Hustle & GritWatch us on YouTube
FSRA (the Financial Services Regulatory Authority of Ontario) is Ontario’s provincial regulator for mortgage brokering, licensing mortgage agents, brokers, and brokerages. Since April 1, 2023, Ontario has used a two-level agent licensing system, Level 1 and Level 2.
FSRA sets the education, examination, and conduct standards that mortgage agents and brokers in Ontario must meet to get and keep a licence. It also licenses brokerages and principal brokers, handles consumer complaints, and can discipline or suspend licensees who breach the Mortgage Brokerages, Lenders and Administrators Act.
FSRA’s mandate is provincial and conduct-focused — it’s a different job from OSFI’s federal, prudential oversight of lenders. A mortgage professional in Ontario answers to FSRA for licensing and conduct; the bank they submit a deal to answers to OSFI for how it underwrites.
Two-level licensing: Ontario’s Level 1 / Level 2 mortgage agent system, plus mortgage broker and brokerage licensing, has been in effect since April 1, 2023.
Every Ontario agent needs a principal broker: agents must operate under a licensed brokerage and principal broker who supervises their files.
Consumer protection: FSRA investigates complaints and can suspend or revoke licences for conduct breaches.
Distinct from federal regulation: FSRA licenses the people; OSFI regulates the federally regulated lenders they submit deals to.
Definitions reflect Canadian federal and provincial rules as of the “Updated” date above. Not advice for any specific file.
Every term a Canadian mortgage professional needs — defined, sourced, and kept current.
See how Treadstone can scale your brokerage — a free call, no commitment.