How to Consider selecting a Mortgage Broker | Quebec Guide

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The Role of a Mortgage Broker in Quebec

A mortgage broker acts as an intermediary between the borrower and lenders. Governed by the Act respecting the distribution of financial products and services (CQLR, c. D-9.2), they have a legal obligation to recommend the mortgage product that best suits your financial situation. Unlike a bank advisor who represents a single institution, a mortgage broker has access to multiple lenders and can shop the market on your behalf. Their licence is issued and supervised by the Autorité des marchés financiers (AMF), which ensures compliance with professional and ethical standards.

Verifying the AMF Licence: The First Step

Before entrusting your file to a broker, check the AMF public registry (lautorite.qc.ca). This free registry allows you to confirm that the broker holds a valid licence, is attached to a registered agency, and that no disciplinary action has been taken against them. A broker whose licence is suspended or revoked cannot legally carry out brokerage activities. This verification takes less than two minutes and is your first line of protection as a consumer.

Objective Criteria to Evaluate a Broker

Number of lenders represented: A broker who works with 20 or more lenders offers broad market access. Ask for their list of lending partners to verify diversity (banks, credit unions, trust companies, alternative lenders).
Experience with your type of financing: A first-time buyer, a rental investor, and a self-employed worker have different needs. Make sure the broker has experience with your specific profile and ask for examples of similar files handled recently.
Transparency about compensation: The broker should clearly explain how they are paid. For standard residential loans, they are compensated by the lender. If client fees apply, they must be disclosed in writing before any service is provided.
Availability and communication: Evaluate their initial response time: a responsive broker generally replies within 24 hours. Ask how they communicate file updates and how frequently you will be informed of progress.
References and reputation: Check online reviews (Google, social media) and ask for references from recent clients. A trustworthy broker will not hesitate to connect you with satisfied past clients.

Warning Signs to Watch For

The broker only proposes one lender or strongly insists on a particular product without clear justification.
They refuse to disclose their commission amount or compensation structure.
They demand fees before providing any concrete service or before signing a brokerage contract.
They pressure you to sign quickly without giving you time to read and understand the documents.
Their AMF licence cannot be verified in the public registry or shows an irregular status.
They promise a guaranteed rate without having analyzed your complete financial file.

Your Rights as a Consumer

As a Quebec consumer, you have the right to know your broker's compensation, to receive clear explanations about each proposed product, to take the time you need before signing, and to change brokers at any time before committing to a lender. If you believe you were poorly advised, you can file a complaint with the AMF or contact the Chambre de la sécurité financière for ethical violations. The complaint process is free and accessible online.

Frequently Asked Questions

How can I verify if a mortgage broker is authorized in Quebec?

Check the Autorité des marchés financiers (AMF) public registry online. Every mortgage broker must hold a valid licence issued by the AMF under the Act respecting the distribution of financial products and services. The registry displays the broker's name, certificate number, and status.

What questions should I ask a mortgage broker before choosing one?

Ask how many lenders they represent, what experience they have with your type of file, how they are compensated, whether they charge fees to clients, what their typical response time is, and whether they can provide references from recent clients. A transparent broker will answer all these questions without hesitation.

What are the warning signs when choosing a broker?

Be cautious of a broker who only proposes one lender, refuses to disclose their compensation, demands fees before providing any service, pressures you to sign without giving you time to think, or whose AMF licence cannot be verified in the public registry.

Does the mortgage broker charge me fees?

In the vast majority of cases, the mortgage broker is compensated by the lender through commissions and charges no fees to the client for a standard residential loan. Fees may apply in certain complex situations (private lending, difficult files), but the broker must disclose them in writing before providing the service.

How many lenders should a good mortgage broker represent?

A broker who works with at least 20 lenders generally offers broad enough market access to find competitive terms. Brokers affiliated with major networks like Multi-Prêts or nesto often have access to over 30 lenders, including banks, credit unions, trust companies, and alternative lenders.