What's New & What Happens

FICOM recently issued an information bulletin on mortgage broker and lender fees as well as their revised Investor/Lender Disclosure Statement (Form 9).

New Brunswick
The Justice and Consumer Affairs Branch recently released a Notice on the Cost of Credit Disclosure Act which went into force on September 15, 2010.

The Notice indicates that Credit Brokers, which also affect Mortgage Brokers, may have to register and provide copies of Cost of Borrowing Disclosure to the government. CAAMP is working with the government to clarify the requirements and we will forward details in due course. To view a copy of the Notice - click here

The mortgage brokers and associates licensing renewal period of September 30, 2010 is fast approaching. Completion of the mortgage broker Re-Licensing Education Program (REP) is required in order to renew your authorization with RECA. For more information on the educational requirements for license renewal, click here.