John Pasalis in Toronto Real Estate News
The Financial Services Commission of Ontario (FSCO) regulates the mortgage brokering industry in Ontario. FSCO recently issued Interim Orders to suspend the licences of 79 mortgage brokerages for not having errors and omissions insurance coverage.
Along with the Interim Orders, these mortgage brokerages were served with Notices of Proposal to revoke their licences and impose an administrative monetary penalty of $1000 for not meeting this requirement. When a mortgage brokerage's licence is suspended, neither the brokerage nor its brokers and agents can conduct mortgage business in Ontario.
Any home buyer who is currently working with a mortgage broker should ensure that their broker is not one of the 79 suspended by FSCO. You can see a complete list of suspended mortgage brokerages on FSCO's website.
John Pasalis is a sales associate at Prudential Properties Plus in Toronto and a founder of Realosophy. Email John