The Financial Services Commission of Ontario is advising mortgage agents and brokers of important deadlines that will be reached at the end of June.

The FSCO reports that approximately 1,000 mortgage agents were issued conditional licences in 2008, which requires them to complete an approved mortgage agent course by June 30. Those that do not meet this education requirement “will no longer be authorized to deal or trade in mortgages after that date,” it notes.

Additionally, the regulator notes that the mortgage broker education and experience exemption also expires on June 30. Registered real estate brokers that wish to be exempt from the mortgage broker education and experience requirements, must apply for a mortgage broker licence by June 30.

Real estate brokers are no longer deemed to be mortgage brokers. Under legislation that went into effect on July 1, 2008, individuals and businesses that want to conduct mortgage brokering activities in Ontario must be licensed with FSCO.

“The law does not allow for any extensions,” it warns, adding that those applying for a mortgage broker licence after June 30, will need to complete the approved mortgage broker course and exam, and have at least two years of experience as a licensed mortgage agent.

IE