This consolidation is unofficial and is for reference only.  For the official version of the regulations, consult the original documents on file with the Office of the Registrar of Regulations, or refer to the Royal Gazette Part II.
Regulations are amended frequently.  Please check the list of Regulations by Act to see if there are any recent amendments to these regulations filed with our office that are not yet included in this consolidation.
Although every effort has been made to ensure the accuracy of this electronic version, the Office of the Registrar of Regulations assumes no responsibility for any discrepancies that may have resulted from reformatting.
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Forms Regulations

made under Section 90 of the

Mortgage Regulation Act

S.N.S. 2012, c. 11

N.S. Reg. 132/2020 (effective November 1, 2021)

amended to N.S. Reg. 146/2024 (effective September 1, 2024)



Table of Contents


Please note: this table of contents is provided for convenience of reference and does not form part of the regulations.
Click here to go to the text of the regulations.

 

Citation

Prescribed forms

Form 1—Mortgage Brokerage Disclosure

Form 2—Mortgage Brokerage Recommendation and Assessment

Form 3—Mortgage Disclosure Statement

Form 4—Investor Disclosure Statement

Form 5—Investor Renewal Disclosure

Form 6A—Annual Information Return: Mortgage Brokerages

Form 6B—Annual Information Return: Mortgage Lenders

Form 6C—Annual Information Return: Mortgage Administrators

 


 

Citation

1        These regulations may be cited as the Forms Regulations.


Prescribed forms

2        The forms set out in these regulations are prescribed for the purposes of the administration of the Mortgage Regulation Act and its regulations.

 ________________________________________________________________ 

Form 1—Mortgage Brokerage Disclosure

Mortgage Regulation Act, General Disclosure Regulations



(name of mortgage brokerage)


Mortgage Brokerage Disclosure to (name(s) of borrower(s))



In this Mortgage Brokerage Disclosure,

 

    “You” and “Your” mean (borrower’s(s’) name(s) and contact information), the Borrower(s)

 

    “We”, “Us” and “Our” mean (name of mortgage brokerage), the Mortgage Brokerage


This Mortgage Brokerage Disclosure to You must be signed by You and by Us.



Mortgage Brokerage’s Role


Our role and obligations to You and the Mortgage Lender will vary depending on the nature of the service relationship among You, Us and the Mortgage Lender. This Mortgage Brokerage Disclosure describes Our obligations to You. You are encouraged to discuss this document with Us and ask any questions that You have.


We will endeavour to obtain the best mortgage for You depending on Your qualifying income, credit history, and other financial circumstances and goals that might affect Your choice of mortgage product.


We act as a single point of contact and will identify Mortgage Lenders and gather potential mortgage offerings for You. We will assess and compare the proposed mortgages and determine which mortgage We consider most suitable for You. Once You have selected a Mortgage Lender, We may also gather the required information and documents and make sure all the paperwork is complete and submitted.


We provide the following services:

(list services)


Our representative, (name and title of representative), is licensed under the Mortgage Regulation Act to broker mortgages only for Us, (name of Mortgage Brokerage).


We act as an intermediary between You and Mortgage Lenders. In this service relationship, We are authorized to offer the mortgage products of multiple Mortgage Lenders to eligible borrowers. We must disclose Our relationship with any of those Mortgage Lenders to You. Our duty to You is to act in your best interests and to disclose all relevant information to You and the Mortgage Lenders.


We must provide You with written information on Our assessment of the mortgage loan that is most suitable for You.



Disclosure of Our Mortgage Brokerage Relationship to Mortgage Lenders


    We are an affiliate or a subsidiary of a Mortgage Lender or are directly owned in whole or part by a Mortgage Lender

 

      ❍ Yes   ❍ No (if yes, give details)                                                                                       

 

    We or one or more of Our representatives have a direct or indirect interest in the available mortgage transaction(s), in addition to the compensation disclosed below

 

      ❍ Yes   ❍ No (if yes, give details)                                                                                       

 

    Over the last year, more than 20% of mortgages brokered by Us were funded by the following lender(s):

 

      ❍ Yes   ❍ No (if yes, complete information below)


Lender name:

 

Percentage and Reason:

 

(Add additional lines if more than 1 lender funded over 20%.)



Compensation


All payments for Our services must be made payable to Us, (name of Mortgage Brokerage). Our representatives are not permitted to accept any payment in their names directly from You.


We may be compensated for Your mortgage application or transaction in the following way(s):

 

          Fee charged to You directly; and/or

          Compensation paid by the Mortgage Lender.


We will provide a description of any compensation when We provide to You Our assessment of the mortgage loan that We consider most suitable for You in the required Form 2—Mortgage Brokerage Recommendation and Assessment.


If You have any questions about Us, You may contact Our Principal Broker, (name and contact information for principal broker).


Acknowledgements and signatures


I/We, the Borrower(s), acknowledge receipt of a copy of this Mortgage Brokerage Disclosure.

I/We, the Borrower(s), acknowledge that I/We have reviewed the content of this brokerage disclosure document.


 

 

 

Date

 

Signature of Borrower

 

 

(name of Borrower—please print)

Date

 

Signature of Borrower

 

 

(name of Borrower—please print)


I, the authorized representative of the Mortgage Brokerage, confirm that this Mortgage Brokerage Disclosure was delivered to the Borrower(s) by (specify delivery method) .


 

 

(Mortgage Brokerage name)

Date

 

 

 

 

Signature of authorized representative

(authorized representative name and title)



This Mortgage Brokerage Disclosure must be signed in duplicate and a signed copy retained by each of the Borrower(s) and the Mortgage Brokerage.


 ________________________________________________________________ 

Form 2—Mortgage Brokerage Recommendation and Assessment

Mortgage Regulation Act, General Disclosure Regulations



(name of mortgage brokerage)


Recommendation and Assessment


In this Recommendation and Assessment,

 

    “You” and “Your” mean (Borrower’s(s’) name(s) and contact information), the Borrower(s)

 

    “We”, “Us” and “Our” mean (name of mortgage brokerage), the Mortgage Brokerage


This Recommendation and Assessment must be signed by You and by Us.



Notice to the Borrower(s):


We must act in Your best interests.


We must assess Your requirements before giving You this Recommendation and Assessment, in order to determine which mortgage is the most suitable for You.


We must provide this Recommendation and Assessment to You at least 1 business day before You either:

 

    sign a document committing You to enter into the mortgage; OR

 

    make any payment in connection with the mortgage, including any application fees, such as a Mortgage Lender’s application fee.


The information in this Recommendation and Assessment reflects available mortgages and Our assessment of the mortgage loan that We consider most suitable for You.


This document also provides additional information regarding the Mortgage Lender, and describes any interest We have in the mortgage transaction, including the nature of any benefits, advantage or payments that We will receive.



Details about Mortgage Lenders


We have submitted Your mortgage application to the following Mortgage Lender(s): (list)

 




We have determined the following mortgage offer, summarized below, to be the most suitable mortgage for you.


Mortgage Characteristics

Offer

Lender

 

Principal amount

 

Interest rate

 

Fixed (F) or variable (V) interest rate

 

Annual percentage rate

 

Determination of rate, if variable

 

Term

 

Date of advance

 

Payments (total amount and schedule)

 

Principal and interest payment

 

Tax payment

 

Amortization period

 

Prepayment privilege

 

Prepayment charges

 

Default insurance

 

Other fees

 

Summary of Term Start Date, Maturity Date and Cost of Borrowing

Term

 

Term start date

 

Maturity date

 

Total principal and interest payments over term

 

Total cost of borrowing over term

 



Material Risks


(Describe material risks of recommended mortgage.)





Assessment Criteria


The primary reason(s) that we determined this mortgage to be the most suitable mortgage available to You are (check all that apply):


 

Fixed rate mortgage provides stability and payment certainty

 

Variable rate mortgage takes advantage of lower short-term interest rates and is appropriate given Your risk tolerance for rate fluctuations

 

Flexibility of a mortgage that combines a mortgage and a line of credit

 

Term of the mortgage matches Your ownership duration/stability objectives

 

Prepayment options meet Your needs

 

You have an existing relationship with the lender

 

Amortization period fits your repayment objectives

 

Mortgage offers other benefits, such as loyalty points or cash back

 

(specify other criteria, if applicable)



Recommendation is not advice


Our recommendation is not advice to You about whether You can afford the mortgage payments. You must always consider the cost of the mortgage as a part of your total budget and that mortgage costs will fluctuate over the life of the mortgage with changing interest rates.



