How to Become a Mortgage Broker in Manitoba
Manitoba mortgage registration: the salesperson course, the authorized official route after 24 months, and the firm registration behind the broker title.
How to Become a Mortgage Broker in Saskatchewan
Saskatchewan mortgage licensing: associate first, then broker after 24 of 36 months, with FCAA fees, the July to June licence year, and RLS applications.
Applies in: Saskatchewan
Saskatchewan licenses mortgage brokers and mortgage associates as individuals, and the ladder runs in one direction: associate first, broker second. The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) administers The Mortgage Brokerages and Mortgage Administrators Act and its Regulations through the Superintendent of Financial Institutions. The Act covers four licence types: mortgage brokerage, broker, associate, and mortgage administrator. This guide covers the individual path from associate to broker. A mortgage administrator is a separate corporate licence type, and brokers and associates do not work on behalf of a mortgage administrator.
Step 1: Meet the associate requirements
To become licensed as a mortgage associate, you must be 18 years of age or older, be a resident of Canada or be exempt from the residency requirement, be authorized by a mortgage brokerage to deal in mortgages, work for only one mortgage brokerage, and have a valid email address and the other contact information set out in the application form. You must complete the application form, pay the required fees, demonstrate completion of an approved mortgage associate education course or an exemption, and be suitable for a licence. Associates broker mortgages on behalf of a licensed mortgage brokerage and are supervised by a mortgage broker with the brokerage.
As part of the application you confirm familiarity with the Saskatchewan laws on licensing mortgage associates, provide information about bankruptcies, lawsuits, criminal records, decisions from other regulators, and other employment information, and provide a criminal record check dated within 3 months of the application submission date. The check must be issued by a police agency or by a credit reporting agency registered in Saskatchewan.
Step 2: Complete the approved associate education
The approved mortgage associate education program includes a final examination, and the approved course is provided by Mortgage Professionals Canada. You must apply for a mortgage associate licence within three years of successfully completing the course. The tuition fee is set by the program provider, and the FCAA pages state no tuition amount, course length, or exam pass mark, so confirm those with the provider before enrolling.
An individual is exempt from the Canadian residency requirement and the mortgage associate education requirement if they hold an authorization substantially equivalent to the Saskatchewan licence. The FCAA associate page lists British Columbia Sub-mortgage broker, Alberta Mortgage Associate, Manitoba Salesperson, Ontario Mortgage Agent, Quebec Mortgage Broker, Quebec Fully Qualified Real Estate Broker, New Brunswick Mortgage Associate, and Nova Scotia Associate Mortgage Broker. If you hold an equivalent licence that is not on that list, the FCAA page directs you to contact the FCAA at mbma@gov.sk.ca. Internationally trained persons and persons seeking a section 8 education exemption on equivalent education and experience follow the contact routes stated on the same page.
Step 3: Apply through your brokerage in RLS
You cannot apply for licensing unless a brokerage invites you. The brokerage invites you to apply through the Registration and Licensing System (RLS), the computer system the FCAA uses for applying for and maintaining licences. Before accepting the invitation, set up your user ID and password in RLS. The application has five tabs: Business Activity, Suitability for Licensing, Supporting Documents, Declaration, and Invoice. After completing the form but before paying the fees, send the application back to the brokerage in RLS for its review. If the brokerage supports it, the application returns to you for payment and submission to the FCAA.
The fees for the associate licence are a non-refundable application fee of $250 and a licence fee of $400, which is refunded if a licence is not issued. Pay by credit card in RLS or by cheque made payable to the Minister of Finance, including a copy of the RLS invoice with a cheque. A $25 service charge applies to a cheque returned by the financial institution. On average it takes about 12 business days from the date the completed application is received to issue a licence, though the FCAA states that actual time frames vary and that applications that are not substantially complete, have material regulatory concerns, or involve a detailed section 8 exemption assessment can take significantly longer. Once approved, view and print a PDF of the licence from RLS.
Step 4: Work 24 of 36 months as an associate
To meet the experience requirement for a mortgage broker licence, you must be licensed as a mortgage associate in Saskatchewan for at least 24 of the 36 months preceding the date the broker licence was applied for, or be exempt from the requirement. The section 8 exemption does not apply to the experience requirement. Holders of substantially equivalent licences elsewhere in Canada are exempt from the residency, education, and experience requirements, including Alberta Mortgage Broker, Manitoba Authorized Official, Ontario Mortgage Broker, British Columbia Designated Individual, and the Quebec, New Brunswick, and Nova Scotia equivalents listed on the FCAA broker page.
Use the associate years to learn the brokerage's supervision and disclosure work. Brokers may be assigned responsibility to supervise one or more associates brokering mortgages for the same brokerage, and every brokerage must designate one broker as principal broker. Watching how supervision and the principal broker's compliance work operate is part of preparing for the broker licence, not an extra.
Step 5: Complete the approved broker education and apply again
A broker applicant must demonstrate completion of an approved mortgage broker education course, or an exemption from the education requirement, in the same way as the associate stage. The FCAA broker page does not name the course provider, the course length, or the course fee on its opened pages, so confirm the current approved program with the FCAA or the provider and upload the course completion certificate issued by the provider with the application.
The broker application runs through the same RLS route: brokerage invitation, five tabs, brokerage review before payment, and submission to the FCAA. The fees are the same as at the associate stage, a non-refundable $250 application fee and a $400 licence fee, and they are not transferable between licence types. If you are licensed as an associate, meeting the broker requirements is not enough on its own; you pay a new application fee and licence fee for the broker licence. A fresh criminal record check dated within 3 months of the application is required, with the same suitability disclosures as at the associate stage.
