TORONTO – the Mortgage Broker Regulators’ Council of Canada (MBRCC) has formed a working group with the mortgage broker industry to understand and respond to the impact of the COVID-19 pandemic on the industry and Canadians more broadly.

Representatives from all of MBRCC’s member jurisdictions are meeting with representatives from the Canadian Mortgage Brokers’ Association (CMBA) and Mortgage Professionals Canada (MPC) on a weekly basis to discuss current and emerging issues, and coordinated regulatory responses where necessary.

“Our aim is to work collaboratively with members and the industry to identify challenges and develop solutions in order to enhance consumer protection in the face of disruption,” said Alaina Nicholson, Chair of the MBRCC and Director of Consumer Affairs at the Financial and Consumer Services Commission of New Brunswick.

Chris Carter, Chair of MBRCC’s COVID-19 working group and VP and Deputy Registrar at the BC Financial Services Authority added, “We as regulators welcome open lines of communication with industry and consumers as we navigate these challenging times.”

About the Mortgage Broker Regulators’ Council of Canada:

The MBRCC is comprised of regulators across Canada responsible for administering mortgage broker legislation and regulating the industry in their respective jurisdictions. The MBRCC provides Canada's mortgage broker regulators with a forum to work cooperatively, better share information and coordinate engagement of stakeholders to identify trends and develop solutions to common regulatory issues.