Next-best options (if more than 1 option is available for consideration)


Standard industry practice is to gather client information, assess their requirements based on available options, and submit a mortgage application to the lender who can offer a mortgage option determined to be most suitable for the client.


Mortgage application submitted to multiple lenders?


      ❍ No, explain: ______________________________________________

 

❍ Yes, explain (and complete the following table if other mortgage options are available for consideration): ______________________________________________


Based on Our assessment of Your circumstances, the following mortgages are next-best options:


Mortgage Characteristics

1

2

Lender

 

 

Principal amount

 

 

Interest rate

 

 

Fixed (F) or variable (V) interest rate

 

 

Annual percentage rate

 

 

Determination of rate, if variable

 

 

Term

 

 

Payments (total amount and schedule)

 

 

Principal and interest payment

 

 

Amortization period

 

 

Prepayment privilege

 

 

Prepayment charges

 

 

Other fees

 

 

Summary of Term Start Date, Maturity Date and Cost of Borrowing

Term

 

 

Term start date

 

 

Maturity date

 

 

Total principal and interest payments over term

 

 

Total cost of borrowing over term

 

 


Refusals


We received the following refusals from Mortgage Lenders (expand table if necessary):


Mortgage Lender

Reason for Refusal

 

 

 

 

 

 


Compensation


All payments for Our services must be made payable to Us, (name of Mortgage Brokerage). Our representatives are not permitted to accept any payment in their names directly from You.


We may/will (select one) be compensated for Your mortgage application or transaction in the following way(s):

 

Fee charged to You directly

 

❍ Yes❍ No

If yes: in the amount of $ ___________, or not to exceed $___________ payable upon _______________________.

 

You must initial here to acknowledge the brokerage fee _______________


 

Compensation paid by the Mortgage Lender:

 

          Commission, fee or other compensation, including bonuses, paid by the Mortgage Lender

 

            ❍ Yes   ❍ No    ❍ Unsure (if unsure, give reason)

 

          Cash-back offer in which the Mortgage Lender pays a percentage of the mortgage amount to Us

 

            ❍ Yes   ❍ No    ❍ Unsure (if unsure, give reason)

 

          Non-monetary benefits such as travel rewards and merchandise

 

            ❍ Yes   ❍ No    ❍ Unsure (if unsure, give reason)


Interest in recommended mortgage


The mortgage brokerage or Our representatives have a direct or indirect interest in the mortgage transaction:

❍ Yes❍ No


(Please note: an interest includes any benefit or advantage received directly or indirectly if the mortgage transaction proceeds. This includes any remuneration or rewards that We will receive if the mortgage transaction proceeds, but does not include fees to be collected directly from You and separately disclosed.)


(If no direct or indirect interest, omit the following 2 paragraphs.)


The nature of that interest is:


(Describe both who has an interest and the nature of each interest. If the interest is in the form of remuneration, provide all of the following details:

      identification of person(s) providing the remuneration

      if in the form of money, the basis for calculating the remuneration

      if in a form other than money, a description of the nature of the remuneration)


If You have any questions about Us, You may contact Our Principal Broker, (name and contact information for principal broker).


Acknowledgements and signatures


I, (name of authorized representative), authorized representative of the Mortgage Brokerage, confirm that this Recommendation and Assessment was delivered to the Borrower(s) by (specify delivery method) .


 

 

(Mortgage Brokerage name)

Date

 

 

 

 

Signature of authorized representative

(authorized representative name and title)


I/We, the Borrower(s), acknowledge receipt of a copy of this Recommendation and Assessment.


I/We, the Borrower(s), acknowledge that I/We have reviewed the content of this Recommendation and Assessment.


 

 

 

Date

 

Signature of Borrower

 

 

(name of Borrower—please print)

Date

 

Signature of Borrower

 

 

(name of Borrower—please print)



This Recommendation and Assessment must be signed in duplicate and a signed copy retained by each of the Borrower(s) and the Mortgage Brokerage.


 ________________________________________________________________

Form 3—Mortgage Disclosure Statement

(Mortgage Regulation Act, Cost of Borrowing Disclosure Regulations)



1

Date:

 

 (date on which disclosure statement is made)

2

Name and address of mortgage lender (“Mortgagee”):

 

 

 

 

3

Name(s) and address(es) of mortgage borrower(s) (“Mortgagor(s)”):

 

 

 

 

4

Address of mortgaged property:

 

 



Summary

Principal Amount

(Indicate the principal amount of the loan.)

Annual interest rate (fixed)

(Indicate the applicable annual interest rate and provide a brief description of how the interest is compounded, if applicable, and charged.)

Annual interest rate (variable)

(Indicate the annual interest rate that applies on the date of the disclosure statement and provide a brief description of how the interest is compounded, if applicable, and charged.)

Determination of interest (variable)

(Provide a brief description of the method of determining the annual interest rate and the date that the determination is made.)

Annual percentage rate

(Indicate the APR, if it differs from the annual interest rate, and provide a brief description of how it is determined.)

Term

(Indicate the number of months or years of the term of the loan and whether the term is open or closed, and provide a brief description of what “open” or “closed”, as applicable, means.)

Date of advance

(Indicate the date on which the principal amount of the loan is to be advanced and the date on which interest is to begin to be charged.)

Payments

(Indicate the amount of each payment and the date on which each payment is due and provide a brief description of the components of a payment and the frequency of the payments.)

Amortization period

(Indicate the number of months or years of the amortization period, if that period is different from the term of the loan.)

Prepayment privilege

(Provide a brief description of the conditions under which a borrower may repay a greater portion of the loan than required in any given period without incurring penalty charges for the prepayment of the loan, if applicable.)

Prepayment charges

(Indicate the amount of the penalty charges, if any, for prepayment of the loan or provide a brief explanation of the manner in which the penalty charges are calculated.)

Default insurance

(Indicate the amount of charges for insurance against default on a high-ratio mortgage or hypothec, if any.)

Other fees

(Provide a list of the types and amounts of any other charges, other than interest charges.)



Mortgage Payment Information

Term

 

Interest rate

 

Maturity date

 

Estimated balance at maturity

 

Principal and interest payment

 

Total mortgage payment

 

Payment frequency

 

Payment date

 

First payment date

 

Interest date (the date on and after which interest is charged)

 

Interest adjustment date

(A one-time payment for interest accrued between the date of advance and the date from which interest begins to be calculated for the first full payment.)

Interest adjustment payment date

 

Total interest payment

(The total of all interest payments for the full term of the mortgage based on the annual interest rate assuming all payments are made on time and the mortgage remains in good standing.)



I/We, the Mortgagor(s) under this proposed mortgage, have read and fully understand the above statement furnished to me/us by the Mortgagee.


I/We have not yet signed any mortgage paper or blank documents on this mortgage.


I/We are signing this statement, which has been fully completed, in duplicate, and I/We hereby acknowledge receipt of a copy signed by the Mortgagee.


Date signed:


(Sign both copies separately, with original signatures.)


 

 

 

Witness

 

 

(print name of witness)

 

 

 

 

(Signature(s) of Mortgagor(s))



I, the authorized representative of the Mortgagee, have fully completed the above statement in duplicate and have furnished one signed copy to the Mortgagor(s).


 

 

(name of Mortgagee)

Witness

 

 

(print name of witness)

 

 

 

 

(signature of authorized representative)

 

 

(name and title of authorized representative)


 ________________________________________________________________ 

Form 4—Investor Disclosure Statement

Mortgage Regulation Act, General Disclosure Regulations


Disclosure Duties by Mortgage Brokerage/Mortgage Lender

In this Investor Disclosure Statement, mortgage brokerages or mortgage lenders are required to provide you with the completed Investor Disclosure Statement that contains important information in connection with this transaction.

A mortgage broker or mortgage lender must:

 

1

Advise you if the brokerage/lender cannot verify the identity of another party to the transaction.

 

2.

Disclose its relationship with each party to the transaction.

 

3.

Disclose whether the brokerage/lender is receiving a fee or other remuneration for referring you to a person, and disclose the relationship to that person.

 

4.

Disclose material risks to the transaction that you should consider.

 

5.

Disclose actual or potential conflicts of interest that may arise from this transaction.

