Great news for the mortgage broker industry when it was announced that Mortgage Broker Regulation would be introduced as soon as May 1, 2011. For consumers this is good news, protection one of the biggest purchases in your life is important.
These proposed regulations would require:
1.) Mandatory licensing,
2.) Minimum education requirements,
3.) Errors & Omissions insurance.
All of these are an excellent step in the right direction for the mortgage broker community and consumers in Manitoba. Once regulations are finalized they will be issued by the Manitoba Securities Commission.