Mortgage Broker Permit
Apply for a Mortgage Broker Permit. Mortgage brokers need the permit to do business in Nova Scotia. A mortgage broker is someone who receives a fee to act as an intermediary between a borrower and lender for a mortgage loan.
By law, mortgage brokers must have a Mortgage Broker Permit to do business in Nova Scotia. Your facility may be inspected before you get the permit. The permit is valid for 1 year.
A mortgage broker is someone who receives a fee to act as an intermediary between a borrower and lender for a mortgage loan.
If you receive payment and act as an intermediary between a borrower and lender for a mortgage loan you need to apply for a permit.
How to apply
- Complete the application form.
- Check the application for details on all required supporting documents.
- Include payment with your application (credit card is required).
- Send your completed application, supporting documents and payment by mail or fax.
- A Service Nova Scotia inspector may inspect your facility.
How long it takes
It should take 2 weeks to get the permit. It can take longer if more information is needed or if your application hasn’t been filled in correctly.
Visa, MasterCard, American Express, cheque, money order. A cheque or money order should be made payable to the Minister of Finance. Payment options may vary depending on how you apply.
Before you start
Make sure you have:
- permanent place of business in Nova Scotia, with access to files for inspection
- Registry of Joint Stock Companies number
- 3-year employment history for you and any partners and officers
- address and manager’s name for all branches
- list of lenders you’ll be referring borrowers to
- supporting documents including samples of forms you want to use (for example, credit application forms, loan documents and sales contracts)
You also need to provide details if you or any partner, officer or director has:
- been previously licensed or registered under any federal or provincial statute
- had a licence refused, suspended, or revoked
- been involved in a personal or corporate bankruptcy
- unpaid judgments outstanding
- been convicted of an offence and not been pardoned
You need to renew your Mortgage Broker Permit each year. This permit expires 1 year from the month it was issued. You should get a renewal package in the mail before the renewal date. It’s your responsibility to renew on time.