What are the licensing criteria for a Mortgage Brokerage?
The Mortgage Brokerages, Lenders and Administrators Act regulations require that the following be considered for each application for a Mortgage Brokerage licence: • Whether the Mortgage Brokerage can be expected to be financially responsible in its business, considering its financial position. • Whether the past actions of the Mortgage Brokerage’s sole proprietor, officers, directors or partners (as applicable) provide reason for believing that the Brokerage’s business will be not be carried out in a lawful or honest way. • Whether the Mortgage Brokerage currently is, or will be doing, any business that will not follow the Act. • Whether false statements have been made on the Mortgage Brokerage licence application. In addition to the above criteria, the Superintendent of Financial Services may also consider other issues or facts that he considers appropriate.
