The Mortgage Brokers Act is now MB Law
Obtaining a mortgage is likely the single largest financial obligation you will make.
There are many options available to you when shopping for a mortgage. Regulated institutions such as banks, credit unions, and caisse populaires offer a variety of mortgage products. Private lenders also lend their own money out to consumers by using mortgages. You can also find a mortgage by using a mortgage broker. A mortgage broker works with you and a variety of lenders to find a mortgage that will fit your needs.
The Mortgage Brokers Act is now Manitoba law and regulates the activities of mortgage brokers. In order to be a mortgage broker, the business or individual arranging your mortgage must be registered with The Manitoba Securities Commission. Registration ensures that the person you are dealing with has the proper training and resources necessary to conduct business in a way that will protect your interests. A list of registered mortgage brokers, authorized officials and salespeople is available on the Manitoba Securities Commission website.1
Mortgage brokers are required by law to provide you with information about your mortgage. This information is important for you to understand the costs associated with your mortgage, as well as the legal responsibilities you agree to when you enter into a mortgage.
The Manitoba Securities Commission can also investigate complaints involving mortgage brokers and can often assist in resolving your complaint. The Commission can also hold hearings and issue orders to protect the public.
1 The amended legislation came into effect on May 1, 2011. Mortgage Brokers who were not previously registered have been permitted to continue to carry on business while they apply for registration. Applications from Mortgage Brokers who were not previously registered must be received by June 3, 2011. If your Mortgage Broker or salesperson is not in the list of registrants, contact the Commission for further information.