Who Regulates Your Mortgage Agent?
In Ontario, mortgage professionals answer to a public regulator called FSRA. Here is a plain-English look at who they are, what they do, and what their oversight means for you as a borrower.
What FSRA is
The independent regulator standing behind Ontario's mortgage industry.
FSRA stands for the Financial Services Regulatory Authority of Ontario. It is an independent regulatory agency that oversees a wide range of financial services and pension sectors in the province.
FSRA began operating in June 2019, taking over financial-services and mortgage-brokering regulation from the former Financial Services Commission of Ontario (FSCO). Beyond mortgage brokering, FSRA regulates multiple sectors — including insurance, credit unions, pensions, and loan & trust companies.
In everyday terms: if a mortgage agent, broker, or brokerage operates in Ontario, FSRA is the body that licenses them and sets the rules they must follow. Independent · Ontario-wide
FSRA is an independent Ontario government regulator. It is not affiliated with, and does not endorse, Vaughan Mortgage Group. This page is general information only.
What FSRA does
The core responsibilities that keep the mortgage sector accountable.
Issues and renews licences for brokerages, brokers, and mortgage agents operating in Ontario.
Defines the professional, ethical, and educational requirements licensees must meet.
Monitors market conduct and investigates concerns about how licensees behave.
Receives and reviews consumer complaints about mortgage professionals.
Can impose penalties, conditions, suspensions, or revoke a licence when rules are broken.
Provides public resources and a registry so borrowers can make informed decisions.
How FSRA protects you
Four ways regulation works in your favour as a borrower.
Licensing & competency
Only qualified, licensed professionals who meet FSRA's education and conduct standards may arrange mortgages for you.
Suitability & disclosure
Agents must present suitable options and disclose material information so you can make an informed decision.
Complaint handling
If something goes wrong, there is a public regulator you can turn to with a formal complaint.
Enforcement & penalties
FSRA can investigate and discipline licensees — a real accountability backstop for consumers.
Agent vs Broker — and what Level 2 means
The three licence types in Ontario, explained simply.
Mortgage Agent Level 1 — an entry-level licence. A Level 1 agent can deal in mortgages but must work under the supervision of a licensed brokerage and, generally, with more restrictions on the types of lenders and products they can arrange.
Mortgage Agent Level 2 — a broader agent licence. A Level 2 agent has completed additional education and can arrange mortgages with a wider range of lenders, including certain private and alternative lenders, while still operating under a brokerage.
Mortgage Broker — the most senior licence. A broker has met further requirements and can supervise agents and take on additional responsibilities within a brokerage.
Paul Malandrino is a Mortgage Agent Level 2 (Agent FSRA #M25000307) with GNE Mortgages (Brokerage FSRA #10394) — meaning he holds the broader agent licence and works within a FSRA-regulated brokerage. Level 2 · Ontario licensed
How to verify a licence
You can confirm any Ontario mortgage professional's standing in a few minutes.
Visit FSRA's official website and use its licensee search to look up regulated professionals.
Search by name to confirm both the individual agent and the brokerage they work for are licensed.
Match the FSRA number shown to you against the registry record before you proceed.
Ontario regulatedAgent FSRA #M25000307
For Paul: Agent FSRA #M25000307, with GNE Mortgages — Brokerage FSRA #10394. You are welcome to verify both on the official regulator's site.
More in the Knowledge Centre
Keep learning with these related resources.
Work with a licensed, local agent.
Questions about the process? Paul is happy to explain — no pressure.