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Responsibilities | Mortgage Brokers
Overview
The Role of the Registrar of Mortgage Brokers
The Registrar of Mortgage Brokers is responsible for registering mortgage brokers under the Mortgage Brokers Act (the "Act"). The Registrar makes sure that mortgage brokers meet the requirements of the Act, and have educational standards set out in the Policy Statements. The Registrar also has the power to investigate a complaint about a breach of the Act or the regulations.
The Registrar of Mortgage Brokers does not assess the risks of an investment, vet investment documentation, or check the qualifications of principals. The Registrar can not disclose if a mortgage broker is under investigation. The office of the Registrar of Mortgage Brokers plays no role in insuring investments or the recovery of investors' funds.
All mortgage investments carry risk. You should satisfy yourself that the risks associated with a mortgage are worth the return if you are thinking of investing in a mortgage. Please refer to the Form 9 supplied to you by your mortgage broker for further details.
New Statutory Declaration Form for Mortgage Brokers Not Handling Trust Funds
The Statutory Declaration form for mortgage brokers not handling trust funds has changed. The
new form has been posted on our website on the Registration Information/Forms page under Conditions
of Registration. It is identified as a Form 12, "Statutory Declaration Respecting Absence of Trust
Transactions". The Registrar's office will continue to accept Statutory Declarations in the old form
up until September 30, 2009.
New Trust Audit Forms for Mortgage Brokers Handling Trust Funds
The Registrar intends to replace the current reporting regime for mortgage brokers
who handle trust funds with a requirement for mortgage brokers to undergo an annual
trust audit and file a trust audit report. The new reporting requirements will be implemented in
January of 2009.
The new trust audit requirement would closely mirror the financial reporting requirements
for mortgage brokerages in Alberta. The new reporting requirements are expected to provide
a number of benefits, such as:
providing better public protection by ensuring that trust monies are being handled appropriately;
alleviating trade barriers by permitting Alberta mortgage brokers who wish to broker in British Columbia with a similar reporting regime; and
reducing the regulatory burden on mortgage brokers who handle trust funds by requiring them to provide a more focussed and less costly financial report than audited company financial statements.
Draft copies of the new trust audit forms are set out below:
If you have any comments about the new reporting requirements or
the implementation date, please provide them to the Registrar's staff
by September 30, 2008 at FICOM@ficombc.ca or
1200-13450 102nd Avenue, Surrey, BC V3T 5X3
Locating a Registered Mortgage Broker
To locate a mortgage broker in your area visit the Mortgage Brokers Association of British
Columbia web site.
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