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Ontario’s New Mortgage Broker Rules

Ontario’s Mortgage Brokerages, Lenders and Administrators Act comes into force on July 1, 2008.

A four-month transitional licensing period will begin on March 3, 2008.

Brokerage firms will need to re-apply under the new act and then submit new applications for their agents and brokers.

Once in force, several new educational requirements will be imposed on brokers and agents.  FSCO is finalizing these requirements now.  More info will follow in the next 3-4 weeks.

Ontario’s New Mortgage Broker Rules

Ontario’s Mortgage Brokerages, Lenders and Administrators Act comes into force on July 1, 2008.

A four-month transitional licensing period will begin on March 3, 2008.

Brokerage firms will need to re-apply under the new act and then submit new applications for their agents and brokers.

Once in force, several new educational requirements will be imposed on brokers and agents.  FSCO is finalizing these requirements now.  More info will follow in the next 3-4 weeks.