Licensing applications for individuals currently licensed in other jurisdictions

• • 

  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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  Licensing applications for individuals currently licensed in other jurisdictions

  Individuals currently licensed as equivalent to a mortgage broker or a mortgage associate in another jurisdiction can apply for a Saskatchewan licence.
   

  • How to apply for a Mortgage Broker Licence
  • How to apply for a Mortgage Associate Licence

   

  How to apply for a 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, or be exempt from these requirements, and be found suitable for licensing.

  Are you exempt from the education and experience requirement?

  Under section 4.1 of The Mortgage Brokerage and Mortgage Administrators Regulations, an individual is exempt from the mortgage broker education and experience requirements if they have an authorization as any of the following:

  • British Columbia – Designated Individual
  • Alberta – Mortgage Broker
  • Manitoba – Authorized Official
  • Ontario – Mortgage Broker
  • Québec – Mortgage Broker Qualified to Manage an Agency or
  • Québec – Fully Qualified Real Estate Broker Qualified to Manage an Agency
  • New Brunswick - Mortgage Broker
     

  Individuals who do not hold one of the above authorizations are not exempted from the mortgage broker education and experience requirements, and need to demonstrate they meet the education and experience requirements when they apply for a licence. These individuals need to complete the mortgage broker licence kit – if licensed in another jurisdiction.

  Before submitting an application

  Within the mortgage broker application you are required to attest that you are familiar with The Mortgage Brokerage and Mortgage Administrators Act and will comply with it and its regulations. In addition to knowing the information in the legislation and what is provided on the FCAA website, it is recommended that you contact the brokerage under which you are applying for guidance in meeting this requirement.

  How to apply

  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); and
  • provide the required supporting information, including a completed criminal record check dated within 3 months of the date of application.

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

  How to apply for a 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, or be exempt from this requirement, and be found suitable for licensing.

  Are you exempt from the education requirement?

  Under section 4.1 of The Mortgage Brokerage and Mortgage Administrators Regulations, an individual is exempt from the mortgage associate education requirement if they have an authorization as any of the following:

  • British Columbia – Sub-mortgage broker
  • Alberta – Mortgage Associate
  • Manitoba – Salesperson
  • Ontario – Mortgage Agent
  • Québec – Mortgage Broker
  • Québec – Fully Qualified Real Estate Broker
  • New Brunswick - Mortgage Associate

  Individuals who do not hold one of the above authorizations are not exempted from the mortgage associate education requirement, and need to demonstrate they meet the education requirement when they apply for a licence. These individuals need to complete a mortgage associate license kit – if licensed in another jurisdiction.

  Before submitting an application

  Within the mortgage associate application you are required to attest that you are familiar with The Mortgage Brokerage and Mortgage Administrators Act and will comply with it and its regulations. In addition to knowing the information in the legislation and what is provided on the FCAA website, it is recommended that you contact the brokerage under which you are applying for guidance in meeting this requirement.

  How to apply

  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); and
  • provide the required supporting information, including a completed criminal record check dated within 3 months of the date of application.

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

  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