Mortgage Associate Licensing Requirements

If you wish to become licensed as a mortgage associate in New Brunswick you must:

• be 19 years of age or older
• be a resident of Canada
• be authorized by a brokerage to deal in mortgages on its behalf
• work for only one brokerage
• successfully complete the approved education program for associates
• provide any other required supporting information in relation to the applicant’s suitability
• have a valid e-mail address
• provide a completed criminal record check, conducted at a detachment of the RCMP or a municipal or provincial police force, which has been issued in the last six months

Mortgage associate education requirements

To meet the education requirements for a associate licence, you must successfully complete the approved associate education programs approved by the Director, and apply for an associate licence within three years of successfully completing the approved associate education program.

Education equivalency requests for associates

If you are submitting an education equivalency request, you need to demonstrate clear and compelling evidence that your education and experience are equivalent to the current licensing education program. Please be aware that the Director has an obligation to ensure that you meet a minimum suitable standard. The requirement of education is in place to protect the public interest. The public must have a reasonable expectation that all brokers and associates are suitably qualified to carry out their duties.

Your online application for equivalency must:

• indicate your request for equivalency on the educational requirements page
• include an up-to-date résumé
• include a signed letter of support for your relevant education and work experience from your current employer. The letter should describe your role and responsibilities. Letters of support of your application from other individuals or businesses with suitable knowledge of your training and experience may also be provided.
• include details regarding your educational background and a thorough explanation as to how your education is equivalent and relevant to the business of mortgage brokering
• include confirmation from your brokerage's principal broker that they support your request for equivalency

Mortgage associate education program

One requirement for becoming licensed is the successful completion of the associate education program. This program is available in English and French. The tuition fees are set by the education provider, Mortgage Professionals Canada. Program details and enrolment requirements can be found on the Mortgage Professionals Canada website.

Do you have a mortgage associate licence in another jurisdiction?

Associate applicants need to meet education requirements, or be exempt from this requirement, and be found suitable for licensing. An individual is exempt from the associate education requirement if they have an authorization as any of the following:

• British Columbia – Sub-mortgage broker
• Alberta – Mortgage Associate
• Saskatchewan – Mortgage Associate
• Manitoba – Salesperson
• Ontario – Mortgage Agent
• Québec – Mortgage Broker
• Québec – Fully Qualified Real Estate Broker
• Nova Scotia – Associate Mortgage Broker

Individuals who do not hold one of the above authorizations are not exempt from the associate education requirement, and need to demonstrate they meet the education requirement when they apply for a licence.

Before submitting an application

Within the associate application you are required to attest that you are familiar with the Mortgage Brokers Act and will comply with it and its rules. In addition to knowing the information in the legislation and what is provided on the FCNB website, it is recommended that you contact the brokerage under which you are applying for guidance in meeting this requirement.

Suitability assessment principles for associates

When determining whether an applicant is suitable to be licensed, the Director may consider the following:

• whether an individual’s past conduct affords reasonable grounds for belief that they will not deal or trade in mortgages in accordance with the law and with integrity and honesty
• whether an individual is carrying on activities that contravene or will contravene the Act or the regulations if they are licensed
• whether an individual has made a false statement or has provided false information to the Director with respect to the application for the licence

Application requirements

The brokerage, associate, and broker licence applications require the applicant to disclose information relevant to the Director’s determination of suitability for a licence. The applicant is required to provide information with respect to the existence of a criminal record, other registrations or licences, and any bankruptcy or consumer proposal.

Criminal record

All applicants are required to include with their application a completed Criminal Record Check, conducted at a detachment of the RCMP or a municipal or provincial police force, or from an FCNB-approved background check vendor. The applicant must also indicate on their application if they have ever been convicted of an offence under any law of any province, territory, state, or country, and if they are currently the subject of any charge. If so, applicants must provide all relevant details at the time of application. FCNB may also conduct an independent criminal record check.

Other registrations or licences

The applicant must disclose the refusal of a registration or licence under any legislation requiring registration or licensing to deal with the public in any capacity, in any province, territory, state, or country. An applicant who holds or has held such a registration or licence is also required to disclose whether they have been or are the subject of a disciplinary proceeding that resulted in a penalty being imposed or whether they are the subject of an investigation or upcoming disciplinary proceeding that may result in a penalty being imposed.

Bankruptcy or consumer proposal

The applicant must disclose whether they either individually, or as a shareholder, officer, or partner of a corporation or partnership, have declared bankruptcy, have made a voluntary assignment in bankruptcy, have made a consumer proposal, or have an undischarged bankruptcy. The applicant must provide:

• the trustee’s name and address and may be asked to provide additional information by the Director of Consumer Affairs in relation to the bankruptcy or consumer proposal.

Application review

Where an application is subject to review on the determination of suitability, the outcome will depend on the facts and circumstances of the particular case. Relevant circumstances for consideration when reviewing applicant suitability may include but are not limited to:

• the nature of an offence or charge with regard to the provision of financial services and the applicant’s ability to abide by the law
• the frequency or number of offences or charges
• the seriousness of an offence or charge
• in the case of bankruptcy, whether the applicant acted dishonestly, recklessly, or with intention to avoid responsibility for his or her debts
• any failure on the part of an applicant to provide full disclosure with respect to prior registrations or licences, bankruptcy, or criminal conduct

In addition to information submitted in the application, an applicant may also be or have been the subject of a complaint, investigation, or disciplinary action by FCNB. The information from any complaint, investigation, or disciplinary action may also be considered when determining an applicant’s suitability.

Note: providing false information on an application is an offence and will affect the decision to issue a licence. Where it appears that false statements have been made on an application or in subsequent submissions, such statements will be assessed by FCNB staff.

How to apply

If you are seeking a licence as an associate, you must:

• complete the online application form
• pay the application fee
• provide proof of completed education or provide evidence of licence and completed education in another jurisdiction (if applicable)
• provide any other required supporting information in relation to the applicant’s suitability

If your application is approved and you are licensed as an associate, you will need to comply with the requirements applicable to licence holders.