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

     

     

    To report an error, submit a news tip, or provide feedback, please e-mail news@bayfm.ca or call (709) 637-0183.

    More from Local News

     

     

     

    BayFM recognizes support from the following agencies:

                        

    Today's Weather

    • Corner Brook

      Heavy rain shower

      High: 5°C | Low: -1°C

    • Deer Lake

      Light rain

      High: 5°C | Low: -1°C

    • Stephenville

      Heavy rain shower

      High: 4°C | Low: 1°C

    Recently Played

    Podcasts

    • BayFM On-Demand

      Chosen Family Dinner

      Friendly reminder, registration has ended for the upcoming #ChosenFamilyDinner2025. Those who have signed up will have received an email confirming attendance.

    • Sunday Night Geek

      Sunday Night Geek, November 23, 2025

      Sunday Night Geek, November 23, 2025

    • The Plain Truth

      The Plain Truth, Wednesday November 19, 2025

      Paula Sheppard's guest this week is Healther Davis, Executive Director of the Committee of Family Violence which oversees Willow House