Mortgage Broker Frequently Asked Questions

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General Topics

  • The current Mortgage Brokers Act refers to the business entity (brokerage) as being the “Mortgage Broker”, and an individual who is employed by a Mortgage Broker as being a “Submortgage Broker” of the brokerage.

  • Applications submitted through MB E-filing

    Fees for applications processed through MB E-filing can be paid by credit card though BC Express Pay within the MB E-filing system.
    Important: This option is not available for new Mortgage Broker or Branch Office applications.

    Applications NOT submitted through MB E-filing
    Fees for all other transactions not processed through MB E-filing must be paid by either:

    Important: Our office is cannot process credit card information received via email. The Credit Card Form must be submitted by mail or to our secure fax at (604) 660-3365.

  • The procedures to register a new brokerage are outlined in the “Mortgage Broker General Registration Requirements” document.

  • The current Mortgage Brokers Act refers to Submortgage Brokers as being employees of the Mortgage Broker. Submortgage Brokers are not able to have commissions paid to personal corporations.

  • If the deal starts with the brokerage they are leaving — the file is owned by that brokerage. In order for the new brokerage to take over the deal, the client must provide written authorization for the original brokerage to release their information to the new brokerage before the Submortgage Broker can continue with the deal at the new brokerage. The Registrar expects that the original brokerage will promptly forward the complete client file to the new brokerage once the authorization from the client is received.

    Note: Under the Mortgage Brokers Act “ownership” of a client lies with the Mortgage Broker — not the Submortgage Broker. However, some brokerages may include specific terms around client “ownership” in their employment contracts with Submortgage Brokers. Contractual disputes between Submortgage Brokers and their employing Mortgage Broker are not a regulatory matter over which the Registrar has authority.

  • Submortgage Brokers employed by a brokerage are not permitted to operate under a personal trade name.

    A brokerage can use a trade name provided it is registered with the BC Corporate Registry and with the Registrar of Mortgage Brokers.

    An individual may choose to register themselves as a sole proprietor brokerage; in which case they may register a trade name on their Mortgage Broker registration.

    Note: Both Submortgage Brokers and Mortgage Brokers are required to hold themselves out to the public in a manner that clearly states the name under which the Submortgage Broker or Mortgage Broker is registered with this office.

    For information about registering a trade name, refer to the BC Corporate Registry website.

  • Currently there is no requirement for Mortgage Brokers or Submortgage Brokers to carry Errors and Omissions Insurance in B.C.

Designated Individuals

    • You must be registered as a Submortgage Broker for a minimum of two years with no compliance issues.
    • You must be registered as a Submortgage Broker to the brokerage for which you will be the Designated Individual.
    • Generally, you must become an Officer or Director of the brokerage.
    • Your application must be approved by the staff of the Registrar of Mortgage Brokers.
    • A Director’s Resolution naming you as the new Designated Individual, signed by at least two current Directors (or one if only a single Director) must be submitted to our office.
    • Once you are approved to be the Designated Individual, an email is sent to you with a username and password to access E-filing.

    Important: When adding a new Director to a brokerage, the following must be submitted to our office:

    • Criminal Record Check for the new Director, no more than six months old.
    • Completed Form 16.
    • Copy of government issued ID for the new Director.
    • When filling out your Mortgage Broker Application Form, name yourself as the Designated Individual on Form 1.
    • Complete the Directors’ Exhibit Package.
    • You must already have been registered as a Submortgage Broker for a minimum of two years with no compliance issues.
    • You must be registered as a Submortgage Broker to the brokerage for which you will be the Designated Individual.
    • Your application must be approved by staff of the Registrar of Mortgage Brokers.
    • A Director’s Resolution naming you as the new Designated Individual, signed by at least two current Directors (or one if only a single Director,) must be submitted to our office.
    • Once you are approved to be the Designated Individual, an email is sent to you with a username and password to access E-filing.

    Important: When adding a new Director to a brokerage, the following must be submitted to our office:

    • Criminal Record Check for the new Director, no more than six months old.
    • Completed Form 16.
    • Copy of government issued ID for the new Director.

