A top regulator has created a tool to help mortgage brokers understand the licensing requirements for mortgage transactions in different provinces, reports the Digital Journal.
The Mortgage Broker Regulators’ Council of Canada designed this new tool to assist brokers with the licensing requirements for mortgages where the client, broker and/or property are located in different provinces. When the location for each is selected, they are provided with information on the appropriate licensing requirements.
“Brokers need to know which requirements apply before they can arrange the mortgage,” MBRCC chair Kirk Bacon said in an interview. “This tool is easy to use, and it’s a great place for them to start.”
Although these are not the only elements used to determine whether or not a specific provincial license is necessary, the location of the borrower, broker and property often affect which rules do or do not apply.
“Technology that makes transactions across provinces possible is becoming more and more common,” added Bacon. “Anyone who brokers a mortgage that has elements in different provinces needs to know the rules that apply. This tool is here to help with that.”