What are the requirements for a Mortgage Brokerage licence?
Under the Act, each Mortgage Brokerage: • Must be incorporated or formed in Canada (for partnerships and corporations), or if a sole proprietor be a resident of Canada. • Is required to have a mailing address in Ontario that is suitable for receiving registered mail. • Must have errors and omissions (e & o) insurance which also 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 designate a Principal Broker on its application. • Is required to have its Mortgage Brokerage licence issued in the Brokerage’s legal name, or in both its legal name and one other name that is registered under the Business Names Act. • Along with its sole proprietor, partners or officers and directors (as applicable), must meet the suitability requirements that are listed in the regulations.
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?
- I am a registered Real Estate Broker. How do I apply for a Mortgage Brokerage licence?
