module 2: regulatory frameworks
British Columbia - ANS-British Columbia financial services authority (BCFSA)
alberta - ANS-real estate council of Alberta (RECA)
Saskatchewan - ANS-consumer credit division, financial and consumer affairs authority (FCAA)
Manitoba - ANS-Manitoba securities commission - real estate division
Ontario - ANS-financial services regulatory authority of Ontario (FSRA)
quebec - ANS-authority des marches financiers (AMF)
Nova Scotia - ANS-service Nova Scotia and internal services (SNS-IS)
new brunswick - ANS-financial and consumer services commission of new Brunswick (FCNB)
prince Edward island - ANS-consumer labour and financial services division, department of
justice and public safety
Newfoundland and labrador - ANS-financial services regulation division, service Newfoundland
northwest territories - ANS-register, securities and corporate registries, department of justice
yukon - ANS-land titles office, department of justice
Nunavut - ANS-legal registries, department of justice
Education Requirements - ANS-Multiple provinces have legislated education requirements for
mortgage brokering. In these jurisdictions, a person who wants to operate as a mortgage broker
must be licensed provincially.
Quebec and Alberta are among the only jurisdictions in North America to have a self-regulating
mortgage brokering industry, fully funded by industry members. In most other provinces and
states, responsibility is either shared with government through co-regulation or entirely the
government's concern.
what jurisdictions in North America have a self-regulating mortgage brokering industry, fully
funded by industry members? - ANS-Quebec and Alberta
why was the Mortgage Broker Regulators' Council of Canada (MBRCC) established? - ANS-to
engage in a strategic planning session that resulted in a mandate calling for a greater degree of
, coordination and cooperation in the Regulators' efforts to serve the public interest across
Canada.
Mandate of the MBRCC - ANS-The MBRCC is a forum for Canadian mortgage broker regulators
to improve and promote the harmonization of mortgage broker regulatory practices to serve the
public interest.
vision of the MBRCC - ANS-Effective regulation that supports consumer protection and an open
and fair marketplace.
mission of the MBRCC - ANS-To work cooperatively with mortgage broker, Regulators and
stakeholders to identify trends and develop solutions to common regulatory issues.
mortgage originators are not regulated in same fashion in every province across canada. is this
situation good or bad? - ANS-There is no right or wrong answer to this question.
Different regulations across the country allow for different regional markets, different histories,
and increase the potential for flexibility as regulations are at the lower, provincial level, and not
the Federal level. There is however one major shortcoming with this system. There is no one set
of guidelines for Canada. This can lead to confusion in the marketplace and in the eyes of
consumers and makes it difficult for participants in the industry to move between provinces.
FSRA requirements include what? - ANS-the check list
disclosure
the checklist - ANS-The Checklist was developed to assist mortgage brokerages, brokers, and
agents in complying with regulations relating to the Standards of Practice (Ontario Regulations
187/08 and Ontario Regulations 188/08) and reporting requirements (Ontario Regulation
193/08) under the MBLAA, 2006.
disclosure - ANS-As you can see from the Checklist, borrowers must receive various types of
disclosure.
Disclosure on the following is required:
Mortgage details
Cost of borrowing
Compensation (referral fees)
Conflicts of interest
Who the brokerage is representing
Material risk
when is a license required - ANS-when dealing in mortages
when trading in mortages
when lending in mortages
when administering mortgages
British Columbia - ANS-British Columbia financial services authority (BCFSA)
alberta - ANS-real estate council of Alberta (RECA)
Saskatchewan - ANS-consumer credit division, financial and consumer affairs authority (FCAA)
Manitoba - ANS-Manitoba securities commission - real estate division
Ontario - ANS-financial services regulatory authority of Ontario (FSRA)
quebec - ANS-authority des marches financiers (AMF)
Nova Scotia - ANS-service Nova Scotia and internal services (SNS-IS)
new brunswick - ANS-financial and consumer services commission of new Brunswick (FCNB)
prince Edward island - ANS-consumer labour and financial services division, department of
justice and public safety
Newfoundland and labrador - ANS-financial services regulation division, service Newfoundland
northwest territories - ANS-register, securities and corporate registries, department of justice
yukon - ANS-land titles office, department of justice
Nunavut - ANS-legal registries, department of justice
Education Requirements - ANS-Multiple provinces have legislated education requirements for
mortgage brokering. In these jurisdictions, a person who wants to operate as a mortgage broker
must be licensed provincially.
Quebec and Alberta are among the only jurisdictions in North America to have a self-regulating
mortgage brokering industry, fully funded by industry members. In most other provinces and
states, responsibility is either shared with government through co-regulation or entirely the
government's concern.
what jurisdictions in North America have a self-regulating mortgage brokering industry, fully
funded by industry members? - ANS-Quebec and Alberta
why was the Mortgage Broker Regulators' Council of Canada (MBRCC) established? - ANS-to
engage in a strategic planning session that resulted in a mandate calling for a greater degree of
, coordination and cooperation in the Regulators' efforts to serve the public interest across
Canada.
Mandate of the MBRCC - ANS-The MBRCC is a forum for Canadian mortgage broker regulators
to improve and promote the harmonization of mortgage broker regulatory practices to serve the
public interest.
vision of the MBRCC - ANS-Effective regulation that supports consumer protection and an open
and fair marketplace.
mission of the MBRCC - ANS-To work cooperatively with mortgage broker, Regulators and
stakeholders to identify trends and develop solutions to common regulatory issues.
mortgage originators are not regulated in same fashion in every province across canada. is this
situation good or bad? - ANS-There is no right or wrong answer to this question.
Different regulations across the country allow for different regional markets, different histories,
and increase the potential for flexibility as regulations are at the lower, provincial level, and not
the Federal level. There is however one major shortcoming with this system. There is no one set
of guidelines for Canada. This can lead to confusion in the marketplace and in the eyes of
consumers and makes it difficult for participants in the industry to move between provinces.
FSRA requirements include what? - ANS-the check list
disclosure
the checklist - ANS-The Checklist was developed to assist mortgage brokerages, brokers, and
agents in complying with regulations relating to the Standards of Practice (Ontario Regulations
187/08 and Ontario Regulations 188/08) and reporting requirements (Ontario Regulation
193/08) under the MBLAA, 2006.
disclosure - ANS-As you can see from the Checklist, borrowers must receive various types of
disclosure.
Disclosure on the following is required:
Mortgage details
Cost of borrowing
Compensation (referral fees)
Conflicts of interest
Who the brokerage is representing
Material risk
when is a license required - ANS-when dealing in mortages
when trading in mortages
when lending in mortages
when administering mortgages