 

6.

Take reasonable steps to ensure that any mortgage investment the brokerage/lender presents to you is suitable having regard to your needs and circumstances.

You must receive these disclosures in writing and acknowledge receipt of them. You should keep a copy for your records.


Important: This form is required by law and will provide the prospective investor with important information to assist you in making a decision about whether to invest.



This information must be disclosed at least 2 business days before the earliest of the following events:

      -    When the brokerage/lender receives or enters into an agreement to receive money from you

      -    When you enter into a mortgage agreement or an agreement to invest in a mortgage

      -    The money is advanced to the borrower under the mortgage

      -    The investment completion date.


You may agree to reduce the 2 business day waiting period to 1 business day by consenting in writing.



Section 1 - Important Information About Risks of Mortgage Investment


1.    All mortgage investments carry a risk. There is a relationship between risk and return. In general, the higher the rate of return, the higher the risk of the investment. You should very carefully assess the risk of the mortgage transaction described in the Investor Disclosure Statement and the supporting documentation before making a commitment.

2.    Syndicated mortgages (defined as more than one investor/lender) may carry additional risks pertaining not only to the risk of default but also to the risks associated with participating in a syndication and the financing of real estate transactions.

3.    Inexperienced investors are not advised to enter into mortgage investments.

4.    You should consider inspecting the property or project and the surrounding area before investing.

5.    The mortgage investment is not guaranteed by the government or any investor protection fund.

6.    You are strongly advised to obtain independent legal advice before committing to invest.

7.    This mortgage investment cannot be guaranteed by a mortgage brokerage/lender. If you are not prepared to risk a loss, you should not consider mortgage investments.

8.    If this investment is for a mortgage to fund a development, construction or commercial project, the repayment of this investment may depend on the successful completion of the project, and its successful leasing or sale.

9.    If you are one of several investors in a syndicated mortgage, you may not be able to enforce repayment of your investment on your own if the borrower defaults.

10.  You should ensure you have sufficient documentation to support the property valuation quoted in this Investor Disclosure Statement. The property value may decrease over time, including the period between the date of the most recent appraisal and the date you commit to invest. A decline in property value may also affect the return and/or value on your investment in the event of a default in payments under this mortgage.

11.  Repayment of the mortgage is dependent on the borrower’s ability to make payments under the mortgage and on the financial strength of any person offering a personal covenant, guarantee or financial commitment. There is no assurance that the obligations will be satisfied and therefore you may not receive any return from your investment, including any initial amount invested. You should satisfy youself [yourself] as to the borrower’s ability to meet the payments required under the terms of this mortgage investment.

12.  The insurance coverage on the property secured by the mortgage may be inadequate, cancelled or expire and expose you to potential loss of this mortgage investment.

13.  The mortgage administrator, if applicable, cannot make payments to you except from payments of principal and interest made by the borrower under the mortgage. Therefore, the mortgage administrator cannot continue mortgage payments to you if the borrower defaults.

14.  If you want to withdraw your money before the end of the term, a new investor may be required and there is no assurance that there will be a market for the resale or transfer of the mortgage.

15.  If the mortgage provides for an extension, you may not be able to opt out of any extension of a mortgage term. You need to review terms relating to the extension of mortgages carefully.

16.  This Investor Disclosure Statement and the attached documents are not intended to provide a comprehensive list of factors to consider in making a decision concerning this investment. By law, the mortgage brokerage/lender must disclose in writing the material risks of the mortgage investment. There may be additional risks to the investment. You should satisfy yourself regarding all factors relevant to this investment before you commit to invest.

17.  This Investor Disclosure Statement has not been filed with any government. No authority of any government has reviewed or approved the completed Investor Disclosure Statement.


 

 

 

Printed name of Mortgage Broker or Lender Representative

 

Licence Number of Mortgage Broker

Signature of Mortgage Broker or Lender Representative

 

Date

Name of Mortgage Brokerage/Mortgage Lender

 

Licence Number of Mortgage Brokerage/Lender



Acknowledgement


I, ________________________________________________________, (printed name of Investor) acknowledge receipt of this Risk Disclosure Statement by the mortgage brokerage/mortgage lender signed by ____________________________________ (printed name of Mortgage Broker/Lender Representative).


 

 

 

Signature of Investor

 

Date





Section 2 – Declaration by the Mortgage Brokerage/Mortgage Lender


1.    This section requires the mortgage brokerage/lender to disclose the nature of the relationship between the brokerage/lender and other persons involved in the mortgage transaction. For the purposes of this Investor Disclosure Statement, two persons are related if they share any relationship other than an arm’s length business relationship. For example, a shareholder, director, officer, partner or employee of a brokerage/lender is related to the brokerage/lender and to any mortgage broker or associate mortgage broker authorized to act on behalf of the brokerage/any representative of the lender.

 

This declaration is made by

 

 

Name, address and licence number of brokerage/lender

 

2.    Does the mortgage brokerage/mortgage lender or any of its brokers or associate brokers/representatives have or expect to have a direct or indirect interest in this property, identified in Section 3, Part A?

 

❍ No

❍ Yes, explain:

 

3.    Does any person related to the mortgage brokerage/mortgage lender or any of its brokers or associate brokers/representatives have or expect to have a direct or indirect interest in this property?

 

❍ No

❍ Yes, explain:

 

4.    Is the borrower related to the mortgage brokerage/mortgage lender or to any of the officers, directors, partners, employees or shareholders of the mortgage brokerage/mortgage lender or any of its brokers or associate brokers/representatives?

 

❍ No

❍ Yes, explain:

 

5.    Is the individual or company that appraised the property related to the mortgage brokerage/mortgage lender or any of its brokers or associate brokers/representatives?

 

❍ No

❍ Yes, explain:

 

6.    Describe any conflicts or potential conflicts of interest in connection with this mortgage investment, other than those described above.

 


 

7.    Describe what steps the mortgage brokerage/mortgage lender has taken to reduce the risk resulting from any conflicts or potential conflicts of interest.

 


 

8.    (To be completed by brokerages only.) The mortgage brokerage is acting for:

 

            The investor and not the borrower

            The borrower and not the investor

            Both the borrower and the investor

(Note: if investor is a private investor, a brokerage may not act for both the borrower and the private investor)

 

9.    If this investment is a purchase of an existing mortgage or a portion of an existing mortgage, is the mortgage now in default?

 

       ❍ No        ❍ Yes

 

       Has it been in default in the last 12 months?

 

       ❍ No        ❍ Yes

       If Yes to either, explain:                                                                                                     

 

10.  Will the mortgage proceeds be used to refinance, pay out, redeem or reduce an existing mortgage on this property?


       ❍ No

❍ Yes, explain:

 

11.  Does the mortgage brokerage/mortgage lender or any of its brokers or associate brokers/representatives expect to gain an interest or benefit from this transaction other than the fees disclosed in Section 3, Part D of this Investor Disclosure Statement?

 

❍ No

❍ Yes, explain:

 

12.  Describe all material risks of this investment:

 





The mortgage brokerage/mortgage lender has fully complied with all requirements of the Mortgage Regulation Act and its regulations.


I have fully completed the above Declaration of Brokerage Relationships and Potential Conflicts of Interest in accordance with the Mortgage Regulation Act and its regulations and declare it to be accurate in every aspect to the best of my knowledge.


 

 

 

Signature of Mortgage Broker/Lender Representative

 

Date

Printed name of Mortgage Broker/Lender Representative

 

Licence Number of Mortgage Broker



Acknowledgement


I, ________________________________________________________, (printed name of Investor) acknowledge receipt of this Declaration by the mortgage brokerage/mortgage lender signed by ____________________________________ (printed name of Mortgage Broker/Lender Representative).


 

 

 

Signature of Investor

 

Date




Section 3 - Information Disclosure Summary


Part A. Property/Security to be Mortgaged

 

1.    Civic address of the property:

 


 

2.    Type of Property:


Property with existing buildings

 

Commercial

 

Single family residential

 

Industrial

 

 

Owner occupied

 

Agricultural

 

 

Rental

 

Other, explain:

 

 

Condominium

 

 

 

 

One-to-four unit residential

 

 

 

 

Five or more unit residential

 

 

 

Vacant land, development or construction project. Detail of project/proposal use, including projected starting and completion dates:

Other:

 

 

3.    Purchase Price:

 

       (a)   Purchase Price of Property: $_____________        (b) Date of Purchase: ____________


4.    Property Taxes:

 

Annual property taxes: $_____________

 

Are taxes in arrears?

