Are we in for a major broker or agent cull or are mortgage professionals just procrastinators?
The latest data from the Financial Services Commission of Ontario (FSCO) points to a mere 56 per cent renewal rate among brokers leading up to the March 31 deadline to submit license renewal applications. That falls to 46 per cent for agents.
However, principal brokers are faring slightly better, with a reported 60 per cent already having submitted applications for renewal.
In 2012 – the last time brokers were up for relicensing – a mere 72 per cent of brokers had registered by the cut-off date. It remains to be seen if 2014 will report similar statistics.
According to an official release from FSCO: If the principal broker does not submit licence renewal applications for brokers and agents by March 31, 2014:
The mortgage brokers' and agents' licences will expire on March 31, 2014.
The mortgage brokers and agents will not be authorized to deal or trade in mortgages after March 31, 2014.
The mortgage brokers and agents will need to apply for a new licence and pay the new applicant fee, if they wish to conduct mortgage brokering activities.
See below for the most up to date stats.