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Mortgage Administrator Licensing Requirements

An administrator is a corporation* formed in any jurisdiction of Canada that receives payments made by a borrower and remits those payments to the investor, or monitors the performance of a borrower with respect to his or her obligations under the mortgage.

To seek a licence as an administrator, the administrator must:

  • complete the online application process
  • provide details regarding corporate status, including extra-provincial registration
  • provide an address for legal service in New Brunswick
  • provide a completed criminal record check, conducted at a detachment of the RCMP or a municipal or provincial police force that has been issued in the last six months for each director and officer of the corporation 
  • remit the application fee
  • name a principal administrator (must be a director/officer)
  • provide trust account details
  • meet the suitability requirements of compliance and record keeping as set out in MB-001
  • provide the following supporting materials:
    • errors and omissions insurance that meets the criteria of Section 8 of rule MB-001
    • audited financial statements as evidence that the brokerage meets the minimum working capital requirement.

*An applicant for an administrator licence must be a corporation to obtain a licence. Individuals, sole proprietorships and partnerships are not eligible to be licensed as an administrator.

If the application is approved and an administrator licence is issued, it will need to comply with the requirements applicable to licensed administrators. Due to the significance of these requirements, administrators must ensure that they are understood prior to applying for a licence.