            No

            Yes

            Investor’s Solicitor to verify Taxes or ensure coverage under title insurance prior to closing


       Amount of arrears: $_____________

 

5.    Condominium Fees (if applicable)


       Monthly condominium fees: $_____________


       Are fees in arrears?

            No

            Yes


       Amount of arrears: $_____________


6.    Zoning:


       Is the zoning on the property appropriate for the proposed use?

            No

            Yes

            Investor’s Solicitor to verify zoning or ensure coverage under title insurance before closing


       If No, details:

 



7.    Appraisal

            An appraisal has not been done on the property within the previous 12 months

OR

            An appraisal has been done on the property within the previous 12 months

For all properties, appraised “as is” value: $_____________

 

For development and construction projects, projected market value when project is complete $_____________.

 

(Note: If the appraisal was addressed to someone other than the investor of record, please provide a transmittal letter.)

 

Date of appraisal: _________________

 

Name and address of appraiser:

 




Part B. Mortgage Particulars

 

1.    Type of Mortgage:

 

Your investment represents:

            the entire mortgage

       OR

           a portion of the mortgage. Your portion represents ____% of the total.

 

Number of other investors/lenders that have an interest in this mortgage: _____________

 

The mortgage is registered in the following name(s):

Mortgagor(s):

       Mortgagee(s):                                                                                                                     

 

If this investor is not listed as a mortgagee, explain:

 


 

2.    Existing or New Mortgage:

            An existing registered mortgage or portion of an existing registered mortgage is being purchased.

            Your investment will fund a new mortgage or portion of a new mortgage that has not yet been registered.


3.    Administered Mortgage:

 

Will the mortgage be administered for you?

            No

            Yes, name, address and licence number of administrator:

 


 

Important: A Mortgage Administrator must be licenced under the Mortgage Regulation Act. See note at the end of Part E.

 

4.    (a)   Terms of the mortgage


Amount of your investment:

$

 

Term:

 

Face value of the mortgage:

$

 

Amortization:

 

Interest rate is fixed at ____% per annum OR

 

Maturity date:

 

Interest rate is variable, explain:

 

 

Balance on maturity:

$

 

 

Borrower’s first payment due:

 

Compounding period:

 

 

Borrower’s rate of interest if different from the rate of interest to be paid to the investor:

What is the borrower’s cost of borrowing as disclosed to the borrower?


$

 

 

Borrower’s rate of interest:

%

 

 

Investor(s) rate of interest:

%

 

 

 

 

 

Payment frequency:

 

 

 

 

Payments to be made by borrower:

$

 

Terms and conditions of repayment:

 

Payments to you:

$

 

 

(See Part D for fees charged to you)


 

       (b)  If there are multiple investors in the mortgage, explain any differences in terms offered to other investors, if any:

 



5.    Rank of Mortgage (according to information from borrower)

 

The mortgage to be purchased/advanced is/will be a:

       ❍ First      ❍ Second         ❍ Third            ❍ Other mortgage _______________________

 

Can the rank of the mortgage change?

❍ No

❍ Yes, explain

 

Prior encumbrances

❍ None OR


a) Priority:

 

 

b) Priority:

 

Face amount:

$

 

Face amount:

$

Amount owing:

$

 

Amount owing:

$

In default?

 

 

In default?

 

❍ No

❍ Yes

❍ Unknown

 

❍ No        

❍ Yes

❍ Unknown

If yes, explain:

 

 

If yes, explain:

 

 

 

 

Name of Mortgagee:

 

Name of Mortgagee:

 

Other encumbrances, including environmental, regulatory and/or liens:

 



6.    Loan to value ratio (according to information from borrower)

a)

Total of prior encumbrances:

 

b)

Amount of this mortgage:

 

c)

Total amount of mortgages: (a+b)

 

d)

Appraised “as is” value: (from Part A)

 

e)

Loan to “as is” value: ((c/d) × 100)

 

f)

Projected value: (where appropriate)

 

g)

Loan to “projected value” ratio: ((c/f) × 100)

 

 

7.    Amount of Mortgage Advance

 

If the amount of the mortgage advance is less than the face value of the mortgage, provide explanation:

 




Part C. The Borrower


Name and Address of the Borrower:



 

     The brokerage/lender has identified the borrower(s) and evidence of identity is attached/will be provided on: ___________________________ (date)

 

     The brokerage/lender has not verified the identity of the borrower(s).

       Explain what steps the brokerage/lender will take to verify the identity before closing:

 



Explain what steps the brokerage/lender has taken to verify the financial information about the borrower:




Important: Financial information about the borrower’s ability to meet the mortgage payments must be attached to this Investor Disclosure Statement.



Part D. Fees

 

1.    Fees and charges payable by the investor


Mortgage brokerage fee/commission/other costs:

$

 

Approximate legal fees and disbursements:

$

 

Administration fees (where applicable):

$

 

Any other charges (specify):

 

 

 

$

 

 

$

 

 

$

 

Total:

$

 


       Are any of the above fees or charges refundable?

       ❍ No

❍ Yes, explain

 



2.    Fees and costs payable by the borrower:


 

Estimate

Paid to

Purpose

$

 

$

 

$

 

$

 



Part E. Attached Documents


Important: You should review the following documents carefully and assess the risks of this investment before committing to invest. You should check that all documents are consistent with this disclosure summary. The following documents should be attached. If any document is not attached an explanation must be provided in section 8.

 

 

 

Attached

1

If the statement concerns an existing mortgage, a copy of the mortgage.

2

(a)

If an appraisal of the property has been done in the previous 12 months and is available to the brokerage/lender, a copy of the appraisal.

 

(b)

If a copy of an appraisal of the property is not available, documentary evidence of the property value, other than an agreement of purchase and sale.

3

If an agreement of purchase and sale in respect of the property has been entered into in the previous 12 months and is available to the brokerage/lender, a copy of the agreement of purchase and sale and all related schedules, amendments and waivers.

4

(a)

Documentary evidence of the borrower’s ability to meet the mortgage payments.

 

(b)

A copy of the borrower’s application for the mortgage, including documents submitted in support of an application.

5

If the mortgage is a new mortgage, documentary evidence of any down payment made by the borrower for the purchase of the property.

6

A copy of any agreement that you may be asked to enter into with the mortgage brokerage and/or mortgage lender.

7

If the investment is an existing mortgage, a certificate of insurance or other documentary evidence confirming the insurance coverage with respect to the property.

8

List other documents being provided:

9

If other relevant documents are not being provided or the documents are not attached, explain:



Important: the mortgage brokerage/lender is required to provide you with all other information an investor of ordinary prudence would consider to be material to a decision whether to invest in the mortgage, so that you can make an informed decision.


This information might include the following:

 

1.    If the mortgage is for a construction development project:

       a.    a detailed description of the project;

       b.    a schedule of the funds that have been advanced or are to be advanced to the borrower; and

       c.    the identity of any person who will monitor the disbursements of the funds to the borrower and the use of those funds by the borrower.

2.    If the property is a rental property, details of leasing arrangements, assignment of rent provisions and vacancy status.

3.    Environmental consideration affecting the value of the property.

4.    If applicable, a copy of any power of attorney authorizations.


Important: If your investment is being administered, the mortgage administrator must:

 

1.    Disclose the relationship, if any, between the administrator and each borrower.

2.    Disclose whether the administrator may receive, or may pay, any fees or other remuneration in connection with the administration of the mortgage, the basis for calculating them, and the payor’s identity.

3.    Disclose whether it is receiving a fee or other remuneration for referring you to a person, and disclose the administrator’s relationship with that person.

4.    Disclose actual or potential conflicts of interest that may arise from the transaction.



Part F. Certification


This Investor Disclosure Statement has been completed by:



Name, address and licence number of brokerage/lender


I have fully completed the above Investor Disclosure Statement in accordance with the Mortgage Regulation Act and its regulations and declare it to be accurate in every respect to the best of my knowledge.


 

 

 

Printed name of Mortgage Broker or Lender Representative

 

Licence Number of Mortgage Broker/Lender

Signature of Mortgage Broker or Lender Representative

 

Date



Acknowledgement


I, ________________________________________________, (printed name of Investor) of ________________________ (address) acknowledge receipt of this Investor Disclosure Statement, signed by ____________________________________ (printed name of Mortgage Broker/Lender Representative).



