4th Floor, 2365 Albert Street
Regina, SK, S4P 4K1
For information about mortgage associates select from the options below.
• About the licence
• Licence application requirements
• Persons licensed elsewhere in Canada
• How to apply
• Compliance with legislation
• Disclosure to consumers
• Filings and notifications to the Superintendent
• List of Mortgage Associates licensed in Saskatchewan
• List of Mortgage Associates licensed in Saskatchewan Regulatory Actions
• Registration and Licensing System (RLS)
About the licence
If you wish to broker mortgages as a mortgage associate in Saskatchewan, you must apply for a licence with the Financial and Consumer Affairs Authority of Saskatchewan (FCAA).
The Mortgage Brokerages and Mortgage Administrators Act (Act) and The Mortgage Brokerages and Mortgage Administrators Regulations (Regulations) are administered by the Superintendent of Financial Institutions (Superintendent) at the FCAA. The Act and Regulations set out that mortgage associates are individuals that broker mortgages on behalf of a licensed mortgage brokerage. Mortgage associate applicants need to meet education requirements and be found suitable for licensing. Mortgage associates are supervised by a mortgage broker with the brokerage.
If you wish to become licensed as a mortgage associate, you must:
1. Be 18 years of age or older.
2. Be a resident of Canada.
3. Be authorized by a mortgage brokerage to deal in mortgages.
4. Work for only one mortgage brokerage.
5. Have a valid email address and provide other contact information as set out in the application form.
6. Complete the application form and attach the required information (see the detailed requirements below).
7. Pay the required fees.
8. Demonstrate you have completed an approved mortgage associate education course, or that you are exempt from the education requirement.
9. Be suitable for a licence.
As part of the licence application process, you will need to:
To meet the education requirements for a mortgage associate licence, you must successfully complete the approved mortgage associate education program or be exempt from this requirement. The approved course includes a final examination. The tuition fee is set by the program provider. The approved course is provided by Mortgage Professionals Canada.
You must apply for a mortgage associate licence within three years of successfully completing the course.
Under section 4.1 of the Regulations, an individual is exempt from the mortgage associate education requirement if they hold an authorization elsewhere that is substantially equivalent to the Saskatchewan licence. Individuals that have an authorization as any of the following are exempt from the licensing education requirement:
• 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
• Nova Scotia – Associate Mortgage Broker
Individuals who are licensed as the equivalent of a mortgage associate in Canada or elsewhere, but not in one of the above categories, should contact us at email@example.com for further information.
Under section 8 of the Regulations (Section 8 Exemption) an individual may request an exemption from taking the approved mortgage associate education program if they can demonstrate that they have a combination of education and experience that provides them the equivalent knowledge about brokering mortgages as the approved course. If you think you may qualify for an education exemption, please contact us at firstname.lastname@example.org to obtain further details.
Education Exemption – internationally trained persons
If you feel you have gained the relevant qualifications outside of Canada to be a mortgage associate, the applicant may seek to demonstrate that they meet the equivalent of the approved educational program. Please contact us at email@example.com to obtain further details.
Pursuant to section 5 of the Regulations, the following fees must be submitted with the application:
• a non-refundable application fee of $250; and,
• a licence fee of $400. The licence fee will be refunded if a licence is not issued.
The Regulations establish that the “licence year” is July 1 to June 30. The licence fee is not pro-rated, and you will need to pay the $400 licence fee no matter when in the licence year the licence is issued (e.g., a licence issued June 20 will have a $400 licence fee). Refunds are not issued for any licenses cancelled or surrendered.
While the mortgage associate licence is continuous, the licence fee needs to be paid for each licence year in advance (i.e., for each subsequent licence year, you will be required to pay the $400 licence fee no later than June 30 of each year).
Application fees and licence fees are not transferable between licence types. If you are licensed as an associate, in addition to meeting the licence requirements for a broker licence, you will need to pay a new application fee and licence fee if you seek a broker licence.
Payments can be made by:
Cheques can be dropped off at or mailed to:
Financial and Consumer Affairs Authority of Saskatchewan
4th Floor, 2365 Albert Street
Regina SK S4P 4K1
A $25 service charge will be applied for any cheque returned from your financial institution.
When determining whether an applicant is suitable to be licensed, the Superintendent’s considerations include:
In carrying out this assessment, the Superintendent will consider the facts and circumstances of each particular case. Relevant circumstances for consideration when reviewing suitability may include, but is not limited to:
In addition to information submitted in the application, an applicant may also be or have been the subject of a complaint, investigation, or disciplinary action. The information from any complaint, investigation, or disciplinary action may also be considered when determining an applicant’s suitability.
Note: providing false information on an application may affect the decision to issue a licence. Where it appears that false statements have been made on an application or in subsequent submissions, such statements will be assessed by FCAA staff.
On average, it takes about 12 business days from the date the completed application is received to issue your licence. Please note that actual timeframes vary, and that applications that are not substantially complete, have material regulatory concerns, or involve a detailed assessment supporting a Section 8 Exemption application can take significantly longer. An additional factor for all applications is the length of time it takes the applicant to address any requests for information or clarification.
Applicants are encouraged to work with their brokerage if they have questions. Applicants can also contact the FCAA at firstname.lastname@example.org.
If the licence is approved, you can view and print a PDF of your licence from RLS.
For information on how to access and navigate the RLS system, please see the RLS guides on the FCAA website at https://fcaa.gov.sk.ca/regulated-businesses-persons/businesses/mortgage-brokerages/registration-and-licensing-system-rls.
