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Mortgage Broker Frequently Asked Questions

Mortgage Broker Frequently Asked Questions

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General Topics

  • The current Mortgage Brokers Act refers to the business entity (brokerage) as being the “Mortgage Broker”, and an individual who is employed by a Mortgage Broker as being a “Submortgage Broker” of the brokerage.

  • Applications submitted through the IRIS Portal

    Fees for applications processed through MB E-filing can be paid by credit card though BC Express Pay within the IRIS Portal.

    Important: This option is not available for new Mortgage Broker or Branch Office applications.

    Applications NOT submitted through the IRIS Portal
    Fees for all other transactions not processed through the IRIS Portal must be paid by credit card payment using the Credit Card Payment Form.

    Important: Our office cannot process credit card information received via email. The Credit Card Form must be submitted by mail or to our secure fax at (604) 660-3365.

  • The procedures to register a new brokerage are outlined in the “Mortgage Broker General Registration Requirements” document.

  • The current Mortgage Brokers Act refers to Submortgage Brokers as being employees of the Mortgage Broker. Submortgage Brokers are not able to have commissions paid to personal corporations.

  • If the deal starts with the brokerage they are leaving — the file is owned by that brokerage. In order for the new brokerage to take over the deal, the client must provide written authorization for the original brokerage to release their information to the new brokerage before the Submortgage Broker can continue with the deal at the new brokerage. The Registrar expects that the original brokerage will promptly forward the complete client file to the new brokerage once the authorization from the client is received.

    Note: Under the Mortgage Brokers Act “ownership” of a client lies with the Mortgage Broker — not the Submortgage Broker. However, some brokerages may include specific terms around client “ownership” in their employment contracts with Submortgage Brokers. Contractual disputes between Submortgage Brokers and their employing Mortgage Broker are not a regulatory matter over which the Registrar has authority.

  • Submortgage Brokers employed by a brokerage are not permitted to operate under a personal trade name.

    A brokerage can use a trade name provided it is registered with the BC Corporate Registry and with the Registrar of Mortgage Brokers.

    An individual may choose to register themselves as a sole proprietor brokerage; in which case they may register a trade name on their Mortgage Broker registration.

    Note: Both Submortgage Brokers and Mortgage Brokers are required to hold themselves out to the public in a manner that clearly states the name under which the Submortgage Broker or Mortgage Broker is registered with this office.

    For information about registering a trade name, refer to the BC Corporate Registry website.

  • Currently there is no requirement for Mortgage Brokers or Submortgage Brokers to carry Errors and Omissions Insurance in B.C.

Designated Individuals

    • You must be registered as a Submortgage Broker for a minimum of two years with no compliance issues.
    • You must be registered as a Submortgage Broker to the brokerage for which you will be the Designated Individual.
    • Generally, you must become an Officer or Director of the brokerage.
    • Your application must be approved by the staff of the Registrar of Mortgage Brokers.
    • A Director’s Resolution naming you as the new Designated Individual, signed by at least two current Directors (or one if only a single Director) must be submitted to our office.
    • Once you are approved to be the Designated Individual, an application must be submitted through the IRIS portal.

    Important: When adding a new Director to a brokerage, the following must be submitted in the IRIS Portal:

    • Criminal Record Check for the new Director, no more than six months old.
    • Copy of government issued ID for the new Director.
    • All Applications must be submitted in the IRIS Portal.
    • You must already have been registered as a Submortgage Broker for a minimum of two years with no compliance issues.
    • You must be registered as a Submortgage Broker to the brokerage for which you will be the Designated Individual.
    • Your application must be approved by staff of the Registrar of Mortgage Brokers.
    • A Director’s Resolution naming you as the new Designated Individual, signed by at least two current Directors (or one if only a single Director,) must be submitted through the IRIS Portal.
    • Once you are approved to be the Designated Individual, an email is sent to you.

    Important: When adding a new Director to a brokerage, the following must be submitted in the IRIS Portal:

    • Criminal Record Check for the new Director, no more than six months old.
    • Copy of government issued ID for the new Director.

Continuing Education

  • As of April 1, 2023, to renew or reinstate your registration, mortgage brokers must complete:

    Learn more about continuing education

    Important: Courses must be completed prior to your renewal date in order for your renewal to be processed. It is each registrant’s personal responsibility to ensure they renew on time to avoid late filing fees. We recommend that you diarize your renewal at least 30 days prior to expiry of your registration.

  • Unregistered for less than five years:
    If you have been unregistered for a period of less than five years, you need only complete the same online courses required for renewal of registration.

    Refer to the continuing education webpage to learn more about the current continuing education requirements for mortgage brokers.

    Unregistered for five or more years:
    If you have been unregistered for five or more years, then you are required to take the full Mortgage Brokerage in British Columbia course from UBC’s Sauder School of Business, Real Estate Division.

