Quick answer
- Every mortgage broker in Canada must be licensed by their provincial regulator.
- In Ontario, verify at FSRA’s public registry (fsrao.ca) — search by name, licence number, or brokerage.
- A legitimate broker displays a licence number and works under a registered brokerage.
- Never pay fees before your mortgage funds.
Why this question matters right now
If a stranger just emailed you an offer for a “48-hour pre-approval,” you’re right to pause before clicking anything. A run of enforcement notices out of Ontario in 2026 has pulled broker licensing into the news, and everyday borrowers are asking a reasonable question: how do I know the person on the other end of that message is actually allowed to arrange my mortgage?
The good news is that verification takes five minutes. Every province publishes a searchable list of licensed brokers and brokerages, and the checks are free. This guide walks you through exactly what to look up, what a real licence looks like, and what to do if the story doesn’t add up. Working with a licensed mortgage broker is one of the most straightforward ways to protect your file — but only once you know they are, in fact, licensed.
Pick your path: start here
Not everyone reading this arrived with the same question. Jump to the section that matches your situation.
Skim the red-flag list below before replying to another message. Two or more flags means stop and verify.
Go straight to the step-by-step FSRA walkthrough. The seven steps work in any province — only the registry link changes.
The provincial regulator table shows exactly where to search in every province and territory.
Whichever path applies, the checks are quick and cost nothing.
The 2026 enforcement backdrop
The Financial Services Regulatory Authority of Ontario has issued a run of enforcement actions in 2026. In August, the regulator moved to refuse renewal of a broker’s licence and revoke the licence of a related brokerage operating as “Quick Cash Mortgage.” In July, a broker and an unlicensed related entity were assessed penalties totalling $105,000 for off-brokerage dealings. In April, FSRA proposed $250,000 in combined penalties in a case involving a brokerage, its principal broker, and a former agent alleged to have fronted for an unlicensed individual.
Some of these matters remain unproven pending hearings before the Financial Services Tribunal. Maximum monetary penalties were raised in early 2022 to $100,000 per individual and $500,000 per brokerage, giving the regulator stronger tools than it had a few years ago.
Broker, agent, brokerage: what you are actually verifying
When you check a licence, be clear which of the three you’re looking up. In Ontario, agents come in two tiers — Level 1 (newer, more supervised) and Level 2 (fully credentialed). Above them are brokers, and above brokers a “principal broker” accountable for the brokerage’s conduct. A single person may hold more than one status over time, but must always be attached to a licensed brokerage — never freelancing alone. Our mortgage glossary defines each term.
Where to check in every province and territory
Ontario’s regulator is FSRA. Every other province and territory has its own. The table below is the one-page lookup — pick your province, click the link, and search by name or licence number.
Once you have the right regulator, the mechanics are almost identical across the country. You are looking for three things on the record: the name matches exactly what appears on their materials, the licence is currently active — not lapsed, suspended, or revoked — and no open enforcement notice is attached to the file. In Quebec, brokers are licensed by the Autorité des marchés financiers (AMF) rather than a mortgage-specific regulator. In the territories, the search often runs through the consumer-affairs branch of the territorial government.
Step-by-step: verifying an Ontario broker on FSRA’s public registry
Here is the exact seven-step process for Ontario. The same logic works in any province — only the registry URL changes.
- 1Open the registryGo to FSRA’s public list (link in the sources at the bottom of this article).
- 2Pick the registrant typeChoose “Agent” or “Broker” for an individual, or “Brokerage” for the business.
- 3Enter the exact name or numberType the full legal name or licence number as it appears on the broker’s card, email footer, or paperwork.
- 4Confirm the status is activeExpired, suspended, and revoked records still appear in results — read the status field carefully.
- 5Cross-check the brokerageThe brokerage on the licence must match the brokerage on every document the broker sends you, including the mortgage commitment.
- 6Search the enforcement databasePast orders or open notices under the same name are relevant context, even if they don’t disqualify the person.
- 7Call the head office if in doubtIf anything doesn’t match, stop and call the brokerage’s head office using the number on FSRA’s registry — not the number the agent gave you.
For agents themselves, the renewal deadlines and CE requirements are also public and worth understanding.
What a real licence number looks like
FSRA brokerage licences are typically five digits. Pegasus, for example, holds FSRA Lic #11479. Individual brokers and agents are issued their own separate numbers, distinct from the brokerage’s. The number must appear on the broker’s business card, email footer, marketing materials, and mortgage commitment — this is a regulatory requirement, not a courtesy. If a mortgage professional hands you a card without one, or refuses to give a number when asked, that is itself a compliance failure. Legitimate brokerages display their licence number the way lawyers display their bar number: openly and everywhere.
Red flags versus green flags
The card below sets the most common warning signs beside the corresponding signs of a legitimate operator.
- •Asks for money upfront — before the mortgage funds.
- •Refuses to give a licence number, or gives one only verbally.
- •Uses a personal e-mail address (gmail, yahoo, hotmail) for business.
- •Pushes wire transfers or e-transfers to a personal account.
- •Brokerage name on the card does not appear on the provincial registry.
- •Pressures you to sign the same day or skip reading paperwork.
- •Licence number printed on business cards, emails, and mortgage commitment.
- •Brokerage is listed as active on the provincial regulator’s registry.
- •Operates from a registered office address you can verify.
- •Uses a corporate e-mail domain matching the brokerage’s website.
- •Sends and receives documents through a secure client portal.
- •Explains all fees in writing before you sign anything.
Think of the list less as a scorecard and more as a filter. A single amber signal is often innocent — brokers do sometimes use their brokerage’s shared Gmail account, and busy files do sometimes need same-week turnarounds. What warrants stopping the process is a pattern: an unfamiliar name, a missing licence number, and an unusual request for funds arriving in the same conversation. Two or more red flags at once is the point at which a five-minute call to the regulator’s licensing office is safer than another email exchange.
