Licensing for mortgage brokerages

New Mortgage Brokers and Lenders Act

The Ministry of Finance and the Financial Services Commission of Ontario have announced that the new Mortgage Brokerages Lenders and Administrators Act will go into effect on July 1, 2008. The new Act will introduce a licensing system for mortgage brokerages, brokers, agents and administrators. Agents will be required to have minimum levels of mortgage brokerage education. Agents, who have not been registered for at least 24 of the 36 months prior to registering under the new Act, will be required to take a course in order to obtain and maintain licensing.

Under the Act, those who are licensed REALTORS® as of July 1, 2008 have been granted an exemption from the prescribed education and experience requirements under the Act provided they apply for the mortgage broker’s license prior to July 1, 2009. REALTORS® will also be able to continue to collect referral fees for “simple referrals” to lenders without being licensed under the act.

Further information can be obtained through the Financial Services Commission of Ontario »

Share This

This post was found on RealEstatePlus
Follow the link to get to the orginal message.