Mortgage Agent Course Information FAQs

Do I need to be proficient with technology to be a Mortgage Agent?

Yes! You need to be comfortable with technology for many reasons:

1. Completing the Mortgage Agent Course: the final examination is completed using an online proctoring application and your examination results will be uploaded into your online profile.
2. Applying for your Mortgage Agent Level 1 Licence: you must have a valid email address to apply for your licence, and the licensing process is completed online
3. Your day-to-day working as a licensed Mortgage Agent Level 1: you must use a secure online system to take information from prospective borrowers and to submit mortgage applications to prospective lenders. You are handling sensitive personal data on behalf of individual people and it is very important that all of your correspondence on mortgage applications is conducted securely online.

Can I apply for my own license after I pass the exam?

No, you cannot apply on your own. You must register with a licensed mortgage brokerage in Ontario. It is the brokerage’s Principal Broker who is responsible for submitting the application to FSRA for you to obtain your Mortgage Agent Level 1 Licence.

What is the cost of a Mortgage Agent Licence?

The annual fee is $840.00 and covers April 1 to March 31 every year. The first time that you register, you will pay a pro-rated amount based upon the number of days remaining that licensing year plus a $100 fee. There are additional costs at the brokerage such as Errors & Omissions insurance, franchising fees, desk fees, etc. Please consult the Principal Broker at the brokerage that you will be working with.

How do I find a brokerage to register for my Mortgage Agent Level 1 licence? 

CMBA has resources to help you! Go to our Agent Recruitment page to browse brokerages in Ontario who are looking to hire new agents, and access a useful checklist for questions to ask when joining a brokerage

Is being a Mortgage Agent a salaried or commissioned job?

Being a Mortgage Agent or Broker is a fully commissioned job, based upon the dollar amount of mortgages funded. Different lenders provide different levels of compensation, and different brokerages offer different compensation arrangements.

How much can I expected to earn in the first year of being licensed as a Mortgage Agent Level 1?

You only get paid once your mortgage has funded, which is after closing day. Depending on how hard you work, you can make up to $60,000 in your first year. This is highly dependent on the effort that you put into your business.

How much savings should I have set aside when starting out licensed as a Mortgage Agent Level 1?

You should have savings that cover your expenses for 6 to 12 months, at a minimum.

How much will the first year of being licensed as a Mortgage Agent Level 1 cost me?

Approximately $3,000 to cover: the Mortgage Agent Course ($365 or $395), Licence Fee ($941), Errors & Omissions Insurance (a few hundred, depending on coverage taken out), plus franchising fees or desk fees, depending on the brokerage you sign up with.

How much can a Mortgage Agent Level 1 earn?

A career as a Mortgage Agent Level 1 can be financially rewarding. As the individual responsible for arranging mortgage financing with financial institutions for qualifying borrowers, you will be compensated by the lender in the form of a finder’s fee, or commission that is based on a percentage of the loan amount. You will not be able to charge a brokerage fee unless permitted by the financial institution, this is typically for Alternative Lenders.

The process begins with CMBA Ontario’s Mortgage Agent Course. If you’re considering a career as a Mortgage Agent, please sign up for CMBA Ontario’s Mortgage Agent Course and choose one of the in-class options to be able to connect with one of our qualified facilitators.

There are three (3) licensing classes in Ontario to work in Mortgages:

Mortgage Agent Level 1 – can work with borrowers to negotiate mortgages with Financial Institutions only

Mortgage Agent Level 2 – can work with borrowers to negotiate mortgages with all lenders, including Private Lenders

Mortgage Broker – can work with both borrowers and investors to negotiate mortgages.

There are four (4) significant differences between the Mortgage Broker (broker) licence and the Mortgage Agent licence (both level 1 & 2):

1. A broker can supervise other brokers and agents
2. A broker can hold the title of Principal Broker, who is the chief compliance officer of a licensed Mortgage Brokerage
3. A broker can sign the FSRA Lender/Investor Disclosure Forms
4. A broker may apply for a brokerage licence

If you only want to work with borrowers to find the right lender for their mortgage needs, then a Mortgage Agent Level 1 or Level 2 licence is sufficient for your needs!

For the specific requirements mandated by FSRA, please consult the Mortgage Brokerages, Lenders and Administrators Act, 2006, Ontario Regulation 409/07 Mortgage Brokers and Agents: Licensing

I took the course 2 years ago but did not get my license, can I still be eligible to become a mortgage agent?

No. The course completion is only valid for 2 years. You must re-take the course if more than 2 years has elapsed.

I passed the course and got my license, but my licence expired 2 years ago. How can I re-activate my license?

Depending on when it expired, FSRA may charge a fee to have it re-activated. If your licence lapsed past a time of re-activation, you will need to re-take the Mortgage Agent Course and pass the exam.