IMPORTANT UPDATE

Mortgage agents/brokers must renew their licenses with the Financial Services Regulatory Authority of Ontario (FSRA) each year before March 31.

For Renewal 2024 there are 2 requirements:

1. To qualify for your renewal you MUST have completed the mandatory Ontario Continuing Education (CE) Course for agents. You must complete the course through one of our approved providers REMIC, CMBA or MPC prior to the renewal deadline March 31, 2024.

• Once you have successfully completed the course please send compliance@gopineapple.com a copy of your certificate.
• Please ensure when you receive your link that it is the correct level.  For any issues please reach out to diana@gopineapple.com and lynda@gopineapple.com

You will NOT be able to complete your link UNTIL you have successfully completed your CE requirement.

1. The PMC/Challenge Exam must be completed prior to renewal 2024 if you want to maintain your Level 2 status. As you are all aware FRSA implemented NEW licensing requirements April 1, 2023.

Please be advised that if you did not meet the requirements successfully being the Private Mortgages Course and/or the Challenge Exam and you were a Level 2 as of renewal 2023 your license will be downgraded to a Level 1 for renewal 2024.

If you successfully meet the requirements you will maintain your Level 2 status.

Pineapple will facilitate the renewal process as per below:

2024 FSRA Renewal Process:

1. Beginning Monday February 5, 2024, the team at Pineapple will be sending out the renewal emails from the FSRA site as your CE requirement gets completed and registered with FSRA.

The email will come from the Licensing Compliance Unit <elicence@fsrao.ca>  and will be sent to the email that you have registered with FSRA

The subject line will be "Last Name, First Name, License Number, Pineapple Financial, Mortgage Agent/Broker"

Please complete this link as soon as it's received, providing FSRA with the answers to the required due diligence to renew.

2. Once we receive notification that you've completed the link, we will complete the payment of your license renewal using the credit card we have on file.

The total cost for renewal for Level 1 agents is $841.

The total cost for renewal for Level 2/Broker agents is $883.

If you need to update the credit card on file please update Pineapple Core as soon as possible with your new credit card information and notify compliance@gopineapple.com once this has been completed. Any questions about payment please reach out to our team at compliance@gopineapple.com.

3. Pineapple will complete the final approval and enter your payment information. Your renewal application will go back to FSRA for final approval.

4. You will receive an email from FSRA once your application has been approved and renewed for another year!

NOTE: Please ensure your CE requirement, link and payment are completed no later than March 27, 2024 to ensure there is no disruption to your licensing.

If you have not received your link please reach out to compliance@gopineapple.com to have it resent/forwarded to you. Please ensure you are checking the email address you have registered with FSRA.

Here is a link to the FSRA site with some more information.

Level 1 Renewal

- https://www.fsrao.ca/licensing/mortgage-agent/renew-my-mortgage-agent-licence

Level 2/Broker Renewal - https://www.fsrao.ca/licensing/mortgage-agent-level-1/renew-my-mortgage-agent-level-2-licence

Repercussions

If you do not meet the Level 2 requirements prior to renewal you will move to  Level 1. You can complete the PMC course at any time and once provided to your PB we can move your license from level 1 to level 2 after the renewal date.

Reminder on Advertising Requirements

All Ontario mortgage agents and brokers must include 4 items in all public relations materials,

1. The agent or broker's licensed name,

2. The agent or broker's approved title, (Mortgage Agent Level 1, Agent Level 1, Mortgage Agent Level 2, Agent Level 2, Mortgage Broker, Broker)

3. The authorized name of their sponsoring brokerage, and

4. The 5-digit licence number of their sponsoring brokerage.

Example:

John Smith, Mortgage Agent Level 1

ABC Mortgage Brokerage, Licence# 11111

Review advertising requirements on FSRA's website: Mortgage industry public relations and advertising requirements | Financial Services Regulatory Authority of Ontario (fsrao.ca)

Any other questions please do not hesitate to reach out

Agents who have successfully completed their PMC/Challenge exam NEED to send their certificate to their PB ASAP for their records.

Once this is done, they will need to do the CE re-licensing however, this will reflect the agent level status that FSRA has. Meaning if an agent did the PMC, is a level 2 but did not inform us, they may receive the renewal link as a level 1 agent. If they complete it as a level 1 agent they will be renewed as a Level 1 agent.

Please ensure that you complete the CE requirement for your appropriate level. If you are a Level 1/2 agent you can complete the CE course for Level 1/2's. If you are a broker or a PB please complete the CE requirement for brokers.

For those agents that were renewed into Level 2 at renewal 2023 and are looking to maintain their level 2 status moving into renewal 2024 you MUST have successfully completed the PMC/Challenge exam prior to completing your renewal link.

SO if an agent gets the link to do the CE with the wrong level they need to inform their PB immediately to get this updated.