| Industry Regulations |
Effective July 1, 2008 all Mortgage Agents, Brokers, Brokerages and Administrators are required to have a licence to do business in OntarioThe Mortgage Brokerages, Lenders and Administrators Act, 2006 took full effect on July 1, 2008. There was an Advance Application Period (transitional period), between March 1, 2008 and June 30, 2008 during which: Educational Requirements for AgentsAgents are now required to have minimum levels of mortgage brokerage education. IMBA’s “Mortgage Agent Course” is an approved course for the purpose of licensing. |
All Mortgage Brokerages and Administrators in Ontario must have applied for a licence at the Financial Services Commission of Ontario (FSCO) and will be required to be registered on their new electronic registration system.