As of April 1, 2025, the Government of Newfoundland and Labrador has implemented the Mortgage Brokerages and Brokers Act, introducing updated regulations for the province’s mortgage industry.
These new rules are designed to protect homebuyers and homeowners by improving transparency, professionalism, and accountability among mortgage brokers and brokerages.
What’s Changing
Under the new Act, all mortgage brokers and brokerages in Newfoundland and Labrador must:
- Be licensed with the provincial government.
- Meet ongoing education and training requirements.
- Hold errors and omissions insurance for client protection.
- Maintain trust accounts when handling client funds.
- Provide clear disclosures about fees, compensation, and potential conflicts of interest.
- Follow a Code of Conduct, with penalties for misconduct.
These updates bring the province in line with national standards, ensuring that borrowers receive the same level of protection found elsewhere in Canada.
What It Means for You
If you’re planning to buy a home or refinance, this new framework helps ensure your mortgage professional is qualified, insured, and held to clear ethical standards. You can expect better transparency, stronger consumer protection, and greater confidence throughout the mortgage process.