As you know there are several costs that you have to pay when joining a broker firm. These costs are outlined below. Some of these fees are paid at time of transferring to RMA. We have pro-rated those fees so you don’t have to pay the full amount till the time of renewal (usually in June). The other fees are “ongoing costs” of doing business. Both types of fees are outlined below.
- The Financial Securities Commission of Ontario (FSCO) re-licenses all mortgage agents and brokers by March 31st every 2 years (starting in 2008) along with the re-licensing fee they also require us to complete a re-licensing course.
- Mortgage Professionals Canada (MPC – previously CAAMP) requires us to pay an annual fee for their services. The full renewal fee is paid in June
- E&O Insurance is also paid annually and is a mandatory requirement for being a licensed mortgage agent in Ontario. The full renewal fee is paid in June.
- RMA charges an admin fee of $50 for processing your transfer, handling and processing the necessary fees to CAAMP, E&O, FSCO and getting you set-up with Equifax codes, setting up D+H Expert.
- Equifax charges an annual fee of $105+hst as a Security Monitoring fee. This fee is payable a month after you transfer in and then once a year on the anniversary date of your transfer.
The schedule below shows you the amounts that you would have to pay to transfer your license. If you need further clarification on the fee schedule, please contact us 877-677-7778.
|Starting Date||MPC||FSCO-new agent||FSCO-transfer agent||E&O Insurance||Admin Fee||Total Due at Sign Up – NEW AGENTS||Total Due at Sign Up -TRANSFERS|
|Renewal Date||June 1||March 31||March 31||June 30||one time only||TOTAL||TOTAL|
- MPC Fees are due at signing. If you are already a MPC member, once this this is confirmed by MPC, the money will be returned back to you.
- If you are currently licensed with FSCO you do not have to pay the fee again. FSCO fees are renewed every two years. Next FSCO renewal is March 31, 2018. The transfer fee due on sign up applies to agents with a valid FSCO license.
- E&O Insurance and Administration fee are non-transferable and will be due.
- Fees now include HST where applicable.
PLEASE NOTE THAT FEES MAY BE SUBJECT TO CHANGE E & O.E.
Access to the customer credit bureau information is provided by Equifax. This is an important part of your daily business for without them you would not be able to complete mortgage transactions. Equifax charges are billed monthly. You are only charged for the client credit bureaus that you accessed in the previous month.
– The cost of each client bureau is $5.50 + HST, which includes, the credit information, safe-scan and beacon score.
– The annual Equifax fee charged to each agent is called the Security Monitoring Fee and is billed to each agent when they join and on the anniversary of the month their code was issued by Equifax. Additionally, Equifax users must also incur a minimum charge of $50 per month in credit bureau inquiries or Equifax charges a minimum monthly fee of $50. RMA deducts this cost from you and sends it directly to Equifax.