Common mistakes borrowers make when checking a broker
Even readers who intend to verify sometimes stop one step short. These are the mistakes we see most often:
- •Trusting the brokerage name printed on a business card without cross-checking the regulator’s registry.
- •Assuming a licensed brokerage means every individual contacting you from that brokerage is also licensed — agents can lapse or leave.
- •Confirming the licence exists but not confirming it is currently active. Lapsed, suspended, and revoked entries still appear in search results.
- •Using a licence number the broker verbally gives you rather than one from official written paperwork.
- •Sending funds to a personal account or by e-transfer at any point. Legitimate mortgage money moves through a lawyer or notary, never through the broker.
- •Skipping verification altogether because a friend or family member made the referral.
- •Ignoring an old FSRA enforcement notice as though it were expired — past penalties are still relevant context.
How to report someone who isn’t licensed
Outside Ontario, file with the provincial regulator listed earlier in this article. Every regulator publishes a complaint form or contact number. The more specific your evidence — screenshots, emails, contracts, signed documents — the more useful the file becomes. Complaints contribute to the regulator’s monitoring even when they don’t lead to a formal order in your own case, and enforcement outcomes are published publicly. If you need to speak with a broker you have already verified, you can reach out to a licensed broker directly.
Verify Pegasus, too
The article you’re reading was published by a brokerage. It would be strange to close without inviting the same scrutiny for ourselves. Pegasus Mortgage Lending Center Inc. holds FSRA Lic #11479, searchable on the public registry today. The company was founded in 2008 and is led by Razi Khan, Founder and Mortgage Broker at Pegasus. If you’re considering working with us, we would rather you look us up on FSRA before we speak than take our word for anything on this page. Verification protects the reader — it also filters out the operators who don’t want to be verified.
Questions Canadians ask about mortgage broker licensing
Here are answers to the most common questions Canadians ask about mortgage broker licensing. If you have others, our more mortgage FAQs page covers additional topics.
How do I check if my mortgage broker is actually licensed?
What’s the difference between a mortgage broker and a mortgage agent in Canada?
Where do I look up a mortgage broker outside Ontario?
Is it a red flag if a broker asks me to pay a fee before my mortgage funds?
What does an FSRA licence number look like and where should it appear?
Can a mortgage broker in Ontario work without being attached to a brokerage?
How do I report a mortgage broker I think isn’t licensed?
Do private mortgage lenders in Canada need to be licensed too?
Start with a broker you’ve already verified
Verifying a mortgage broker’s licence takes about five minutes and protects a six-figure decision. If you’d like to begin with a brokerage you can look up in advance, the check on Pegasus takes the same five minutes.
Start your Instant Pre-Approval
About the author
Razi Khan
Founder, CEO & Licensed Mortgage Broker · Pegasus Mortgage Lending · Toronto, Ontario · FSRA Lic # 11479
Razi Khan is the Founder, CEO, and a licensed Mortgage Broker at Pegasus Mortgage Lending Center Inc., based in Toronto. With over 20 years of experience in the Canadian mortgage industry, Razi has personally guided more than 3,000 clients through some of the most complex and high-stakes financial decisions of their lives — from first-time purchases in the GTA to refinancing strategies, alternative lending solutions, and cross-border mortgages for Canadians buying in the United States.
Razi founded Pegasus in October 2008, launching the brokerage at the height of a global financial crisis. He works across the full spectrum of borrower profiles, with particular expertise in complex files including self-employed borrowers, credit-challenged clients, and investors building multi-property portfolios.
Learn more about Razi Khan →Sources & references
- FSRA — Licensed Mortgage Brokerages, Administrators, Mortgage Agents, and Mortgage Brokers registry — https://www.fsrao.ca/industry/mortgage-brokering
- FSRA public licence search list — https://mbsweblist.fsco.gov.on.ca/agents.aspx
- FSRA enforcement release — Joel Kelman / Quick Cash Mortgage (12 Aug 2026) — https://www.newswire.ca/news-releases/fsra-takes-enforcement-action-against-joel-kelman-and-1368486-canada-inc-operating-as-quick-cash-mortgage–844924096.html
- FSRA enforcement release — Masoud Asnafi / Approved Mortgage Brokers (28 Jul 2026) — https://www.newswire.ca/news-releases/fsra-takes-enforcement-action-against-masoud-asnafi-and-approved-mortgage-brokers-844756360.html
- FSRA enforcement release — Harold Gerstel / HTMC / EGI (28 Apr 2026) — https://www.newswire.ca/news-releases/fsra-takes-enforcement-action-against-harold-gerstel-harold-the-mortgage-closer-inc-and-esther-gerstel-inc–857453542.html
- Canadian Mortgage Professional — Trillium Mortgage Services proposal (May 2026) — https://www.mpamag.com/ca/mortgage-industry/industry-trends/ontario-regulator-moves-against-brokerage-in-unlicensed-mortgage-scheme/574942
- Canadian Mortgage Professional — Robert Frost / Capitis trust-account action (Jul 2026) — https://www.mpamag.com/ca/mortgage-industry/industry-trends/ontario-mortgage-broker-faces-licence-loss-in-fsra-trust-account-action/581899
- Canadian Mortgage Trends — enforcement volume and MBLAA amendments (Apr 2026) — https://www.canadianmortgagetrends.com/2026/04/enforcement-against-mortgage-professionals-jumps-as-fsra-flexes-new-powers/
- HCRA — Finding a Licensed Mortgage Broker — https://www.hcraontario.ca/resources/finding-a-licensed-mortgage-broker/