Definition
The brokerage mandate (or "mortgage brokerage agreement") is the mandatory written contract that any client retaining a Québec mortgage broker must sign before any work begins. It is framed by the Mortgage Brokerage Act (CQLR c. C-71.4) and AMF regulations.
Mandatory minimum content: broker and brokerage identity, AMF licence number, specific mission entrusted (search for a mortgage on a given transaction), mandate duration, compensation terms and amount (lender commission or direct fees), disclosure of potential conflicts of interest (notably if the brokerage belongs to the same group as a lender), client rights (revocation, file access, AMF complaint).
The mandate is free to the borrower on most standard A transactions — the broker is paid by the lender. On B and private files, direct fees may apply (typically 1-3% of loan amount), mandatorily disclosed in the mandate. A sample mandate is available at courteo.ca/exemple-mandat.