A Mortgage Broker is someone who, for profit, finds mortgage money on behalf of others. Every mortgage broker in this province must be licensed by the Financial Services Regulation Division.
In accordance with the Mortgage Brokers Act and Regulations, as part of his or her fee, a mortgage broker may not charge a client a bonus in excess of 1% of the principal amount of the mortgage plus $100. Note that a "bonus" does not include an application fee and such fees may vary per mortgage broker.
The mortgage broker shall provide to a borrower, at least 48 hours before the execution of a mortgage by the borrower, a written statement in a form approved by the registrar, showing:
Our office handles and mediates complaints involving the actions of mortgage brokers and their staff.