ID
2023-017

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

Thank you for providing your feedback on FSRA’s proposed Guidance on Mortgage Product Suitability Assessment .

The request for submissions is now closed.

We appreciate the comments and questions received to date and look forward to sharing with you the final Guidance. Stay up to date on Guidance releases on our newsroom. Follow us on LinkedIn and subscribe to our mailing list for quick updates.

The Financial Services Regulatory Authority of Ontario (FSRA) is taking steps to help ensure Ontario consumers are receiving mortgage products that are right for them and their family.

Today, FSRA is proposing Guidance that explains how the mortgage brokering sector can demonstrate that the recommendations they provide to consumers are based on consumers’ specific needs and circumstances. 

FSRA is also proposing changes to two of its forms to make them easier to understand and to raise the profile of important information to promote transparency. 

Last year, FSRA reviewed a sample of private mortgages arranged by mortgage brokerages and found that most of the transactions did not clearly show how the mortgage products were deemed suitable for clients. 

Mortgage professionals need to take responsible steps to establish that they have made suitable mortgage product recommendations, which include documenting how the product recommendations meet each client’s specific needs.

The consultation period for the proposed Guidance and forms is now open and will close on February 28, 2024.

Learn more:

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Sector Comment Date posted
Mortgage Brokering
[2023-017] Margie Carlson - Appraisal Institute of Canada-Ontario
Mortgage Brokering
[2023-017] Martha Kane - Neighbourhood Holdings
This submission is on behalf of the Canadian Alternative Mortgage Lenders Association (“CAMLA”)
Mortgage Brokering
[2023-017] Samantha Gale - Canadian Association of Private Lenders
Please find attached a letter from CAPL providing comments on the proposed guidance for licensees dispensing mortgage product suitability advice. Thank you for the opportunity to provide comments.
[2023-017] Consumer Advisory Panel to The Financial Services Regulatory Authority 0f Ontario (FSRA)
The Consumer Advisory Panel had the opportunity to participate in this consultation. The Panels official submission provided in the attached document.
No questions have been asked about this consultation yet.