25 March 2014

In the same time, principal brokers showed a bit higher results of 60% applications.

Last time brokers had to relicense (in 2012), 72% of brokers had registered before the deadline. Soon we’ll find out this year’s results.

The official release from FSCO says that if the principal broker doesn’t submit the necessary applications for brokers and agents by March 31, 2014, the following will happen:

• On March 31, 2014 the mortgage brokers’ and agents’ licences will expire.
• These brokers and agents will not be authorized to work with mortgages right after March 31, 2014.
• These brokers and agents will have to apply for a license once again and pay the new applicant fee, in case they would like to continue brokering activities.

You can check if your Mortgage Broker or Agent is authorized to deal in mortgages here: http://www5.fsco.gov.on.ca/mbsweblist/agents.aspx