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The Mortgage Brokerages, Lenders and Administrators Act, 2006 (the Act) came into force on July 1, 2008, replacing Ontario's Mortgage Brokers Act, 1990, [1] and requires all individuals and businesses who conduct mortgage brokering activities in Ontario to be licensed. [2]
Mortgage Professionals Canada is the official provider of: Mortgage Broker [5] and Mortgage Agent [6] education programs that provide Government of Ontario licensing for brokers and agents. Mortgage Salespersons Licensing Courses in Manitoba [7] Mortgage Associate licensing courses in Saskatchewan [8]
FSRA regulates the insurance, credit union, caisse populaire, mortgage brokerage, loan, trust, and pension administration sectors in Ontario. [2] [3] Additionally it provides deposit insurance for members of provincially-incorporated credit unions and caisses populaires. [4]
Mortgage bankers are often confused with mortgage brokers, but they’re very different. A mortgage banker is tied to one financial institution, while a mortgage broker works independently of lenders.
The Real Estate and Business Brokers Acts is the legislation regulating the individual brokers and businesses registered to trade in real estate in Ontario, Canada.The most recent version, the Real Estate and Business Brokers Acts, 2002, came into force in Ontario, Canada on March 31, 2006. [1]
In Ontario, commercial mortgage brokers are not required to carry a license. This helps reduce the red tape for commercial borrowers to work with commercial mortgage brokers. The commercial borrowers do not require a layer of regulatory protection because they perceived to be large enough to protect themselves.