Signature of Investor

 

Date



One copy of this form must be provided to the prospective investor and one copy must be retained by the mortgage brokerage/lender.


 ________________________________________________________________

Form 5—Investor Renewal Disclosure

Mortgage Regulation Act, General Disclosure Regulations


Disclosure Duties by Mortgage Brokerage/Mortgage Lender

In this Investor Renewal Disclosure Statement, mortgage brokerages or mortgage lenders are required to provide you with the completed Investor Renewal Disclosure Statement that contains important information in connection with this transaction.

A mortgage broker or mortgage lender must:

 

1

Advise you if the brokerage/lender cannot verify the identity of another party to the transaction.

 

2.

Disclose its relationship with each party to the transaction.

 

3.

Disclose whether the brokerage/lender is receiving a fee or other remuneration for referring you to a person, and disclose the relationship to that person.

 

4.

Disclose material risks to the transaction that you should consider.

 

5.

Disclose actual or potential conflicts of interest that may arise from this transaction.

 

6.

Take reasonable steps to ensure that any mortgage investment the brokerage/lender presents to you is suitable having regard to your needs and circumstances.

You must receive these disclosures in writing and acknowledge receipt of them. You should keep a copy for your records.


Important: This form is required by law and will provide the prospective investor with important information to assist you in making a decision about your investment.


If new funds are being advanced, Form 4—Investor Disclosure Statement should be used instead of this form.


This information must be disclosed at least 2 business days before you enter into an agreement to renew a mortgage. You may agree to reduce the 2 business day waiting period to 1 business day by consenting in writing.



Section 1 - Declaration by the Mortgage Brokerage/Mortgage Lender


1.    This section requires the mortgage brokerage/lender to disclose the nature of the relationship between the brokerage/lender and other persons involved in the mortgage transaction. For the purposes of this Investor Renewal Disclosure Statement, 2 persons are related if they share any relationship other than an arm’s length business relationship. For example, a shareholder, director, officer, partner or employee of a brokerage/lender is related to the brokerage/lender and to any mortgage broker or associate mortgage broker authorized to act on behalf of the brokerage/any representative of the lender.

 

This declaration is made by

 


Name, address and licence number of brokerage/lender

 

2.    Does the mortgage brokerage/mortgage lender or any of its brokers or associate brokers/representatives have or expect to have a direct or indirect interest in this property, identified in Section 2, Part A?

 

            No

            Yes, explain:                                                                                                               

 

3.    Does any person related to the mortgage brokerage/mortgage lender or any of its brokers or associate brokers/representatives have or expect to have a direct or indirect interest in this property?

 

            No

            Yes, explain:                                                                                                               

 

4.    Is the borrower related to the mortgage brokerage/mortgage lender or to any of the officers, directors, partners, employees of the shareholders of the mortgage brokerage/mortgage lender or any of its brokers or associate brokers/representatives?

 

            No

            Yes, explain:                                                                                                               

 

5.    Is the individual or company that appraised the property related to the mortgage brokerage/mortgage lender or any of its brokers or associate brokers/representatives?

 

            No

            Yes, explain:                                                                                                               

 

6.    Describe any conflicts or potential conflicts of interest in connection with this mortgage investment, other than those described above.


 

7.    Describe what steps the mortgage brokerage/mortgage lender has taken to reduce the risk resulting from any conflicts or potential conflicts of interest.

 


 

8.    (To be completed by brokerages only.) The mortgage brokerage is acting for:

 

            The investor and not the borrower

            The borrower and not the investor

            Both the borrower and the investor

(Note: if investor is a private investor, brokerage may not act for both the borrower and the private investor)

 

9.    Does the mortgage brokerage/mortgage lender or any of its brokers or associate brokers/representatives expect to gain an interest or benefit from this transaction other than the fees disclosed in Section 2, Part D of this Investor Renewal Disclosure Statement?

 

            No

            Yes, explain:                                                                                                               

 

10.  Describe all material risks of this renewal:

 




The mortgage brokerage/mortgage lender has fully complied with all requirements of the Mortgage Regulation Act and its regulations.


I have fully completed the above Declaration of Brokerage Relationships and Potential Conflicts of Interest in accordance with the Mortgage Regulation Act and its regulations and declare it to be accurate in every aspect to the best of my knowledge.


 

 

 

Signature of Mortgage Broker/Lender Representative

 

Date

Printed name of Mortgage Brokerage/Mortgage Lender

 

Licence Number of Brokerage/Lender


Acknowledgement


I, ________________________________________________________, (printed name of investor) acknowledge receipt of this Declaration by the mortgage brokerage/mortgage lender signed by ____________________________________ (printed name of Mortgage Broker/Lender Representative).


 

 

 

Signature of Investor

 

Date



Section 2 - Information Disclosure Summary


Part A. Property/Security to be Mortgaged


1.    Civic address of the property:

 



Property with existing buildings

 

Commercial

 

Single family residential

 

Industrial

 

 

Owner occupied

 

Agricultural

 

 

Rental

 

Other, explain:

 

 

Condominium

 

 

 

 

One-to-four unit residential

 

 

 

 

Five or more unit residential

 

 

 

Vacant land, development or construction project. Detail of project/proposal use, including projected starting and completion dates:

Other:

 


3.    Property Taxes:

 

Annual property taxes: $_____________

 

Are taxes in arrears?

            No

            Yes

            Investor’s Solicitor to verify Taxes or ensure coverage under title insurance prior to closing


       Amount of arrears: $_____________

 

4.    Condominium Fees (if applicable)


       Monthly condominium fees: $_____________


       Are fees in arrears?

            No

            Yes


       Amount of arrears: $_____________


5.    Zoning:


       Has there been a change in the zoning since the previous disclosure?

            No

            Yes


       If Yes, details:

 



6.    Appraisal

            An appraisal has not been done on the property within the previous 12 months

OR

            An appraisal has been done on the property within the previous 12 months

For all properties, appraised “as is” value: $_____________

 

For development and construction projects, projected market value when project is complete $_____________.

 

(Note: If the appraisal was addressed to someone other than the investor of record, please provide a transmittal letter.)

 

Date of appraisal: _________________

 

Name and address of appraiser:

 




Part B. Mortgage Particulars

 

1.    Type of Mortgage:

 

Your investment represents:

            the entire mortgage

       OR

           a portion of the mortgage. Your portion represents ____% of the total.

 

Number of other investors/lenders that have an interest in this mortgage: _____________

 

The mortgage is registered in the following name(s):

Mortgagor(s):

       Mortgagee(s):                                                                                                                     

 

If this investor is not listed as a mortgagee, explain:

 



2.    Administered Mortgage:

 

Will the mortgage be administered for you?

            No

            Yes, name, address and licence number of administrator:

 


 

Important: A Mortgage Administrator must be licenced under the Mortgage Regulation Act. See note at the end of Part E.

 

3.    (a)   Terms of the mortgage


Amount of your investment:

$

 

Term:

 

Face value of the mortgage:

$

 

Amortization:

 

Interest rate is fixed at ____% per annum OR

 

Maturity date:

 

Interest rate is variable, explain:

 

 

Balance on maturity:

$

 

 

Borrower’s first payment due:

 

Compounding period:

 

 

Borrower’s rate of interest if different from the rate of interest to be paid to the investor:

What is the borrower’s cost of borrowing as disclosed to the borrower?


$

 

 

Borrower’s rate of interest:

%

 

 

Investor(s) rate of interest:

%

 

 

 

 

 

Payment frequency:

 

 

 

 

Payments to be made by borrower:

$

 

Terms and conditions of repayment:

 

Payments to you:

$

 

 

(See Part D for fees charged to you)


 

       (b)  If there are multiple investors in the mortgage, explain any differences in terms offered to other investors, if any:

 



4.    Rank of Mortgage (according to information from borrower)

 

The mortgage to be purchased/advanced is/will be a:

       ❍ First      ❍ Second         ❍ Third            ❍ Other mortgage _______________________

 

Can the rank of the mortgage change?

❍ No

❍ Yes, explain

 

Prior encumbrances

❍ None OR


a) Priority:

 

 

b) Priority:

 

Face amount:

$

 

Face amount:

$

Amount owing:

$

 

Amount owing:

$

In default?

