MBRCC endorses National Code of Conduct for mortgage broker professionals
TORONTO – The Mortgage Broker Regulators’ Council of Canada (MBRCC) has published a new Code of Conduct (“Code”) for mortgage broker professionals.
In its 2020-2023 Strategic Plan the MBRCC identified enhancing consumer confidence and establishing appropriate industry practice and education standards as strategic priorities Today’s announcement marks a significant milestone toward the fulfillment of these priorities.
MBRCC consulted with the Canadian Mortgage Brokers’ Association (CMBA) and Mortgage Professionals Canada (MPC) on the development of the Code and the Code will be used by their membership.
The Code was finalized following consultation with industry in late 2020 and early 2021. A summary of the feedback received can be accessed here: MBRCC Code of Conduct Consultation Feedback
The Code reflects the common regulatory standards in Canada’s mortgage brokering industry, while recognizing that each jurisdiction has its own regulatory approach for the conduct of business. Mortgage brokers should conduct their business following these common principles, while ensuring compliance with all applicable laws, regulations, rules or regulatory codes within their respective jurisdiction. Any stricter or more specific requirements, rules or standards of conduct take priority over the Code.
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.