A Mortgage Broker is someone who, for profit, finds mortgage money on behalf of others. Every mortgage broker in this province must be licensed by the Financial Services Regulation Division.
In accordance with the Mortgage Brokers Act and Regulations, as part of his or her fee, a mortgage broker may not charge a client a bonus in excess of 1% of the principal amount of the mortgage plus $100. Note that a “bonus” does not include an application fee and such fees may vary per mortgage broker.
The mortgage broker shall provide to a borrower, at least 48 hours before the execution of a mortgage by the borrower, a written statement in a form approved by the registrar, showing:
- the actual amount of money to be advanced to the borrower;
- the amount of a bonus;
- estimated legal fees and disbursements; and
- the cost of borrowing expressed in terms set out in the regulations.
To file a complaint with the Superintendent of Real Estate and Mortgage Brokers, please refer to the Office’s complaint process (225 KB).