Steps To Becoming A Mortgage Broker In New Brunswick

To become a mortgage broker in New Brunswick, you must obtain a licence by complying with the Mortgage Brokers Act, S.N.B.2014, c.41, and the rules MB-001 Mortgage Brokers Licensing and Ongoing Obligations and MB-002 Mortgage Brokers Fees. The process involves completing the required education, such as the New Brunswick Mortgage Associate Course and the New Brunswick Mortgage Broker Education Program, and fulfilling specific requirements, including age, residency, work authorization, criminal record check, and relevant experience. The Financial and Consumer Services Commission (FCNB) regulates the industry, ensuring that brokers possess the necessary qualifications and adhere to the legislative framework.

Meet age and residency requirements

To become a mortgage broker in New Brunswick, you must meet the following age and residency requirements:

Firstly, you must be 19 years of age or older to be eligible for a mortgage associate licence in New Brunswick. This is the minimum age requirement for entering the field of mortgage brokering in the province.

Secondly, you must be a resident of Canada. This is a crucial criterion, as the role of a mortgage broker in New Brunswick is closely tied to understanding and navigating the Canadian financial landscape and serving the needs of Canadian residents.

Additionally, it is important to note that the requirements may differ slightly if you are seeking a licence as a mortgage broker or a mortgage associate. While the age requirement of 19 years or older applies to both, a mortgage broker typically requires more education and experience than a mortgage associate.

Mortgage brokers are expected to have the necessary education and experience to supervise associates. They play a pivotal role in overseeing and guiding the work of associates within a mortgage brokerage firm.

Therefore, if you are aiming to become a mortgage broker, ensure that you carefully review the specific education and experience prerequisites outlined by the New Brunswick Financial and Consumer Services Commission (FCNB).

Furthermore, when applying for a licence, you will need to provide a valid email address and a completed criminal record check from a recognised authority, such as the RCMP or a municipal or provincial police force. This criminal record check should be issued no more than six months before your application.

Meeting these age and residency requirements is a fundamental step towards becoming a licensed mortgage broker or associate in New Brunswick, Canada.

Complete the New Brunswick Mortgage Associate Course

To become a mortgage broker in New Brunswick, you must complete the New Brunswick Mortgage Associate Course. This course is available through Mortgage Professionals Canada and can be taken online. The course takes approximately 40-60 hours to complete and covers the legislative framework for the regulation of mortgage brokerages, brokers, associates, and mortgage administrators in New Brunswick. It includes topics such as the Mortgage Brokers Act, S.N.B.2014, c.41 and the rules MB-001 Mortgage Brokers Licensing and Ongoing Obligations and MB-002 Mortgage Brokers Fees.

The course is designed to provide you with the knowledge and skills required to broker mortgages on behalf of a mortgage brokerage. It will cover the legal and regulatory requirements for mortgage brokers in New Brunswick, as well as practical aspects such as sales strategy, lead generation, and customer service techniques.

To successfully complete the course, you will need to pass a final in-person examination. This examination will test your knowledge of the course material and your understanding of the mortgage brokering industry in New Brunswick. It is important to note that this course is only one part of the licensing requirements to become a mortgage broker in New Brunswick.

In addition to completing the New Brunswick Mortgage Associate Course, you must also meet other requirements, including being 19 years of age or older, being a resident of Canada, and having a valid email address. You must also be authorized by a brokerage to deal in mortgages on its behalf and provide a completed criminal record check.

Pass the broker education program exam

To pass the broker education program exam in New Brunswick, you must first complete the New Brunswick Mortgage Associate Course, which is required by the Financial and Consumer Services Commission of New Brunswick (FCNB) to become a mortgage professional in the province. This course is available online and in English and French. It covers province-specific information on regulations, legislation, and business practices.

Once you have completed the course, you will be eligible to join a mortgage brokerage, which will submit your licensing application to provincial regulators. To pass the exam, you will need to demonstrate knowledge of the relevant regulations, legislation, and business practices specific to the province of New Brunswick.

