Become a mortgage broker in Newfoundland and Labrador under the 2025 Act: the NL Mortgage Broker Course, the exam, a brokerage sponsor, and the Service NL licence.
Applies in: Newfoundland and Labrador
To become a mortgage broker in Newfoundland and Labrador you complete the Newfoundland and Labrador Mortgage Broker Course (NLMBC), pass its final exam, join a licensed mortgage brokerage, and apply for your licence through Service NL. The regime is young: the Mortgage Brokerages and Brokers Act came into force on April 1, 2025, and it replaced the province's old mortgage broker rules.
There is no associate class in Newfoundland and Labrador — individuals hold a mortgage broker licence after the NLMBC, and a principal broker also completes the management course. Do not carry another province's course into this guide: Ontario's agent and broker courses are not the Newfoundland and Labrador requirement.
Complete the NLMBC, the approved education program offered by Mortgage Professionals Canada. The course is online and self-directed, takes about 40 hours, and you have six months from your original registration date to complete the online modules and the final examination. The course fee is $495. The course is designed to meet the educational requirements established by the Superintendent of Mortgage Brokerages and Brokers under section 6 of the Regulations.
Pass the final examination with a mark of at least 60 percent. The exam is taken online with a remote proctor or in person. Under the Regulations, a person applying for a mortgage broker licence must provide proof that they successfully completed the Newfoundland and Labrador Mortgage Broker Course Examination approved by the Superintendent not more than two years before the date of the application — so do not sit the exam years before you plan to apply. If your licence is later cancelled, you must retake and pass the examination before applying for a new licence.
Find a licensed mortgage brokerage in Newfoundland and Labrador that will authorize you to deal in mortgages on its behalf. You must be sponsored by a licensed brokerage to be licensed as a broker. If you plan to run the brokerage yourself as a principal broker, you must also complete the Newfoundland and Labrador Mortgage Brokerage Management Course (NLMBMC), and as a principal broker you are required to hold both licence types — broker and brokerage.
Prepare the supporting information for the application. Applicants must have an address for service in the province and submit a criminal record check dated within six months of the application. The Regulations also let the Superintendent require letters of good standing from other jurisdictions where you are or were licensed to broker mortgages. The Act introduced errors-and-omissions insurance and trust accounts for brokerages and stronger client disclosure, so confirm the current insurance and disclosure requirements with the Consumer and Financial Services Division before you apply.
Apply through the online licence application and the Mortgage Broker Regulators' Council of Canada (MBRCC) licensing tool. The licensing fee for a mortgage broker licence is $200, and for a mortgage brokerage licence it is $400. Licences issued under the Act remain in effect subject to the filing of annual reports and payment of an annual fee as prescribed by the Minister, until withdrawn by the licensed person or suspended or cancelled under the Act. The annual filing due date is the last day of the month twelve months from the effective date of the original registration.
If you plan to run the brokerage as a principal broker, the Newfoundland and Labrador Mortgage Brokerage Management Course (NLMBMC) is the extra step. It is self-study online through Mortgage Professionals Canada, with tuition of $495 (no tax) and access to the online program for six months. The final exam is 85 multiple-choice questions with a 60 percent pass mark, and the certificate of completion is valid for two years from the exam date.
Book the exam online for $75 or in person for $100 at an approved testing site, and complete it within six months of your registration date. One rewrite is available for $150 (no tax), and it must be completed within six months of the original exam date — if you do not pass the rewrite, you must re-enrol in the full program. Two two-month extensions are available at $75 plus tax each.
The Service NL pages opened for this guide do not publish the continuing education hours the Superintendent sets for licence renewal, so this guide prints no continuing education figure; confirm the current requirement with Service NL before you rely on it. The pages do not publish a processing timeline for licence applications, so this guide gives none. The course fee of $495 comes from Mortgage Professionals Canada, the course provider, not from Service NL. This guide gives no advice on whether you qualify — that is the Superintendent's decision when your application is assessed. The Act is young and the regime is still settling, so check the Service NL licensing page again before you pay for the course or file an application.
The Consumer and Financial Services Division of the Department of Government Services, known as Service NL, regulates mortgage brokers and brokerages under the Mortgage Brokerages and Brokers Act. The Act came into force on April 1, 2025, replacing the old mortgage broker rules. A Superintendent of Mortgage Brokerages and Brokers administers licensing under the Act.
The Newfoundland and Labrador Mortgage Broker Course, known as the NLMBC, offered by Mortgage Professionals Canada. It is the approved education program for the province, designed to meet the educational requirements set by the Superintendent. The course is online and self-directed, takes about 40 hours, and you have six months from registration to complete the course and the final examination. The course fee is 495 dollars.
The pass mark for the final examination is 60 percent. The exam is taken online with a remote proctor or in person. Under the Mortgage Brokerages and Brokers Regulations, you must have passed the Newfoundland and Labrador Mortgage Broker Course Examination no more than two years before the date of your licence application.
Yes. The applicant must be sponsored by, or authorized by, a licensed mortgage brokerage in Newfoundland and Labrador to deal in mortgages. You apply as an individual broker working on behalf of a brokerage — there is no associate class in this province, unlike some other provinces. A principal broker, who runs a brokerage, must also complete the Newfoundland and Labrador Mortgage Brokerage Management Course and hold both licence types.
The licensing fee for a mortgage broker licence is 200 dollars, and for a mortgage brokerage licence it is 400 dollars. Licences remain in effect subject to the filing of annual reports and payment of an annual fee, and the annual filing is due on the last day of the month twelve months from the effective date of the original registration.
Applicants must have an address for service in the province and submit a criminal record check dated within six months of the application. Applications are made through the online licence application and the Mortgage Broker Regulators' Council of Canada licensing tool. The Act also brought in errors-and-omissions insurance, trust accounts for brokerages, and stronger client disclosure — confirm the current insurance and disclosure requirements with Service NL before you apply.