How this brokerage is paid, and what you are entitled to
Mortgage brokering in Nova Scotia is regulated, and the rules exist mostly to protect you at the two moments that matter: before any work begins, and before any money changes hands. This page sets out what those rules require, what this practice does, and how to check any of it independently.
Does a borrower pay a mortgage broker in Nova Scotia?
Not on a standard residential mortgage. The lender pays the brokerage a finder’s fee when the mortgage funds, so the borrower pays $0. A fee applies only on some private and alternative-lender mortgages — and where it does, Nova Scotia regulation requires it to be disclosed to you in writing before any services are provided, and prevents it being collected until the lender has confirmed funding in writing.
How this practice is actually paid
There is no complicated version of this. On a standard residential mortgage placed with a bank, credit union or monoline lender, the lender pays the brokerage a finder’s fee when the mortgage funds. Nothing is charged to you, and nothing is added to your rate to recover it — you are offered the same rate you would be offered directly, and frequently a better one, because the brokerage is placing volume.
The exception is private and some alternative lending, where the lender does not pay a brokerage fee and the file genuinely requires more work. There, a borrower fee is normal in the industry. It is disclosed in writing before any work begins, it is stated as a dollar figure, and it is deducted from the advance at closing rather than requested up front. The full explanation of broker compensation → · How private lending works →
What Nova Scotia regulation requires
Two instruments govern this. The Standards of Conduct for Mortgage Brokerages Regulations and the Mortgage Regulation General Regulations, both made under the Mortgage Regulation Act.
| Requirement | What it means for you |
|---|---|
| Written disclosure before services | A brokerage must disclose its fees to you in writing before it provides services. You should never be part-way into an application before learning what it will cost. |
| The section 22 rule on collecting fees | Section 22 of the Standards of Conduct for Mortgage Brokerages Regulations: a brokerage must not charge or collect a fee from a borrower until the lender has confirmed funding in writing, the borrower has accepted the commitment in writing, and the borrower has a copy of the signed commitment. Three conditions, all of which must be met first. This is the protection that prevents advance-fee abuse. |
| Display of the brokerage’s licensed name and number | The brokerage’s licensed name and licence number must appear clearly. On this site they are in the footer of every page and in the structured data. |
| Correct use of the individual’s title | A licensed individual must appear under their exact licensed name with the correct title. Riley Oickle is an associate mortgage broker — not a mortgage broker, and not the brokerage. |
The single most useful sentence on this page
Nobody can take your money before you have seen a written lender commitment and accepted it in writing. If anyone in this industry asks you for a fee on the strength of a verbal approval, an "application fee", or a promise that funding is coming, that is the moment to stop and verify their licence. It applies to every brokerage operating in Nova Scotia, including this one.
The licences behind this practice
| Individual | Riley Oickle |
| Licence class | Associate Mortgage Broker |
| Nova Scotia licence number | 2025-3001134 |
| Brokerage (licensed name) | INDI THE INDEPENDENT MORTGAGE COMPANY LTD. |
| Brokerage licence number | 2025-3000688 |
| Principal broker | Krista Pike |
| Office | 30 Damascus Rd, Suite 212, Bedford, NS B4A 0C2 |
The two numbers are different things and should never be used interchangeably. 2025-3000688 is the brokerage’s licence and belongs to the firm. 2025-3001134 is Riley’s individual associate mortgage broker licence. If you see a broker presenting a brokerage licence number as their own, that is worth asking about.
Check them yourself: the register of licensed mortgage brokers and associate mortgage brokers and the register of brokerages, lenders and administrators. More on licensing and verification →
What you should expect to receive
- Before any work begins — confirmation of who you are dealing with, the licensed brokerage behind them, and what, if anything, it will cost you. On a standard residential mortgage the answer is nothing.
- Before you commit to a lender — the rate, the term, the amortization, the prepayment privileges and the penalty formula, in writing. The penalty formula matters more than most borrowers realise, particularly if there is any chance of moving or refinancing mid-term.
- Where a fee applies — the fee as a dollar figure, in writing, before services are provided, along with what it is for.
- The lender’s written commitment — which you read and sign before anything is collected from you.
- Straight answers about alternatives — including when the answer is that your own bank is the better option, or that the right next call is a licensed insolvency trustee rather than a mortgage.
Conflicts, stated plainly
Two are worth naming rather than leaving implicit.
- The lender pays the brokerage. That is disclosed here and throughout this site. Compensation levels vary somewhat between lenders, which is a structural conflict in every mortgage brokerage in Canada. The protection against it is that you can ask what the compensation is on a given placement, and why that lender was recommended. Ask.
- Commercial and residential are separate. Five or more units is commercial financing and goes to Indi Mortgage Commercial Division, a related practice. That relationship is disclosed rather than obscured.
One conflict that does not exist here is worth mentioning too: the province’s 2%-down First-time Homebuyers Program is delivered exclusively by credit unions and cannot be originated by a broker. This site publishes an honest comparison of it anyway, including the cases where it beats anything a broker can arrange. The comparison →
If something goes wrong
Raise it directly first — by phone on (902) 298-0218 or in writing to [email protected]. If it is not resolved, the brokerage’s principal broker, Krista Pike, is accountable for the conduct of the brokerage’s associates, and beyond that Nova Scotia’s mortgage regulator oversees licensee conduct under the Mortgage Regulation Act. Verifying a licence on the public register is also the fastest way to confirm who is responsible for a given file.
Questions people ask
Do I pay a mortgage broker in Nova Scotia?
Not on a standard residential mortgage. The lender pays the brokerage a finder's fee when the mortgage funds, so the borrower pays $0. A fee can apply on private and some alternative lending, and where it does, Nova Scotia regulation requires it to be disclosed to you in writing before any services are provided.
When can a Nova Scotia brokerage collect a fee from me?
Section 22 of the Standards of Conduct for Mortgage Brokerages Regulations is precise: a brokerage must not charge or collect a fee from a borrower until the lender has confirmed funding in writing, the borrower has accepted the commitment in writing, and the borrower has a copy of the signed commitment. In plain terms — nobody can take your money on the strength of an approval you have not seen.
What is the difference between a mortgage broker and an associate mortgage broker?
They are distinct licence classes in Nova Scotia. Riley Oickle is licensed as an associate mortgage broker, licence 2025-3001134, working under INDI THE INDEPENDENT MORTGAGE COMPANY LTD., which holds mortgage brokerage licence 2025-3000688. The brokerage licence belongs to the firm and the associate broker licence belongs to the individual; they are not interchangeable and both should be displayed.
How do I check that a mortgage broker is licensed in Nova Scotia?
The province publishes two public registers — one for licensed mortgage brokers and associate mortgage brokers, and one for brokerages, lenders and administrators. Both are linked on this page. Look up the individual and the firm separately; a legitimate broker will give you both numbers without being asked.
What should I do if a broker asks for money up front?
Stop and check. On a standard residential mortgage there should be no borrower fee at all. On private lending a fee is normal but must be disclosed in writing beforehand and cannot be collected before a written lender commitment exists and you have accepted it in writing. A request for payment before that point is a reason to verify the licence and, if in doubt, to contact the provincial regulator.
Does a broker have to tell me how they are paid?
Yes. Disclosure of fees and of the brokerage's relationship with lenders is a regulatory requirement, not a courtesy. You are entitled to see, in writing and before services are provided, what the arrangement is — including where the compensation comes from when it is not coming from you.
Ask anything about how this works before you start
Including what the lender pays on your placement and why that lender was recommended. A conversation costs nothing and commits you to nothing.