What does a mortgage broker cost in Newfoundland and Labrador?
Who pays a Newfoundland and Labrador broker, when a fee is allowed, and the written disclosures you must get before you sign — each with the section of the law it comes from.
What does a mortgage broker cost in Newfoundland and Labrador?
On a standard residential mortgage, nothing: the lender pays the brokerage. Since 1 April 2025 the Mortgage Brokerages and Brokers Act caps what you can owe a broker at the amount in your cost-of-credit statement, and the brokerage must tell you in writing what it is paid, at least two business days before you commit.
What the brokerage must tell you in writing in Newfoundland and Labrador
| What | The rule | Where it is |
|---|---|---|
| Your options | The details of the mortgage options you can choose from | NLR 66/24 s. 8(1)(a) |
| Who owns the brokerage | Any lender that owns it, in whole or in part | NLR 66/24 s. 8(1)(b) |
| Which lenders it will use | The number and names of the lenders it intends to submit to | NLR 66/24 s. 8(1)(c) |
| Its interest in the mortgage | The nature of any interest the brokerage has in what it presents | NLR 66/24 s. 8(1)(d) |
| What it is paid | Remuneration or incentives received or receivable | NLR 66/24 s. 8(1)(e) |
| Fees it pays others | Fees paid to anyone else on your file | NLR 66/24 s. 8(1)(f) |
| The written assessment | A comparison of the options and the reasons for the one recommended, which you sign | NLR 66/24 s. 9(3)–(5) |
| The cost-of-credit statement | APR and total cost of credit, brokerage fee included | NLR 74/10 s. 9; CPBPA ss. 55–56 |
| When | At least two business days before you first commit to, or pay, the lender — unless you waive it in writing | NLR 66/24 s. 8(2)–(4) |
Each disclosure comes with an acknowledgement for you to sign, so you have the lender’s payment to the brokerage, any conflict and the suitability reasoning in writing before the mortgage is signed.
Go deeper
The detail, if you want it
When a fee does apply
Can a brokerage charge you? Yes, but you never owe a broker more than the amount in your cost-of-credit disclosure statement (Mortgage Brokerages and Brokers Act s. 19).
In the APR: the brokerage fee is shown and counted in the APR and the total cost of credit (CPBPA ss. 55–56).
When it can be collected: the Act, the Regulations and the Code of Conduct set no timing rule that we could find (NLR 66/24).
On a bank, credit union or monoline mortgage there is no broker fee to the borrower at all. A fee is the exception, on alternative or private lending, and it is disclosed before you commit.
The duty to act in your best interest
Best interest: Every licensee must act in your best interest (Act s. 15).
Most suitable mortgage: The brokerage must find the most suitable mortgage, weighing rate, term, open or closed, amortization, penalties and its fees, and give you a written assessment (Act s. 15(b)–(d); NLR 66/24 s. 9).
Conflicts: Disclosed in writing, as early as practicable, before acting (Superintendent’s Code of Conduct).
How to check a licence, and where to complain
Newfoundland and Labrador keeps a public register: Service NL: valid mortgage brokerage and broker licences. Indi, The Independent Mortgage Company Ltd., Mortgage Brokerage, licensed in Newfoundland and Labrador (licence 26-07-IN146-1); your file is completed by Indi’s Newfoundland and Labrador-licensed mortgage broker; Riley Oickle, Associate Mortgage Broker (Nova Scotia), is your point of contact.
Complaints: In writing to the Office of the Superintendent of Mortgage Brokerages and Brokers.
Why a broker
Licensed, independent, paid by the lender
- Licensed across Atlantic Canada Indi Mortgage brokerage licences in NS, NB and NL (PEI has no licensing regime); Riley Oickle, Associate Mortgage Broker, NS 3001134
- $0 broker fee On a standard residential mortgage the lender pays, not you
- 33 lenders, one application Banks, credit unions, monolines; one credit check
Questions people ask
Do mortgage brokers charge fees in Newfoundland and Labrador?
Not on a standard residential mortgage with a bank, credit union or monoline: the lender pays the brokerage. A fee is possible on alternative or private lending, disclosed in writing at least two business days before you sign and counted in the APR.
Will I see what the lender pays the brokerage?
Yes. NLR 66/24 s. 8(1)(e) requires a written statement of the remuneration or incentives the brokerage receives, at least two business days before you commit.
Can I waive the two-day waiting period?
Yes, in a written and signed waiver, but the disclosure must still reach you before you commit or pay (NLR 66/24 s. 8(3)–(4)).
Is a broker’s rate higher in Newfoundland and Labrador because the lender pays them?
No. The lender pays the brokerage out of what it would otherwise spend finding the borrower itself; the rate is the lender’s, not marked up by the broker.
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