ready to apply for your Mortgage agent license Ontario. The remaining steps involve brokerage sponsorship and the FSRA licensing application process:
- Secure a sponsoring brokerage: You must be hired or authorized by a licensed Ontario mortgage brokerage. In practice, this means finding a mortgage broker who will mentor you and back your application. (Some brokerages offer mentorship and training programs for new agents.) This sponsoring broker is required by FSRA to apply for your licence on your behalf.
- Submit your application: Your principal broker will initiate the licence application through FSRA’s online portal (the Licensing Link). As part of this mortgage agent application process, you’ll complete a criminal background check through FSRA’s authorized vendor (such as Triton) and provide personal history details. FSRA will review your file to ensure all requirements are met.
- Pay fees and wait: There is an FSRA licensing fee (around $800) and possibly a fee for the background check. Once everything checks out, FSRA will issue your Mortgage Agent Level 1 licence, officially authorizing you to trade in mortgages in Ontario.
- Quick Checklist for Application: Ensure you have your certificate, your personal information (IDs, address, banking history), and that your principal broker has all required forms. Keep in mind that FSRA’s process may take a few weeks, so plan accordingly.
Ontario Mortgage License Classes (Level 1, Level 2, Broker):
While you’re focused on becoming a Level 1 Mortgage Agent (the entry-level licence), it helps to understand the broader license structure in Ontario’s mortgage industry. Choosing a self-paced mortgage agent course Ontario can help speed up your licensing timeline.
| License Level | Education & Training Required | Experience Needed | Mortgages You Can Arrange |
| Mortgage Agent Level 1 (Entry-level agent) | Complete FSRA-approved Mortgage Agent Level 1 course (one course). | None (no prior experience required). | Deals in mortgages from banks, credit unions and CMHC-approved lenders (major financial institutions only). |
| Mortgage Agent Level 2 | Complete Level 1 course plus an additional Private Mortgages course. | At least 12 months’ experience as a Level 1 agent in the last 24 months. | Can arrange all of the above, plus private mortgages (e.g. mortgage investment companies, syndicates, individuals). |
| Mortgage Broker | Complete Level 1 course + Private Mortgages course + Broker course. | At least 24 months’ experience as a Level 2 agent in the last 36 months. | Can arrange any type of mortgage. Brokers can also supervise agents (Levels 1 & 2) and serve as principal brokers. |
This table shows that as a Level 1 agent, you start with the basics (banks and CMHC lenders). After gaining experience, you can take advanced courses (including private lending) to become a Level 2 agent or eventually a fully licensed broker. All of these education requirements and experience minimums are set by FSRA.
Next Steps and Continuing Education:
Once you’ve secured your Level 1 licence, your career begins, but the learning doesn’t stop. Ontario requires all mortgage professionals to complete continuing education to renew their licence. Stay updated on the latest FSRA guidelines and courses so you can renew on time. Over time, you may also choose to pursue Level 2 or Broker licensing (with the additional courses and experience noted above).
Let’s improve Licensing Requirements:
Embarking on a mortgage agent career in Ontario is straightforward once you know the path: Passing the Mortgage agent exam Ontario proves your knowledge and qualifies you for FSRA licensing. Meet eligibility, finish approved training, pass the exam, and apply through a sponsoring brokerage. By following FSRA’s guidelines, you’ll become a licensed mortgage agent Level 1, ready to help clients with home financing.
Ready to get started? Mortgage Squad specializes in mentoring and supporting new mortgage agents. We can connect you with experienced coaches and help you find brokerage sponsorship in Ontario. Contact Mortgage Squad today for personalized guidance on the mortgage agent license Ontario process, exam prep tips, and mentorship opportunities. Let us help you launch your mortgage agent career with confidence and success!