Please note this sample is for reference only. It may be slightly different than the AIR you see when you log in to Licensing Link.

Mortgage Brokerages, Lenders and Administrators Act, 2006

General Information

Legal Name of Brokerage:
Other Authorized Name:                                                           
Brokerage Licence Number:
Business Type:
Principal Broker:
Broker Licence Number:

Does the brokerage have a CRA business number. ▢ Yes             ▢ No
(If yes)CRA business number for the brokerage (9 digit):

If No, provide an explanation why the brokerage does not have a CRA Business Number:

Principal place of business address
Street Address:
Apt. / Unit:
City:
Province:
Postal code:

Mailing Address (Check if same as above)
Street Address:
Apt. / Unit:
City:
Province:
Postal code:

Phone Number:
Fax Number:
Principal Broker E-Mail address:

Consumer complaints E-mail address:

*Please indicate the email address to which consumers should direct complaints and/or general inquiries. This email address may be posted on the public register, and may be provided to the public for the purposes of contacting the brokerage.

NOTE: If any of the above information has changed, notify the Financial Services Regulatory Authority of Ontario (FSRA) by email at: contactcentre@fsrao.ca

Welcome to the 2020 Annual Information Return (AIR). The Financial Services Regulatory Authority of Ontario (FSRA) uses the information you provide in the AIR to help identify, assess and monitor risk in the mortgage brokering sector. The deadline to file the AIR is by March 31, 2021. The reporting period is January 1 to December 31, 2020; you must file even if you did not conduct any business during the reporting period.

Before you proceed

Only the Principal Broker of the licensed mortgage brokerage can complete and submit the AIR. If you fail to file the AIR on time, FSRA may take steps to suspend or revoke your mortgage brokerage licence. You may also be subject to an administrative monetary penalty. Any missed deadline will be noted on your file, which may increase the level of future enforcement action taken by FSRA.

Please note that any inquiries made to FSRA regarding the AIR must be made directly by the Principal Broker.

If you are a franchisor, do not report for your franchisees.

What you need to complete the AIR

  • Internet requirements: Secure high-speed internet connection; JavaScript, cookies, pop-ups. Recommended browsers - Chrome, FireFox and MS Edge. Internet Explorer is not supported..
  • Brokerage licence number
  • Errors and omissions insurance policy number and expiry date
  • Total number and location of offices in Canada
  • Dollar value of mortgages brokered in Canada, by region
  • Download and review the Sample Questionnaire in advance to determine what additional information you may need.

Completing the AIR

  • Data is automatically saved when you enter data into the AIR and navigate to a new question
  • All questions must be answered as applicable
  • Questions can be answered in any order
  • Use the “Tab” key and/or mouse to navigate through items on each page
  • Use the links in the menu on the left to navigate to different parts of the AIR
  • You are able to print a copy of the AIR at anytime by clicking on the printer icon in the upper right hand corner of the page.
  • Pages that are incomplete or that have errors will be identified with an Asterix (*) in the navigation menu on the left.
  • To file the AIR with FSRA, click “Submit” on the Attestation page

Refer to the AIR Frequently Asked Questions for additional tips. You may also click on the camera icon located in the upper right corner of the screen to submit a question regarding any technical difficulties with the AIR.

Note: Consistent with FSRA’s role in deterring deceptive or fraudulent conduct, practices and activities by the regulated sectors pursuant to s.3 (1)(g) of the Financial Services Regulatory of Authority of Ontario Act, 2016, FSRA collaborates with other organizations, including fraud prevention organizations and law enforcement agencies, to help combat unlawful activity. Please be advised that the information you provide in the AIR may be shared with such organizations.

On average, entering information for the AIR online will require approximately 60 minutes to several hours to complete. Should you require additional time, you may return at a later time and date to complete the AIR.  

If you have finished reading and understand the instructions, please proceed to the next page to begin.

