Mortgage Brokers

Mortgage Brokers  Back to top

For information about mortgage brokers 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
• Regulatory Actions 
• Registration and Licensing System (RLS) 
• Questions

 

About the licence

If you wish to broker mortgages as a mortgage broker 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 brokers are individuals that broker mortgages on behalf of a licensed mortgage brokerage. Mortgage broker applicants need to meet education requirements and be found suitable for licensing. Mortgage associates are supervised by a mortgage broker with the brokerage. 

 

Licence application requirements

If you wish to become licensed as a mortgage broker, 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 broker education course, or that you are exempt from the education requirement.
9. Demonstrate you have been licensed as an associate for at least 24 of the 36 month preceding the applicaiton, or that you are exempt from the experience requirement.
10. Be suitable for a licence.

 

As part of the licence application process, you will need to:

• Confirm that you are familiar with the laws of Saskatchewan relating to the licensing of mortgage brokers, and that you will comply with the requirements.
• Provide all information about bankruptcies, lawsuits, criminal records, decisions from other regulators or licensing bodies and other employment information.
• Provide a criminal record check dated within 3 months of the application submission date.
• Show you are a suitable person to receive a licence and meet all licensing requirements

Education Requirements - mortgage brokers 

To meet the education requirements for a mortgage broker licence, you must successfully complete the approved mortgage broker 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 broker licence within three years of successfully completing the course.

 

Education and Experience Exemption – persons licensed elsewhere in Canada

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 – 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
•    Nova Scotia – Mortgage Broker

Individuals who are licensed as the equivalent of a mortgage broker in Canada or elsewhere, but not in one of the above categories, should contact us at mbma@gov.sk.ca for further information. 

Education Exemption - equivalency requests

Under section 8 of the Regulations (Section 8 Exemption) an individual may request an exemption from taking the approved mortgage broker 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 mbma@gov.sk.ca to obtain further details.

Please note that the Section 8 Exemption does not apply to the experience requirements set out in the Regulations

 
Experience Requirements - Mortgage Brokers 

To meet the experience requirements for a mortgage broker licence, you must be licensed as a mortgage associate in Saskatchewan for at least 24 of the 36 months preceding the date the broker licence was applied for or be exempt from this requirement.

 

Experience Exemption - persons licensed elsewhere in Canada

Please see Education and Experience Exemption - persons licensed elsewhere above.

 

Education and Experience Exemption – internationally trained persons

If you feel you have gained the relevant qualifications outside of Canada to be a mortgage broker, the applicant may seek to demonstrate that they meet the equivalent of the approved educational program and have met the experience requirements. Please contact us at mbma@gov.sk.ca to obtain further details.
 

Fee for a new application

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 broker 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:

• credit card in Registration and Licensing System (RLS). RLS is the computer system used by the FCAA for applying for and maintaining licences under the Act; or
• by cheque made payable to the Minister of Finance. If paying by cheque, please include a copy of the RLS invoice.

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.

 

How to apply

If you have met all the requirements for becoming a licensed mortgage broker, ask your brokerage to start your application process.

1. The brokerage will invite you to apply for licensing through RLS. You will receive an email with a link that will take you to the mortgage broker application. You cannot apply for licensing unless you receive an invitation from a brokerage.
2. Prior to accepting the invitation, you need to go into RLS and set up your User ID and password. It is important that the User ID and Password be established before the invitation is accepted.
3. Applicants can then access the application in RLS. Applicants are encouraged to go through each of the applicable licence application pages to identify the information that will be required. The applicant will not be able to submit an incomplete application. Further information on the detailed requirements is set out below.
4. On completion of the application form but prior to paying the fees, the applicant will send the application back to the brokerage for its review. If the brokerage supports the application, it will indicate that in RLS and send the application back to the applicant. 
5. The applicant can then pay the application and licence fees and submit the application to FCAA.

Applicants are encouraged to review the RLS user guides available at https://fcaa.gov.sk.ca/regulated-businesses-persons/businesses/mortgage-brokerages/registration-and-licensing-system-rls 

 

What happens after the application is submitted:

You will receive an email from RLS that the FCAA has received your application.