    Unregistered, but worked in the mortgage industry:
    If you have been unregistered for over five years but have direct industry experience during this period, you may be eligible for an exemption and required to complete BCFSA’s current continuing education requirements for mortgage brokers.

    In order to be considered for an exemption, you must send a copy of your resume outlining relevant experience along with a letter of intent to [email protected] for review. If approved, our office will notify you in writing.

Registered Submortgage Brokers

  • The current Mortgage Brokers Act refers to the business entity (brokerage) as being the “Mortgage Broker”, and an individual who is employed by a Mortgage Broker as being a “Submortgage Broker” of the brokerage.

  • The Submortgage Broker must submit their renewal application into the IRIS portal.

    The following will be required to process your application in the IRIS Portal:

    • Clear color copy of government issued picture ID.
    • Registration fee in the amount of $1,500.
    • If the renewal documentation is submitted past the renewal date, late fees will apply ($50 per day to a maximum of $500).
    • Criminal Record Check, no more than six months old.
    • Complete the required continuing education courses.

    Important: It is each registrant’s personal responsibility to ensure they renew on time to avoid late filing fees. We recommend that you diarize your renewal at least 30 days prior to expiry of your registration.

  • You can send an email to [email protected] to request your registration number. Be sure to include your birthdate.

  • The Office of the Registrar of Mortgage Brokers does not have jurisdiction over how documents can be signed. For guidance you may refer to the Electronic Transactions Act of British Columbia which can be found at: Electronic Transactions Act

  • You are required to advertise under your own legal name as it is registered with our office. You must also display the full registered trade name of the Mortgage Broker you are either employed with or are a partner or director of, in any advertising.

    Further information can be found at: Misleading Advertising and Requirements for Mortgage Loan Advertising

  • Yes. You may submit a name change along with a copy of legal documentation to the IRIS portal as an amendment.

    The fee for amending your registration is $200.

  • The current Mortgage Brokers Act refers to Submortgage Brokers as being employees of the Mortgage Broker. Submortgage Brokers are not able to have commissions paid to personal corporations.

  • If the deal starts with the brokerage you are leaving – the file is owned by that brokerage. In order for the new brokerage to take over the deal, the client must provide written authorization for the original brokerage to release their information to the new brokerage before you can continue with the deal at your new brokerage. The Registrar expects that the original brokerage will promptly forward the complete client file to the new brokerage once authorization from the client is received.

    Important: Under the Mortgage Brokers Act “ownership” of a client lies with the Mortgage Broker ‐ not the Submortgage Broker. However, some brokerages may include specific terms around client “ownership” in their employment contracts with Submortgage Brokers. Contractual disputes between Submortgage Brokers and their employing Mortgage Broker are not a regulatory matter over which the Registrar has authority.

  • Submortgage Brokers employed by a brokerage are not permitted to operate under a personal trade name.

    A brokerage can use a trade name provided it is registered with the BC Corporate Registry and with the Registrar of Mortgage Brokers.

    An individual may choose to register themselves as a sole proprietor brokerage; in which case they may register a trade name on their Mortgage Broker registration.

    Note: Both Submortgage Brokers and Mortgage Brokers are required to hold themselves out to the public in a manner that clearly states the name under which the Submortgage Broker or Mortgage Broker is registered with this office.

    For information about registering a trade name, refer to the BC Corporate Registry website at: BC Corporate Registry Website

  • Currently there is no requirement for Mortgage Brokers or Submortgage Brokers to carry Errors and Omissions Insurance in B.C.

New Submortgage Broker Applicants That Have Never Been Registered

  • You will need to find a currently registered brokerage to sponsor your application for registration. You will then sign up as a user on the IRIS Portal.

    • The following is a list of some of the basic requirements to accompany your application:
    • Registration fee of $1,500.
    • One piece of color copied government issued identification which contains your photograph.
    • Certified criminal record check
    • Successful completion of the Mortgage Brokerage in British Columbia course offered through UBC Sauder School of Business, Real Estate Division.
    • You may also be required to provide a Record of Employment or be subject to additional review. Our office will notify you in these cases.
    Further Information

  • Yes. As a new applicant you are required to complete the Mortgage Brokerage in British Columbia course provided by UBC Sauder School of Business, Real Estate Division.

    Further Information (will open in a new tab)

  • You have one year after passing the exam to apply for registration.

  • Under some circumstances, experienced applicants may request to challenge the exam. You will require permission from our office before you can write the exam. In order to be considered, you must send a copy of your Resume outlining relevant experience along with a Letter of Intent to [email protected] for review. If approved, our office will notify you in writing.

  • No. The Urban Land Economics Diploma from UBC is considered to be equivalent to the Mortgage Brokerage in British Columbia course and satisfies the education requirement. Simply provide our office with your transcripts showing successful completion to: [email protected].

