SAINT JOHN, N.B. – New rules come into effect on April 1 requiring all mortgage brokerages, associates, brokers and administrators to obtain a licence.
Individuals and organizations applying for mortgage broker licences can now apply online through the Financial and Consumer Services Commission’s licensing portal.
“Mortgage broker licensing is a new area of regulation for New Brunswick, and in preparation for licensing, we have developed this online application system for our stakeholders,” said Rick Hancox, CEO of the commission. “The system is a convenience for those applying to broker mortgages in New Brunswick. Applicants will be able to submit all required documentation online and will also be able to check on the status of their application through the online system.”
Under the new Mortgage Brokers Act, any person who carries on the business of brokering or administering mortgages in New Brunswick, regardless whether he or she lives in the province, must have a valid licence issued from the commission. This applies to all mortgage broker business, whether it is done in person, in writing, over the telephone or online.
“To make the online application process more accessible and convenient, we have created user resources, including frequently asked questions for the licensing portal to help users manoeuvre through the system,” said Hancox. “Those individuals who may not have direct access to a computer but who wish to take advantage of this new way of applying for a licence are invited to visit our offices in person for assistance.”
The online licence application portal will be available on April 1. Those wishing to apply for a licence under the Mortgage Brokers Act will be considered in compliance with the registration requirements of the act provided they properly complete the online application process for the licence of their choice by April 30 and their licence is subsequently granted.
To apply for a licence, visit the commission’s website and click on the Sign In button in the upper right corner next to the Search button. More information on licensing requirements is available online or by calling 1-866-933-2222.
The Financial and Consumer Services Commission has the mandate to protect consumers and enhance public confidence in the financial and consumer marketplace through the provision of regulatory and educational services. It is responsible for the administration and enforcement of provincial legislation that regulates the following sectors: securities, insurance, pensions, credit unions, caisses populaires, trust and loan companies, co-operatives and a wide range of other consumer legislation. It is an independent Crown corporation funded by the regulatory fees and assessments paid by the regulated sectors. Educational tools and resources are available online.