Step 6: Stay licensed as a broker
A broker licence is continuous, but the $400 licence fee is paid for each licence year in advance, no later than June 30 of each year, because the licence year runs July 1 to June 30 and the fee is not pro-rated. Each year, submit an annual return for the year ended May 31 by June 30 and pay the next year's $400 annual fee by June 30. Notify the Superintendent within 7 days of no longer being authorized to broker mortgages for the brokerage named on the licence, of contact information changes, and of criminal charges and other changes set out in the legislation. A licence is automatically suspended if you are no longer authorized to broker mortgages on behalf of the brokerage named on your licence, or if that brokerage's licence is suspended or cancelled. If suspended, stop all mortgage brokering activity at once and apply for reinstatement, paying the $100 reinstatement fee.
Every licensed mortgage broker must complete the approved continuing education course by May 31 in a year that ends with an even number. Brokers must act in the best interests of the borrower, with the only exception being certain situations outlined in the legislation where a private investor is involved. The principal broker of each brokerage acts as chief compliance officer, assigns a broker to supervise each associate, and carries the additional responsibilities set out for that designation. The licence is tied to one brokerage: individuals are authorized to broker mortgages only on behalf of the brokerage listed on their licence.
Figures the opened FCAA pages do not state
The FCAA pages state the fees, the licence year, the experience rule, the education structure, and the processing average set out above. They do not state the tuition, length, or pass mark of either approved education program, the name of the approved broker education provider, or a processing time for incomplete or exemption applications beyond the warning that they take significantly longer. Those figures were cut from this guide rather than filled in from a course provider's site. Confirm the current approved programs and their costs with the FCAA before enrolling.
Related guides:
- How to become a mortgage broker in Alberta: Alberta's associate-to-broker ladder under RECA, whose Mortgage Broker licence is listed as equivalent to Saskatchewan's broker licence.
- How to become a mortgage broker in British Columbia: British Columbia's mortgage broker licensing, whose Designated Individual is listed as equivalent to Saskatchewan's broker licence.
- How to become a mortgage agent in Ontario: Ontario's entry-level mortgage agent licence, whose Mortgage Broker licence is listed as equivalent to Saskatchewan's broker licence.
- Licensed Occupations in Saskatchewan — every verified licence and credential in Saskatchewan, with the regulator that issues it
The Saskatchewan mortgage broker path
- Start as a mortgage associateAt least 18, a resident of Canada or exempt, authorized by one mortgage brokerage, and the approved associate education program
- Apply through the brokerage in RLSThe brokerage invites you to apply in the Registration and Licensing System, with a criminal record check dated within 3 months
- Pay the associate feesA non-refundable $250 application fee and a $400 licence fee, with a licence year of July 1 to June 30 that is not pro-rated
- Work 24 of 36 months as an associateLicensed as a mortgage associate in Saskatchewan for at least 24 of the 36 months before the broker application
- Complete the approved broker educationDemonstrate completion of an approved mortgage broker education course, or an exemption from the education requirement
- Apply again as a brokerA new application fee and licence fee, a fresh criminal record check, and the brokerage invitation in RLS
Questions people ask
Do I apply as a mortgage broker straight away in Saskatchewan?
No, unless you hold a substantially equivalent licence elsewhere in Canada or qualify another way. The Financial and Consumer Affairs Authority states that a new entrant to the mortgage brokering industry applies as an associate. The broker licence follows after the associate experience and the broker education, or an exemption from those requirements.
What does it cost to get licensed in Saskatchewan?
A non-refundable application fee of $250 and a licence fee of $400, for both the associate and the broker licence. The licence fee is refunded if a licence is not issued. Fees are not transferable between licence types, so moving from associate to broker means paying a new application fee and licence fee. The course tuition is set by the program provider and is not stated on the FCAA pages.
How does the licence year work in Saskatchewan?
The licence year runs July 1 to June 30. The licence fee is not pro-rated, so a licence issued late in the licence year still carries the full $400 licence fee. The licence itself is continuous, but the $400 licence fee must be paid for each licence year in advance, no later than June 30 of each year, with an annual return for the year ended May 31 due by June 30.
What experience do I need for the broker licence?
You must have been licensed as a mortgage associate in Saskatchewan for at least 24 of the 36 months preceding the broker application, or be exempt from the experience requirement. The exemption covers holders of substantially equivalent licences, including Alberta Mortgage Broker, Manitoba Authorized Official, Ontario Mortgage Broker, and British Columbia Designated Individual, among others listed on the FCAA broker page.
Is principal broker a separate licence in Saskatchewan?
No. Principal broker is a designation, not a separate licence type. Every brokerage must have one broker designated as its principal broker, who acts as chief compliance officer and assigns a broker to supervise each associate. You hold a broker licence with the brokerage and are designated principal broker by the brokerage.
How long does an application take, and how fresh must the criminal record check be?
On average about 12 business days from the date the completed application is received, though incomplete applications, material regulatory concerns, and detailed exemption assessments take significantly longer. The criminal record check must be dated within 3 months of the application submission date.
Sources
- Financial and Consumer Affairs Authority of Saskatchewan, Mortgage Associates — associate eligibility, the approved associate education program and three-year application window, the equivalent-licence exemptions, the $250 and $400 fees, the July 1 to June 30 licence year, the RLS invitation route, the 3-month criminal record check rule, and the 12-business-day average.
- Financial and Consumer Affairs Authority of Saskatchewan, Mortgage Brokers — the four licence types, broker eligibility, the 24-of-36-months experience rule and its exemptions, the broker fees and licence year, the principal broker designation, the annual return and fee dates, the 7-day notification rule, automatic suspension and the $100 reinstatement fee, and the even-year continuing education deadline.
- Financial and Consumer Affairs Authority of Saskatchewan, Registration and Licensing System (RLS) — the RLS user guides for completing applications and annual filings, as directed on both FCAA licence pages.