What are the costs involved in becoming a licensed mortgage broker / agent in Ontario?
Updated September 30, 2020
To begin your journey in your new mortgage career you will need to take the mortgage course. REMIC’s course, considered by many to be the best in the industry, is also the least expensive ranging from $338 to $385. This cost includes the textbook, online access with interactive exercises, video tutorials and exam guides, as well as one free exam rewrite, if necessary.
Once you’ve passed the course you will need to be hired by a brokerage. You will be required to pay errors and omissions insurance, which may cost you approximately $300 to $400 dollars. You may also be required to join a trade association, although this is not a requirement to being licensed.
You will then have to pay for your license to FSRA. Here is a breakdown of the costs to FSRA to begin your mortgage career:
Licenses come up for renewal annually in March. The fee is calculated like this: $100 + (# of months to end of next March x $70.08).
Mortgage brokering in Ontario is regulated by the Financial Services Regulatory Authority of Ontario (FSRA) and requires a license. To obtain a license you must first pass an accredited course. The Real Estate and Mortgage Institute of Canada Inc. (REMIC) is accredited by FSCO/FSRA to provide the course. For more information please visit us at www.remic.ca/getlicensed or call us at 877-447-3642.
For example, if you applied for a license on December 1, 2020 then you would pay an application fee of $100 plus (4 months to March 31, 2021 x $70.08) = $100 + $280.32 = $380.32
In total your new career should cost you approximately $1,500 to get started. Your income potential is unlimited, making this a great investment.
| Licence Type | One-year licensing fee for existing licensees | One-year licensing fee for new applicants* |
|---|---|---|
| Mortgage Agent | $841 | $100 + (A x $70.08) |
| Mortgage Broker | $841 | $100 + (A x $70.08) |
| Mortgage Brokerage | $841 | $100 + (A x $70.08) |
| Mortgage Administrator | $841 | $100 + (A x $70.08) |
| *$941 fee for new license applicants. Note: A = number of full or partial months from the date the application was submitted. | ||
For more information on fees please visit the Financial Services Commission of Ontario at http://www.fsco.gov.on.ca/en/mortgage/Pages/fee_schedule.aspx
