Manitoba regulates mortgage brokering through the Manitoba Securities Commission (MSC), Real Estate Division, under The Mortgage Brokers Act. The entry-level individual registration is Mortgage Salesperson, filed under the sponsorship of a licensed mortgage broker — functionally the same starting point as an “associate” in Saskatchewan or Ontario, just under a different name.
The required course is the Manitoba Mortgage Salesperson Course, delivered by Mortgage Professionals Canada and priced identically to Saskatchewan's associate course — $375 for the e-text, $425 for a printed text — built on the same sixth-edition textbook. What's distinctive about Manitoba's version is the exam format, covered next.
The course itself runs roughly 40 hours online, but the final exam is in person, not remote-proctored — a genuine planning consideration, since it means scheduling travel and exam-day logistics around a physical sitting rather than assuming the entire process wraps up from a home computer. Rewrites are available for candidates who don't pass on the first attempt.
Once you pass, a six-month clock starts: the provider requires registering for a licence with MSC within six months of a successful exam date. Because of that window, it's worth having a sponsoring broker at least tentatively lined up before sitting the exam rather than starting that search only after passing — a candidate who begins the broker search from zero after the exam can burn a meaningful chunk of that six months on networking and interviews alone.
A Mortgage Salesperson application is filed with the Registrar on the approved form, under the sponsorship of a licensed mortgage broker, alongside a $400 registration fee — the same $400 figure applies to the annual renewal. Applicants also need to be at least 18 years old and of good character.
One procedural difference from most other provinces: the criminal record check itself is completed by the Commission as part of the registration process, using a Criminal Record Check Form the applicant submits, rather than the applicant independently sourcing a check from an outside police service beforehand. This doesn't make the check any less rigorous — it still feeds the same underlying good-character standard — it just shifts who actually runs the search.
Every Manitoba registration — salesperson, authorized official, or the corporate broker registration itself — expires annually on May 31, regardless of when it was originally issued. Renewal applications with the required fees have to be filed no later than 30 days before that expiry, and this single fixed date is genuinely convenient for tracking purposes: a brokerage with several registered salespeople is effectively tracking every one of them against the same calendar date, rather than a scattered set of individual anniversaries.
The fee table across registration categories follows a simple pattern: a Mortgage Broker pays $500 initially and $400 to renew; an Authorized Official and a Mortgage Salesperson both pay $400 for either initial registration or renewal. A lapsed salesperson registration carries a smaller $75 reinstatement fee, and transferring a salesperson registration between sponsoring brokers costs $60.
At the corporate level, Manitoba draws a real legal distinction between a full Mortgage Broker and a Restricted Mortgage Broker, not just a naming convention. A full Mortgage Broker's activities include selling, buying, or arranging mortgages broadly — including registering mortgages in its own name on behalf of investors, or administering mortgages for a fee — and that broader scope comes with real additional requirements: a non-interest-bearing trust account confirmation, a $100,000 surety bond, and audited financial statements confirming capital adequacy. A Restricted Mortgage Broker covers a narrower set of activities — soliciting, providing information to a lender, assessing a borrower on a lender's behalf, or arranging or placing mortgages — and doesn't carry the trust-account or bond requirements. Both categories still require errors and omissions insurance at the corporate level and a $500 registration fee.
An individual salesperson becomes an Authorized Official — the designated individual who carries a corporate registration's regulatory responsibility — after at least two years' experience as a salesperson within the preceding three years, plus either the Broker's Course (for the Restricted Mortgage Broker path) or a documented senior-management resume (for the full Mortgage Broker path). A non-resident applicant needs a written undertaking to appear in Manitoba on reasonable notice if the Registrar ever requires it. This upgrade is worth planning early: the two paths lead to genuinely different preparation, and someone without a clear senior-management track record aiming at the Restricted path should expect the defined, examinable Broker's Course to be the more predictable route.
A Manitoba brokerage wants to register as a corporate Mortgage Broker rather than a Restricted Mortgage Broker so it can administer mortgages on behalf of investors for a fee. What does the fuller category require that the Restricted category doesn't?
The trust account, $100,000 surety bond, and audited financial statements are specifically tied to the broader scope of a full Mortgage Broker registration — activities like administering mortgages for a fee or registering them in the brokerage's own name on behalf of investors — none of which a Restricted Mortgage Broker is authorized to do, which is exactly why it doesn't carry those extra requirements. Both categories pay the same $500 registration fee, not a higher one for the full category, and E&O insurance in Manitoba is confirmed explicitly at the corporate level, not as a separate personal requirement for individual salespeople.
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