In the RLS application, there are five tabs that need to be completed:
Any other information you believe is relevant to the application can also be added on this tab.
RLS requires that the statutory declaration form be downloaded and signed.
The statutory declaration needs to be signed by the applicant and witnessed and signed by a Commissioner for Oaths or a Notary Public.
Once signed, both pages of the completed statutory declaration need to be uploaded into RLS.
As set out above, after the application is completed but before it is submitted to the FCAA, the brokerage needs to confirm its support of the application. After seeing the application and confirming its support, the application is returned to the applicant in RLS for the payment of licence fees by credit card or, if the applicant chooses, by cheque along with a copy of the invoice page in RLS. The applicant can then submit the application to FCAA.
Section 10 of the Act provides the Superintendent with the authority to refuse to issue a licence, and section 13 of the Act allows the Superintendent to impose any terms and conditions on issuing a licence that the Superintendent considers necessary.
Section 21 of the Act sets out the requirements that the Superintendent must follow prior to carrying out either of these actions. These requirements include the Superintendent providing written notice setting out the proposed action and the grounds that, in the Superintendent’s opinion, justify the proposed action. The written notice will inform you of your right to make representations to the superintendent respecting why the action should not be taken and other required information such as timeframes.
Once you are licensed as a mortgage associate, you must comply with all aspects of the legislation.
Mortgage associates are required to act in the best interests of the borrower. The only exception to this requirement is certain situations outlined in the legislation where a private investor is involved. Mortgage associates need to ensure they understand this obligation, and comply with it.
To assist associates in identifying the legislative requirements, FCAA has developed a summary of compliance requirements. These requirements include annual requirements:
In addition to the annual requirements, all mortgage associates need to comply with the ongoing notification requirements to the Superintendent of Financial Institutions, including notification within 7 days of any of the following:
mailing address or address for service
There are other notification requirements in the legislation. The licensed associate must ensure it is familiar with these requirements, and provides these notifications within the required timeframe. Please refer to the Registration and Licensing System information for instructions on how to complete annual filings and submit changes to your information in RLS.
Read the FAQ document for more information about compliance requirements.
Your licence is automatically suspended if:
If your licence is suspended, you must immediately cease all mortgage brokering activities until such time as your licence is reinstated. You need to apply to have your licence reinstated, and pay the $100 reinstatement fee.
As set out under the Act, every licensed mortgage associate must complete the approved continuing education course by May 31st in a year that ends with an even number.
The legislation requires that specific information is provided to borrowers. Brokerages must ensure that all brokers and associates are aware of these requirements and that brokers and associates are providing the required disclosures. To assist brokerages, brokers and associates (collectively "licensees") in meeting these requirements, the Superintendent has developed the following forms:
The requirements for providing the initial disclosure form to a borrower are outlined in the frequently asked questions – compliance requirements.
The requirements for providing the mortgage disclosure form to a borrower are outlined in the frequently asked questions – compliance requirements. For guidance read the mortgage disclosure form guidance document.
Licensees must act in the best interests of the borrower, except where section 26 of the Act applies. Section 26 of the Act requires a licensee to act in the best interests of a private investor if the private investor is not represented by another licensed brokerage, and the licensee:
In these cases, the licensee must immediately inform the borrower in writing that it is acting on behalf of a private investor, and is obligated to act in the private investor’s best interests which may be in conflict with the borrower’s best interests.
When a mortgage is not being funded by a private investor, the licensee's duty of care is to the borrower and this disclosure form is not used.
Under section 30 of the Regulations, licensees who receive remuneration for referring a borrower or private investor to another person must provide certain information in writing to the borrower or private investor. This disclosure must be provided no later then when the referral is made.
Once licensed, mortgage brokers and associates (“individuals”) must comply with the filing and notification requirements set out in the legislation, including:
Every individuals is required to submit an annual return covering the period from June 1 to May 31. The Annual Return must be provided to the Superintendent no later than June 30 of every year (e.g. the June 1, 2011 to May 31, 2012 return must be provided by June 30, 2012). If the individual was licensed during the reporting period (i.e. was not licensed for the entire 12 month period), please contact the office of the Superintendent to discuss the applicable reporting period. The $400 annual fee is due no later than June 30 of each year, and should accompany the annual return filing.
Section 19 and 20 of the Act, and section 14 of the Regulations, require any licensee to notify the Superintendent of certain changes including any changes to their contact information, regulatory actions in other jurisdictions, and charges for a offense contrary to the Criminal Code. Individuals must promptly notify the Superintendent within 7 days or if any circumstances arise that may affect your license.
Please refer to the Registration and Licensing System information for instructions on how to provide this information.
Individuals are authorized to broker mortgages only on behalf of the brokerage listed on their licence. If an individual ceases to broker on behalf of that brokerage, whether that decision is made by the individual or the brokerage, the individual must notify the Superintendent within 7 days. These individuals need to be aware their licence is automatically suspended. Please refer to the Registration and Licensing System information for instructions on how to provide this information.
Individuals whose licence has been suspended need to apply and have it reinstated prior to brokering mortgages. Please refer to the Registration and Licensing System information for instructions on how to provide this information.
This is not a comprehensive listing of all requirements. Brokers and associates need to ensure they comply with all filing and notification requirements. If an individual is unsure what information needs to be provided to meet a notification or filing requirement, they should contact the office of the Superintendent.
If you have questions regarding licence applications, filing requirements, compliance with legislation or another regulatory matter that your brokerage cannot answer, please contact us at (306) 787-6700 or email at email@example.com
4th Floor, 2365 Albert Street
Regina, SK, S4P 4K1