Become a Mortgage Broker or Mortgage Agent

Currently, individuals who wish to work in the business of arranging mortgage loans in Ontario are required to register as Agents of a Mortgage Broker, who is registered with the Financial Services Commission of Ontario (FSCO). This process will be revised to a licensing system when the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA) takes effect on July 1, 2008.

Individuals are required to have industry-related education in order to become licensed. IMBA offers introductory education for individuals who wish to become Mortgage Agents, which is available at locations across the province. Click here to view the current course calendar.

Frequently Asked Questions:

What is the Difference Between Mortgage Broker and Agent?

Under the Regulations of the MBLAA, both Mortgage Brokers and Mortgage Agents are persons who are “authorized by a Brokerage to deal or trade in mortgages on its behalf” and who have achieved other educational, proficiency and eligibility criteria.

Licensing Requirements for Brokers and Agents

Mortgage Brokers must have been previously licensed as a Mortgage Agent and are entitled to become Principal Brokers of Brokerages.

What are the Career Opportunities?

The opportunities are many. But it takes time, business sense, credit-granting knowledge, people skills, professional development and hard work to establish a successful mortgage brokerage career.

How Do Mortgage Agents Compete?

Brokers and Agents, as independents, have the advantage of being able to offer consumers a wide variety of choice to meet their specific needs, unlike retail financial institutions that can only offer their own products to their clients.

How Are Mortgage Brokers and Mortgage Agents Paid?

Brokers and Agents are paid on a commission basis, after a mortgage transaction has been completed and after a referral fee from a financial institution or a brokerage fee has been received.