Mortgages
Overview
We regulate mortgage brokers, brokerages, associates and administrators under the Mortgage Brokers Act.
Consumer Protection
We ensure mortgage professionals meet education and suitability requirements and comply with the law. The Commission licenses four categories of mortgage service providers:
- Mortgage Brokerage: A company that arranges or advises on mortgage loans or investments for clients. It is the business through which mortgage brokers and associates work.
- Mortgage Broker: An individual who helps homebuyers compare mortgage options from different lenders on behalf of a mortgage brokerage. A broker has the required education and experience to supervise mortgage associates and often holds a senior role in the brokerage.
- Mortgage Associate: An individual who arranges mortgages for a mortgage brokerage, typically working under the supervision of a licensed broker.
- Mortgage Administrator: A company that manages mortgages after they are set up. This includes collecting borrower payments, sending them to lenders or investors, and ensuring mortgage terms are followed.
Before working with a mortgage professional, check if they are licensed with the Commission.
What we can do:
- license mortgage professionals and ensure they meet the qualifications and requirements to be licensed
- supervise mortgage professionals to ensure they comply with provincial laws
- review and investigate complaints regarding mortgage brokers and brokerages
- take enforcement action
What we cannot do:
- set mortgage interest rates or loan terms
- intervene in contract disputes
- alter your mortgage agreement
Resources
Learn more about mortgages at Finfo.ca.