ID
2021-011

Type
Policy
Sector
Mortgage Brokering
Status
Public comment closed
Date
Comment Due Date

The Financial Services Regulatory Authority of Ontario (FSRA) is enhancing consumer protection by proposing new standards for approving licensing courses in the mortgage brokering sector.

FSRA is now consulting on proposed guidance on adopting the Mortgage Broker Regulators’ Council of Canada’s Education and Accreditation Standards. The new standards promote a base level of education quality among course providers to foster professionalism, strengthen consumer protection and enhance confidence in the mortgage brokering sector.

This proposed guidance provides FSRA’s Interpretation of an approved education program required to obtain a licence under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA). It also provides FSRA’s proposed Approach for approving licensing courses.

Please provide your comments no later than September 7, 2021 by selecting “Submit a comment or ask a question”.

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Sector Comment Date posted Sort ascending
[2021-011] Mortgage Professionals Canada
We have done a thorough review of the proposed guidance on adopting the MBRCC Accreditation Standards and we have no substantive comments to add as we do not foresee any significant issue with the implementation.

We welcome the improvement in required standards and think the consistency in student experience across education providers will be a benefit to all industry newcomers.

We also agree (with FSRA) that the application of the Accreditation Standards in Ontario will contribute to public confidence in the mortgage brokering sector, promote high standards of business conduct; and protect the rights and interests of consumers.
September 7, 2021
Mortgage Brokering
[2021-011] Jerome Trail - The Mortgage Trail Inc.
Assuming that the objective, of this exercise, is to try and increase faith and confidence in the sector with the general public it seems the major topics could include:
1.) Ethics - an undergraduate business school course in Ethics lasts a school term (ie. a few months). This is an area that should be expanded upon as new and prospective agents learn the business and the role they play with consumers. It seems a better understanding of ethics is needed.
2.) Transaction Costs, Disclosure & Calculations - consumer protection begins with education and information. The travelling public reacts strongly to file "surprises" especially unanticipated transactional fees and costs. The lawyer's ledger (or, when things are concluded) is not a good time to learn of the actual break-down. New agents should understand the importance of informing clients of these in advance, how to land on actual figures, and the importance of communicating this information in a timely and efficient manner.
I hope this input helps.
August 10, 2021
Mortgage Brokering
[2021-011] Sterling Wong - Search Mortgage Corp.
triple the length and triple the cost of the mortgage agent course requirements to be licensed. there's too many agents posing risks to consumers giving mortgage agents a bad reputation. it's actually quite horrible. each year 50% of mortgage agents drop off because they don't want to pay the renewal fees. these people should not have been granted a mortgage license to begin with.
July 27, 2021
Mortgage Brokering
[2021-011] Rajesh
Please allow Mortgage agents to work indepently with the lenders as they have their own 'E and O" insurance. Many brokerages are charging monthly desk fees and hefty percentage of commissions on top from helpless agents. This is unfair as many brokerages seem interested in enrolling new agents to have increase their fixed monthly income in the name of training and providing some tools. Please allow Mortgage agents to work as self employed contractor rather than an employee without wages ( in fact employee here is laying to employer) under his so called employer , a mortgage brokerage.
Also do not allow a mortgage brokerage or a mortgage agent to also have Real Estate brokerage or real estate sales person licence.
July 27, 2021
[2021-011] Rita Sejgal
Please make a mandatory provision that all T4 and NOA documents be cross verified from CRA to check mortgage fraud. How could so many people with low or medium income are reportedly buying houses beyond their source of income?
July 27, 2021
Mortgage Brokering
[2021-011] Dustin James - DLC Premier Financial
Good Morning, This is a welcomes change. This industry has needed a more strict licensing process. we need to make it more difficult for people to become licensed to protect the industry, clients and cut back on fraud. Thanks, Dustin
July 27, 2021
Mortgage Brokering
[2021-011] Dwight Trafford - Rock Capital investments Inc
I believe that is still to easy to obtain credentials as a mortgage agent in Ontario. It is also too inexpensive. Any continuing education is optional and should not be. Mortgage Fraud is still rampant, there are hundreds of agents and brokers in Ontario willing to falsify documents for a fee. There is really no reason for this industry to be easier to gain entry than the real estate industry. More education requirements for both new and ongoing agents and brokers is a must.
July 27, 2021
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