Expert: Cinzia Dalgarno - 6/22/2009

Question
QUESTION: I work for a mortgage company based out of Houston, TX. Can we do business in Canada on our broker license?


ANSWER: Hello Alice. Unfortunately, in order to be a Mortgage Broker in Canada, you need to be licensed in Canada. If you have clients who wish to purchase properties north of the border, you might consider developing a relationship with a Canadian Broker - while you are not able to help your client, it will be helpful to them to have you refer them to a good broker in your stead - and perhaps that broker could return the favour, should they have clients wishing to purchase property in the U.S.
I hope this was helpful to you,
Warm regards,
Cinzia
mortgagebycinzia@gmail.com

---------- FOLLOW-UP ----------

QUESTION: Hi Cinzia,

I hope you had a great weekend.

Thanks a lot for the information. It is very helpful..

Do you have information on how do we as a US mortgage company apply for license to do business in Canada and whom do i contact for the same?

Regards
Alice

Answer
Hello again. Each province has different guidelines; in British Columbia, mortgage brokers are governed by the organization called FICOM - Financial Institutions Commission. In Alberta, it's RECA - the Real Estate Council of Alberta. In Ontario, it's the FSCO - Financial Services Commission of Ontario. You should contact the institution within the province you wish to work in, directly. They will advise you of what courses you must complete, and overall, what steps you have to go through, to obtain your mortgage broker's licence.
You should know also that once you take the requisite courses, etc, you must maintain your registration with these organizations - which in itself, is a costly endeavour, if you choose to practice all over Canada.
Hope this was helpful to you, Good luck!

Warm regards,
Cinzia