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Mortgage Services Act: Transition

Mortgage Services Act: Transition

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Transitioning from the Mortgage Brokers Act to the Mortgage Services Act

On July 14, 2025, the BC Government approved the rules and regulation that accompany the Mortgage Services Act (MSA) and further set out the regulatory framework for the mortgage services industry.

The MSA represents a significant shift for the mortgage services industry. BC Financial Services Authority (BCFSA) is overseeing the transition from the Mortgage Brokers Act (MBA) to the MSA and will support the mortgage services industry as they prepare for the implementation of the new regulatory framework.

A 15-month transition period was set to give the mortgage services industry and BCFSA time to prepare for the MSA. This period started when the MSA Rules and Regulation were approved and ends when the MSA comes into force on October 13, 2026.

During the transition period, those registered under the MBA will need to complete certain activities, like taking transition education courses, to become licensed under the MSA. The activities to be completed will be different, depending on whether you want to become a licensed principal broker or a licensed mortgage broker.

Current Designated Individuals are required to complete a series of service requests through BCFSA’s IRIS portal to support their brokerage’s transition to the MSA. Information about how and when to complete the service requests will be sent directly to Designated Individuals. For more information, visit the MSA Transition Service Request webpage.

MSA Transition Checklist

To support registrants through the transition to the MSA, BCFSA has developed licence-specific checklists for individuals becoming licensed as Personal Mortgage Corporations, Principal Brokers, and Mortgage Brokers.

The checklists are intended to be used as a practical tool to help guide registrants through the transition and can be downloaded from BCFSA’s website:

We encourage registrants to refer to the checklist regularly to ensure they’ve met all requirements ahead of the MSA coming into force on October 13, 2026.

If you have questions about the service request process, please contact the MSA Enquiries team at msa@bcfsa.ca.

MSA: The Road Ahead

The graphic below shows the different activities required by registrants under the MBA who want to become licensed under the MSA. It also gives a timeline of when BCFSA will publish information and resources. (Download PDF).

Road Ahead to the Mortgage Services Act graphic - A timeline of key implementation milestones.

MSA Implementation Roadmap

Since the transition began, BCFSA has been publishing information and resources about the new legislative framework. It also launched mandatory transition education courses to help registrants learn about the MSA and the new regulatory requirements it will bring.

Questions about the MSA can be sent to BCFSA’s enquiries team at msa@bcfsa.ca.

  • Transition Education

    Registrants under the MBA must complete transition education to become licensed under the MSA. Information about required courses is available on our MSA Education webpage.

    MSA Education

MSA Transition FAQs

*This information will be updated as new information becomes available.

  • The Mortgage Services Act (MSA) will come into force on October 13, 2026.

  • On July 14, 2025, the BC Government approved the rules and regulation that accompany the MSA and further set out the MSA regulatory framework.

    A 15-month transition period was set to give the mortgage services industry and BCFSA time to prepare for the MSA.

    The approval of the MSA Rules and Regulation marked the beginning of the 15-month transition period. This period ends when the MSA comes into force on October 13, 2026.

    View the Road Ahead to the Mortgage Services Act graphic for a snapshot of what to expect throughout the transition period.

  • BCFSA is leading the transition from the current Mortgage Brokers Act (“MBA”) to the MSA and is supporting the mortgage services industry as they prepare for the implementation of the new regulatory framework.

  • Since the transition began, BCFSA has been publishing information and resources about the new legislative framework. It also launched mandatory transition education courses to help registrants learn about the MSA and the new regulatory requirements it will bring.

    To further support the mortgage services industry, BCFSA launched the Mortgage Services Knowledge Base. This information hub includes advisories, regulatory statements, guidelines, and information to help industry members understand regulatory requirements.

    BCFSA has also held information sessions throughout the 15-month transition period.

    BCFSA will continue to update its website with new information about the MSA and the transition period, as it becomes available.

  • BCFSA will keep updating its website with new information as it becomes available. It will also email current MBA registrants to provide advisories, MSA newsletters, and share other important information related to the transition from the MBA to the MSA.

    Current registrants should make sure their contact information in IRIS is up to date.

  • BCFSA’s website will be your main source of information about the transition to the MSA.

  • BCFSA will email current MBA registrants on a regular basis, as important information becomes available. Please make sure your contact information is up-to-date in IRIS.

  • BCFSA is conducting Brokerage Readiness Assessments throughout the transition period to help it understand how much mortgage services registrants know about the MSA, how they view the transition process, and how ready they feel for implementation.

    The survey will be sent to Designated Individuals to complete, and completion is mandatory.

  • Registrants under the MBA who wish to become licensed under the MSA will need to complete certain activities, like transition education courses, before the MSA comes into force.

    The activities will be different depending on whether you want to become a licensed principal broker or a licensed mortgage broker.

    Information about the activities you will need to complete will be shared throughout the transition period to support a smooth, measured approach to the new regulatory framework.

    All registrants must complete mandatory transition education to continue providing mortgage services once the MSA is in effect. Current registrants must complete transition education by September 22, 2026, in order for their registration to be transition to a licnce on October 13, 2026. Failure to complete the mandatory transition education courses by September 22, 2026, could result in:

    • Your registration, and the registration of all individuals registered with your brokerage, not being transitioned to a licence when the MSA comes into force.
    • You and any individuals registered with your brokerage will be considered unlicensed and therefore unable to provide mortgage services until you become licensed.
    • You may be subject to disciplinary action, including administrative penalties, by BCFSA if mortgage services are provided you or your brokerage are not licensed.
    • Any in-flight files may need to be put on hold until a licence is obtained or transferred to another brokerage for completion, potentially creating impacts and risks for your clients.

    Check out the Road Ahead to the Mortgage Services Act graphic to see the required activities and when BCFSA will publish information and resources.

  • To be licensed when the MSA comes into force on October 13, 2026, MBA registrants must have completed the required MSA transition education courses for their licence type. For example, everyone has to complete the MSA: Getting Started course, while those wishing to become licensed as a principal broker must complete MSA: The New Principal Broker parts one and two, and mortgage brokers must complete the MSA: The New Mortgage Broker course. Current registrants must complete all mandatory transition education courses by September 22, 2026.

    If you do not complete these courses by September 22, 2026, your registration will not be transitioned to a licence when the MSA comes into force on October 13, 2026. This means you will not be able to provide any mortgage services until you complete the courses.

    If you miss the opportunity to take the transition education before September 22, 2026, there is no need to worry. BCFSA will continue to make transition education courses available after the MSA comes into force for individuals who may have missed taking it earlier or for those who have been on leave. However, you won’t be able to provide mortgage services until you have successfully completed the required education.

  • Designated individuals who want to become a principal broker when the MSA starts must complete the MSA: Getting Started course and MSA: The New Principal Broker parts one and two.

    You should also take steps to make sure submortgage brokers at your brokerage complete their required transition education courses (i.e., MSA: Getting Started and the MSA: The New Mortgage Broker course) before the MSA comes into force. Visit the MSA Education webpage for more information.

    Designated Individuals who want to become a Principal Broker will need to choose the licensing categories for their brokerage and submit this information to BCFSA via a service request. For more information about this process, see the MSA Transition Service Requests webpage.

  • Yes. BCFSA will directly contact sole proprietors discuss their required transition activities.