Ontario has put teeth in the rules that govern mortgage brokers. For many, the first exposure to these new rules will be with Licensing Link.
Licensing Link is the Financial Services Commission’s (FSCO’s) new online licensing system. It launches for the mortgage industry on March 1, 2008.
Licensing Link is basically a website that processes mortgage agent applications, transfers, and name changes.
In addition, starting July 1, 2008 FSCO’s website will–for the first time–list all mortgage agents licensed to conduct business in Ontario. It should be a handy reference for any mortgage shopper wanting to check out their broker.
To be licensed in Ontario FSCO’s upcoming rules will require that, among other things, agents:
Work for only one brokerage
Have no questionable background that would cast doubt on their ability to “deal or trade in mortgages in a lawful or honest way.”
Submit to a criminal background check
Answer a variety of suitability questions
Be financially solvent
Have a servable mailing address in Ontario
FSCO will start informing approved agents of their new license numbers on March 1, 2008. As a cost cutting measure, no hard-copy licenses will be issued.
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