 

 

In default?

 

❍ No

❍ Yes

❍ Unknown

 

❍ No        

❍ Yes

❍ Unknown

If yes, explain:

 

 

If yes, explain:

 

 

 

 

Name of Mortgagee:

 

Name of Mortgagee:

 

Other encumbrances, including environmental, regulatory and/or liens:

 



5.    Loan to value ratio

 

            There has been no recalculation of the loan to value ratio since the initial investment/last renewal date.

OR

            The loan to value ratio has changed since the initial investment/last renewal date.

The loan to value ratio has changed because of

                      new appraisal or evidence of value

                      change in encumbrances

Explain and show calculations:

 



a)

Total of prior encumbrances:

$

b)

Amount of this mortgage:

$

c)

Total amount of mortgages: (a+b)

$

d)

Appraised “as is” value: (from Part A)

$

e)

Loan to “as is” value: ((c/d) × 100)

%

f)

Projected value: (where appropriate)

$

g)

Loan to “projected value” ratio: ((c/f) × 100)

%



Part C. The Borrower


Name and Address of the Borrower:





Part D. Fees

 

1.    Fees and charges payable by the investor


Mortgage brokerage fee/commission/other costs:

$

 

Approximate legal fees and disbursements:

$

 

Administration fees (where applicable):

$

 

Any other charges (specify):

 

 

 

$

 

 

$

 

 

$

 

Total:

$

 


       Are any of the above fees or charges refundable?

       ❍ No

❍ Yes, explain

 



2.    Fees and costs payable by the borrower:


 

Estimate

Paid to

Purpose

$

 

$

 

$

 

$

 



Part E. Attached Documents


Important: You should review the following documents carefully and assess the risks of this investment before committing to invest. You should check that all documents are consistent with this disclosure summary. The following documents should be attached. If any document is not attached an explanation must be provided in section 7.


 

 

Attached

1

A copy of the mortgage.

2

If an appraisal of the property has been done in the previous 12 months and is available to the brokerage/lender, a copy of the appraisal.

3

If an agreement of purchase and sale in respect of the property has been entered into in the previous 12 months and is available to the brokerage/lender, a copy of the agreement of purchase and sale and all related schedules, amendments and waivers.

4

A copy of any agreement that you may be asked to enter into with the mortgage brokerage and/or mortgage lender.

5

A certificate of insurance or other documentary evidence confirming the insurance coverage with respect to the property.

6

List other documents being provided:

7

If other relevant documents are not being provided or the documents are not attached, explain:


Important: the mortgage brokerage/lender is required to provide you with all other information an investor of ordinary prudence would consider to be material to a decision whether to invest in the mortgage, so that you can make an informed decision.


This information might include the following:

 

1.    If the mortgage is for a construction development project:

       a.    a detailed description of the project;

       b.    a schedule of the funds that have been advanced or are to be advanced to the borrower; and

       c.    the identity of any person who will monitor the disbursements of the funds to the borrower and the use of those funds by the borrower.

2.    If the property is a rental property, details of leasing arrangements, assignment of rent provisions and vacancy status.

3.    Environmental consideration affecting the value of the property.

4.    If applicable, a copy of any power of attorney authorizations.


Important: if your investment is being administered, the mortgage administrator must:

 

1.    Disclose the relationship, if any, between the administrator and each borrower.

2.    Disclose whether the administrator may receive, or may pay, any fees or other remuneration in connection with the administration of the mortgage, the basis for calculating them, and the payor’s identity.

3.    Disclose whether it is receiving a fee or other remuneration for referring you to a person, and disclose the administrator’s relationship with that person.

4.    Disclose actual or potential conflicts of interest that may arise from the transaction.



Part F. Certification


This Investor Renewal Disclosure Statement has been completed by:



Name, address and licence number of brokerage/lender


I have fully completed the above Investor Renewal Disclosure Statement in accordance with the Mortgage Regulation Act and its regulations and declare it to be accurate in every respect to the best of my knowledge.


 

 

 

Printed name of Mortgage Broker or Lender Representative

 

Licence Number of Mortgage Broker/Lender

Signature of Mortgage Broker or Lender Representative

 

Date


Acknowledgement


I, ________________________________________________, (printed name of Investor) of ________________________ (address) acknowledge receipt of this Investor Renewal Disclosure Statement, signed by ____________________________________ (printed name of Mortgage Broker/Lender Representative).



Signature of Investor

 

Date


One copy of this form must be provided to the prospective investor and one copy must be retained by the mortgage brokerage/lender.


 ________________________________________________________________

Form 6A—Annual Information Return: Mortgage Brokerages

(Mortgage Regulation Act, Reporting Requirements Regulations)



Name of Licensee: _________________ Licence Number: _________________

For the reporting period of October 1, 20____ to September 30, 20____.


Information provided must be based on Nova Scotia data only, except for questions 1, 6 and 7.

 

1.    Did the mortgage brokerage broker mortgages in another Canadian province or territory?

 

            No

            Yes, complete table:


Canadian Province or Territory

% of Mortgages

(of total number)

% of Mortgages

(of total dollar amount)

British Columbia

 

 

Alberta

 

 

Saskatchewan

 

 

Manitoba

 

 

Ontario

 

 

Quebec

 

 

New Brunswick

 

 

Nova Scotia

 

 

Prince Edward Island

 

 

Newfoundland and Labrador

 

 

Nunavut

 

 

Northwest Territories

 

 

Yukon

 

 

 

2.    Did the mortgage brokerage close any mortgage deals in Nova Scotia during the reporting period? (Information provided must be based on Nova Scotia data only.)

 

            No

            Yes, complete table:


Mortgage Type

Number of Mortgages

Dollar Amount of Mortgages

Include both new and renewal mortgage data for a-c, where applicable

a)

Residential

 

 

b)

Commercial

 

 

c)

Other (specify types):

 

 

 

 

 

 

 

 

 

Total (a+b+c)

 

 

Complete d-q for residential business only:

d)

Conventional 1

 

 

e)

High ratio insured 2

 

 

f)

High ratio uninsured 3

 

 

 

Total (d+e+f)

 

 

 

g)

First mortgage

 

 

h)

Second mortgage

 

 

i)

Third mortgage

 

 

j)

Other mortgages (4th, 5th, etc.)

 

 

 

Total (g+h+i+j)

 

 

 

k)

New loans

 

 

l)

Renewals 4

 

 

 

Total (k+l)

 

 

 

m)

First time homebuyers

 

 

n)

Reverse mortgage

 

 

o)

Sub-prime 5

 

 

p)

Construction mortgages

 

 

q)

Home equity line of credit

 

 

 

3.    Please provide the following information regarding the funding sources of the mortgage brokerage’s residential mortgage business: (Information provided must be based on Nova Scotia data only.)


Type of Lender

Number of Mortgages

Dollar Amount of Mortgages

Bank

 

 

Credit union

 

 

Mortgage investment corporation

 

 

Private investor

 

 

Self-funding

 

 

Trust company

 

 

Other (specify types):

 

 

 

 

 

 

 

 

Total

 

 

 

4.    How many lenders did the mortgage brokerage have available to fund residential mortgages as at September 30? (Information provided must be based on Nova Scotia data only.) _______________

 

5.    Did the mortgage brokerage fund more than 20% of its residential mortgage business, in dollar value, with any one lender? (Information provided must be based on Nova Scotia data only.)

 

            No

            Yes, complete table:


Type of Lender

Name

Percent of Business

(>20% only)

Bank

 

 

Credit union

 

 

Mortgage investment corporation

 

 

Private investor

 

 

Self-funding

 

 

Trust company

 

 

Other (specify types):

 

 

 

 

 

 

 

 

Total

 

 

6.    Did the principal broker or an officer or director of the mortgage brokerage have an equity interest in a mortgage investment corporation (MIC) 6 as at September 30?

 

            No

            Yes, list the name, description of equity interest and legal name of the MIC for each person who had an equity interest:



 

7.    Did the principal broker or an officer or director of the mortgage brokerage hold any management roles in a MIC as at September 30?

 

            No

            Yes, list the name of each person who held a management role, the position held and the legal name of the MIC:



 

Were any of the MICs fully managed by the principal broker?

 

            No

            Yes

 

Were any of the MICs subject to any legal claims in any Canadian jurisdiction?

