Mortgage Brokerage
A Mortgage Brokerage is a corporation, partnership or sole proprietorship that:
- solicits another person to obtain a mortgage loan or to make an investment in a mortgage, but only if the soliciting is done on behalf of another person.
- negotiates or arranges a mortgage loan or an investment in a mortgage on behalf of another person.
- provides advice to a person with respect to the appropriateness of:
- obtaining a particular mortgage loan.
- making a particular investment in a mortgage.
Licensing Fees
| Type of Fee | Application Fee | Annual Fee (Due March 31st) |
|---|---|---|
| Mortgage Brokerage Licence | $600 | $600 |
| Mortgage Broker Licence | $300 | $300 |
| Mortgage Associate Licence | $300 | $300 |
| Mortgage Administrator Licence | $600 | $600 |
| Endorsement | $400 | $300 |
| Fee for an exemption application | $300 | |
| Fee payable for each request to review an application on an expedited basis | $300 | |
| Late fee payable for each document filed outside the prescribed time period | $100 |
Frequently Asked Questions
Our brokerage application has been submitted; when can Mortgage Brokers/Associates apply for their licence?
The Mortgage Brokerage licence must be approved prior to any Mortgage Broker/Associate application.
Do I need Cost of Credit Disclosure and Payday Loans Act registration?
All Mortgage Brokerages who are involved in the negotiation of, or the extension of credit or leases, for personal, family or household purposes must be registered. For more details, please visit our website here: Credit Brokers, Lessors and Grantors
How does my brokerage/administrator complete our annual filing requirements?
You can satisfy your annual filing requirements through our online portal under the relevant licence.
How do I notify the Director of a change with our brokerage?
You will file a change in circumstance through our online portal under the relevant licence.
Can the brokerage pay a Mortgage Broker or Associate through a professional corporation?
Yes, if they have satisfied the criteria outlined in section 31 of Rule MB-001
Where can I get a background check?
You can obtain a completed criminal record check from a detachment of the RCMP, or a municipal or provincial police force, or an approved background check vendor, which has been issued in the last six months.
Help and Support
Licensing Inquiries: Mortgage.Licensing@fcnb.ca
Compliance Inquiries: Consumer.Compliance@fcnb.ca
Technical Support: Technical issues with the portal? Submit a support request through our online form at https://portal.fcnb.ca/requestsupport/
Contact us toll free at: 1-866-933-2222