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.
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 from the Royal Canadian Mounted Police (RCMP), municipal police department or military police (you need to get the criminal check in person and can’t use a third-party or private company to complete the check)
- 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 complete the Nova Scotia Mortgage Broker Education Program, unless you’re exempt
- if you’re a new mortgage broker you need to have held an Associate Mortgage Broker Licence for at least 12 months and complete the Nova Scotia Mortgage Broker Education Program before you apply
Completing the Nova Scotia Mortgage Broker Education Program
If you’re an experienced mortgage broker, you need to successfully complete the Nova Scotia Mortgage Broker Education Program before you renew your licence in October 2022 (you don’t need to complete the education program before you apply).
An experienced mortgage broker is someone who held a Mortgage Broker Permit, was employed to broker mortgages by a licensed mortgage brokerage or brokered mortgages for an exempt federally regulated financial institution under the Mortgage Brokers' and Lenders' Registration Act for 24 of the 36 months immediately before applying.
Nova Scotia Mortgage Broker Education Program exemption
You’re exempt from completing the Nova Scotia Mortgage Broker Education Program if you’re currently licensed as a mortgage broker (or equivalent) in a recognized province.
|Recognized province||Mortgage broker (or equivalent) licence|
|British Columbia||Designated individual|
|New Brunswick||Mortgage broker|
|Quebec||Mortgage broker qualified to manage an agency or fully qualified real estate broker qualified to manage an agency|
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.
Credit card (Visa, Mastercard, American Express, Discover), Interac® Online, debit card, cheque, money order. Make your cheque or money order payable to the Minister of Finance.
When you pay online you need to pay the fee by credit or debit card (Visa, Mastercard, American Express, Discover, Visa Debit, Debit Mastercard). You can only pay by debit card online if your bank participates in Interac® Online.
Before you start
Make sure you have:
- criminal record check by the RCMP, municipal police department or military police (you need to get the criminal check in person and can’t use a third-party or private company to complete the check)
- 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
When you apply online you need to create an account or sign in.
You need to renew your Mortgage Broker Licence by 1 November each year. You should get a renewal notice before the renewal date. It’s your responsibility to renew on time (the principal broker needs to renew the licence on your behalf).