Becoming a new mortgage brokerage

Licensing a new mortgage brokerage 

Before applying to BCFSA for licensing as a new mortgage brokerage in B.C., review this information to make sure you have met all the requirements.  

Under the Mortgage Services Act (MSA), businesses that provide mortgage services must be licensed by BCFSA. A mortgage brokerage is a licensed business entity. These entities are often structured as a corporation or partnership. Each mortgage brokerage must have a principal broker who is responsible for the brokerage’s supervision, compliance, and oversight. Individuals who provide mortgage services on behalf of a brokerage must hold the appropriate licence under the MSA. The principal broker must be licensed for the same categories as the brokerage.

Under the MSA, “mortgage services” includes:

• Dealing in mortgages
• Trading in mortgages
• Mortgage lending
• Administering mortgages

Anyone carrying on activities that constitute mortgage services is required to hold the appropriate licence under the MSA. Licensing requirements depend on the nature of the activities being conducted and the role of the individual or business. companies, partnerships, and sole proprietors need to be registered as mortgage brokers to engage in mortgage broker activity.  

Getting started with your licence 

Before you apply for licensing as a new mortgage brokerage, you will need to register your company with BC Registries and appoint a principal broker who will be accountable for and speak on behalf of the organization. 

To qualify to act as a principal broker, a person must meet the Superintendent’s requirements regarding suitability, competency, qualifications, and experience. Applicants may be required to provide information and documentation to demonstrate that they are suitable to act as a principal broker.  

Before you log in to IRIS, you will need:

• Your BC Registry documents;
• Consent to use the business name if borrowing another company’s name;
• A list of directors, shareholders, and officers;
• Certified criminal record checks for officers and directors;

• A colour copy of government issued ID; 
• Visa or Mastercard for payment; and 
• A partnership agreement, if applicable. 

When you are ready to submit your documents to apply for licensing, create a new submission in the IRIS portal and follow the prompts to complete the process.