New rules are in effect for the mortgage broker industry in NL

    Wednesday, 2 April 2025 12:00

    By Tonya Organ

    Mortgage interest rates are not affected by the Mortgage Brokerages and Brokers Act and Regulations as these are primarily determined by the Bank of Canada policy rate.

    New rules for the mortgage broker industry in Newfoundland and Labrador came into effect yesterday.  The new Act and Regulations ensure legislation is current and modern. It will include the implementation of  a licensing framework, a Code of Conduct, education, authorize administrative penalties, and strengthen client disclosure.  Changes also provide greater protection for people using mortgage brokering services. Mortgage interest rates are not affected by the Mortgage Brokerages and Brokers Act and Regulations as these are primarily determined by the Bank of Canada policy rate. For more information, please visit gov.nl.ca

     

     

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