Mortgage Broker

Summer 2014

Mortgage Broker is the magazine of the Canadian Mortgage Brokers Association and showcases the multi-billion dollar mortgage-broking industry to all levels of government, associated organizations and other interested individuals.

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12 | summer 2014 MORTGAGEBROKER update Licensing Reciprocity THE MBABC RECENTLY RECEIVED a query from a registered broker member: My mortgage broker company opened up a branch office in Alberta. I would like to obtain registration in Alberta so I can do business there. What do I need to send to RECA so I can get licensed in Alberta without having to take the Alberta Mortgage Broker course? We contacted the Registrar's staff to get clarification on this issue. It advised that if a British Columbia broker who is registered under the Mortgage Brokers Act wishes to become licensed in another province, such as Alberta or Ontario, he or she would need to supply the reciprocating jurisdiction with a form called a Reciprocity Information Request Form. e form will be filled out by the Registrar's staff in the mortgage broker's department, and will contain the following information relating to the broker: legal name, any alias's, current registration information, registration history, education history, and most importantly, any history of official sanctions imposed on the broker by the Registrar. Official sanctions are essentially Registrar's Orders, and will not include any informal warnings. e senior registration officer will sign and send the completed form to the reciprocal licensing jurisdiction, e.g. RECA or FSCO. is part of the licensing process should be completed in about two weeks. If you are a B.C. broker and you want to obtain a license in another jurisdiction, contact the mortgage brokers department at FICOM at and ask for your licensing or registration history. ere is no fee for this form. Sidney Spit Success THE SIDNEY SPIT Education and Networking Event was a great success! Special thanks to MBABC directors Deenu Patel and Kelly Curtis for their hard work organizing the event, which attracted nearly 120 people who came to learn, share, and spend time with industry peers at the Capital City Yacht Club. Lawyers from Harper Grey, Nigel Trevethan and Steven Abramson, provided an excellent and entertaining view of potential litigation

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