Stronger Rules to Support the Mortgage Broker Industry Effective April 1

New rules for the mortgage broker industry in Newfoundland and Labrador are coming into effect on April 1, 2025.

The new Mortgage Brokerages and Brokers Act and Regulations will:

• Implement a licensing framework for industry.

• Introduce education and continuing education requirements for industry.

• Require the industry to have errors and omissions insurance.

• Require mortgage brokerages to maintain trust accounts.

• Strengthen client disclosure requirements for industry.

• Authorize administrative penalties for the industry.

Mortgage interest rates are not affected by the Mortgage Brokerages and Brokers Act and Regulations as these are primarily determined by the Bank of Canada policy rate.