The MBRCC has developed an online tool to assist in identifying the possible licensing1 requirements that may apply to mortgage brokering transactions with elements in multiple provinces. The tool is intended to provide general guidance for mortgage brokers2 and prospective mortgage brokers on the license(s) that may be needed for transactions when the broker, borrower and/or property are in different provinces.
Each province has its own legislation, regulations and policies that are used to determine whether a mortgage broker license is required. The tool simplifies the licensing process by considering the location of three key elements in a transaction: the broker, the borrower and the property. These three elements typically affect the applicable rules and regulations. However, there may be other factors influencing the actual licensing requirements that are not accounted for by this tool.
It is important to note that the location of the brokers includes not only the province in which the broker and brokerage are physically located, but also any province where a person holds oneself out as being a broker. This includes but is not limited to advertising, making claims to be a mortgage broker in a province or acting as a mortgage broker.
For guidance on the possible licensing requirements for a multijurisdictional transaction, use the dropdown boxes to select the appropriate location of the broker, the borrower and the property. The results will indicate the province(s) whose licensing requirements possibly apply. In all cases, it is recommended that you contact the MBRCC member(s) from the province(s) indicated for further information (MBRCC members).
Licensing Information Tool
Please note that the information provided by this tool is intended only as guidance in identifying the possible licensing requirements. It does not represent legal advice. The possible licensing requirements identified by this tool are based on limited information regarding the transaction circumstances. There may be other factors influencing the actual licensing requirements. Responsibility for complying with applicable laws and regulations rests with the licensee and/or prospective licensee.
- 1 Depending on the province and the requirement, the appropriate term could be license, authorization or registration. For the purposes of this tool, “license” and “licensing” are used broadly to refer to all of these requirements.
- 2 Depending on the type of licence and the province in which it was issued, the appropriate term could be a mortgage broker, submortgage broker, associate mortgage broker or mortgage agent. For the purposes of this tool, “mortgage broker” is used broadly to refer to all of these individuals.