    Further Information

  • No. If you are currently licensed with BCFSA, or you have completed The Real Estate Services Licensing course from UBC within the past year, you can meet the education requirement by completing the Mortgage Brokerage Supplemental Course from UBC.

  • No. Practicing lawyers are exempt from all education requirements on first application as well as on any renewals.

  • No. Our office does not have information on brokerages which may be hiring. However, you can search for registered brokerages.

  • The current Mortgage Brokers Act refers to Submortgage Brokers as being employees of the Mortgage Broker. Submortgage Brokers are not able to have commissions paid to personal corporations.

  • You must be a Canadian citizen, landed immigrant or possess a valid work visa in order to become registered as a Submortgage Broker.

  • Registrations are for a two year period.

    Important: It is each registrant’s personal responsibility to ensure they renew on time to avoid late filing fees. We recommend that you diarize your renewal at least 30 days prior to expiry of your registration.

  • A bankruptcy will not necessarily prevent you from becoming registered. However, you must disclose this at the time of application and submit a copy of your Assignment of Bankruptcy or Discharge of Bankruptcy. The circumstances and details of the bankruptcy will be reviewed to determine whether or not you are suitable for registration, and / or whether conditions will be applied if registration is granted.

  • You must disclose any criminal record in your application. The circumstances and nature of your criminal history will be reviewed to determine whether or not you are suitable for registration; and/or whether conditions will be applied if registration is granted.

    In order to obtain your official criminal record, you will need to attend your local police department and provide fingerprints to verify your identity.

    Important: It can take up to four months for a fingerprinted Criminal Record to be processed.

  • Generally, applications can take up to 10 business days to process once we receive all of the required documents and information. Missing or incomplete documents and information will result in delays.

New Submortgage Broker Applicants — Previously Registered in B.C.

  • Unregistered for less than five years:
    If you have been unregistered for a period of less than five years, you need only complete the same online courses required for renewal of registration.

    Refer to BCFSA’s current continuing education requirements for mortgage brokers.

    Unregistered for five or more years:
    If you have been unregistered for five or more years, then you are required to take the full Mortgage Brokerage in British Columbia course from UBC’s Sauder School of Business, Real Estate Division.

    Unregistered, but worked in the mortgage industry:
    If you have been unregistered for over five years but have direct industry experience during this period, you may be eligible for an exemption and required to complete BCFSA’s current continuing education requirements for mortgage brokers.

    In order to be considered, you must send a copy of your Resume outlining relevant experience along with a Letter of Intent to [email protected] for review. If approved, our office will notify you in writing.

  • You will need to find a currently registered brokerage to sponsor your application for registration. You will then sign up as a user in the IRIS Portal.

    The following is a list of some of the basic requirements to accompany your application:

    • Registration fee of $1,500.
    • One piece of color copied government issued identification which contains your photograph.
    • Certified criminal record check.
    • Successful completion of the Mortgage Brokerage in British Columbia course offered through UBC Sauder School of Business, Real Estate Division.
    • You may also be required to provide a Record of Employment or be subject to additional review. Our office will notify you in these cases.
    Further Information

  • A bankruptcy will not necessarily prevent you from becoming registered. However, you must disclose this at the time of application and submit a copy of your Assignment of Bankruptcy or Discharge of Bankruptcy. The circumstances and details of the bankruptcy will be reviewed to determine whether or not you are suitable for registration, and/or whether conditions will be applied if registration is granted.

  • You must disclose any criminal record in your application. The circumstances and nature of your criminal history will be reviewed to determine whether or not you are suitable for registration; and/or whether conditions will be applied if registration is granted.

    In order to obtain your official criminal record, you will need to attend your local police department and provide fingerprints to verify your identity.

    Important: It can take up to four months for a fingerprinted Criminal Record to be processed.

  • Generally, applications can take up to 10 business days to process once we receive all of the required documents and information. Missing or incomplete documents and information will result in delays.

New Submortgage Broker Applicants — Currently Registered in Another Province

  • Labour mobility legislation allows a licensee from a Canadian jurisdiction to apply for registration in B.C. for the same licence level and category they have in their home/originating jurisdiction. However, there are some conditions depending on whether the occupational standards of that jurisdiction are deemed equivalent or inequivalent to those in B.C. 

    Jurisdictions with Occupational Standards Deemed Equivalent to B.C.Jurisdictions with Occupational Standards Deemed Inequivalent to B.C. 
    Alberta Ontario (Mortgage Agent Level 1)
    Saskatchewan Newfoundland & Labrador
    Manitoba Yukon
    Ontario (Mortgage Agent Level 2) Northwest Territories
    Quebec Nunavut
    New Brunswick
    Nova Scotia

    The specific parameters for extra-provincial licensees to apply to become registered in B.C. are outlined in BCFSA’s Regulatory Statement and on the extra-provincial qualification page. It includes requirements for:

    • Licensed applicants from a deemed equivalent jurisdiction;
    • Unlicensed applicants from a deemed equivalent jurisdiction; and
    • Licensed applicants from a deemed inequivalent jurisdiction.

