Mortgage Brokerage Licence
Apply for a Mortgage Brokerage Licence. You need the licence to employ mortgage brokers and associate mortgage brokers to act as an intermediary between a borrower and lender for a mortgage. Mortgage brokerages also need a licence to do business in Nova Scotia.
By law, mortgage brokerages must have a Mortgage Brokerage Licence to employ mortgage brokers and associate mortgage brokers to act as an intermediary between a borrower and lender for a mortgage.
A mortgage brokerage needs to have a principal broker (you designate the principal broker when you apply for a Mortgage Brokerage Licence).
The principal broker is the main contact for all business licensing activities with the Business Licensing Section (for example, applying for licences, renewing licences and compliance with the Mortgage Regulation Act and regulations).
The principal broker also needs to be:
- director or officer of the mortgage brokerage if the brokerage is a corporation
- partner of the of the mortgage brokerage if the brokerage is a partnership (general and not limited)
- general partner or director or officer (of a corporation that is a general partner) of the mortgage brokerage if the brokerage is a limited partnership
- sole proprietor of the mortgage brokerage if the brokerage is a sole proprietorship
The principal broker also needs to have a Mortgage Broker Licence.
Your company needs to be registered with Registry of Joint Stock Companies. Your company acts as an intermediary between a borrower and lender for a mortgage.
If the mortgage brokerage is a sole proprietorship, the sole proprietor needs to be a Canadian resident. If the mortgage brokerage is a corporation or partnership, it must be formed or incorporated under the provincial, territorial or federal laws of Canada.
You need to apply for a Mortgage Broker Licence for the principal broker at the same time that you apply for a Mortgage Brokerage Licence.
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.
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.
|Mortgage Brokerage Licence||$600|
|Mortgage Broker Licence||$300|
Credit card (Visa, Mastercard, American Express, Discover), Interac® Online, debit card.
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:
- Registry ID for the business (from Registry of Joint Stock Companies)
- location of company’s financial records in Canada
- name and address of agent for service in Nova Scotia (the agent is authorized to accept documents in Nova Scotia on behalf of the company)
- criminal record check for the sole proprietor, partners and officers of the business by the Royal Canadian Mounted Police (RCMP), municipal police department or military police
- criminal record check for the principal broker by the RCMP, municipal police department or military police
- proof of errors and omissions insurance that provides extended coverage for loss resulting from fraudulent acts
- principal broker available to complete the form
A criminal record check can only be completed 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.
When you apply online you need to create an account or sign in.
You need to renew your Mortgage Brokerage Licence by 1 November each year. You should get a renewal notice (including a list of your employed mortgage brokers and associate mortgage brokers) before the renewal date. It’s your responsibility to renew on time.