Licenses for all Ontario mortgage agents expire on March 31, 2010, and must be renewed before that date. Agents can do so at FSCO’s website, starting on February 1, 2010.
FSCO has increased its mortgage agent renewal fee to $700. This buys Ontario mortgage agents two additional years of licensing.
Depending on what brokerage an agent works for this translates to roughly $1,000 in 2010 for fees:
$700: FSCO license renewal
$200 to $400: E&O
$150 to $225: Association (IMBA or CAAMP)
Any other fees the brokerage charges the agent (ahem, “brand fees”) are extra
Brand fees. That’s hilarious. What do you get for them? Some generic commercials and a few print ads?
Who Charges upto $400.00 for E&O Please let us know.
Brand fees aside, am I the only one here that thinks a 45% increase in FSCO fees since the last update is just a touch ridiculous?
Hey John, Just wondering how you get a 45% increase. Wasn’t FSCO’s previous fee $550 for a 21 month license when the MBLAA came into effect July 1, 2008?
This is not necessarily a bad thing as it will weed out part timers and people who aren’t serious about this business.
Hmmm, the number I had in my head was $482 for the last round, and I suppose I also thought that was for a two year period.
Steve, seems like you’ve got it made! “Weed out part timers and people who aren’t serious about this business”
More like crush those who are already lost their jobs and are changing careers, stifle those who are already almost starving. Crush them while they are down.
A 45% increase in the fees seem to be a cash grab.
FSCOs fee hike seems like 27%…..$550 to $700….am I right?
I can’t understand why it went up so much. Does anyone know or did anyone see any communications from FSCO justifying this increase?
What do we get for that extra $150 they are charging? Why can’t FSCO balance their budget like everyone else and stick to just a cost of living increase?