    To get started with your registration application, visit the Mortgage Broker Registrations page.

  • You will need to find a currently registered brokerage to sponsor your application for registration. You will then sign up as a user in the IRIS Portal.

    The following is a list of some of the basic requirements to accompany your application:

    • Registration fee of $1,500.
    • One piece of color copied government issued identification which contains your photograph.
    • Certified criminal record check.
    • You may also be required to provide a Record of Employment or be subject to additional review. Our office will notify you in these cases.
    Further Information

  • If you have two or more years of experience as a Submortgage Broker/Mortgage Agent in another province, you have the option to apply for registration as a sole-proprietor Mortgage Broker rather than as a Submortgage Broker with a brokerage.

    Further Information

  • A bankruptcy will not necessarily prevent you from becoming registered; however, you must disclose this at the time of application and submit a copy of your Assignment of Bankruptcy or Discharge of Bankruptcy. The circumstances and details of the bankruptcy will be reviewed to determine whether or not you are suitable for registration, and/or whether conditions will be applied if registration is granted.

  • You must disclose any criminal record in your application. The circumstances and nature of your criminal history will be reviewed to determine whether or not you are suitable for registration; and/or whether conditions will be applied if registration is granted.

    In order to obtain your official criminal record, you will need to attend your local police department and provide fingerprints to verify your identity.

    Important: It can take up to four months for a fingerprinted Criminal Record to be processed.

  • Generally, applications can take up to 10 business days to process once we receive all of the required documents and information. Missing or incomplete documents and information will result in delays.

  • The current Mortgage Brokers Act refers to Submortgage Brokers as being employees of the Mortgage Broker. Submortgage Brokers are not able to have commissions paid to personal corporations.

Obtaining Registrant Information

  • All registered Mortgage Brokers and Submortgage Brokers are listed on our website.

    Formal enforcement action taken by the Registrar of Mortgage Brokers is posted on our website under the “Enforcement” section.

  • You can contact our office at [email protected] and inquire directly.

    Important: Conducting business as a Mortgage Broker or Submortgage Broker in B.C. requires registration under the Mortgage Brokers Act, unless otherwise exempted. If you are uncertain about a particular situation, please contact our office at [email protected].

  • The Office of the Registrar of Mortgage Brokers does not provide lists.

    Publicly available information can be found on our website.

The IRIS Portal

  • Yes, you can upload supporting documents to the IRIS Portal.

  • Yes. Late fees are $50 per day (up to a maximum of $500) for filings made after the due date.

    Important: It is each registrant’s personal responsibility to ensure they renew on time to avoid late filing fees. We recommend that you diarize your renewal at least 30 days prior to expiry of your registration.

  • There is no legislative provision under the Mortgage Brokers Act or Regulations for a discretionary waiver of late filing fees. Registrants must be cognizant of their renewal dates and take responsibility for timely submissions.

    Our office does send a reminder email as a courtesy only. However, we encourage you to diarize your renewal dates and plan accordingly.

  • You will need to do the following:

    • The Designated Individual will need to enter the new name through the IRIS Portal.
    • Provide confirmation that the name has been registered with Corporate Registry.
    • Submit the required fees — $200 for the head office, each branch office (if applicable) and $200 for every submortgage broker registered to the entity.
    • For franchise or network brokerages, you will also need to provide correspondence verifying consent to use the name from the franchisor or network.

  • The Designated Individual must submit a service request through the IRIS Portal to terminate a branch. The service request would be an amendment.

  • You can add a new branch through the IRIS Portal. The fee for adding a new branch is $200.

Annual Financial Filings

  • You must submit through the IRIS Portal on an annual basis, the following completed forms:

    • Form 14 — Representations of Mortgage Broker.
    • Form 15 — Accountant’s Report, completed by an independent and certified accountant.

    Your annual financial filing is due 120 days after your financial year end.

  • You must submit through the IRIS Portal on an annual basis, a completed and notarized Form 12 — Statutory Declaration Regarding the Absence of Trust Funds.

    The Form 12 is due 30 days after your fiscal year end.

  • You must change the activities of the Mortgage Brokerage through the IRIS Portal.

  • If you file on or before the due date, there is no fee.

    Important: There is a late financial filing fee of $50 per business day (up to a maximum of $500) for filings made after the due date.

  • You may pay using the IRIS Portal.

    You can also fax in a credit card form to (604) 660-3365. Please use this form.

    Important: We cannot accept credit card forms by e-mail. Currently, late fees cannot be paid through MB E-filing.

  • You must update your fiscal year end in the IRIS portal.