A FCAA staff member will review the application. In the review process, the reviewer may request further information from the applicant. When the reviewer’s work is complete, it will be forwarded for final review with a recommendation for approval or rejection.

Requests for information are made within RLS. You will receive an email notification if additional information or clarification of information is required. Once approved, you will receive a notification email from RLS.

The application review process includes a review of all information provided to assess compliance with the legislation, including suitability. 

When determining whether an applicant is suitable to be licensed, the Superintendent’s considerations include: 

• whether an individual’s past conduct affords reasonable grounds for belief that they will not deal or trade in mortgages in accordance with the law and with integrity and honesty;
• whether an individual is carrying on activities that contravene or will contravene the Act or the regulations if they are licensed; and,
• whether an individual has made a false statement or has provided false information to the Superintendent with respect to the application for the licence.

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:

• the nature of an offence or charge with regard to the provision of financial services and the applicant’s ability to abide by the law;
• the frequency or number of offences or charges;
• the seriousness of an offence or charge;
• in the case of bankruptcy or consumer proposal, whether the applicant acted dishonestly, recklessly, or with intention to avoid responsibility for his or her debts; 
• any failure on the part of an applicant to provide full disclosure with respect to prior registrations or licences, bankruptcy, or criminal conduct;
• information provided by a previous brokerage that the applicant brokered mortgages for.

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 mbma@gov.sk.ca. 

If the licence is approved, you can view and print a PDF of your licence from RLS.

 

Detailed requirements – RLS application 

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:

• Business Activity
• Suitability for Licensing
• Supporting Documents
• Declaration
• Invoice

 

Business Activity

1. Associate or Broker: This is the licence type being applied for. If you are a new entrant to the mortgage brokering industry, then you will apply as an associate.To apply as a broker, if you are not licensed in another jurisdiction, per section 4(2) of the Regulations you need to have spent 24 of the previous 36 months licensed as an associate and have successfully completed an approved educational program.
2. Are you licensed in another jurisdiction: If you are licensed in another jurisdiction, section 4.1 of the Regulations allows for an exemption from the experience and educational requirements. You need to provide information regarding the jurisdiction(s) where you currently hold licence(s) and the licence number(s) provided by those jurisdiction(s).
3. Mailing Address: Typically, all mailed correspondence will be sent to this address.
4. Business Address: this address will be the location where you plan on conducting your business. It cannot be a PO Box Number.
5. Address for Service: under Section 8 of the Act, the applicant shall provide the Superintendent with an address for service in Saskatchewan. The address for service must be a location that maintains regular business hours, has staff available to receive documents on your behalf at all times, and has arrangements for forwarding these documents to you. Typically, this address would be a law firm or the office of the mortgage brokerage that you broker mortgages on behalf of. This address cannot be a PO Box number or a residential address.
6. Approved Educational Program: education requirements are set out above. In the upload document, please provide a copy of the certificate of course completion provided by the course provider. Should an applicant be seeking a Section 8 Exemption, please upload a letter stating that this is the approach being taken. For more information on the equivalency recognition, please email us at mbma@gov.sk.ca to discuss the relevant matters. 

          Please note that this field will not appear to applicants that are licensed in another jurisdiction.

 

Suitability for Licensing
  

1. Please ensure that you review each question carefully and answer accurately. A “yes” response does not mean a licence will be refused. If you answer “yes” to a question, please provide detailed information, including any relevant documents.
2. The legislation requires that applicants provide a criminal record check and that:

• it be dated no more than three months prior to the date of application; and,
• be issued by any policy agency (RCMP, municipal police in any province) or a credit reporting agency registered in Saskatchewan. You can obtain a list of registered credit reporting agencies under the                 Consumer Protection heading at https://fcaa.gov.sk.ca/fcaa411.

 

Supporting Documents

Any other information you believe is relevant to the application can also be added on this tab. 

 

Declaration

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.

 

Fees

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.

 

What if Your Application is Not Approved

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. 

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 broker 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:

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:

• 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.
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: 

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.

 

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.

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.

Questions

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 mbma@gov.sk.ca