The broker education program exam is likely to cover a range of topics, including:

• Mortgage products and services available in New Brunswick
• Provincial regulations and legislation governing the mortgage industry in New Brunswick
• Business practices specific to the province, such as marketing and advertising guidelines
• Ethical and professional standards expected of mortgage brokers in New Brunswick
• Calculations and financial analysis relevant to the mortgage industry

In addition to the above topics, the exam may also test your understanding of the broader financial industry, including knowledge of investment products, tax regulations, and economic trends that can impact the mortgage market.

To increase your chances of passing the broker education program exam, it is recommended that you:

• Thoroughly review the course materials and practice any calculations or financial analysis techniques taught in the course.
• Familiarize yourself with the Mortgage Brokers Act and its associated rules, as well as any other relevant provincial legislation.
• Utilize test preparation resources, such as practice exams or study guides, to identify areas you need to focus on and improve your understanding.
• Connect with other students or industry professionals to clarify any doubts and gain different perspectives on the material.

Provide a criminal record check

To become a mortgage broker in New Brunswick, you must provide a completed criminal record check as part of your application. This is a mandatory requirement for becoming a licensed mortgage broker in the province. The criminal record check must be conducted by a recognised authority and submitted with your application. Here are the key points to note about providing a criminal record check:

• Authority: The criminal record check must be conducted by a detachment of the RCMP (Royal Canadian Mounted Police) or a recognised municipal or provincial police force. Alternatively, you can obtain the criminal record check from an FCNB-approved background check vendor.
• Recency: Ensure that the criminal record check is issued within the last six months. It should be valid and up-to-date when you submit your application.
• Disclosure: On your application form, you must disclose any convictions or charges. Be prepared to provide detailed information about any offences, charges, or convictions you have. This includes disclosing any offences under the laws of any province, territory, state, or country.
• Honesty: Providing false information on your application is a serious offence. The FCNB may conduct an independent criminal record check to verify the information you provide. Inaccurate or misleading statements on your application will affect your chances of obtaining a licence.
• Other Registrations: In addition to the criminal record check, you must disclose any refusals, restrictions, suspensions, revocations, or cancellations of registrations or licences you have held in any capacity that involves dealing with the public. This includes any disciplinary proceedings or investigations that resulted in penalties imposed on you.
• Bankruptcy: If you have declared bankruptcy or made a consumer proposal, you must disclose this information. Provide the name and address of the trustee and be prepared to offer additional information if requested by the Director of Consumer Affairs.

Remember, the criminal record check is just one component of the application process for becoming a licensed mortgage broker in New Brunswick. Make sure to review all the requirements and provide complete and accurate information to ensure a smooth application process.

Submit an online application

To become a mortgage broker in New Brunswick, you must submit an online application to the New Brunswick Financial and Consumer Services Commission (FCNB). The application process is as follows:

Firstly, you need to create an account with the Nationwide Mortgage Licensing System (NMLS) and obtain an NMLS ID number. This will be your unique identifier and license number for your career as a mortgage broker. It is important to coordinate with your future employer when creating your NMLS account.

Once you have your NMLS ID, you can begin the application process by completing the required pre-license courses. These courses cover mortgage laws and procedures, and the SAFE Act mandates a minimum of 20 hours of pre-license education. New Brunswick does not require state-specific education, so you only need to take the standard 20-hour licensing course.

After completing your pre-license education, you must schedule and pass a licensing exam, also known as the SAFE test or MLO exam. This exam is administered by Prometric, and you can contact them directly to schedule your test date.

The next step is to submit your application for a mortgage loan origination license via the NMLS website. In some cases, your employer may fill out this application for you, so be sure to check with them before submitting any paperwork.

As part of your application, you will need to provide a completed criminal record check, conducted by the RCMP or a municipal/provincial police force, and issued within the last six months. Additionally, you must disclose any bankruptcy or consumer proposal information, including the trustee's name and address.

Along with the application, you will need to remit the application fee and provide proof of completed education. If applicable, you can also provide evidence of a license and completed education in another jurisdiction.

Finally, you may need to provide any other supporting information relevant to your suitability as a mortgage broker applicant. This could include an up-to-date resume and letters of support from your current or previous employers, detailing your role, responsibilities, and relevant experience.

Once your application is approved, you will be licensed as a mortgage broker and must comply with the requirements applicable to license holders.

Frequently asked questions