NB Mortgage Brokers Will Require Licence
SAINT JOHN–People working in New Brunswick mortgage brokerages will soon be required to get a licence from the province’s Financial and Consumer Services Commission.
The new rules come into effect on April 1, 2016.
Under the new Mortgage Brokers Act, licensing and educational requirements and standards of practice are required for those who are brokering or administering mortgages in New Brunswick.
After April 1, they will have up to nine months to complete the required course.
“Our mandate is to protect consumers through a combination of regulation and education,” said Rick Hancox, chief executive officer of the commission. “The goal of the new obligations under the Mortgage Brokers Act is to ensure that consumers are better informed about their mortgage transaction including the costs prior to agreeing to the services of a mortgage broker.
“The rules also aim to prevent consumers from being subject to hidden brokerage fees.”