To verify a mortgage broker or lender in Ontario, check the broker’s licence on the FSRA public register, insist on a written commitment that discloses every term and fee, and have your own independent lawyer review it before you sign. Those three checks confirm you’re dealing with a legitimate, regulated professional — and they cost you nothing to insist on.
Check 1 — the FSRA register
The Financial Services Regulatory Authority of Ontario (FSRA) licenses mortgage brokers, agents and brokerages, and publishes a searchable register. Anyone arranging your mortgage should hold a current licence, and you can look it up by name or licence number.
Ask directly: what is your licence number, and which brokerage are you licensed through? A legitimate professional answers without hesitation. For reference, this site is operated by Rajiv Verma, Mortgage Broker, Licence #M13000402, through Mortgage Architects (FSRA Brokerage Licence #12728) — both verifiable on the register.
Check 2 — everything in writing
Before you commit, you should receive a written commitment or disclosure setting out:
- The interest rate and how interest is calculated
- Every fee, itemised, and who receives it
- The net amount you’ll actually receive after deductions
- The term and the payment amount
- Renewal terms and any renewal fee
- Prepayment terms — whether it’s open or closed, and any penalty
- What happens if a payment is late
Ontario’s mortgage brokering rules require proper disclosure. If any of the above is missing, vague, or promised “later,” ask for it in writing before going further.
Check 3 — your own lawyer
You are entitled to independent legal advice on a mortgage commitment, and for a private or second mortgage it’s strongly worth having. Your lawyer — not the lender’s, not one you were steered toward — reviews the terms, confirms what you’re signing, and protects your interests on closing.
Anyone discouraging you from using your own lawyer is a warning sign in itself. A legitimate arrangement welcomes the scrutiny.
Quick verification checklist
- Ask for the broker’s name, licence number and brokerage.
- Look them up on the FSRA register.
- Get every term and fee in writing before committing.
- Confirm the net amount reaching you after all deductions.
- Have your own lawyer review the commitment before you sign.
- Ask what happens at maturity if your exit isn’t ready — and whether they’d ever advise against the deal.
Why this protects you
Most problems in private lending don’t come from illegal operators — they come from arrangements entered into too quickly, without the terms fully understood. These three checks slow the process down just enough to catch anything that doesn’t hold up. A good broker will happily walk you through all of them, because transparency is how trust gets built.
Frequently asked questions
Where do I check a mortgage broker’s licence in Ontario?
On the FSRA (Financial Services Regulatory Authority of Ontario) public register, searchable online by name or licence number. Every licensed broker, agent and brokerage appears there.
What if the lender won’t put terms in writing?
That’s a reason to stop. Written disclosure of terms is both a regulatory expectation and basic protection for you. There is no legitimate reason to withhold it before you commit.
Do I really need my own lawyer?
For a private or second mortgage, yes — independent legal advice is your safeguard. The lawyer confirms the terms, checks the paperwork, and acts for you, not the lender.
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This page is general education about mortgage options in Ontario. It is not legal, accounting, tax or insolvency advice, and it is not an offer of credit. Please seek independent professional advice for your own situation.