Skip to main content
Ratehub logo
Ratehub logo

How to Become a Mortgage Broker in Ontario


Flickr: Scott*eric

Does working from home, being your own boss and working flexible hours sound appealing to you? If so, you could consider becoming a mortgage broker. As an Ontario mortgage broker, you act as a liaison between homebuyers and the mortgage market, by negotiating the best mortgage rates and terms for the buyer. While you don’t need any specific work experience to enter the field, mortgage brokers should have an interest in how mortgage rates and finances work, as well as Ontario’s real estate market.

Looking for a local mortgage broker?

Find and connect with a mortgage broker in your area. Mortgage brokers help Canadians find the best mortgage rates.

According to the Financial Services Commission of Ontario (FSCO), anyone interested in becoming a mortgage broker must be a mortgage agent for at least 24 months during the 36-month period before applying for their mortgage broker license. Also, the education portion needed to become a licensed mortgage broker will provide you with new skills to ensure the brokerage you work for complies with: all applicable policies and regulations, a standard code of ethics, and best practices.

Ontario Mortgage Broker License Requirements

If you reside in Ontario, FSCO states that individuals who want to become a mortgage broker must:

  • be 18 years of age or older,
  • be a Canadian resident,
  • have a mailing address in Ontario that can receive registered mail (this cannot be a post office box),
  • be authorized by a mortgage brokerage to deal or trade mortgages on its behalf,
  • work for only one mortgage brokerage,
  • have successfully completed an approved education program for mortgage agents,
  • have been licensed as a mortgage agent for at least 24 months, during the 36-month period before applying for the mortgage broker license, and
  • successfully complete the approved educational course and exam for mortgage brokers, up to three years before applying for a mortgage broker license.

Ontario Mortgage Broker Education and Licensing

If you’re interested in pursuing a career as an Ontario mortgage broker, you can enroll in courses through, a mortgage education website managed by the Canadian Association of Accredited Mortgage Professionals (CAAMP). The tuition for CAAMP’s Ontario Mortgage Broker Education Program is $345 and the program is completed in two phases. Phase I is completed online; you can do this on your own time but must complete Phase 1 within 6 months from the day you register. When you’re done, you can register for Phase II. Phase II is a 5-day in-class portion where attendance is mandatory.

After completing both Phase I and Phase II, and passing each of the examinations with a minimum grade of 60%, you may then apply for your mortgage broker license. It’s important to remember that you must apply for your license within three years of completing CAAMP’s Ontario Mortgage Broker Education Program. If you exceed the three years, you must re-enroll and successfully complete the program again.

While many mortgage brokers take the educational route, to fulfill the licensing requirements, there are unique cases where you can become a licensed mortgage broker without completing the approved educational program. If you have a combination of education and experience that is equivalent to the requirements matching what is outlined in FSCO’s Mortgage Broker Qualifying Standards (MBQS) and Mortgage Agent Qualifying Standards (MAQS), you may submit a Request for Equivalency. In your submission package, you will have to include clear and compelling evidence to showcase that your education and experience are equivalent to the applicable standard.

Your Career as an Ontario Mortgage Broker           

Becoming a mortgage broker is a great career move for existing mortgage agents who want to challenge their current skills and potentially become a principal broker at a brokerage. As an Ontario mortgage broker, you will gain more management skills and be eligible to supervise registered associates within your brokerage. You will also be responsible for ensuring and adhering to new standards and procedures. Taking on new responsibilities, with this position, will help you grow as a professional within Ontario’s mortgage industry.