Mortgage Broker Licence (for individuals)
Apply for a Mortgage Broker Licence. You need the licence if you’re employed by a mortgage brokerage to act as an intermediary between a borrower and lender for a mortgage. A mortgage broker can only broker mortgages on behalf of the mortgage brokerage named on the licence.
By law, you must have a Mortgage Broker Licence if you’re employed by a mortgage brokerage to act as an intermediary between a borrower and lender for a mortgage in Nova Scotia.
Eligibility
You need to be 19 or older to apply. Your employer needs to have a Mortgage Brokerage Licence. The principal broker needs to apply for the licence on your behalf.
You also need to meet the following criteria:
- you’re a Canadian resident
- you have a criminal record check no more than 3 months before you apply
- you complete the Regulatory Information Program (PDF)
- you provide confirmation to the principal broker that you have read and understand the Mortgage Regulation Act and regulations and agree to follow all requirements
- you have held an Associate Mortgage Broker Licence for at least 12 of the 24 months immediately before applying, unless you’re exempt
- you complete the Nova Scotia Mortgage Broker Education Program, unless you’re exempt
Exemptions
If you brokered mortgages for a federally regulated financial institution under the Mortgage Brokers' and Lenders' Registration Act for 24 of the 36 months immediately before applying, you’re exempt from having held an Associate Mortgage Broker Licence for at least 12 of the 24 months immediately before applying. You also don’t need to complete the Nova Scotia Mortgage Broker Education Program before you apply (you need to complete the program before your licence expires).
If you’re currently licensed as a mortgage broker (or equivalent) in a recognized province, you’re exempt from completing the Nova Scotia Mortgage Broker Education Program. You’re also exempt from having held an Associate Mortgage Broker Licence for at least 12 of the 24 months immediately before applying.
| Recognized province | Mortgage broker (or equivalent) licence |
|---|---|
| Alberta | Mortgage broker |
| British Columbia | Submortgage broker |
| Manitoba | Authorized official |
| New Brunswick | Mortgage broker |
| Ontario | Mortgage broker |
| Quebec | Mortgage broker qualified to manage an agency or fully qualified real estate broker qualified to manage an agency |
| Saskatchewan | Mortgage broker |
How to apply
- Apply online for the licence.
- Check the application for details on all required supporting documents.
- Include payment with your application.
- Submit your completed application, supporting documents and payment.
- The Business Licensing Section notifies your employer when the licence is issued.
How long it takes
It should take 2 weeks to get the licence. It can take longer if more information is needed or if your application hasn’t been filled in correctly.
Cost
| Activity | Fee |
|---|---|
| Licence | $300 |
Payment options
Credit card (Visa, Mastercard, American Express, Discover), debit card.
When you pay online you need to pay the fee by credit card (Visa, Mastercard, American Express, Discover, Visa Debit, Debit Mastercard).
Before you start
Make sure you have:
- criminal record check by the Royal Canadian Mounted Police (RCMP), Canadian municipal police department or Canadian military police no more than 3 months before you apply; you can get the criminal check in person or use a third-party or private company to submit the check (the name and contact information of the police department, military police or RCMP must be visible)
- reviewed the detailed licensing and education requirements in the Licensing Requirements and Roles: Mortgage Broker and Associate Mortgage Broker (PDF)
- completed the Regulatory Information Program (PDF)
- reviewed and understand the Mortgage Regulation Act and regulations
Apply online
When you apply online you need to create an account or sign in.
Sign in if you already have an account for the mortgage brokerage
Renewal
You need to renew your Mortgage Broker Licence by 31 October each year. It’s your responsibility to renew on time (the principal broker needs to renew the licence on your behalf).