Mortgage Administrators

For information about mortgage administrators select from the options below.

 

• Apply for a license
• Compliance with legislation
• List of licensed Mortgage Administrators in Saskatchewan
• Registration and Licensing System (RLS)
   

Apply for a license

A 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.

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

• submit a completed online application form;
• remit the $750 initial review fee;
• remit the $1,000 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.

Please refer to the Registration and Licensing System (RLS) information for instructions on how to complete online applications.

An applicant for a mortgage administrator licence must be a corporation in order to obtain a licence. Sole proprietorships and partnerships are not eligible to be licensed as an administrator.

The applicant must meet the financial security requirements established by the Superintendent of Financial Institutions.

If your application is approved and you obtain a mortgage administrator licence, you will need to comply with the requirements applicable to licensed mortgage administrators. These requirements are significant, you need to ensure you understand them prior to applying for a licence.

Compliance with legislation

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

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.

Once licensed, a mortgage administrator must ensure that it complies with all aspects of the legislation.  

There are numerous requirements that mortgage administrators need to meet. The legislation is complex, and mortgage administrators need to ensure they have a thorough understanding of all requirements.

Mortgage administrators must maintain compliance with the financial security requirements set by the Superintendent.  Mortgage administrators must also provide the necessary annual filings, including audited financial statements and an audit report confirming compliance with the legislation.  

Please refer to the Registration and Licensing System (RLS) information for instructions on how to complete online filings.