New Brunswick Mortgage Trends and Broker Regulations
There are a variety of local licenses available to mortgage professionals in the province, ranging from mortgage administers to associates to brokerages. All are administered by the Financial and Consumer Services Commission of New Brunswick under the Mortgage Brokers Act, which seeks to protect the rights of local borrowers and foster a thriving and sustainable mortgage industry in the province. Along with administering four types of licenses, the FCSC monitors compliance to ensure that brokerages, brokers and associates are always acting in the best interest of the borrower. The only exception is when there's a private investor involved, in which case the same broker can not represent both the borrower and the lender in the same transaction. They also define the disclosure requirements for mortgage professionals and uphold the integrity of the industry.
Roughly 750,000 Canadians call this Eastern province home. It was among the first to form the Dominion of Canada in 1867, which laid the foundation for the rest of the country, and it has a rich maritime culture and history. It's the only bilingual province in Canada, with English and French bearing equal weight, and many French Acadians call the province home. Much of New Brunswick is covered in forest, and the economy is largely based on resources like forestry, mining and fishing. Although some New Brunswick residents live in condos and apartments, many live in single family homes and townhouses. In 2016, the largest city in the province (Moncton) was home to just 72,000 people.
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