The deadline for Ontario mortgage brokers to re-new their license is fast approaching and the provincial agency charged with overseeing the process is reminding brokers that there will be no extensions.
The Financial Services Commission of Ontario (FSCO) released a statement that read in part: “FSCO’s Licensing Link for license renewals will be available from February 1, 2012 to March 31, 2012. Your brokerage has to begin the renewal process for you. Once this is done, FSCO will send you an electronic link to complete your application. Your brokerage must then approve and submit your application to FSCO.
“FSCO recommends that this is done well in advance of the deadline of midnight on March 31, 2012. FSCO staff will be working on Saturday, March 31, 2012, to respond to questions regarding application submissions. The law does not provide for a time extension to Monday, April 2, 2012.”
To view FSCO’s complete information newsletter - click here.
According to some in the industry, the process, when completed, could cull as much as 15 per cent of brokers in the province.
“In the last license renewal period in March 2010, 15 per cent of Ontario licensees – agents and brokers – did not renew their license,” CAAMP CEO Jim Murphy told MortgageBrokerNews.ca.
“In the 18 months since ….They have made up for the 15 per cent loss. Brokers and agents in Ontario this time must also take a re-licensing course, which they did not have to do last time (and) my guess would be (the loss could be) 10 per cent to 15 per cent.