Working with a Mortgage Brokerage, Mortgage Broker, Mortgage Associate or Mortgage Administrator

Consumers hiring a Mortgage Brokerages, Administrator, Brokers and Associates

Thinking about buying a house or a condo is a big step. Securing a mortgage is one of the biggest financial decisions you will make.

For information about mortgage brokers, associates, administrators and brokerages select from the options below.

 

• What to know when getting a mortgage
• List of licensed Mortgage Brokerages,  Administrators, Brokers and Associates
• File of complaint
• Disciplined Persons

 

What to know when getting a mortgage

Before obtaining a mortgage, it’s important to think about the risks:

• Affordability – can you make the payments, keeping in mind your monthly costs such as taxes, utilities and other loan commitments?
• Terms – does a fixed or variable interest rate work for you?
• Pre-payment options
• Late payment penalties
• Renewal fees

Mortgage brokers and associates work with banks and lenders to find a mortgage that works for you. They assess and compare mortgages, explain the application and approval process, and complete documentation.

When looking for a mortgage broker, ask the following questions:

• Are you a licensed mortgage broker?
• Will we sign a contract?
• What services do you provide?
• Do you charge a fee?

If you are having problems with your mortgage broker, you should raise your concerns with the broker’s brokerage. If your concern is not addressed, you can contact the Consumer Credit Division of the Financial and Consumer Affairs Authority at (306) 787-6700 or fid@gov.sk.ca

 

List of licensed Mortgage Brokerages,  Administrators, Brokers and Associates
 

• Licensed Mortgage Brokerages
• Licensed Mortgage Administrators
• Licensed Mortgage Brokers
• Licensed Mortgage Associates

 

File of complaint

The Mortgage Brokerages and Mortgage Administrators Act describes the responsibilities, obligations and powers of the Superintendent of Financial Institutions. One of the responsibilities of the Superintendent is to investigate consumer complaints against brokers, associates, mortgage brokerages and mortgage administrators.

To register a complaint against a broker, associate, mortgage brokerage, or mortgage administrator, please complete our complaint form.

Please note that the licensing provisions of the Act do not apply to banks, credit unions, certain insurance companies, certain trust and loan corporations, provincial or federal Crown corporations, and members of the Law Society of Saskatchewan in the course of practicing as barristers or solicitors.

For more information, please contact:

Superintendent of Financial Institutions
Consumer Credit Division
Financial and Consumer Affairs Authority of Saskatchewan
4th Floor, 2365 Albert Street
Regina, SK
S4P 4K1
Phone: (306) 787-6700
Fax: (306) 787-9006
Email: fid@gov.sk.ca

 

Disciplined Persons

This section contains documents relating to actions taken, such as consent orders, decisions, administrative penalties and licence conditions.

• Mortgage Brokers