On July 14, 2025, the BC Government officially approved the rules and regulations that will guide implementation of the Mortgage Services Act (MSA), modernizing the framework that governs mortgage brokering across our province.
This announcement triggers a 15-month transition period from the current Mortgage Brokers Act (MBA) to the new MSA. The transition period starts today, when the rules and regulations were approved, and ends when the MSA comes into force on October 13, 2026.
What this means for brokers
Mortgage professionals currently registered under the MBA will need to complete certain transition activities to become licensed under the MSA. These activities will differ depending on whether you aim to become a principal broker (formerly designated individual) or a mortgage broker (formerly sub-mortgage broker).
BC Financial Services Authority (BCFSA) will lead this transition, releasing guidance, educational materials, and regulatory details throughout the process. BCFSA will also communicate key updates directly via email. Please ensure your contact information is up to date in IRIS so you don’t miss any important information.
Resources
The dedicated Mortgage Services Act webpage is your go-to hub for transition updates, requirements, and timelines.
Other important links:
Questions about the MSA and the transition process can be sent to BCFSA’s Service Centre team at msa@bcfsa.ca. BCFSA can also be contacted by phone at 604-660-3555 (local) or 866-206-3030 (toll-free).
CMBA-BC advocacy
CMBA-BC took part of consultations with the Ministry of Finance and BCFSA, advocating for our members and the overall BC mortgage broker community. We will continue to work with BCFSA and the Government of British Columbia.
“CMBA-BC supports the principles of consumer protection and a strong, professional mortgage-broker industry in British Columbia,” CMBA-BC President Rebecca Casey states in the Government of BC’s press release. “We look forward to reviewing the final details of the new Mortgage Services Act’s rules and regulations, and emphasize the importance of modernizing the regulatory framework to reflect today’s housing and lending environment. We are committed to working collaboratively with BCFSA and the provincial government to ensure the implementation of the act supports mortgage brokers in helping British Columbians achieve their homeownership goals.”
CMBA-BC will be offering members a short course on the new MSA and what it will mean for you and your business. Stay tuned for more details. For more information on CMBA-BC’s educational offerings, please contact education@cmbabc.ca.
Thank you for your commitment to excellence in BC’s mortgage brokerage industry. We’ll keep you informed and prepared every step of the way.