Information on Mortgage Services Teams

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While this information is being published in alignment with the timeline of the Mortgage Services Act (“MSA”) coming into force on October 13, 2026, Teams provisions under the MSA do not come into force until April 1, 2027.

The provision of mortgage services in B.C. is governed by the Mortgage Services Act (“MSA”), Mortgage Services Regulation (“Regulation”), and Mortgage Services Rules (“Rules”). The information below outlines requirements for mortgage services teams (“Teams”). More information on Teams can be found on BCFSA’s Mortgage Services Knowledge Base.  

Requirement to Register a Team

A group of two or more licensees must register with BCFSA as a Team if the licensees in the group do any of the following while dealing or trading in mortgages:

• Represent themselves to the public as a single entity (other than a brokerage);  
• Regularly act as designated agents¹ of the same client; or 
• Regularly work together in a manner that creates implied agency with the same party. 

If two or more licensees regularly work together to arrange or trade mortgages in a way that could lead consumers to believe they are acting as a Team, they must either apply to register as a Team with BCFSA or discontinue those activities to comply with the MSA.

Registering as a Team

To register as a Team, licensees must meet the following requirements:

• Minimum of two: A Team must contain at least two licensees authorized to provide dealing and/or trading mortgage services;  
• One Team only: each licensee can only belong to one Team at a time;  
• Same brokerage: all Team members must be working at the same brokerage;  
• Same category: All members of a Team must be licensed in the same category of service (dealing, trading, or both); 
• Team membership: if a licensee offers mortgage dealing or trading services as part of a Team, they must be an official registered member of that Team; 
• Designated Agents: The related mortgage brokerage of the Team members must assign all members of the Team as designated agents to provide mortgage services to, or on behalf of, any client of any Team; and 
• Clear name: A Team must ensure that its registered name is clearly indicated while providing mortgage services. 

Licensees must not conduct business through a Team until their request is processed, approved, and registered by BCFSA. More information on registering a Team can be found in the Teams Regulatory Statement in BCFSA’s Mortgage Services Knowledge Base. 

Team Names

Team name approvals are made on a case-by-case basis through a Team name request form in BCFSA’s IRIS portal.

When reviewing team name requests, BCFSA considers the requirements of the Rules and the following: 

• A Team name must convey to the public that a group of individuals from the same brokerage is working as a team. Team names which include the words “Group,” “Team,” “Network,” or “Associates” help make this clear. While not required, BCFSA recommends using the word “Team” in a proposed Team name.   
• To ensure the public is not misled or confused, a Team name must not give the impression of being an incorporated company or brokerage. Team names such as “Jane Doe and Company” or “Doe Mortgage Services Inc.” will not be approved.   
• No Team name will be approved that may be confused with an existing mortgage services brokerage.   
• No Team name will be approved that is identical to an existing, approved team name.   

More information on naming a Team can also be found in the Teams Regulatory Statement on BCFSA’s Mortgage Services Knowledge Base.  

Changing Team Name or Membership

To change the name of a Team, add a member to a Team, or leave a Team, a licensee must complete the appropriate application in BCFSA’s IRIS portal and pay the applicable fee(s).

Joining an Existing Team

To join an existing Team, a licensee must complete a service request in BCFSA’s IRIS portal, which will be sent to their Principal Broker for approval, and pay the applicable fee(s). BCFSA will process the request, and, upon approval, the licensee’s record will be updated to reflect that they are now part of a Team under their respective brokerage.

Leaving a Team

Licensees do not need the approval of their Principal Broker to leave a Team. However, they are required to submit a request through BCFSA’s IRIS portal, which ensures that their Principal Broker and the Superintendent are aware of the change. BCFSA will process the request and update the licensee’s record to reflect the change. If a licensee wishes to join a new Team after leaving an existing Team, they must follow the steps to join a team and pay the applicable fee(s). If most Team members leave and a Team ends up with only one member, the Team must be wound up or another member must immediately be registered as a member.

Advertising

It is important for consumers to know if a mortgage services licensee is a member of a Team. If a Team, or any of its registered members, publishes advertising for mortgage services, the advertisement must clearly indicate the Team’s name exactly as approved by BCFSA. Team members are not allowed to provide any dealing or trading services outside of their Team. Therefore, if a Team member advertises dealing or trading mortgage services as an individual, they must also include the Team name, as approved by BCFSA.

If a mortgage services Team has an unlicensed assistant(s) and its advertisements include the assistant(s) as part of that Team, the advertising must indicate that the assistant(s) is an unlicensed member. This ensures the public is not misled or confused. The related brokerage of the Team must be included in all advertising. More information on advertising requirements can be found on BCFSA’s Mortgage Services Knowledge Base.   

Footnotes

¹ See BCFSA’s Mortgage Services Knowledge Base for more information on designated agency and dual agency.

Applicable Section of Mortgage Services Act, its Regulations, or the Mortgage Services Rules

MSA Rules

s. 55 (5) [Restrictions and requirements]

s. 57 [Requirement to register]

s. 58 [Registration]

s. 59 [Restrictions and requirements]