What are the requirements for a Mortgage Administrator’s Licence?
In order to act as a Mortgage Administrator, a business: • Must be incorporated or formed in Canada (for partnerships and corporations), or be a resident of Canada (for sole proprietorships). • Must have a mailing address in Ontario that is suitable for receiving registered mail (it cannot be a post office box). • Must have errors and omissions insurance which covers fraudulent acts up to a minimum of $500,000 for any one occurrence and $1 million for all occurrences during a 365-day period. • Must have a Mortgage Administrator’s licence issued in its legal name, or in both its legal name and one other name that is registered under the Business Names Act. (If a business is a licensed Mortgage Brokerage, it must have a separate Mortgage Administrator’s licence if it is also conducting business as a Mortgage Administrator.) • Must meet the suitability requirements that are listed in the regulations, along with its sole proprietor, partners or officers, and directors (as applicable). • Mu
Related Questions
- My mortgage brokerage’s/administrator’s licence was obtained after December 31, 2010. Does my brokerage/administrator need to submit an AIR?
- My mortgage brokerage/administrator licence was recently surrendered. Do I still need to submit the AIR?
- My mortgage brokerage/administrator licence is currently suspended. Do I still need to submit the AIR?
