Last reviewed: 21 October 2026
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How to become a mortgage broker in New Brunswick: the FCNB’s licensing framework
Our overview of Canadian mortgage broker regulation notes that provinces beyond the largest four generally regulate mortgage brokering through a government financial-services office. New Brunswick is one of them: like Saskatchewan, its regulator oversees mortgage brokering as one line inside a broad financial-services mandate. This page sets out what the Act and Rule MB-001 actually require, including the dollar figures.
How to become a mortgage associate or broker in New Brunswick, step by step
In New Brunswick, an individual starts as a mortgage associate. The broker licence requires at least 24 months as a licensed associate within the preceding 36 months, plus the broker course and exam.[8][9] The Commission lists these requirements:
- Meet the basic eligibility. You must be 19 or older, be a resident of Canada, have a valid email address, and work for only one brokerage.[8]
- Complete the approved associate education program. You must apply for the associate licence within three years of successfully completing it.[8] The Commission names the education provider and says tuition is set by that provider.[8]
- Get authorized by a licensed brokerage. The Commission says the Mortgage Brokers Act "requires that all associates and brokers be authorized by a Mortgage Brokerage that is licensed to conduct business in New Brunswick." Your application must give the name and email address of the principal broker or authorized individual.[7]
- Get a criminal record check. It must have been "issued in the last six months."[7][8]
- Apply and pay. Applications go through the Commission’s self-serve portal.[7] The associate application fee is $300, and the annual fee is $300, due March 31.[2][7]
- Complete continuing education after you are licensed. The Commission says you "must also meet any continuing education requirements approved by the Director within three months of licence issuance."[8] For 2026, licensees first licensed on or after January 21, 2026 must complete the 2026 course within three months of the licence being issued.[5]
- To become a broker: show at least 24 months of experience as a licensed associate during the preceding 36 months, complete "the approved educational course and exam for brokers," and apply within three years of completing the broker program.[9] The Commission says an associate "who plans to become a principal broker or supervise other associates must become licensed as a broker."[9]
Already licensed in another province? The Commission says an individual is exempt from the associate education requirement if they hold one of these: British Columbia sub-mortgage broker; Alberta or Saskatchewan mortgage associate; Manitoba salesperson; Ontario mortgage agent; Québec mortgage broker or fully qualified real estate broker; or Nova Scotia associate mortgage broker.[8] Anyone else may file an education equivalency request. It must include an up-to-date résumé, a signed letter of support from the current employer, confirmation that the brokerage’s principal broker supports the request, and the $300 exemption fee.[8]
Questions: the Commission lists Mortgage.Licensing@fcnb.ca for licensing inquiries and a toll-free number, 1-866-933-2222.[7]
The governing law and who administers it
Everyone carrying on the business of brokering or administering mortgages in New Brunswick must comply with the Mortgage Brokers Act, S.N.B. 2014, c. 41, and with two Commission rules: MB-001 (Mortgage Brokers Licensing and Ongoing Obligations) and MB-002 (Mortgage Brokers Fees).[1] The Act was assented to on May 21, 2014, and says it comes into force on a day fixed by proclamation; Rule MB-001 states that it came into force on April 1, 2016.[3][4] The Commission’s Director maintains a register of licence holders showing each licence’s category, its holder, a brokerage’s principal broker, whether a brokerage licence carries an endorsement, any terms and conditions, and any suspension or cancellation; the register is public and published on the Commission’s website.[4]
Four categories, and what each pays
| Category | What the Commission says it is | Application fee | Annual fee |
|---|---|---|---|
| Mortgage brokerage | A corporation, partnership or sole proprietorship that solicits, negotiates or arranges a mortgage loan or mortgage investment on behalf of another person, or advises on one.[1] | $600 | $600 |
| Mortgage broker | An individual who brokers mortgages on behalf of a brokerage and has the education and experience to supervise an associate.[1] | $300 | $300 |
| Mortgage associate | An individual who brokers mortgages on behalf of a brokerage.[1] | $300 | $300 |
| Mortgage administrator | A corporation that receives borrower payments and remits them to the investor, monitors the borrower’s performance, or enforces payment.[1] | $600 | $600 |
| Endorsement (added to a brokerage licence) | Grants the right to receive and hold trust money.[4] | $400 | $300 |
The Commission’s fee table lists annual fees as due March 31.[2] A licence continues in force indefinitely unless it is suspended or cancelled, but a broker’s or associate’s licence is automatically suspended if a required fee has not been paid, and an administrator’s or brokerage’s licence is suspended on the same ground.[4] Licences are not transferable or assignable: a broker or associate who changes brokerages must terminate the licence and reapply, and the new brokerage’s licence must already be approved before the individual applies.[2][4]
Who can be licensed
| Category | Eligibility under Rule MB-001, section 4 |
|---|---|
| Mortgage brokerage | Incorporated or formed under the laws of a jurisdiction in Canada (or, for a sole proprietor, a resident of Canada); consents to criminal record checks of its directors and officers, partners or sole proprietor; designates a principal broker.[3] |
