FSRA licence check: how to verify an Ontario mortgage broker or agent
Checked against primary sources
Every Ontario mortgage brokerage, broker and agent must appear on FSRA's public register. Search the person's name or licence number, confirm the licence class (Level 1, Level 2 or broker), that it's current, and that it's tied to the brokerage they say they work for. Bank employees selling their own bank's mortgages are exempt and won't be listed.
How do you check a mortgage broker's licence in Ontario?
- Ask for both licence numbers
The individual's and the brokerage's. A brokerage must give them on request (O. Reg. 188/08 s. 8).
- Open FSRA's public register
Mortgage Brokerages, Administrators, Mortgage Agents and Mortgage Brokers Licensed in Ontario, linked from FSRA's consumer page as "Check if an individual or business is licensed". It still sits on the old FSCO web address.
- Search the person
By licence number, or by last name and city. Choose the agent/broker search.
- Match the brokerage
An agent or broker can work for only one brokerage. If the register shows a different one than the business card, stop and ask why.
- Check the class and status
Level 1, Level 2 or broker, and that the licence is current. All individual licences run April 1 to March 31.
- Check enforcement
FSRA publishes enforcement actions and warnings about unlicensed businesses. Search the brokerage name there too.
Source: FSRA, Public register: mortgage brokerages, administrators, agents and brokers licensed in Ontario. Checked .
Source: FSRA, Mortgage brokering: consumers. Checked .
What do Level 1, Level 2 and broker licences allow?
| Licence | Which lenders | Experience |
|---|---|---|
| Mortgage agent Level 1 | Only financial institutions (banks, credit unions, trust and insurance companies) and NHA-approved lenders | Approved Level 1 course |
| Mortgage agent Level 2 | Any lender, including alternative and private lenders | Level 2 course and at least 12 of the last 24 months as Level 1 |
| Mortgage broker | Any lender; can supervise agents | At least 24 of the last 36 months as Level 2, plus the broker course |
| Mortgage brokerage | The firm every agent and broker works through | Has a designated principal broker |
The practical test: if there's any chance your file needs a private or alternative lender, work with a Level 2 agent or a broker. FSRA's own advice for private lending is to "make sure they hold a Level 2 mortgage agent licence".
Source: Government of Ontario (e-Laws), O. Reg. 409/07: Brokers and agents licensing (Level 1 / Level 2), effective April 1, 2023. Checked .
Source: FSRA, Working with a mortgage professional, effective April 1, 2023. Checked .
What if they aren't on the register?
Check spelling, a previous name and the brokerage. Bank and credit-union employees selling only their own institution's mortgages are exempt and won't appear. FSRA says so directly. Anyone else arranging mortgages in Ontario for pay needs a licence. If someone claims to be a broker and isn't listed, don't send documents or money; you can report it to FSRA.
Source: FSRA, Working with a mortgage professional, effective April 1, 2023. Checked .
Source: FSRA, Submit a complaint. Checked .
What else should you get in writing once they're verified?
- Who the brokerage acts for: you, the lender or both (s. 18).
- How many lenders it dealt with last year (s. 19).
- What it's paid by the lender and the basis for calculating it (s. 21).
- Material risks of each mortgage it presents (s. 25) and any conflicts of interest (s. 27).
- All of the above at least 2 business days before you sign (s. 35).
Frequently asked questions
How do I look up a mortgage agent's licence in Ontario?
Use FSRA's public register of mortgage brokerages, administrators, agents and brokers. Search by licence number or last name and city, confirm the licence class and that it is current, and check the brokerage matches.
Why isn't my bank's mortgage specialist on the FSRA register?
Banks and their employees dealing in the bank's own mortgages are exempt from Ontario's mortgage broker licensing, so they don't appear on FSRA's register. FCAC oversees federally regulated banks' consumer obligations.
When do Ontario mortgage agent licences expire?
Every agent and broker licence runs on an annual cycle from April 1 to March 31 and expires at the end of the cycle.
Can a Level 1 mortgage agent arrange a private mortgage?
No. Since April 1, 2023, Level 1 agents may deal only with financial institutions and NHA-approved lenders. Private and other non-institutional lenders need a Level 2 agent or a broker.
Sources
- FSRA — Public register: mortgage brokerages, administrators, agents and brokers licensed in Ontario. Checked .
- FSRA — Mortgage brokering: consumers. Checked .
- FSRA — Working with a mortgage professional (effective April 1, 2023). Checked .
- Government of Ontario (e-Laws) — O. Reg. 409/07: Brokers and agents licensing (Level 1 / Level 2) (effective April 1, 2023). Checked .
- Government of Ontario (e-Laws) — O. Reg. 188/08: Mortgage brokerages, standards of practice (effective March 1, 2022). Checked .
- FSRA — Enforcement and monitoring. Checked .
- FSRA — Submit a complaint. Checked .
- Government of Ontario (e-Laws) — Mortgage Brokerages, Lenders and Administrators Act, 2006. Checked .
Estimate, not advice. Educational estimate only, not financial, mortgage, tax or legal advice. Lenders, insurers and governments set their own rules and can change them; confirm with a licensed professional before you decide.