Frequently Asked Questions
How will the Mortgage Brokers' Regulatory Council of Canada (MBRCC) benefit mortgage
The Council will work to ensure consumers get the advice they need when considering a mortgage and provide similar protection across Canada by:
- developing common solutions to regulatory issues impacting consumers;
- promoting harmonized regulatory practices for mortgage brokers; and
- promoting consistent professional treatment of consumers across the country
How will the establishment of this organization impact the industry?
The Council will promote harmonized standards for mortgage brokers and will work to make it easier for licensed mortgage brokers and agents to operate in more than one province.
What relationship will the MBRCC have with the industry and stakeholders?
The MBRCC expects to have a cooperative relationship with industry and stakeholders. We will regularly seek information and input from the industry and stakeholders in regards to our efforts to improve regulatory standards and outcomes.
Why have the regulators chosen to adopt a more collaborative direction?
We have come together in an effort to better serve the interests of mortgage consumers acrossthe country.
By adopting a more collaborative approach, regulators are now better able to:
- Improve information sharing
- promote harmonized regulatory practices
- develop a unified approach to engaging stakeholders on common issues
What are the most pressing regulatory issues in the mortgage broker sector at the time of the
MBRCC's establishment? On which issues will the Council focus at the outset?
The Council is focused on three key issues from its outset. These include:
- Mortgage suitability - ensuring that a mortgage fits a client's needs and personal circumstances;
- Material risk disclosure - ensuring consumers understand all of the risks associated with any mortgage undertaking; and
- Professional competencies - ensuring that licensed professionals are adequately skilled and knowledgeable.
The Council has set up committees to examine each of these issues.
What is the MBRCC's place in the existing regulatory framework?
The Council is a forum for provincial regulators to promote harmonized regulatory practices for mortgage brokers.
The Council will also be a place where regulators can identify common issues and share information.
Does the Council plan to recommend to legislation in their member jurisdictions?
The Council will develop and promote solutions to common regulatory issues in the mortgage brokering industry.
It will be up to governments in each jurisdiction to decide whether to make changes to their legislation based on the solutions developed by the Council.