License required in Ontario

Are you obtaining a mortgage in Ontario, and are planning to use someone, instead of your own bank?

Before you proceed to utilize their services, you need to check that they are licensed.   

Effective July 1, 2008, every Mortgage Brokerage, Mortgage Administrator, Mortgage Agent and Mortgage Broker who is carrying on in the business of dealing in mortgages, in Ontario, MUST have a valid current license.  Licenses can only be issued by the Financial Services Commission of Ontario (FSCO) to qualified applicants.  FSCO has established certain criteria to qualify for a license and unless applicants can meet the established criteria, a license cannot be issued.  If you are uncertain as to whether you are dealing with someone who carries a proper license, you may visit the FSCO website to verify any person’s status or any specific Brokerage to determine if they carry a valid license.      

http://www2.fsco.gov.on.ca/mbslist/Agents.mbl

Any person dealing in mortgages, after July 1, 2008, who is NOT licensed can be prosecuted and fined and you may report that person directly to FSCO. 

 

 

This blog  was written by Elizabeth Blair, a Licensed Mortgage Agent with Mortgage Edge in Richmond Hill, Ontario.  Elizabeth services clients in Mississauga and all over the Greater Toronto area.

 

You can contact Elizabeth directly by phone at (905) 510-5785,  by email at eblair@mortgageedge.ca  or you visit her website at:    www.missmortgage.ca 

 

Elizabeth is licensed with the Financial Services Commission of Ontario and is also a Member of IMBA (the Independent Mortgage Brokers Association of Ontario) www.imba.ca