Becoming a New Mortgage Broker

Registration: New Mortgage Brokers Permanent link to this section

Before applying to BCFSA for registration as a new mortgage broker in B.C., review this information to make sure you have met all the requirements. 

Under the Mortgage Brokers Act (“the Act”), companies, partnerships, and sole proprietors need to be registered as mortgage brokers to engage in mortgage broker activity.

For more in-depth information on trade names, new mortgage broker applications for corporations and partnerships, sole proprietor applications, and branch office applications, please see the Mortgage Broker Registrations document.

The Act defines a “mortgage broker” as a person who does any of the following:

• Carries on a business of lending money secured in whole or in part by mortgages;
• Holds themselves out as a mortgage broker, or by an advertisement, notice, or sign, indicates that they are a mortgage broker;
• Carries on a business of buying and selling mortgages or agreements for sale;
• In any one year, receives an amount of $1,000 or more in fees or other consideration, excluding legal fees, for arranging mortgages for other persons;
• During any one year, lends money on the security of 10 or more mortgages; or
• Carries on a business of collecting money secured by mortgages.

For examples of activities that are likely to constitute “arranging mortgages,” refer to the Mortgage Broker Registrations document.

Getting started with your registration Permanent link to this section

Before you register as a new mortgage broker, you will need to register your company with BC Registries and appoint a Designated Individual (“DI”) who will be accountable for and speak on behalf of the organization.

To qualify to act as a Designated Individual, a person must:

• Be an officer and/or director of a corporate mortgage broker and reflected as such on BC Registry; or
• Be a general partner in a mortgage broker partnership; or
• Be a sole proprietor; and
• Be a submortgage broker at the brokerage; and
• Have recently been registered under the Act or similar legislation in another jurisdiction for a minimum of two years with no prior record of regulatory misconduct under the Act or any other legislation in British Columbia or elsewhere.

Before you log in to IRIS, you will need:

• Your BC Registry documents;
• Consent to use the business name if borrowing another company’s name;
• A list of directors, shareholders, and officers;
• Certified criminal record checks for officers and directors;

• A colour copy of government issued ID;
• A completed Form 2a;
• Visa, Mastercard, or American Express for payment (refer the Mortgage Broker Registrations document for the amount correlating to your specific type of registration); and
• A partnership agreement, if applicable.

When you are ready to submit your documents to apply for registration, create a new submission in the IRIS portal and follow the prompts to complete the process.