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A mortgage agent is Ontario’s license category for arranging mortgages, regulated by FSRA, with agents holding either a Level 1 or Level 2 license depending on their training and experience.
Ontario moved to two-tier agent licensing — Level 1 and Level 2, alongside the separate mortgage broker license — effective April 1, 2023. The license level determines the scope of transactions an agent can arrange, with Level 2 status opening access to a broader range of deal types, including certain private and more complex mortgage arrangements that Level 1 agents are restricted from.
A mortgage agent cannot operate independently. Every agent must work under a brokerage supervised by a principal broker, who carries ultimate responsibility for the brokerage's compliance with FSRA's rules.
Two-tier since April 2023: Ontario introduced Level 1 and Level 2 mortgage agent licensing, alongside the mortgage broker license, effective April 1, 2023, replacing the single prior agent category.
Regulated by FSRA: the Financial Services Regulatory Authority of Ontario licenses and oversees mortgage agents, brokers, and brokerages in the province.
Must work under a brokerage: an agent cannot arrange mortgages independently — they operate under a brokerage supervised by a principal broker.
Scope tied to license level: Level 2 status opens access to a broader range of transaction types, including certain private and complex mortgage arrangements that Level 1 agents are restricted from arranging.
Definitions reflect Canadian federal and provincial rules as of the “Updated” date above. Not advice for any specific file.
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