Mortgage Lender Permit
Apply for a Mortgage Lender Permit. Mortgage lenders need the permit to do business in Nova Scotia. A mortgage lender is someone who lends money that is secured by real property or represents themselves as a mortgage lender.
By law, mortgage lenders must have a Mortgage Lender Permit to lend money secured by real property or represent themselves as a mortgage lender. Your facility may be inspected before you get the permit. The permit is valid for 1 year.
A mortgage lender is someone who lends money that is secured by real property or represents themselves as a mortgage lender.
If your company lends money secured by real property you need to apply for a permit. You also need to have a permanent place of business in Nova Scotia.
How to apply
- Complete the application form.
- Check the application for details on all required supporting documents.
- Include payment with your application.
- 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
You also need to provide details if you or any partner, officer or director has:
- been previously licensed or registered under any provincial or federal 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 provide additional supporting documents including:
- list of lenders you will be referring borrowers to
- sample mortgage loan documents that will be used in Nova Scotia
- sample borrower’s annual statement
- statement of disclosure
You need to renew your Mortgage Lender Permit each year. You should get a renewal package in the mail before the renewal date. It’s your responsibility to renew on time.