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

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

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
• Apply for Mortgage Broker Licence
• Apply for Mortgage Brokerage Licence
• Apply for Mortgage Brokerage Endorsement
• Apply for Mortgage Administrator Licence

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 online 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, including:
  • errors and omissions insurance from an approved provider
  • criminal record check(s) dated within 3 months of the date of application
  • copy of the initial disclosure form to be used by the brokerage
  • copy of the mortgage disclosure form to be used by the brokerage

Read the mortgage brokerage licence toolkit 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 online 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.

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

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.