Continuing Education

  • Before you can renew or reinstate your registration, you must complete:

    • Two online courses which are approved by the Registrar.
    • The Regulatory Update webinar.
    Information on approved courses

    Important: Courses must be completed prior to your renewal date in order for your renewal to be processed. It is each registrant’s personal responsibility to ensure they renew on time to avoid late filing fees. We recommend that you diarize your renewal at least 30 days prior to expiry of your registration.

  • Unregistered for less than five years:
    If you have been unregistered for a period of less than five years, you need only complete the same online courses required for renewal of
    registration:

    • Two online courses which are approved by the Registrar.
    • The Regulatory Update webinar.
    Information on approved courses

    Unregistered for five or more years:
    If you have been unregistered for five or more years, then you are required to take the full Mortgage Brokerage in British Columbia course from UBC’s Sauder School of Business, Real Estate Division.

    Unregistered, but worked in the mortgage industry:
    If you have been unregistered for over five years but have direct industry experience during this period, you may be eligible for an exemption and required to complete only:

    • Two online courses which are approved by the Registrar.
    • The Regulatory Update webinar.
    Information on approved courses

    In order to be considered for an exemption, you must send a copy of your resume outlining relevant experience along with a letter of intent to [email protected] for review. If approved, our office will notify you in writing.

Registered Submortgage Brokers

  • The current Mortgage Brokers Act refers to the business entity (brokerage) as being the “Mortgage Broker”, and an individual who is employed by a Mortgage Broker as being a “Submortgage Broker” of the brokerage.

  • The Designated Individual of your brokerage will submit your renewal application through E‐filing.

    The following will be required to process your application:

    • Clear color copy of government issued picture ID.
    • Signed Form 16.
    • Registration fee in the amount of $1,500.
    • If the renewal documentation is submitted past the renewal date, late fees will apply ($50 per day to a maximum of $500).
    • Criminal Record Check, no more than six months old.
    • Complete the Regulatory Update webinar and two online modules outlined in Information Bulletin # MB 14‐002. which can be found at: Information Bulletin MB 14-002

    Important: It is each registrant’s personal responsibility to ensure they renew on time to avoid late filing fees. We recommend that you diarize your renewal at least 30 days prior to expiry of your registration.

  • Please be advised that certificates are no longer being provided by our office.

    However, you are able to print a certificate from our website, here.

    • Scroll down to search by – select the Mortgage Broker or Submortgage Broker button.
    • Type the name and click on “GO”.
    • Select the name.
    • Select “GO” under certificate column; this will bring you to a Registration Information page which can be printed.
  • You can send an email to [email protected] to request your registration number. Be sure to include your birthdate.

  • The Office of the Registrar of Mortgage Brokers does not have jurisdiction over how documents can be signed. For guidance you may refer to the Electronic Transactions Act of British Columbia which can be found at: Electronic Transactions Act

  • You are required to advertise under your own legal name as it is registered with our office. You must also display the full registered trade name of the Mortgage Broker you are either employed with or are a partner or director of, in any advertising.

    Further information can be found at: Misleading Advertising and Requirements for Mortgage Loan Advertising

  • Yes. You can scan and email a copy of the legal documentation for the name change to the MB Department at: [email protected]

    The Designated Individual of the Mortgage Broker you are with will make the change electronically on MBE‐File.

    The fee for amending your registration is $200.

  • The current Mortgage Brokers Act refers to Submortgage Brokers as being employees of the Mortgage Broker. Submortgage Brokers are not able to have commissions paid to personal corporations.

  • If the deal starts with the brokerage you are leaving – the file is owned by that brokerage. In order for the new brokerage to take over the deal, the client must provide written authorization for the original brokerage to release their information to the new brokerage before you can continue with the deal at your new brokerage. The Registrar expects that the original brokerage will promptly forward the complete client file to the new brokerage once authorization from the client is received.

    Important: Under the Mortgage Brokers Act “ownership” of a client lies with the Mortgage Broker ‐ not the Submortgage Broker. However, some brokerages may include specific terms around client “ownership” in their employment contracts with Submortgage Brokers. Contractual disputes between Submortgage Brokers and their employing Mortgage Broker are not a regulatory matter over which the Registrar has authority.

  • Submortgage Brokers employed by a brokerage are not permitted to operate under a personal trade name.

    A brokerage can use a trade name provided it is registered with the BC Corporate Registry and with the Registrar of Mortgage Brokers.

