Financial and Consumer Affairs Authority of Saskatchewan

FCAA is Saskatchewan’s financial and consumer marketplace regulator.

Licensing applications

  • Licensing applications

    The Mortgage Brokerages and Mortgage Administrators Act (the "MBMA Act") and The Mortgage Brokerages and Mortgage Administrators Regulations (the "MBMA Regulations") came into force on October 1, 2010.

    The MBMA Act and the MBMA Regulations provide the legislative framework for the regulation of mortgage brokerages, brokers, associates and mortgage administrators in Saskatchewan. Every person carrying on the business of brokering or administering mortgages in Saskatchewan is required to comply with the Act.

    There are four licence types under the Act:

    • Mortgage Brokerage is a corporation, partnership or sole proprietorship that:
      • solicits another person to obtain a mortgage loan or to make an investment in a mortgage, but only if the soliciting is done on behalf of another person;
      • negotiates or arranges a mortgage loan or an investment in a mortgage on behalf of another person;
      • provides advice to a person with respect to the appropriateness of:
      • obtaining a particular mortgage loan; or,
      • making a particular investment in a mortgage
    • Broker is an individual who brokers mortgages on behalf of a mortgage brokerage and has the education and experience necessary to supervise an associate
    • Associate is an individual who brokers mortgages on behalf of a mortgage brokerage
    • Mortgage Administrator is a corporation that:
      • receives payments made by a borrower and remits those payments to the investor; or
      • monitors the performance of a borrower with respect to his or her obligations under the mortgage


    In determining what type of licence you need to obtain, the following information may be helpful

    Every individual that provides the services offered by a mortgage brokerage must be licensed as either a broker or an associate. Based upon your level of education and experience brokering mortgages you need to qualify as either a broker or an associate.

    Each broker and associate will work on behalf of one mortgage brokerage that must obtain a separate licence. Each mortgage brokerage will have one principal broker who will act as the main contact between the mortgage brokerage and our office. In addition, the principal broker is responsible for the overall supervision of the mortgage brokerage compliance requirements under the legislation.

    A mortgage administrator is a separate licence type for those corporations that provide the services described above. Brokers and associates do not work on behalf of a mortgage administrator. It is possible that a mortgage administrator will also undertake the activities of a mortgage brokerage, in this case they would need to obtain a mortgage administrator licence and a mortgage brokerage licence.
     

    Apply for Mortgage Associate Licence

    Mortgage associates are individuals that broker mortgages on behalf of a licensed mortgage brokerage. Mortgage associate applicants need to meet education requirements, and be found suitable for licensing. Mortgage associates are supervised by a mortgage broker with the brokerage.

    If you are seeking a licence as a mortgage associate, you must:

    • submit a completed application form;
    • remit the $250 initial review fee;
    • remit the $400 annual fee (note: this fee will be refunded if your application is refused);
    • send in information demonstrating you have completed an approved mortgage associate education course, or that you are exempt from the education requirement; and
    • provide the required supporting information, including a completed criminal record check dated within 3 months of the date of application.

    Read the mortgage associate licencing kit for full instructions regarding these items.

    If your application is approved and you are licensed as a mortgage associate, you will need to comply with the requirements applicable to licensees.
     

    Apply for Mortgage Broker Licence

    Mortgage brokers are individuals that broker mortgages on behalf of a licensed mortgage brokerage. Mortgage broker applicants need to meet both education and experience requirements, and be found suitable for licensing.

    If you are seeking a licence as a mortgage broker, you must:

    • submit a completed application form;
    • remit the $250 initial review fee;
    • remit the $400 annual fee (note: this fee will be refunded if your application is refused);
    • send in information demonstrating you have completed an approved mortgage broker education course, or that you are exempt from the education requirement;
    • send in information demonstrating you meet the 24 months experience requirement; and
    • provide the required supporting information, including a completed criminal record check dated within 3 months of the date of application.

    Read the mortgage broker licencing kit for full instructions regarding these items.

    Mortgage broker applicants need to meet education requirements. Individuals seeking a mortgage broker licence should contact the Consumer Credit Division to discuss how this requirement can be met.

    If your application is approved and you are licensed as a mortgage broker, you will need to comply with the requirements applicable to licensees.
     

    Apply for Mortgage Brokerage License

    A Mortgage Brokerage is a corporation, partnership or sole proprietorship that:

    • solicits another person to obtain a mortgage loan or to make an investment in a mortgage, but only if the soliciting is done on behalf of another person;
    • negotiates or arranges a mortgage loan or an investment in a mortgage on behalf of another person;
    • provides advice to a person with respect to the appropriateness of:
    • obtaining a particular mortgage loan; or
    • making a particular investment in a mortgage.

    If you are seeking a licence as a mortgage brokerage, you must:

    • submit a completed application form;
    • remit the $250 initial review fee;
    • remit the $400 annual fee (note: this fee will be refunded if your application is refused); and
    • provide all of the supporting materials described in the licensing kit, including:

    Read the mortgage brokerage licence kit for full instructions regarding these items.

    If your application is approved and you are licensed as a mortgage brokerage, you will need to comply with the requirements applicable to licensees.

    Mortgage brokerages cannot receive any money, other than that relating to fees or other remuneration earned by the mortgage brokerage, unless the brokerage has applied for and has received an endorsement to their licence.
     

    Apply for Mortgage Brokerage Endorsement

    Mortgage brokerages cannot receive any money, other than that relating to fees or other remuneration earned by the mortgage brokerage, unless the brokerage has applied for and has received an endorsement to their licence.

    If you are seeking an endorsement to your mortgage brokerage licence, you must:

    • submit a completed application form;
    • remit the $250 initial review fee;
    • remit the $350 annual fee (note: this fee will be refunded if your application is refused); and
    • provide all of the supporting materials described in the licensing kit.

    Read the mortgage brokerage with endorsement licensing kit for full instructions regarding these items.

    The mortgage brokerage must be a corporation in order to obtain an endorsement. Sole proprietorships and partnerships are not eligible to obtain an endorsement.

    As described in the licensing kit, the mortgage brokerage must meet the financial security requirements established by the Superintendent of Financial Institutions.

    If your application is approved and you obtain an endorsement, you will need to comply with the requirements applicable to brokerages that have an endorsement. These requirements are significant, you need to ensure you understand them prior to applying for an endorsement.

     

    Consumer Credit Division

    Suite 601, 1919 Saskatchewan Drive

    Regina, Saskatchewan S4P 4H2

    Tel: (306)787-6700

    Fax: (306)787-9006

    Email: fid@gov.sk.ca

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