Brokerage Information

a. E&O Insurance Provider

▢ AIG Insurance Company of Canada
▢ CUMIS General Insurance Company
▢ Intact Insurance Company (Western Division)
▢ International Insurance Company of Hannover Ltd. (A.M.Fredericks Underwriting Management Ltd.
▢ Lloyd’s Underwriters through RDA Inc.
▢ Lloyd’s Underwriters through Holman Insurance Brokers Ltd.
▢ Lloyd’s Underwriters through Special Risk Insurance Managers Ltd.
▢ Lloyd’s Underwriters through Evolution Insurance Inc.
▢ Lloyd’s Underwriters per Catalin Canada Inc.
▢ Lloyd’s Underwriters as arranged by Trinity Underwriting Managers
▢ Royal & Sun Alliance Insurance Company of Canada
▢ Sovereign General Insurance Company
▢ Sovereign General Insurance through Premier Canada Assurance Managers Ltd.
▢ Victor Insurance Managers Inc. (formerly Encon Group Inc.)
▢ XL Specialty Insurance Company – Canadian Branch
▢ Zurich Insurance Company Limited
▢ Other

If Other, name of E&O insurance provider:

a. (i) Indicate the liability limits under your current E&O Policy.

Per Occurrence
▢ $500,000
▢ $1,000,000
▢ Other – Specify Amount:

Per Annual Aggregate
▢ $500,000
▢ $1,000,000
▢ Other – Specify Amount:

b. Policy Number:

c. Expiry Date:

d.Is your brokerage a franchise?

▢ Yes
▢ No

e. If Yes, name of the franchisor:

f. If the brokerage or its related persons/entities is also licensed as a mortgage administrator with FSRA, enter the administrator licence number here:

g. Which of the following MBLAA business activities was your brokerage engaged in, in Ontario, during the reporting period? Check all that apply

▢ Dealing in Mortgages
▢ Trading in Mortgages
▢ Mortgage Lending        
▢ None of the above

g. (i) If none of the above, what was the primary line of business for the brokerage’s related entity?

▢ Accounting
▢ Legal Services
▢ Advisory Services/Consulting        
▢ Administering Mortgages
▢ Real Estate Brokering
▢ Construction
▢ Other:

h. Is the brokerage or its related persons/entities* a member of The Mutual Fund Dealers Association of Canada (MFDA)?

▢ Yes
▢ No

i. If Yes, indicate the MFDA membership number of the brokerage or its related persons/entities* and the authorized name of the firm:

j. Is the brokerage or its related persons/entities* registered as an insurance brokerage under insurance legislation in any Canadian jurisdiction?

▢ Yes
▢ No

k. If Yes, indicate the registration number of the brokerage or its related persons/entities*, the authorized name of the firm and the category of registration:

l. Is the brokerage or its related persons/entities* registered as a dealer or adviser under securities regulation in any Canadian jurisdiction?

▢ Yes
▢ No

m. If Yes, indicate the registration number of the brokerage or its related persons/entities*, the authorized name of the firm and the category of registration:

n. Is the brokerage or its related persons/entities* registered as a real estate brokerage in any Canadian jurisdiction?

▢ Yes
▢ No

o. If Yes, indicate the registration number of the real estate brokerage or its related persons/entities*, the authorized name of the firm and the category of registration:

p. Does the brokerage or its related persons/entities* hold any other licences including mortgage brokerage or mortgage administrator licences in other provinces?

▢ Yes
▢ No

q. If Yes, specify:

“Related persons/entities“ includes family members, affiliates, officers, directors, partners, employees, brokers, agents, principal shareholders, etc. of the brokerage.

Trust Account Information

The purpose of these questions is to verify compliance with legal obligations under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA).

1. Did the brokerage have a trust account(s) under the MBLAA?

▢ Yes
▢ No

If Yes,
1a) How many MBLAA trust accounts did the brokerage have as at December 31, 2020?

1b) Of the total number, how many MBLAA trust accounts were opened during the reporting period?

