Before I help you find a mortgage that meets your unique needs and circumstances, I must give you this form to confirm that I will represent you as a client.

MY ROLE
My role is to help you find a mortgage that fits your situation, which includes gathering information about your needs and circumstances, finding lenders and comparing their mortgage products, recommending a mortgage option that I think is suitable for you, and helping with paperwork and submitting documents once you choose a mortgage.

DUTIES I OWE YOU AS A CLIENT
As your representative, I must:
• Act only in your best interests.
• Tell you everything I know that might affect your decisions (e.g., how much the mortgage brokerage gets paid and who pays it, and any conflicts of interest).
• Keep your personal information confidential, even after our relationship ends.

RELATIONSHIPS WITH LENDERS
Based on a suitability assessment, I will send your mortgage application to lenders I have a relationship with. I must give you information about the lenders I have access to, or other mortgage brokers/brokerages I work with, so you can understand any potential conflict of interest that I or my associates might have in the mortgage you choose.

The following lender(s) funded 20% or more of the total number of mortgages I, or my related mortgage brokerage, helped arrange for borrowers: (select option)
■ Not applicable □ Lender(s) information: _____________________________

HOW THE MORTGAGE BROKERAGE IS PAID
The mortgage brokerage may be paid through
• Fees charged to you. • Remuneration from the lender. •Remuneration from third parties (for things like referring you to another person).

If you are an individual looking for a consumer mortgage (primarily for personal, family, or household use), the brokerage can only deduct fees from the mortgage amount when it is funded. You cannot be charged any upfront fees for arranging a consumer mortgage (including application or cancellation fees), unless it is used for third party expenses (e.g., appraisal or legal fees).

ACTING AS YOUR AGENT
Mortgage brokerages can operate under two models of agency: brokerage agency or designated agency. My brokerage operates under the following model of agency: (select option)

□ Brokerage agency – the mortgage brokerage represents you as a client, which means that the brokerage and I, as well as all mortgage brokers who work for it, owe you client duties.

■ Designated agency – the mortgage brokerage is designating me, and other members of my brokerage (if applicable), to be your agent. This means that I, and others (if applicable), owe you client duties but other agents at the brokerage do not. This allows different brokers at this brokerage to represent different parties (e.g., borrower and lender) in the same deal without creating a conflict of interest. The brokerage has limited duties to you but must supervise all brokers.

FURTHER DISCLOSURE
When I provide you with mortgage options, I will also give you:
• Disclosure of suitability and material risks: this helps you decide if a mortgage meets your needs and circumstances.
• Disclosure of interests: this shows you the potential interests I, or people connected to me, might have in your mortgage transaction.
• Disclosure of remuneration: this tells you how much the brokerage gets paid, including from anyone other than you as a client (e.g., referrals).
• Financial disclosure, including the total cost of credit: this shows you how much money you will have to pay over the term of the consumer mortgage.

ACKNOWLEDGEMENT AND SIGNATURES
This disclosure of representation and agency agreement is required under sections 40 and 68 of the Mortgage Services Rules. Signing this does not prevent you from obtaining the services of another mortgage broker or brokerage.

 
 
 

This disclosure was provided by:
■ Email
□ In-person
□ Other (describe):

The mortgage brokerage must keep a copy of this disclosure form and provide it to BC Financial Services Authority upon request.

BC Financial Services Authority (BCFSA) is the legislated regulatory agency that works to ensure mortgage services licensees have the skills and knowledge to provide you with a high standard of service. All mortgage services licensees must follow rules that help protect consumers, like you. We are here to help you understand your rights. For additional information on mortgage services, or to ask us a question or file a complaint, visit us online at www.bcfsa.ca, email us at servicecentre@bcfsa.ca, or call us at 604-660-3555 or 1-866-206-3030. You can submit an anonymous tip through BCFSA’s website.