A new online database helps consumers find out if mortgage brokers have broken the rules that govern their profession.
Consumers can enter a mortgage broker’s name or company into the search-friendly database and see disciplinary actions (e.g., licence suspensions, administrative penalties, cease and desist orders) that have been taken against a broker by their provincial mortgage regulator and other Canadian regulators.
The database, developed by the Mortgage Broker Regulators’ Council of Canada (MBRCC), integrates disciplinary records from most provincial regulators into a single, convenient place. It helps consumers save time and provides additional peace of mind when choosing a mortgage broker.
In addition, mortgage brokerages and regulators across Canada now have easier access to disciplinary information. Brokerages can use the new tool to look up potential brokers, and provincial regulators can use it to assess the suitability of brokers who want to be licensed in other provinces.
“Mortgages are often the biggest financial commitment Canadians make,” explains MBRCC chair Corey Peters. “Mortgage brokers are regulated professionals who can help you find the right mortgage to finance your home. This new, easy-to-use database gives consumers a way to help check a broker’s background before entrusting them with such an important financial transaction.”
- More than 23,000 mortgage brokers are currently licensed across Canada.
- Disciplinary actions will be posted on the database for varying amounts of time, matching how long each regulator posts records in their own province.
- Consumers should still visit their provincial regulator’s website to get licence status information for mortgage brokers authorized to operate in that province.
The MBRCC is an inter-jurisdictional association of mortgage broker regulators that seeks to improve and promote harmonization of mortgage broker regulatory practices to serve the public interest. Its members work together and with stakeholders to identify trends and address common regulatory issues through national solutions that support consumer protection and an open and fair marketplace.
MBRCC members represent the nine provinces that currently have legislative and regulatory frameworks governing mortgage brokers or have an interest in developing one; British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia and Newfoundland & Labrador.