| MBLAA Act |
Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA)Mortgage Agents and Brokers are playing an increasing role in helping consumers with their borrowing needs. More consumers are using brokers to find a mortgage and many financial institutions use Mortgage Brokers to reach their market. About 30 per cent of first-time homebuyers are using the services of Mortgage Brokers. As a result, the Ontario government has updated the licensing requirements for mortgage agents and brokers to improve consumer protection and meet the needs of consumers in a fair and effective manner. The Mortgage Brokers Act will continue to be in effect until the new Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA) comes into effect on July 1, 2008. Download the Mortgage Brokerages, Lenders and Administrators Act, 2006 New Act ComplianceThe new Act will usher in a licensing system for Brokerages, Brokers, Agents and Administrators. Agents will be required to have minimum levels of mortgage brokerage education. Agents who have not been registered for at least 24 of the 36 months prior to registering under the new Act will be required to take a course in order to obtain and maintain licensing. Approved IMBA Mortgage Agent CourseThe IMBA Mortgage Agent Course is an approved course during the transition period. We encourage you to deal with this licensing requirement at your earliest opportunity to avoid a rush before future deadline dates. |