    An individual may choose to register themselves as a sole proprietor brokerage; in which case they may register a trade name on their Mortgage Broker registration.

    Note: Both Submortgage Brokers and Mortgage Brokers are required to hold themselves out to the public in a manner that clearly states the name under which the Submortgage Broker or Mortgage Broker is registered with this office.

    For information about registering a trade name, refer to the BC Corporate Registry website at: BC Corporate Registry Website

  • Currently there is no requirement for Mortgage Brokers or Submortgage Brokers to carry Errors and Omissions Insurance in B.C.

New Submortgage Broker Applicants That Have Never Been Registered

  • You will need to find a currently registered brokerage to sponsor your application for registration. The brokerage will then submit an application for registration on your behalf.

    • The following is a list of some of the basic requirements to accompany your application:
    • Registration fee of $1,500.
    • One piece of color copied government issued identification which contains your photograph.
    • Certified criminal record check
    • Successful completion of the Mortgage Brokerage in British Columbia course offered through UBC Sauder School of Business, Real Estate Division.
    • You may also be required to provide a Record of Employment or be subject to additional review. Our office will notify you in these cases.
    Further Information
  • Yes. As a new applicant you are required to complete the Mortgage Brokerage in British Columbia course provided by UBC Sauder School of Business, Real Estate Division.

    Further Information
  • You have one year after passing the exam to apply for registration.

  • Under some circumstances, experienced applicants may request to challenge the exam. You will require permission from our office before you can write the exam. In order to be considered, you must send a copy of your Resume outlining relevant experience along with a Letter of Intent to [email protected] for review. If approved, our office will notify you in writing.

  • No. The Urban Land Economics Diploma from UBC is considered to be equivalent to the Mortgage Brokerage in British Columbia course and satisfies the education requirement. Simply provide our office with your transcripts showing successful completion to: [email protected].

    Further Information
  • No. If you are currently licensed with BCFSA, or you have completed The Real Estate Services Licensing course from UBC within the past year, you can meet the education requirement by completing the Mortgage Brokerage Supplemental Course from UBC.

  • No. Practicing lawyers are exempt from all education requirements on first application as well as on any renewals.

  • No. Our office does not have information on brokerages which may be hiring. However, you can search for registered brokerages.

  • The current Mortgage Brokers Act refers to Submortgage Brokers as being employees of the Mortgage Broker. Submortgage Brokers are not able to have commissions paid to personal corporations.

  • You must be a Canadian citizen, landed immigrant or possess a valid work visa in order to become registered as a Submortgage Broker.

  • Registrations are for a two year period.

    Important: It is each registrant’s personal responsibility to ensure they renew on time to avoid late filing fees. We recommend that you diarize your renewal at least 30 days prior to expiry of your registration.

  • A bankruptcy will not necessarily prevent you from becoming registered. However, you must disclose this at the time of application and submit a copy of your Assignment of Bankruptcy or Discharge of Bankruptcy. The circumstances and details of the bankruptcy will be reviewed to determine whether or not you are suitable for registration, and / or whether conditions will be applied if registration is granted.

  • You must disclose any criminal record in your application. The circumstances and nature of your criminal history will be reviewed to determine whether or not you are suitable for registration; and/or whether conditions will be applied if registration is granted.

    In order to obtain your official criminal record, you will need to attend your local police department and provide fingerprints to verify your identity.

    Important: It can take up to four months for a fingerprinted Criminal Record to be processed.

  • Generally, applications can take up to 10 business days to process once we receive all of the required documents and information. Missing or incomplete documents and information will result in delays.

New Submortgage Broker Applicants — Previously Registered in B.C.

  • Unregistered for less than five years:
    If you have been unregistered for a period of less than five years, you need only complete the same online courses required for renewal of registration:

    • Two online courses which are approved by the Registrar.
    • The Regulatory Update webinar.
    Information on approved courses

    Unregistered for five or more years:
    If you have been unregistered for five or more years, then you are required to take the full Mortgage Brokerage in British Columbia course from UBC’s Sauder School of Business, Real Estate Division.

    Unregistered, but worked in the mortgage industry:
    If you have been unregistered for over five years but have direct industry experience during this period, you may be eligible for an exemption and required to complete only:

    • Two online courses which are approved by the Registrar.
    • The Regulatory Update webinar.
    Information on approved courses

    In order to be considered, you must send a copy of your Resume outlining relevant experience along with a Letter of Intent to [email protected] for review. If approved, our office will notify you in writing.

