Address for Service: The applicant shall indicate on the application a current Address for Service in the Province. A document sent or served to the applicant under the Mortgage Brokerages and Brokers Act or Regulations shall be considered to be sufficiently sent or served if delivered personally or mailed by registered mail to the registrant at the address for service stated in the application for registration.
Principal Broker: A corporation or partnership shall designate a person to act as its principal broker. The individual must hold a valid mortgage broker licence, be a director of the corporation and be active in the day to day operations and knowledgeable of the business of the corporation or partnership.
Examination Requirement: The individual who will be acting as the Principal Broker must successfully complete the Newfoundland and Labrador Mortgage Brokerage Management Course or the approved training program in the individual’s home jurisdiction.
Criminal Record Check: The applicant must submit a certified criminal records check satisfactory to the superintendent from the Royal Newfoundland Constabulary, the Royal Canadian Mounted Police or another organization approved by the minister for:
the principal broker, where the applicant is a corporation,
each partner in the partnership, where the applicant is a partnership, or
the sole proprietor, where the applicant is a sole proprietorship.
Errors and Omissions Liability Insurance: The applicant must provide proof that they are the name insured of a Errors and Omissions Liability Insurance policy in the amount of $500,000.
Licensing fees: The licensing fee for a mortgage brokerage licence is $400.00.
Licence Term: Licences issued under the Mortgage Brokerages and Brokers Act remain in effect subject to the filing of annual reports and payment of an annual fee as prescribed by the Minister until it is withdrawn by the licensed person or is suspended or cancelled under the Act. The annual filing due date is the last day of the month twelve (12) months from the effective date of the original registration.
Mortgage Broker is defined as an individual who holds a mortgage broker licence and who brokers mortgages on behalf of a mortgage brokerage.
Criminal Record Check: The applicant must submit a certified criminal records check satisfactory to the superintendent from the Royal Newfoundland Constabulary, the Royal Canadian Mounted Police or another organization approved by the minister.
Examination Requirement: The applicant must complete the Newfoundland and Labrador Mortgage Broker Course or the approved training program in their home jurisdiction.
Sponsorship Requirement: The applicant must be sponsored by a licensed Mortgage Brokerage in Newfoundland and Labrador.
Licensing fees:The licensing fee for a mortgage broker licence is $200.00.
