New Regulations Coming for Mortgage Broker Industry

Posted: October 21, 2024 6:32 am
By Web Team

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As of April 1, new regulations will be introduced for the Mortgage Broker Industry.

The new Mortgage Brokerages and Brokers Act and Regulations will implement a licensing framework for the industry,  introduce education and continuing education requirements for the industry, and require the industry to have errors and omissions insurance.

Mortgage brokers will also be required to maintain trust accounts, strengthen client disclosure requirements for the industry, and authorize administrative penalties for the industry.

Mortgage brokerages will be contacted by The Department of Digital Government and Service NL to inform them about how the changes will work.

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