The amendment to the Forms Regulations under the Mortgage Regulation Act introduces a series of changes designed to improve clarity, accountability, and transparency in mortgage brokerage, lending, and administration practices in Nova Scotia. The amendments affect several standardized forms, updating them with new requirements for disclosure, record-keeping, and reporting. The adjustments are intended to ensure that both consumers and regulators have clearer, more comprehensive information about mortgage transactions and industry practices.

The first amendments update Form 1—Mortgage Brokerage Disclosure and Form 2—Mortgage Brokerage Recommendation and Assessment. These changes standardize the inclusion of the brokerage’s name and licence number directly on the form, replacing the prior reference format. In Form 2, additional text is added under “Assessment Criteria,” requiring brokerages to provide a detailed explanation for their recommendation.

Form 3—Mortgage Disclosure Statement is also amended to require inclusion of the lender’s name and licence number, ensuring consistency and traceability in borrower documentation. This reinforces accountability by tying every mortgage transaction to a specific, licensed entity.

A more substantial set of changes comes with the repeal and replacement of Forms 6A, 6B, and 6C, which deal with annual information returns for mortgage brokerages, lenders, and administrators. The new versions of these forms expand the reporting requirements and introduce more detailed data collection. For mortgage brokerages, Form 6A requires annual disclosure about activities both within Nova Scotia and in other Canadian jurisdictions, including the number and value of mortgages brokered by type—residential, commercial, or other—and by product category, such as high-ratio insured, uninsured, or conventional mortgages. Brokerages must also report on funding sources, distinguishing between banks, credit unions, insurance companies, trust companies, mortgage finance companies, mortgage investment corporations (MICs), mortgage investment entities (MIEs), private investors, and self-funding arrangements.

The form further requires information on the concentration of business with particular lenders, equity or management interests held by brokerage officers in MICs, and the role of MICs and MIEs in funding residential mortgage business. Detailed reporting is also mandated on private investor funding, syndicated mortgages, securitization facilities, and client referrals to other brokerages.

By requiring more granular and standardized information on mortgage activities, funding sources, and industry practices, the changes aim to improve transparency and accountability in the sector. The inclusion of licence numbers directly on key disclosure forms ties transactions to identifiable entities, reducing ambiguity.

Nova Scotia (169/2025) September 16, 2025
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