1b/i) Did the brokerage obtain prior written consent from the FSRA Chief Executive Officer if more than one trust account was opened, pursuant to O. Reg. 188/08, s. 50 (2)?

▢ Yes
▢ No

1b/ii) If No, explain why?

1c) Did the brokerage reconcile all of its MBLAA trust accounts?

▢ Yes
▢ No

1c/i) If Yes, how often did the brokerage reconcile the trust accounts?

▢ Monthly
▢ Annually
▢ Quarterly

1c/ii) If No, explain why?:

2.Was there a shortfall, at any time, in any of the MBLAA trust accounts?

▢ Yes
▢ No

If Yes, provide the following information:

Date shortfall occurred

Amount of shortfall

Has shortfall been corrected

Date shortfall corrected

Reported to the FSRA CEO

Reason for shortfall and steps taken to correct

 

$_______.00

▢ Yes   ▢ No

 

▢ Yes   ▢ No

 

 

$_______.00

▢ Yes   ▢ No

 

▢ Yes   ▢ No

 

 

$_______.00

▢ Yes   ▢ No

 

▢ Yes   ▢ No

 

 

$_______.00

▢ Yes   ▢ No

 

▢ Yes   ▢ No

 

Supervision of Operations

The purpose of these questions is to determine whether the brokerage’s operations are organized in a way that facilitates supervision and to facilitate examination/inspection planning by FSRA.

3. Indicate the total number of owners of the brokerage, including those who are also Directors, Officers, Partners and Beneficial Owners as at December 31, 2020.

▢ Select 1 to 10
▢ 10+
▢ Publicly traded company

List any owners of the brokerage, other than the Directors Officers or Partners as at December 31, 2020; where an owner is a corporation please include the ultimate Beneficial Owners.

If more than five, list the top five owners, based on the greatest percentage of ownership.

If the brokerage is a publicly traded company, insert “Shareholders” in the “Owner’s legal name” column.

Owner’s legal name

Percentage owned

 

 

 

 

 

 

 

 

 

 

3b) Where was the brokerage’s head office/headquarters in Canada as at December 31, 2020?

3b-ii) If the brokerage’s head office/headquarters was located in Ontario, provide the region:

▢ Toronto (M)
▢ Central Ontario (Excluding Toronto) (L)
▢ Eastern Ontario (K)
▢ Northern Ontario (P)
▢ Southwestern Ontario (N)

* L or M, N, K, P is the first letter of the postal code for each region respectively.

NOTE: For the purpose of the AIR, "head office" is defined as: "A place of business where a broker or agent spends more than 50% of his or her time working on mortgage brokering, including home offices."

4. Provide the following information about the brokerage’s offices for each Ontario region as at December 31, 2020 as applicable:

Ontario Region

Number of Offices

Number of Offices with a Broker**

Toronto (M)

 

 

Central Ontario (Excluding Toronto) (L)

 

 

Eastern Ontario (K)

 

 

Northern Ontario (P)

 

 

Southwestern Ontario (N)

 

 

Total # of Offices

 

 

**Licensed broker assigned to office in a supervisory capacity

NOTE: For the purpose of the AIR, offices is defined as:
“A place of business where a broker or agent spends more than 50% of his or her time working on mortgage brokering, excluding home offices that are not open to the public.”

5. Select all applicable steps taken (as described in your Policies and Procedures) by the brokerage during the reporting period to provide adequate supervision for all offices in Ontario where business was transacted.

▢ Onsite Supervisor/Manager
▢ Remote Supervision
▢ File Review/File Audits
▢ Regular Meetings (monthly, quarterly etc.)
▢ Policies and Procedures/Best Practices
▢ Remote Training/Support (phone/email/fax/online)
▢ In-person Training/Support
▢ Individual Performance Reviews of Agents/Brokers
▢ Other

5a) If Other is selected, explain:

5b) If Remote Supervision is selected, describe steps taken to facilitate remote supervision?