 

            No

            Yes

 

8.    Please provide the amount of the mortgage brokerage’s residential mortgage business that was funded by MIC(s) during the reporting period: (Information provided must be based on Nova Scotia data only.)


Number of mortgages

 

Dollar amount of mortgages

 

Number of MICs that funded the mortgages

 

 

9.    Did the mortgage brokerage broker any mortgages funded by private investors, other than through a MIC? (Information provided must be based on Nova Scotia data only.)

 

            No

            Yes, complete table:


Number of mortgages

 

Dollar amount of mortgages

 

Number of private investors

 

 

Based on the value of the mortgages, please list the top 3 private investors that funded the mortgage brokerage’s mortgage transactions:


Private Investor Name

Number of Mortgages

Dollar Amount of Mortgages

 

 

 

 

 

 

 

 

 

 

10.  Did the mortgage brokerage syndicate 7 mortgages? (Information provided must be based on Nova Scotia data only.)

 

            No

            Yes, complete the following table respecting the mortgages syndicated by the mortgage brokerage:


Type of Mortgage

Total Number of Mortgages

Total Dollar Amount of Mortgages

Total Number of Investors

and Lenders

Total Number of Private Investors

Who Administers the Mortgages

Number and Value of

High-Ratio Syndicated Mortgages

Number

Dollar Amount

Residential

 

 

 

 

 

 

 

Commercial

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

Based on the value of the mortgages, please list the top 3 syndicates that funded the mortgage brokerage’s syndicated mortgage transactions:


Identifying Details of Syndicate

Number of Mortgages

Dollar Amount of Mortgages

 

 

 

 

 

 

 

 

 

 

11.  Did the mortgage brokerage refer any clients to other licensed mortgage brokerages to invest in syndicated mortgages? (Information provided must be based on Nova Scotia data only.) 

 

            No

            Yes, complete:

 

How many clients did the mortgage brokerage refer? _______________

 

Please provide the dollar amount of compensation received by the mortgage brokerage for referring persons to invest in syndicated mortgages.
$_______________

 

12.  Did the mortgage brokerage arrange or participate in arranging any securitization facilities 8? (Information provided must be based on Nova Scotia data only.)

 

            No

            Yes, complete table:


Number of instruments

 

Dollar amount of instruments

 

 

13.  Please provide the following breakdown of written complaints received by the mortgage brokerage during the reporting period: (Information provided must be based on Nova Scotia data only.)


Complaint Category

Number of Complaints

Number Responded to

(as at September 30)

Number
Resolved

(as at September 30)

1. Administration

Complaints regarding administrative practices; e.g., failing to return original records, record-keeping, payment schedule problems, contractual disputes (client fees or services) and customer service (client expectations)

 

 

 

2. Disclosure

Complaints regarding disclosure requirements

 

 

 

3. Marketing and sales

Complaints regarding product suitability, incomplete, inappropriate or misleading public relations material, high-pressure sales tactics, tied selling

 

 

 

4. Fraud

Complaints regarding deceptive or deliberate practices to secure unfair or unlawful gain; e.g., falsifying documents or information related to a mortgage transaction or arrangement, defalcation

 

 

 

Total

 

 

 




Attestation by the Principal Broker

I, (print name), of (print name of mortgage brokerage), certify as follows:


I am aware that it is an offence to make a false statement to the Registrar of Mortgage Regulation. The information provided in this annual information return is true to the best of my knowledge and belief.


Note: Only the principal broker of the brokerage can submit this annual information return. The above name must match the name on the principal broker’s licence.

____________________________

(signature of principal broker)

______________________

(date)


 ________________________________________________________________ 

Form 6B—Annual Information Return: Mortgage Lenders

(Mortgage Regulation Act, Reporting Requirements Regulations)



Name of Licensee: _________________ Licence Number: _________________

For the reporting period of October 1, 20____ to September 30, 20____.


Information provided must be based on Nova Scotia data only, except for questions 1, 5 and 6.


 

1.    Did the mortgage lender fund mortgages in another Canadian province or territory?

 

            No

            Yes, complete table:


Canadian Province or Territory

% of Mortgages

(of total number)

% of Mortgages

(of total dollar amount)

British Columbia

 

 

Alberta

 

 

Saskatchewan

 

 

Manitoba

 

 

Ontario

 

 

Quebec

 

 

New Brunswick

 

 

Nova Scotia

 

 

Prince Edward Island

 

 

Newfoundland and Labrador

 

 

Nunavut

 

 

Northwest Territories

 

 

Yukon

 

 

 

2.    Did the mortgage lender close any mortgage deals in Nova Scotia during the reporting period? (Information provided must be based on Nova Scotia data only.)

 

            No

            Yes, complete table:


Mortgage Type

Number of Mortgages

Dollar Amount of Mortgages

Include both new and renewal mortgage data for a-c, where applicable

a)

Residential

 

 

b)

Commercial

 

 

c)

Other (specify types):

 

 

 

 

 

 

 

 

 

Total (a+b+c)

 

 

Complete d-q for residential business only:

d)

Conventional 9

 

 

e)

High ratio insured 10

 

 

f)

High ratio uninsured 11

 

 

 

Total (d+e+f)

 

 

 

g)

First mortgage

 

 

h)

Second mortgage

 

 

i)

Third mortgage

 

 

j)

Other mortgages (4th, 5th, etc.)

 

 

 

Total (g+h+i+j)

 

 

 

k)

New loans

 

 

l)

Renewals 12

 

 

 

Total (k+l)

 

 

 

m)

First time homebuyers

 

 

n)

Reverse mortgage

 

 

o)

Sub-prime 13

 

 

p)

Construction mortgages

 

 

q)

Home equity line of credit

 

 


 

3.    Did the mortgage lender fund mortgages through a mortgage brokerage? (Information provided must be based on Nova Scotia data only.)

 

            No

            Yes, number of brokerages used: _______________

 

4.    Did the mortgage lender fund more than 20% of its business, in dollar value, with any one brokerage? (Information provided must be based on Nova Scotia data only.)

 

            No

            Yes, complete table:


Name of Mortgage Brokerage

Percent of Business

(>20% only)

 

 

 

 

 

 

 

 

 

5.    Did any officers or directors of the mortgage lender have an equity interest in a mortgage investment corporation (MIC) 14 as at September 30?

 

            No

            Yes, list the name, description of equity interest and legal name of the MIC for each person who had an equity interest:

 

6.    Did any officers or directors of the mortgage lender hold any management roles in a MIC as at September 30?

 

            No

            Yes, list the name of each person who held a management role, the position held and the legal name of the MIC:

 

Were any of the MICs subject to any legal claims in any Canadian jurisdiction?

 

            No

            Yes

 

7.    Please provide the amount of the mortgage lender’s business that was funded by MIC(s) during the reporting period: (Information provided must be based on Nova Scotia data only.)


Number of mortgages

 

Dollar amount of mortgages

 

Number of MICs that funded the mortgages

 

 

8.    Did the mortgage lender fund any mortgages with funds from private investors, other than through a MIC? (Information provided must be based on Nova Scotia data only.)

 

            No

            Yes, complete table:


Number of mortgages

 

Dollar amount of mortgages

 

Number of private investors

 

 

Based on the value of the mortgages, please list the top 3 private investors that funded the mortgage lender’s transactions:


Private Investor Name

Number of Mortgages

Dollar Amount of Mortgages

 

 

 

 

 

 

 

 

 

 

9.    Did the mortgage lender syndicate 15 mortgages? (Information provided must be based on Nova Scotia data only.)

 

            No

            Yes, complete:


Type of Mortgage

Total Number of Mortgages

Total Dollar Amount of Mortgages

Total Number of Investors

and Lenders

Total Number of Private Investors

Number and Value of

High-Ratio Syndicated Mortgages

Who Administers the Mortgages


Number

Dollar Amount

Residential

 

 

 

 

 

 

 

Commercial

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

Based on the value of the mortgages, please list the top 3 syndicates that funded the mortgage lender’s syndicated mortgage transactions:


Identifying Details of Syndicate

Number of Mortgages

Dollar Amount of Mortgages

 

 

 

 

 

 

 

 

 

 

10.  Did the mortgage lender refer any persons to any licensed brokerages to invest in syndicated mortgages? (Information provided must be based on Nova Scotia data only.)

