From April 1, new regulations will be introduced for the mortgage broker sector.

The new Mortgage Brokerages and Brokerages Act and its new regulations will implement a licensing framework for the sector, introduce training and continuing education requirements for the sector and require the sector to subscribe to a errors and omissions insurance.

Mortgage brokers will also be required to maintain trust accounts, strengthen customer disclosure requirements for the industry, and authorize administrative penalties for the industry.

Mortgage brokerages will be contacted by the Ministry of Digital Government and Service NL to inform them of how the changes will work.

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