Mortgage Associates

For information about mortgage associates select from the options below.

 

• Apply for a license
• Licensing applications for Mortgage Associates currently licensed in other jurisdictions
• Compliance with legislation
• Disclosure to consumers
• Filings and notifications to the Superintendent
• List of Mortgage Associates licensed in Saskatchewan
• Registration and Licensing System (RLS)

 

Apply for a license

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 are seeking a licence as a mortgage associate, 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);
• send in information demonstrating you have completed an approved mortgage associate education course, or that you are exempt from the education requirement; and
• provide the required supporting information, including a completed criminal record check dated within 3 months of the date of application.

Read the mortgage associate licence toolkit for full instructions regarding these items.

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

 

Licensing applications for Mortgage Associates currently licensed in other jurisdictions

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.  

Before submitting an application

Within the mortgage associate online 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 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 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.

 

Compliance with legislation

Once you are licensed as a mortgage associate, you must comply with all aspects of the legislation. 
 

• Requirements
• Automatic Suspension
• Continuing Education Requirement
   

Requirements

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:

• submitting an annual return for each year ended May 31, by June 30 of each year
• paying the next year’s annual fee of $400 by June 30 of each year

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:

• you are no longer authorized to broker mortgages on behalf of the brokerage
• a change to your contact information, such as:
  • email address
  • phone number
  • mailing address or address for service
• any charge under the Criminal Code
• any charge of an offense against the law of any country, province or state, other than traffic offenses.

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.
 

Automatic Suspensions 

Your licence is automatically suspended if:

• you are no longer authorized to broker mortgages on behalf of the brokerage named on your licence; or
• the brokerage named on your licence has its licence suspended or cancelled.

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.

 

Continuing Education Requirement

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. 
 

Disclosure to consumers

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:

Initial Disclosure Form

The requirements for providing the initial disclosure form to a borrower are outlined in the frequently asked questions – compliance requirements.

Mortgage Disclosure Form

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.

Disclosure to Borrower that Duty of Care is to Private Investor

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:

• solicits the private investor to make an investment in a mortgage;
• negotiates or arranges an investment in a mortgage by the private investor; or
• provides advice to the private investor with respect to the appropriateness of making a particular investment in a mortgage.

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.

Referral Disclosure Form

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.

Filings and notifications to the Superintendent

Once licensed, mortgage brokers and associates (“individuals”) must comply with the filing and notification requirements set out in the legislation, including: 

Annual Return

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.

Change in Circumstances or Contact Information

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.

Notice of no Longer Brokering on Behalf of Brokerage on Licence

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.

Reinstatement of Licence

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.