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Why does the Mortgage Brokerages, Lenders and Administrators Act only allow Mortgage Agents and Brokers to work for one Mortgage Brokerage?

April 26, 2017ACT administrators agents brokerage brokerages brokers lenders mortgage

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Why does the Mortgage Brokerages, Lenders and Administrators Act only allow Mortgage Agents and Brokers to work for one Mortgage Brokerage?

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In order to improve consumer protection, it is necessary for a Mortgage Brokerage to be responsible for the work of its Mortgage Agents and Brokers. Each Mortgage Brokerage must appoint a Principal Broker who will ensure that each Mortgage Broker and Mortgage Agent complies with the Act.