The Mortgage Broker Regulators’ Council of Canada (MBRCC) has developed a tool to help mortgage brokers better understand the licensing requirements for mortgage transactions that cross provincial borders.
The MBRCC designed the tool to provide brokers with guidance and to help them identify the licensing requirements for mortgages where the borrower, the broker and/or the property are in different provinces. When users select the location for each, they are provided with information on the likely licensing requirements.
“Brokers need to know which requirements apply before they can arrange the mortgage,” Kirk Bacon, MBRCC chairman, says. “This tool is easy to use and it’s a great place for them to start.”
The provinces have adopted different approaches to determine whether a license is required.
The MBRCC tool simplifies the licensing process by considering the locations of the borrower, the broker and the property. While not the only elements used to determine whether and from which jurisdiction a license is needed, where the borrower, broker and property are located often affect which rules apply.
The tool is available on the MBRCC website.
MBRCC is an inter-jurisdictional association of mortgage broker regulators that seeks to improve and promote harmonization of mortgage broker regulatory practices to serve the public interest. Its members represent the nine provinces that currently have legislative and regulatory frameworks governing mortgage brokers or have an interest in developing one; British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia and Newfoundland & Labrador.