Did you know some people who claim to be a mortgage broker or agent, may not be licensed to work as a broker, and working with them might result in huge problems for you?
Hi everyone, welcome to another video from Mortgage broker store. In today’s video, we will show you how to make sure if an Ontarian mortgage broker is officially licensed or not. In Ontario, the Provincial regulator that oversees the activities of the mortgage sector is the Financial Services Regulatory Authority called FSRA. Let’s go to their website and learn how to check a mortgage broker’s license.
The first step is going to the search page on the FSRA Website. Please click on the first link in the video description to launch the search page.
The next step is to choose whether you are searching for an agent, mortgage brokerage, or mortgage administrator. Then, you need to enter the broker’s license number or you can search their last name. If you don’t know any broker and you want to see a list of your city’s brokers, you can enter the name of your town to see a list of all licensed brokers of your city.
Now, to see how it works, I will choose the “mortgage brokerage” option and then I will enter Mortgage Broker Store’s brokerage license number in the first field. You can easily find the brokerage number of any company by visiting the brokerage website, if they are following FSRA requirements. You can also search the company’s name, and the result will be the same.
As you see after clicking on the search button, one result appears and we can see mortgage broker store in the list.
By clicking on the license number, you can see details such as contact information, phone number, name of principal broker, and status of mortgage broker store.
Now, let’s search based on the mortgage broker or agent’s name. I will select the go back button two times, and now we are on the search page. This time I select an agent or broker as the search option and I will enter the last name of the mortgage broker store’s principal broker.
After pressing the search button, I can see four relevant results. To see more details about the broker, you can click on their license number.
For example, I click on this number, and as you see, another page appears. Here we can see all of the details about the broker. Based on this information, you can understand if your broker is licensed to work or not.
And we are done. Now you can identify any unlicensed Ontarian mortgage broker or agent. While this is a great method for identifying an unlicensed mortgage company, we have mentioned several other ways on our website, and you can learn about those ways by clicking on the second link in the video’s description.
Thanks for watching. Don’t forget to like this video and please subscribe to our YouTube channel.