Financial Services Commission of OntarioLicensing Link Demonstration

What is Licensing Link?

• On-line application system designed for use by Mortgage Brokerages, Brokers, Agents and Mortgage Administrators.

Licensing Link will greatly simplify the submission of applications under the new Act.

• Licensing transactions are completed faster• Application accuracy increased• Identifies inconsistencies missing information• Eliminates re-submitting of applications• Eliminates need to decipher handwriting• Ensures security • Avoids mail delays• Available 24/7• Licensing Fee payment facility

Licensing Link – Agent / Broker Application Process

• The following presentation is intended to describe the Mortgage Agent or Mortgage Broker application process

BROKERAGE APPLICATION PROCESS

• The application process for Agents & Brokers will be started by their brokerage

• Agents & Brokers are not able to apply directly to FSCO.

• Individuals, including directors, officers, partners, directors and officers of corporate partners, employees or agents of a brokerage who are engaged in dealing or trading in mortgages on its behalf must obtain a mortgage broker or mortgage agent licence.

• A mortgage broker or agent licence authorizes an individual to work for only one brokerage, named under the licence. An individual cannot be licensed to work for more than one brokerage.

4 EASY STEPS!

• Step 1 – Brokerage initiates application for an Agent or Broker

• STEP 2 – Agent Completes Application Form

• STEP 3 - Brokerage review / approval / submission to FSCO

• STEP 4 – FSCO review / approval

STEP 1

• Brokerage initiates application for an Agent or Broker

• From the list of possible activities select NEW APPLICATION

• Before starting any applications ensure you have all of the following information on the individual:– Gender– Date of Birth– Language Preference

(English / French)– Full Legal Name– Full Home Address– Telephone Number– Email address

• To start the Agent application click on the radial button beside Agent

• Indicate if the Agent is an Officer or Director of the Brokerage

• Birth date – click on the calendar box to the right of the birth date field

• Language• Salutation• Last Name – ensure that the

persons full legal name is provided it will be required to perform the criminal background check

• Enter the APPLICANTs home address

• Email address

• All the fields marked with a red astrex are required fields, the system will not allow you to proceed with the application process unless all the required fields are completed.

• Click on the SAVE button at the bottom of the screen when you are finished completing the application form

• List of Pending applications will appear on the screen, under the STATUS column it will indicate “WAITING FOR PRELIMINARY COMPANY APPROVAL”, click on the Principal Brokers name to open the application form

• Scroll down to the bottom of the page and click on SEND TO APPLICANT button

• A confirmation box will appear indicating that changes made to profile information of the APPLICANT after the email is sent will not be saved – click OK if you want to proceed

• A confirmation page will appear – click on SEND EMAIL TO APPLICANT for them to complete the application form

• List of Pending applications will appear on the screen, under the STATUS column it will indicate “WAITING FOR APPLICANT COMPLETION”

• To end the session on licensing link click on LOG OUT on the left hand side of the screen

STEP 2

• Agent Completes Application Form

Agent Application• The Licensing Link system will

send the APPLICANT an email with a link to complete the application form

• The APPLICANT will click on the url link in the email to open up the application started by the brokerage

FROM: "FSCO Licensing Link" <licensinglink@fsco.gov.on.ca>

TO: Key Contact at BrokerageSUBJECT: Agent Last Name, First Name,

Brokerage Name

• Please note: This e-mail is being sent to you by Financial Services Commission of Ontario on behalf of BROKERAGE JAN 30 08. All communication regarding the contents of this e-mail should be directed to BROKERAGE JAN 30 08.

http://fsco-iis- intra/mbsweb/NewAppProcess.mbs?K- 100529~88935~2AE0L5W6Q_EN~3~

Application – Instruction Page

• The first screen to appear will be the application instructions – read through the instructions – CLICK on the I AGREE button at the bottom of the page

• To authenticate themselves the APLICANT is required to enter in their date of birth, home postal code and email address. This information must match the information provided on the application by the brokerage

• Click on the CONFIRMED button

• A PIN number will be provided and the APPLICANT will be asked to establish a question and answer that can be used if they forget their password, click CONTINUE

• The information entered by the brokerage will be displayed, changes can be made at this point to the address entered by the brokerage

• The Applicant will be asked to provide an Ontario mailing address, if this is the same as their home address, click on the box, otherwise enter in the address information below

• The applicant is required to read the consent to the collection of information statements and click on the CONTINUE button

• The applicant will be asked to indicate if they hold any other licences or have a mortgage brokering website

• Click on the CONTINUE button

• The applicant will be asked to indicate what education qualifications they have

• Click on the CONTINUE button

• The applicant will be asked to provide information on their background – click on the radial buttons yes or no for each question, the information provided will be cross checked with the Criminal Background check performed

• If you answer YES to any questions provide details in the text box

• Click on the CONTINUE button

• The applicant will be required to electronically sign the application form by typing in their name exactly how it appears on the application form

• Click on the CONTINUE button

• The applicant will be presented with a confirmation page of all the declarations made on the application, if changes required click on I WISH TO MAKE CHANGES, otherwise click on CONFIRMED

• A confirmation box will appear indicating that the application has now been sent back to the brokerage for their final review / approval and submission to FSCO

• The applicant can close the browser or click on the link to open the mortgage broker web site

STEP 3

• Brokerage review / approval / submission to FSCO

Brokerage Approval / Submission to FSCO

• After the applicant has finished the principal broker application form, the brokerage will receive a notification email. From the email they can view the summary of the information provided by the applicant

FROM: "FSCO Licensing Link" <licensinglink@fsco.gov.on.ca>TO: Key Contact at BrokerageSUBJECT: Confirmation Page Agent Last Name, First Name

• JANLASTNAME, FIRSTNAME completed the application for a Mortgage Principal Broker licence on Financial Services Commission of Ontario's online Licensing Link. As part of the process, the Applicant was presented with a Request for Confirmation, on which all statements he/she made on-line were re-stated. The applicant subsequently agreed that all statements on the Confirmation screen were correct by pressing the 'Confirmed' button.

The link below will display the confirmation screen as exactly as the Applicant saw it. Please print to keep a copy for your records. If you encounter problems, please contact us at elicence@fsco.gov.on.ca.

After viewing the applicant's confirmation you should revisit your brokerage's pending list to either give 'Final Approval' to this application, or deleted it from your pending list. http://fsco-iis-intra/mbsweb/ViewConfirmationPage.mbs?K- 100529~88935~2AE0L5W6Q_EN~3

• The Brokerage will then need to log on to licensing link and click on the List of Pending Applications

• The status of the application will indicate READY FOR FINAL COMPANY APPROVAL

• Click on the name of the applicant to open the application

• The brokerage can view the confirmation page of all the declarations made by the applicant

• The brokerage can decline the application if they no longer wish to licence the individual, delete the application, or approve it

• If the brokerage wants to proceed with the application they have to pay the fee

• Enter the name on the credit card, type of credit card, number, and expiry date

• A confirmation box will appear indicating that a secure 3rd party credit card service is used to process the transaction, FSCO does not maintain any credit card details

• Payment confirmation page will appear, option to print this page or return to the pending list of applications

• The pending list will indicate that the application is now with FSCO for review / approval

STEP 4

• FSCO review / approval

FSCO Review• FSCO will review the

information provided on the application form

• Perform a criminal background check

• Ensure suitability requirements are met

• Approve or deny the application

• The brokerage can log on to Licensing Link and click on List of Pending Applications to see the status of FSCO’s review

• After FSCO has reviewed and approved the application for the agent the status of the application will be changed to completed

THE END