  • You will need to find a currently registered brokerage to sponsor your application for registration. The brokerage will then submit an application for registration on your behalf.

    The following is a list of some of the basic requirements to accompany your application:

    • Registration fee of $1,500.
    • One piece of color copied government issued identification which contains your photograph.
    • Certified criminal record check.
    • Successful completion of the Mortgage Brokerage in British Columbia course offered through UBC Sauder School of Business, Real Estate Division.
    • You may also be required to provide a Record of Employment or be subject to additional review. Our office will notify you in these cases.
    Further Information
  • A bankruptcy will not necessarily prevent you from becoming registered. However, you must disclose this at the time of application and submit a copy of your Assignment of Bankruptcy or Discharge of Bankruptcy. The circumstances and details of the bankruptcy will be reviewed to determine whether or not you are suitable for registration, and/or whether conditions will be applied if registration is granted.

  • You must disclose any criminal record in your application. The circumstances and nature of your criminal history will be reviewed to determine whether or not you are suitable for registration; and/or whether conditions will be applied if registration is granted.

    In order to obtain your official criminal record, you will need to attend your local police department and provide fingerprints to verify your identity.

    Important: It can take up to four months for a fingerprinted Criminal Record to be processed.

  • Generally, applications can take up to 10 business days to process once we receive all of the required documents and information. Missing or incomplete documents and information will result in delays.

New Submortgage Broker Applicants — Currently Registered in Another Province

  • The intent of labour mobility allows residents of other provinces to register as a mortgage broker in B.C. Residents of B.C. are not permitted to register under reciprocity. If you are already living and registered/licensed in:

    • Alberta;
    • Saskatchewan;
    • Manitoba;
    • Ontario; or
    • Quebec.

    You can apply for registration as a Submortgage Broker in B.C., through a registration / licensing reciprocity agreement between these jurisdictions without having to fulfill the usual new applicant education requirements. In order to apply under reciprocity, you will need to:

    • Have your registration / licensing history sent to our office directly from the regulator(s) where you are currently registered/licensed.
    • Submit a Statutory Declaration either notarized, or witnessed by a lawyer, in your current jurisdiction, stating that you have familiarized yourself with the B.C. requirements.
    Declaration Form

    All other inter-provincial applicants may also apply for registration as a Submortgage Broker in B.C. without having to fulfill the usual new applicant education requirements. In order to apply, you will need to:

    • Have your registration / licensing history sent to our office directly from the regulator(s) where you are currently registered/licensed.
    • Provide proof that you have successfully completed preregistration / licensing education program in your current jurisdiction.
    • Successfully pass the Mortgage Brokerage Inter-Provincial and BC Procedures examination.
    Further Information
  • You will need to find a currently registered brokerage to sponsor your application for registration. The brokerage will then submit an application for registration on your behalf.

    The following is a list of some of the basic requirements to accompany your application:

    • Registration fee of $1,500.
    • One piece of color copied government issued identification which contains your photograph.
    • Certified criminal record check.
    • You may also be required to provide a Record of Employment or be subject to additional review. Our office will notify you in these cases.
    Further Information
  • If you have two or more years of experience as a Submortgage Broker/Mortgage Agent in another province, you have the option to apply for registration as a sole-proprietor Mortgage Broker rather than as a Submortgage Broker with a brokerage.

    Further Information
  • A bankruptcy will not necessarily prevent you from becoming registered; however, you must disclose this at the time of application and submit a copy of your Assignment of Bankruptcy or Discharge of Bankruptcy. The circumstances and details of the bankruptcy will be reviewed to determine whether or not you are suitable for registration, and/or whether conditions will be applied if registration is granted.

  • You must disclose any criminal record in your application. The circumstances and nature of your criminal history will be reviewed to determine whether or not you are suitable for registration; and/or whether conditions will be applied if registration is granted.

    In order to obtain your official criminal record, you will need to attend your local police department and provide fingerprints to verify your identity.

    Important: It can take up to four months for a fingerprinted Criminal Record to be processed.

