Mortgage Broker Licensing Requirements
If you wish to be considered for a licence as a broker in New Brunswick you must:
- be 19 years of age or older
- be a resident of Canada
- be authorized by a brokerage to deal or trade mortgages on its behalf
- work for only one brokerage
- demonstrate at least 24 months of experience as a licensed mortgage associate in the brokerage industry during the preceding 36-month period of the mortgage broker licence application date
- successfully complete the approved educational course and exam for brokers
- provide any other required supporting information
- have a valid email address
- provide a completed criminal record check, conducted at a detachment of the RCMP or a municipal or provincial police force, which has been issued in the last six months
Mortgage broker education requirements
To meet the education requirements for a broker licence, you must successfully complete the broker education program approved by the Director, and apply for the broker licence within three years of successfully completing the approved program.
Education equivalency requests for brokers
If you are submitting an Education Equivalency Request, you need to demonstrate clear and compelling evidence that your education and experience are equivalent to the current licensing education program. Please be aware that the Director has an obligation to ensure that you meet a minimum suitable standard. The requirement of education is in place to protect the public interest. The public must have a reasonable expectation that all brokers and associates are suitably qualified to carry out their duties.
Your online application for equivalency must:
- indicate your request for equivalency on the Educational requirements page
- include an up-to-date résumé
- include a signed letter of support for your relevant education and work experience from your current employer. The letter should describe your role and responsibilities. Letters of support of your application from other individuals or businesses with suitable knowledge of your training and experience may also be provided.
- include details regarding your educational background and a thorough explanation as to how your education is equivalent and relevant to the business of mortgage brokering
- include confirmation in writing that you meet the requirement for supervising associates and brokers and that you have experience in supervising at least five brokers and/or associates
- include confirmation from your brokerage's principal broker that they support your request for equivalency
Mortgage broker education program
A licensed associate who plans to become a principal broker or supervise other associates must become licensed as a broker. One requirement for becoming licensed is the successful completion of the broker education program. This program has a different focus than the associate program, as it concentrates on the skills and knowledge required to effectively supervise associates and to ensure that the brokerage complies with all applicable rules.
The broker education program is available in English and French. The tuition fees are set by the education provider, Mortgage Professionals Canada. Program details and enrolment requirements can be found on the Mortgage Professionals Canada website.
Do you have a mortgage broker licence in another jurisdiction?
Broker applicants in New Brunswick need to meet both education and experience requirements, or be exempt from these requirements, and be found suitable for licensing. An individual is exempt from the broker education and experience requirements if they have an authorization as any of the following:
- British Columbia – Designated Individual
- Alberta – Mortgage Broker
- Saskatchewan – Mortgage Broker
- Manitoba – Authorized Official
- Ontario – Mortgage Broker
- Québec – Mortgage Broker Qualified to Manage an Agency or
- Québec – Fully Qualified Real Estate Broker Qualified to Manage an Agency
- Nova Scotia – Mortgage Broker
Individuals who do not hold one of the above authorizations are not exempt from the broker education and experience requirements, and need to demonstrate they meet the education and experience requirements when they apply for a licence.
Suitability assessment principles for brokers
When determining whether an applicant is suitable to be licensed, the Director may consider the following:
- whether an individual’s past conduct affords reasonable grounds for belief that they will not deal or trade in mortgages in accordance with the law and with integrity and honesty
- whether an individual is carrying on activities that contravene or will contravene the Act or the regulations if they are licensed
- whether an individual has made a false statement or has provided false information to the Director with respect to the application for the licence
The brokerage, associate, and broker licence applications require the applicant to disclose information relevant to the Director’s determination of suitability for a licence.
The applicant is required to provide information with respect to the existence of a criminal record, if they are, or ever have been, licensed or registered in any capacity in New Brunswick or elsewhere to deal with the public, if they have ever had any type of registration or licensing to deal with the public refused, restricted, suspended, revoked or cancelled and any bankruptcy or consumer proposal.
All applicants are required to include with their application a completed Criminal Record Check, conducted at a detachment of the RCMP or a municipal or provincial police force, or from an FCNB-approved background check vendor. The applicant must also indicate on their application if they have ever been convicted of an offence under any law of any province, territory, state, or country, and if they are currently the subject of any charge. If so, applicants must provide all relevant details at the time of application. FCNB may also conduct an independent criminal record check.
Other registrations or licences
The applicant must disclose the refusal of a registration or licence under any legislation requiring registration or licensing to deal with the public in any capacity, in any province, territory, state, or country.
An applicant must also disclose if they have been subject to discipline from or are aware that they are currently the subject of investigation by a regulatory body.
Bankruptcy or consumer proposal
The applicant must disclose whether they either individually, or as a shareholder, officer, or partner of a corporation or partnership, have declared bankruptcy, have made a voluntary assignment in bankruptcy, have made a consumer proposal, or have an undischarged bankruptcy. The applicant must provide:
- the trustee’s name and address and may be asked to provide additional information by the Director of Consumer Affairs in relation to the bankruptcy or consumer proposal.
Where an application is subject to review on the determination of suitability, the outcome will depend on the facts and circumstances of the particular case. Relevant circumstances for consideration when reviewing applicant suitability may include but are not limited to:
- the nature of an offence or charge with regard to the provision of financial services and the applicant’s ability to abide by the law
- the frequency or number of offences or charges
- the seriousness of an offence or charge
- in the case of bankruptcy, whether the applicant acted dishonestly, recklessly, or with intention to avoid responsibility for his/her debts
- any failure on the part of an applicant to provide full disclosure with respect to prior registrations or licences, bankruptcy, or criminal conduct
In addition to information submitted in the application, an applicant may also be or have been the subject of a complaint, investigation, or disciplinary action by FCNB. The information from any complaint, investigation, or disciplinary action may also be considered when determining an applicant’s suitability.
Note: providing false information on an application for licence under the Mortgage Brokers Act is an offence and will affect the decision to issue a licence.
Where it appears that false statements have been made on an application or in subsequent submissions, such statements will be assessed by FCNB staff.
Before submitting an application
Within the broker application you are required to attest that you are familiar with the Mortgage Brokers Act, and will comply with it and its rules. In addition to knowing the information in the legislation and what is provided on the FCNB website, it is recommended that you contact the brokerage under which you are applying for guidance in meeting this requirement.
How to apply
If you are seeking a licence as a broker, you must:
- complete the online application form
- remit the application fee
- provide proof of completed education, or provide evidence of licence and completed education in another jurisdiction (if applicable)
- provide any other required supporting information in relation to the applicant’s suitability.
If your application is approved and you are licensed as a broker, you will need to comply with the requirements applicable to licence holders.