BCFSA forms depend on who you represent. This guide also explains the separate BC Cost of Borrowing / Total Cost of Credit disclosure already available in Finmo.
Important: This article is a general reference, not compliance or legal advice. Always follow your brokerage compliance policies and instructions from your Principal Broker or Compliance Officer. Brokerage requirements may include additional documentation.
Who is your client?
For most residential files, the borrower is the client. Private lending may involve a lender client or an unrepresented borrower. The separate Cost of Borrowing disclosure is determined by whether the transaction is an applicable consumer mortgage, not by which representation package is used.
I represent the borrower
Typically: Form 1A + Disclosure Package #1
Use for common purchase, refinance and switch/transfer files. Form 1A explains borrower representation. Package #1 covers suitability and material risks, remuneration, and interests/conflicts.
QUICK RULE: Borrower is my client → Form 1A + Package #1
Tip: For an applicable consumer mortgage, also provide the separate BC Cost of Borrowing / Total Cost of Credit (APR) disclosure already available in Finmo. Package #1 does not replace it.
I represent a private lender or MIC
Typically: Form 1B + Disclosure Package #2
Use when the lender is your client in a dealing transaction. Form 2A explains risks of proceeding without representation; Package #3 supplies applicable borrower-side disclosures. The lender side may also require Form 1B + Package #2. Certain permitted-person exceptions may apply.
QUICK RULE : Lender is my client → Form 1B + Package #2
I represent the lender, and the borrower is unrepresented
Typically for the borrower: Form 2A + Disclosure Package #3
This can occur where you represent a private lender or MIC and the borrower has no mortgage broker representing them. Form 2A explains risks of proceeding without representation; Package #3 supplies applicable borrower-side disclosures. The lender side may also require Form 1B + Package #2. Certain permitted-person exceptions may apply.
QUICK RULE : Borrower is unrepresented → Form 2A + Package #3
Tip: If the mortgage is an applicable consumer mortgage, the separate Cost of Borrowing / Total Cost of Credit disclosure is still required; Package #3 does not replace it.
I think I represent both borrower and lender
STOP — conflict / dual-agency review
Do not assume that signing both sets of forms permits dual agency. It is generally prohibited, subject to limited exceptions. Consult your Principal Broker or Compliance Officer. Form 8 and a written agreement may be needed where permitted; Form 9 may apply to release one or both clients.
QUICK RULE: Both are my clients → STOP + brokerage review
Quick reference guide
Situation | MSA forms / package | Separate BC cost of credit? |
Borrower is my client | 1A + Package #1 | Yes, for applicable consumer mortgages |
Private lender / MIC is my client | 1B + Package #2 | Check borrower-side consumer mortgage requirements |
Borrower is unrepresented | 2A + Package #3 | Yes, for applicable consumer mortgages |
Possible dual agency | STOP; brokerage review | Assess separately if consumer mortgage |
FAQ's
Are the BC Cost of Borrowing / Total Cost of Credit documents still required?
Finmo has the BC Cost of Borrowing / Total Cost of Credit documents available. These are separate from the new BCFSA Mortgage Services Act representation forms and disclosure packages and should remain in the applicable consumer mortgage workflow.
The requirement comes from BC’s Business Practices and Consumer Protection Act (BPCPA). BCFSA calls this the total cost of credit / annual percentage rate (APR) disclosure and confirms that it is NOT included in Packages #1 or #3. BCFSA does not prescribe a particular form for this disclosure.
TIMING: Provide at least two business days before the borrower signs the mortgage agreement or makes a payment in connection with the mortgage, subject to applicable legal requirements.
COSTS: The financial disclosure addresses applicable mortgage terms and costs. Legal, appraisal, lender and brokerage charges must be assessed under the relevant BPCPA rules; not every third-party expense is necessarily part of the APR calculation. Follow your brokerage’s approved cost-disclosure process.
Important: Do not remove the existing BC Cost of Borrowing documents because the new BCFSA forms have been introduced. Confirm that the version used and its timing meet brokerage compliance requirements.
When do the forms happen?
First determine representation, then provide Form 1A / 1B or the applicable unrepresented-party form before providing mortgage services. Provide the relevant transaction package at the required disclosure stage. For consumer mortgages, provide the separate Cost of Borrowing / Total Cost of Credit disclosure within its own statutory deadline.
Typical represented-borrower path: Form 1A → gather and underwrite → present mortgage option with Package #1 → separate BC Cost of Borrowing / APR disclosure (within required timing) → signing and funding.
What does Package #1 include?
Part A: suitability, key features/limitations and material risks. Part B: remuneration, including applicable fees, commissions and bonuses. Part C: interests and actual or perceived conflicts. Package #1 does not replace Form 1A or the BPCPA financial disclosure.
What about the old Form 10?
The former Mortgage Brokers Act Form 10 – Conflict of Interest Disclosure is archived and is not the prescribed form for new MSA transactions. Use the applicable current MSA conflict disclosures; retain historical forms on existing files. This does not change the separate consumer cost-of-credit obligation.
When in doubt: follow your brokerage’s compliance requirements
This Finmo reference is not a substitute for brokerage policies, compliance review, or legal advice. Your brokerage may impose additional requirements for document timing, signatures, retention, private lending, conflicts, payroll and funding. When unsure, consult your Principal Broker or Compliance Officer before proceeding.
Official BCFSA sources
Important: BCFSA forms and guidance may change. Consult the linked BCFSA pages for current versions.
Should you require assistance please click on the chat bubble in Finmo or email support@finmo.ca