 

            No

            Yes, complete:

 

How many persons did the mortgage lender refer? _______________

 

Please provide the dollar amount of compensation received by the mortgage lender for referring persons to invest in syndicated mortgages.
$_______________

 

11.  Did the mortgage lender arrange or participate in arranging any securitization facilities 16? (Information provided must be based on Nova Scotia data only.)

 

            No

            Yes, complete table:


Number of instruments

 

Dollar amount of instruments

 

 

12.  Did the mortgage lender make securitization sales? (Information provided must be based on Nova Scotia data only.)

 

            No

            Yes, complete table:


Number of mortgages

 

Dollar amount of mortgages

 

 

13.  Please provide the following breakdown of written complaints received by the mortgage lender during the reporting period: (Information provided must be based on Nova Scotia data only.)


 

Complaint Category

Number of Complaints

Number Responded to
(as at September 30)

Number Resolved

(as at September 30)

1. Administration

Complaints regarding administrative practices; e.g., failing to return original records, record-keeping, payment schedule problems, contractual disputes (client fees or services) and customer service (client expectations)

 

 

 

2. Disclosure

Complaints regarding disclosure requirements

 

 

 

3. Marketing and sales

Complaints regarding product suitability, incomplete, inappropriate or misleading public relations material, high-pressure sales tactics, tied selling

 

 

 

4. Fraud

Complaints regarding deceptive or deliberate practices to secure unfair or unlawful gain; e.g., falsifying documents or information related to a mortgage transaction or arrangement, defalcation

 

 

 

Total

 

 

 




Attestation by the Compliance Officer

I, (print name), of (print name of mortgage lender), certify as follows:


I am aware that it is an offence to make a false statement to the Registrar of Mortgage Regulation. The information provided in this annual information return is true to the best of my knowledge and belief.

____________________________________

(signature of compliance officer)

______________________

(date)


 ________________________________________________________________ 

Form 6C—Annual Information Return: Mortgage Administrators

(Mortgage Regulation Act, Reporting Requirements Regulations)

 

 

Name of Licensee: _________________ Licence Number: _________________

For the reporting period of October 1, 20____ to September 30, 20____.

 

1.    Did the mortgage administrator administer mortgages in another Canadian province or territory?

 

            No

            Yes, complete table:

 

Canadian Province or Territory

% of Mortgages

(of total number)

% of Mortgages

(of total dollar amount)

British Columbia

 

 

Alberta

 

 

Saskatchewan

 

 

Manitoba

 

 

Ontario

 

 

Quebec

 

 

New Brunswick

 

 

Nova Scotia

 

 

Prince Edward Island

 

 

Newfoundland and Labrador

 

 

Nunavut

 

 

Northwest Territories

 

 

Yukon

 

 

 

2.    Did the mortgage administrator have a trust account under the Mortgage Regulation Act (MRA) as at the last day of the reporting period (September 30)?

 

            No, explain: __________________________________

            Yes, complete:

 

How many MRA trust accounts did the mortgage administrator have as at the last day of the reporting period (September 30)? _______________

 

Of the total number, how many MRA trust accounts did the mortgage administrator open during the reporting period? _______________

 

Did the mortgage administrator obtain prior written consent from the Registrar to open any new MRA trust accounts during the reporting period?

 

            Not applicable

            No

            Yes

 

If not, why? __________________________________

 

Did the mortgage administrator reconcile all of its MRA trust accounts?

 

            Not applicable

            No

            Yes

 

If not, why? __________________________________

 

3.    Was there a shortfall, at any time, in any of the MRA trust accounts?

 

            Not applicable

            No

            Yes, complete table:

 

Date

Amount

Corrected

When

Reported to Registrar

Comment

 

$

❍ Yes

❍ No

 

 

 

 

$

❍ Yes

❍ No

 

 

 

 

$

❍ Yes

❍ No

 

 

 

 

$

❍ Yes

❍ No

 

 

 

 

$

❍ Yes

❍ No

 

 

 

 

4.    Did the mortgage administrator operate a mortgage investment corporation (MIC) 17 as at September 30?

 

            No

            Yes

 

5.    Did the mortgage administrator administer any mortgages on behalf of private investors in which either an investor or borrower were located in Nova Scotia?

 

            No

            Yes, complete table:

 

Number of mortgages

 

Dollar amount of mortgages

 

Number of private investors

 

 

Based on the value of the mortgages, please list the top 3 private investors the mortgage administrator administered mortgages for:

 

Private Investor Name

Number of Mortgages

Dollar Amount of Mortgages

 

 

 

 

 

 

 

 

 

 

6.    Did the mortgage administrator administer any syndicated mortgages 18 in which an investor, lender or borrower were located in Nova Scotia?

 

            No

            Yes, complete table:

 

Number of mortgages

 

Dollar amount of mortgages

 

Number of investors or lenders

 

 

Based on the value of mortgages, please list the top 3 investors or lenders the mortgage administrator administered syndicated mortgages for:

 

Investor or Lender Name

Number of Mortgages

Dollar Amount of Mortgages

 

 

 

 

 

 

 

 

 

 

7.    Did the mortgage administrator administer any securitization facilities 19?

 

            No

            Yes, complete table:

 

Number of instruments

 

Dollar amount of instruments

 

 

8.    How many written complaints did the mortgage administrator receive during the reporting period? ________

 

Of the total written complaints received, how many were responded to? ________

 

Of the total written complaints received, how many were resolved as at September 30? ________

 

Please provide the following breakdown of complaints received:

 

Complaint Category

Number of Complaints

Comments

(Provide a brief explanation about the types of complaints received by the mortgage administrator for each category)

1. Administration

Complaints regarding administrative practices; e.g., failing to return original records, record-keeping, contractual disputes (client fees or services) and customer service (client expectations)

 

 

2. Disclosure/trust agreement

Complaints regarding disclosure requirements or contents of trust agreement

 

 

3. Marketing and sales

Complaints regarding product suitability, incomplete, inappropriate or misleading public relations material, high-pressure sales tactics, tied selling

 

 

4. Fraud

Complaints regarding deceptive or deliberate practices to secure unfair or unlawful gain, e.g., falsifying documents or information related to a mortgage transaction or arrangement, defalcation

 

 

Total

 

 

 

 

 

Attestation by the Compliance Officer

I, (print name), of (print name of mortgage administrator), certify as follows:


I am aware that it is an offence to make a false statement to the Registrar of Mortgage Regulation. The information provided in this annual information return is true to the best of my knowledge and belief.

________________________________

(signature of compliance officer)

______________________

(date)

 

Footnotes

 

 


 

Legislative History
Reference Tables

Forms Regulations

N.S. Reg. 132/2020

Mortgage Regulation Act

Note:  The information in these tables does not form part of the regulations and is compiled by the Office of the Registrar of Regulations for reference only.

Source Law

The current consolidation of the Forms Regulations made under the Mortgage Regulation Act includes all of the following regulations:

N.S.
Regulation

In force
date*

How in force

Royal Gazette
Part II Issue

132/2020

Nov 1, 2021

date specified (date that Act comes into force on proclamation)

Oct 9, 2020

214/2022

Nov 1, 2022

date specified

Oct 7, 2022

146/2024

Sep 1, 2024

date specified

Aug 9, 2024

 

 

 

 

 

 

 

 

The following regulations are not yet in force and are not included in the current consolidation:

N.S.
Regulation

In force
date*

How in force

Royal Gazette
Part II Issue

 

 

 

 

 

 

 

 

 

 

 

 

*See subsection 3(6) of the Regulations Act for rules about in force dates of regulations.

Amendments by Provision

ad. = added
am. = amended

fc. = fee change
ra. = reassigned

rep. = repealed
rs. = repealed and substituted

Provision affected

How affected

Form 1............................................

am. 214/2022

Form 2............................................

am. 214/2022

Form 6A.........................................

am. 146/2024

Form 6B.........................................

am. 146/2024

Form 6C.........................................

am. 146/2024

Note that changes to headings are not included in the above table.

Editorial Notes and Corrections

 

Note

Effective
date

 

 

 

 

 

 

 

 

 

Repealed and Superseded

N.S.
Regulation

Title

In force
date

Repealed
date

 

 

 

 

Note:  Only regulations that are specifically repealed and replaced appear in this table.  It may not reflect the entire history of regulations on this subject matter.