TORONTO – The Mortgage Broker Regulators’ Council of Canada (MBRCC) is working with the Canadian mortgage brokering industry to develop a National Code of Conduct (“Code”) for mortgage broker professionals.

The Code promotes high standards of business conduct to protect consumers of mortgage brokering services. Once implemented mortgage professionals across Canada will be expected to follow the conduct standards outlined in the Code and each jurisdiction will promote and enforce the Code through its local approach.

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 professionals will continue to be subject to all regulatory standards in the jurisdiction in which they practice.

The Canadian Mortgage Brokers’ Association (CMBA) and Mortgage Professionals Canada (MPC) are committed to partnering with MBRCC on the implementation of the Code. Once the Code is finalized to reflect association and industry feedback, CMBA and MPC will adopt the MBRCC Code of Conduct.

MBRCC member jurisdictions are seeking input on the proposed Code from mortgage professionals across the country. The consultation will begin on October 23, 2020 and end on December 23, 2020.

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.