4th Floor, 2365 Albert Street
Regina, SK, S4P 4K1
Tel: (306)787-6700
Fax: (306)787-9006
Email: fid@gov.sk.ca
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:
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 Brokerage License
A Mortgage Brokerage is a corporation, partnership or sole proprietorship that:
If you are seeking a licence as a mortgage brokerage, you must:
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:
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.
4th Floor, 2365 Albert Street
Regina, SK, S4P 4K1
Tel: (306)787-6700
Fax: (306)787-9006
Email: fid@gov.sk.ca