As British Columbia transitions to the new Mortgage Services Act framework, Mortgage Professionals Canada continues to support members through the change while advocating on key implementation issues affecting the mortgage industry.
Current MBA registrants must complete the required transition education by September 22 in order to move into the new licensing framework. The total cost is $175 per individual, based on the required pathway.
Mortgage Brokers must complete:
Principal Brokers must complete:
It is especially important that nominated Principal Brokers complete the required education by the deadline. If they do not, the registrations of brokers associated with that brokerage may be blocked, potentially leaving the office unable to operate and active client files unable to proceed.
At the same time, MPC continues to raise concerns with the Ministry of Finance and BCFSA regarding the practical impact of the new framework.
The mortgage broker industry plays an important role in providing British Columbians with consumer choice, access to homeownership and guidance when obtaining mortgage financing. MPC has consistently emphasized that increased costs, complexity, uncertainty and administrative burden could affect competition, consumer choice, accessibility and the sustainability of independent mortgage professionals and smaller firms.
MPC has asked the Ministry of Finance and BCFSA to:
MPC has formally communicated these concerns to government and will continue working with the newly appointed Minister of Finance and her office as implementation moves forward.
Read MPC’s letter to the Minister of Finance.
Member feedback remains an important part of MPC’s advocacy. If you have examples, concerns or direct feedback related to the MSA transition, please share them with us at [email protected]. Your input helps us identify practical issues and advocate for solutions that support the industry.