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    Mortgage brokers to face stronger rules in April

    Tuesday, 22 October 2024 12:00

    By Tonya Organ

    It will implement a licensing framework for industry and introduce education and continuing education requirements.

    Stronger rules for the mortgage broker industry in Newfoundland and Labrador are coming into effect on April 1st, 2025. It will implement a licensing framework for industry and introduce education and continuing education requirements. As well, it will require the industry to have errors and omissions insurance, and Require mortgage brokerages will be required to maintain trust accounts. This will strengthen client disclosure requirements and authorize administrative penalties for the industry. The new Mortgage Brokerages and Brokers Act and Regulations provides greater protection and reassurance for people using mortgage brokering services.

     

     

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