  • Generally, applications can take up to 10 business days to process once we receive all of the required documents and information. Missing or incomplete documents and information will result in delays.

  • The current Mortgage Brokers Act refers to Submortgage Brokers as being employees of the Mortgage Broker. Submortgage Brokers are not able to have commissions paid to personal corporations.

Obtaining Registrant Information

  • All registered Mortgage Brokers and Submortgage Brokers are listed on our website.

    Formal enforcement action taken by the Registrar of Mortgage Brokers is posted on our website under the “Enforcement” section.

  • You can contact our office at [email protected] and inquire directly.

    Important: Conducting business as a Mortgage Broker or Submortgage Broker in B.C. requires registration under the Mortgage Brokers Act, unless otherwise exempted. If you are uncertain about a particular situation, please contact our office at [email protected].

  • The Office of the Registrar of Mortgage Brokers does not provide lists.

    Publicly available information can be found on our website.

Mortgage Broker E-filing

  • Only the Designated Individual of the brokerage has access to MB E-filing.

  • Our office has created the MB E-filing User Guide to assist you.

  • You will need to log into MB E-filing and click on the “forgot password” button. A temporary password will be sent to your Designated Individual’s email address on record. Use the temporary password to log in. You will then be prompted to create a new password.

    Please note: It is important that you use “zeros” (not the letter “o”) when entering your User ID (e.g. J012345D).

  • You will need to email our office at [email protected] advising that you forgot your User ID and staff will be able to assist you.

  • Once you have been locked out of MB E-filing, it takes approximately 30 – 60 minutes for the system to reset. Please try to log in again after this time period has passed. If you are still unsuccessful, you may email our office at [email protected] and staff will be able to assist you.

  • Yes, you can upload supporting documents to E-filing.

  • Once an application is submitted to our office, you cannot change it through E-filing. You will need to send an e-mail to [email protected] and staff will be able to assist you.

  • Yes. Late fees are $50 per day (up to a maximum of $500) for filings made after the due date.

    Important: It is each registrant’s personal responsibility to ensure they renew on time to avoid late filing fees. We recommend that you diarize your renewal at least 30 days prior to expiry of your registration.

  • There is no legislative provision under the Mortgage Brokers Act or Regulations for a discretionary waiver of late filing fees. Registrants must be cognizant of their renewal dates and take responsibility for timely submissions.

    Our office does send a reminder email as a courtesy only. However, we encourage you to diarize your renewal dates and plan accordingly.

  • You will need to do the following:

    • The Designated Individual will need to enter the new name through MB E-filing.
    • Provide confirmation that the name has been registered with Corporate Registry.
    • Submit the required fees — $200 for the head office, each branch office (if applicable) and $200 for every submortgage broker registered to the entity.
    • For franchise or network brokerages, you will also need to provide correspondence verifying consent to use the name from the franchisor or network.
  • Send an email to: [email protected] advising that you would like the branch office closed.

    Include the name of the branch and the date on which you would like the termination to be effective

  • You can add a new branch through MB E-filing. The fee for adding a new branch is $200.

Annual Financial Filings

  • You must submit, on an annual basis, the following completed forms:

    • Form 14 — Representations of Mortgage Broker.
    • Form 15 — Accountant’s Report, completed by an independent and certified accountant.

    Your annual financial filing is due 120 days after your financial year end.

  • You must submit, on an annual basis, a completed and notarized Form 12 — Statutory Declaration Regarding the Absence of Trust Funds.

    The Form 12 is due 30 days after your fiscal year end.

  • You must change the activities of the Mortgage Brokerage through MB E-filing.

  • Currently, you are not able to upload and submit documents through MB E-filing. Send the scanned copy of your annual filings through email to [email protected].

  • If you file on or before the due date, there is no fee.

    Important: There is a late financial filing fee of $50 per business day (up to a maximum of $500) for filings made after the due date.

  • You can send a cheque made payable to “BC Financial Services Authority” to:

    BC Financial Services Authority
    600 — 750 West Pender Street
    Vancouver, B.C.
    V6C 2T8

    You can also fax in a credit card form to (604) 660-3365. Please use this form.

    Important: We cannot accept credit card forms by e-mail. Currently, late fees cannot be paid through MB E-filing.

  • Send an e-mail to [email protected] and staff will be able to assist you with this.