| Mortgage broker | At least 19; a resident of Canada; consents to a criminal record check; completed an approved broker education program within the three years before applying; licensed as a mortgage associate for at least 24 of the 36 months before applying; authorized by a brokerage.[3] |
| Mortgage associate | At least 19; a resident of Canada; consents to a criminal record check; completed an approved associate education program within the three years before applying; authorized by a brokerage.[3] |
| Mortgage administrator | Incorporated or continued under the laws of a jurisdiction in Canada; consents to criminal record checks of each director and officer; designates a principal administrator.[3] |
The three-year education window does not apply to an applicant who finished an approved program more than three years earlier but has gained one year of relevant mortgage-brokerage experience in the three years before applying, and section 5 of the Rule exempts some holders of an equivalent authorizing certificate from another Canadian regulator from the education requirement on conditions it sets out.[3] The Commission says a bankruptcy does not by itself bar an application but is reviewed for suitability, and that a criminal record check must have been issued within the last six months.[2]
The financial backstops: what is fixed and what is discretionary
The Act lets the Director require financial security from an applicant, from a licence holder whose licence or endorsement has been suspended before it is reinstated, or from a licence holder at any time during the licence term.[4] The Rule does not set a single bond amount for every brokerage. It does set fixed minimums for working capital and insurance:
| Requirement | Who | Minimum under Rule MB-001 |
|---|---|---|
| Working capital (section 7) | A brokerage that holds an endorsement; a mortgage administrator | $25,000, calculated by the Director’s method; the licence holder must notify the Director immediately if it falls below that.[3] |
| Errors and omissions insurance (section 8) | A brokerage; a mortgage administrator | At least $500,000 for any one occurrence and $1,000,000 for all occurrences in a 365-day period, with extended coverage for loss from fraudulent acts.[3] |
| Insurance tail (section 8) | A brokerage; a mortgage administrator | Cover for acts or omissions during the licence period must continue for 6 years after a merger, dissolution, cessation, or licence cancellation or suspension.[3] |
The same section requires the policy to oblige the insurer to tell the Director if the policy is cancelled, not renewed or below the required minimum, and requires the licence holder to notify the Director immediately if the insurance may not be in force.[3] For how these figures compare with other provinces, see E&O insurance by province.
Continuing education, and the 2026 course
The Director establishes and approves continuing education, every licensed broker and associate must meet the approved requirement, and the Act automatically suspends a broker’s or associate’s licence if required continuing education is not completed.[3][4] For 2026 the Director approved a mandatory New Brunswick course, offered online from January 21, 2026 through an approved education provider.[5] Brokers and associates licensed before that date had to complete it by March 31, 2026; failing to provide the certificate before April 1, 2026 meant automatic suspension until it was received. Licensees first licensed on or after January 21, 2026 must complete it within three months of the licence being issued.[5]
Other duties that surface in a licence record
A licence holder must tell the Director within seven days of listed changes, including a change of name, a regulatory action in another Canadian jurisdiction, a criminal charge (with stated exclusions), or a civil action or administrative proceeding alleging fraud, breach of trust, deceit or misrepresentation.[3] A suspended licence that has not been reinstated may be cancelled after the second anniversary of the suspension.[3]
Questions people ask
How long does it take to become a mortgage broker in New Brunswick?
The Commission does not give a total time. The broker licence requires at least 24 months of experience as a licensed associate during the preceding 36 months, so a new entrant spends at least two years as an associate first.[9]
Do I need to be sponsored by a brokerage?
Yes. Associates and brokers must be authorized by a brokerage licensed to do business in New Brunswick, and may work for only one brokerage.[7][8]
Can I move my licence to a new brokerage?
Licences are not transferable. A broker or associate who changes brokerages must terminate the licence and reapply.[2][4]
Does a bankruptcy stop me from applying?
The Commission says a bankruptcy does not by itself bar an application but is reviewed for suitability.[2]
What an active FCNB licence does and doesn’t tell you
The Commission publishes searchable lists of licensed brokers and associates and of licensed brokerages and administrators.[1] An active entry confirms current status in the category checked, as of the date checked. The Commission itself says it cannot set mortgage interest rates or loan terms, intervene in contract disputes, or alter a mortgage agreement.[6] Whether a lender relationship has been disclosed to you in writing is a separate question; see conflict-of-interest disclosure requirements in Canada, and for how to check a licence generally, checking a Canadian mortgage broker’s licence.
Correction (9 October 2026): the earlier version of this page said a brokerage’s financial security is set case by case and that the one fixed figure in the framework, $25,000 in working capital, applies to mortgage administrators. Rule MB-001 also applies the $25,000 working-capital minimum to a brokerage that holds an endorsement, and sets fixed errors and omissions insurance minimums for brokerages and administrators, which the page did not mention. The Act’s financial-security power is discretionary, as described above. See the updates log.