The Mortgage Broker Contract serves as the foundational document establishing the professional relationship between licensed mortgage brokers and their clients in Canada. This agreement is essential for compliance with federal and provincial regulatory requirements governing mortgage brokerage services. It is typically used when individuals or businesses seek mortgage financing through a broker's services, requiring clear documentation of the scope of services, compensation arrangements, and mutual obligations. The contract ensures transparency in the mortgage procurement process while protecting both parties' interests and maintaining compliance with applicable Canadian financial services regulations, including provincial mortgage broker legislation, federal privacy laws, and anti-money laundering requirements.

1. Parties: Identification of the mortgage broker/brokerage and the client, including full legal names, addresses, and licensing details

2. Background: Context of the agreement, including the client's desire to obtain mortgage financing and the broker's professional capacity

3. Definitions: Key terms used throughout the agreement, including technical and legal terminology specific to mortgage brokerage

4. Scope of Services: Detailed description of mortgage brokerage services to be provided, including mortgage sourcing, application processing, and liaison with lenders

5. Broker's Obligations: Specific duties and responsibilities of the broker, including due diligence, disclosure requirements, and professional standards

6. Client's Obligations: Client's responsibilities, including providing accurate information, documentation, and cooperation with the mortgage application process

7. Compensation: Fee structure, commission arrangements, and payment terms, including disclosure of any fees received from lenders

8. Term and Termination: Duration of the agreement and conditions for termination by either party

9. Confidentiality: Protection of confidential information and compliance with privacy laws

10. Representations and Warranties: Statements of fact and guarantees by both parties regarding their capacity and authority

11. Liability and Indemnification: Limitations of liability and indemnification provisions for both parties

12. Governing Law: Specification of applicable Canadian provincial law and jurisdiction