Oct 9, 2026
If you got your mortgage through a broker in Ontario, you probably haven’t thought about their licence since closing day.
It may be worth a second look, though. Recently, Ontario’s financial services regulator has revoked the licences of 24 mortgage brokerages. The reason had nothing to do with fraud or misconduct: the brokerages repeatedly failed to file a mandatory annual report.
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For most homeowners, a revoked brokerage licence won’t make an existing mortgage void. It can, however, affect deals still in progress, fees you’ve paid and the protection you have if something goes wrong.
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Why did Ontario revoke the licences?
In September, the Financial Services Regulatory Authority of Ontario (FSRA) — the provincial agency that licenses and oversees mortgage brokerages, brokers and agents — published a list of 24 brokerages whose licences it had revoked.
Every licensed brokerage must file, by March 31, an Annual Information Return, which covers business practices, internal controls and market conditions. FSRA uses it to assess risk in the sector. According to the regulator, these brokerages ignored repeated warnings and follow-ups.
FSRA revoked 30 brokerage licences in a similar sweep in March 2024.
The brokerages that lost their licences
- 2380376 Ontario Limited
- 2523767 Ontario Inc.
- 8135045 Canada Inc.
- 9323414 Canada Inc.
- Abacus Mortgages Inc.
- Arthurs Royal Mortgages Inc.
- Bruce Rene Kotis
- Centum First Richmond Capital Inc.
- Centum Lending & Mortgages Corp.
- Excel-Mortgage Option Inc.
- Federal Mortgages Inc.
- Harry Raymond Debi
- Hill Real Estate Ltd.
- Inspiria Financial Group Ltd.
- JCI Consultants Limited
- Libertyplus Mortgage Services Inc.
- Michael John Preston
- Mr. Cash 1 Mortgage Inc
- Nationwide Mortgage Inc
- North East Mortgages Inc
- Obsidian Mortgage Corporation
- Profunding Financial Services Inc
- Public Choice Mortgage Brokerage Inc
- Rockstar Mortgage Services Inc
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Is your existing mortgage at risk?
If your mortgage has already closed, the impact is likely limited. According to FSRA, a broker is only an intermediary. Your contract is with the lender, and it’s legally binding once signed.
A revocation matters more if any of these apply:
- Your application or renewal is still in progress
- You paid an up-front fee or deposit to the brokerage
- The brokerage arranged a private or alternative mortgage for you
- You invested in a mortgage, such as a syndicated mortgage, through the brokerage
In those cases, start by calling your lender directly to confirm the status of your file.
What protection do you lose with an unlicensed broker?
Licensing is what puts a regulator like FSRA in your corner; it can’t protect consumers who deal with unlicensed individuals or companies.
Even if you’re working with a licensed broker, FSRA’s reach has limits. It can’t settle contract disputes or recover money on your behalf. Instead, it will point you to independent legal advice or the Law Society of Ontario’s referral service.
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Fees deserve special attention. Brokerages may charge an up-front fee or retainer on loans above $400,000, and neither should ever be paid in cash. You must ensure that the payment goes to the brokerage itself, not to an individual agent or broker.
How can you check whether your broker is licensed?
FSRA’s public registry shows the current licence status and conditions for brokerages, brokers and agents. To verify, search by legal name or licence number, both of which should appear on your paperwork.
Watch the legal name closely. Four of the revoked licences belong to numbered companies, while three are listed under individuals’ names, so the name on your documents may not match the one on the office sign.
FSRA also suggests asking any broker whether they’re licensed, how they’re paid and what risks come with the mortgage they recommend. If you require a private lender, you’ll need a Level 2 agent or a broker, not a Level 1 agent.
What to do now
- Find the brokerage’s legal name and licence number on your mortgage documents
- Search FSRA’s online registry before signing anything or paying any fee
- If your brokerage is on the list, call your lender to confirm your file
- Never pay a broker fee in cash or to an individual
- File a complaint with FSRA if you suspect unlicensed activity — contact police if you also suspect fraud
A licence check takes minutes, and it’s exactly what FSRA means when it urges borrowers to be “informed, proactive and alert when making financial decisions.”
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Writer and editor based in Toronto with experience in personal finance, insurance, arts and culture and branded content.