6. Did your brokerage deal or trade in mortgages in other Canadian provinces/territories during the reporting period?

▢ Yes
▢ No

If Yes, provide the total number (#) and dollar value ($) of mortgages brokered and closed by the brokerage outside of Ontario:

6a/i) Total  number of mortgages
6a/ii) Total  dollar value of mortgages

7. If the brokerage’s head office/headquarters was in Ontario:

How many additional offices did the brokerage have in Canada, outside of Ontario, as at December 31, 2020?

NOTE: For the purpose of the AIR, additional “office” is defined as: “A place of business where a broker or agent spends more than 50% of his or her time working on mortgage brokering, excluding home offices.”

8. Provide the following information about the number of brokers and agents licensed by the brokerage in Ontario as at December 31, 2020:

Number of full-time brokers

Number of part-time brokers

Number of full-time agents

Number of part-time agents

Number of other staff

Total

 

 

 

 

 

 

8a) How many brokers/agents left the brokerage in the reporting period? (Resigned/Terminated)

8a-ii) How many brokers/agents joined the brokerage in the reporting period?      

8b) During the reporting period, did the brokerage terminate a broker/agent?

▢ Yes
▢ No

If Yes:

8c) Did you report the matter to FSRA through Licensing Link?

▢ Yes
▢ No

8d) You are required to immediately notify FSRA’s Chief Executive Officer if you believe that there may be reasonable grounds that a broker or agent is not suitable to be licensed under the MBLAA (O. Reg. 188/08 s. 43 (3)

Confirm that you have complied with this requirement, if it was relevant to you.

▢ Yes
▢ No

8d/i) If No, explain:

9. You are required to review the brokerage’s Policies and Procedures. (O. Reg. 410/07 s. 3 (1))

Confirm that you have complied with this requirement.

▢ Yes
▢ No

9a) If No, explain:

9b) When were the brokerage’s Policies and Procedures last updated?

Records Information

The purpose of these questions is to facilitate examination/inspection/planning.

10. What format were your required records stored in? (check all that apply)

▢ Electronic
▢ Paper

10b) Were the required records retained at the brokerage’s principal place of business in Ontario?

▢ Yes
▢ No

If No, you are required to notify FSRA’s Chief Executive Officer if records were kept at a different location. (O. Reg. 193/08, s.5)

Confirm you have complied with this requirement.

▢ Yes
▢ No

10b/i) If No, explain:

Portfolio Details / Information

(The purpose of these questions is to gather marketplace statistics)

11. Excluding non-qualified syndicated mortgages, did the brokerage close any mortgage deals during the reporting period?

▢ Yes
▢ No

11a) If Yes, excluding non-qualified syndicated mortgages, provide the total number (#) and dollar value ($) of mortgages brokered and closed by the brokerage:

11a/i) Total # of mortgages

11a/ii) Total $ value of mortgages

Qualified syndicated mortgage: A syndicated mortgage that meets all of the following criteria:

  1. It is negotiated or arranged through a mortgage brokerage.
  2. It secures a debt obligation on property that,
    1. is used primarily for residential purposes,
    2. includes no more than a total of four units, and
    3. if used for both commercial and residential purposes, includes no more than one unit that is used for commercial purposes.
  3. At the time the syndicated mortgage is arranged, the amount of debt it secures, together with all other debt secured by mortgages on the property that have priority over, or the same priority as, the syndicated mortgage, does not exceed 90 per cent of the fair market value of the property relating to the mortgage, excluding any value that may be attributed to proposed or pending development of the property.
  4. It is limited to one debt obligation whose term is the same as the term of the syndicated mortgage.
  5. The rate of interest payable under it is equal to the rate of interest payable under the debt obligation.

A syndicated mortgage that secures a debt obligation incurred for the construction or development of property is not a qualified syndicated mortgage.

Non-qualified syndicated mortgage:  A syndicated mortgage which does not meet the requirements of a qualified syndicated mortgage.

11b) Excluding non-qualified syndicated mortgages, provide the # and $ value for the following types of mortgages:


Mortgage Type

Number of Mortgages

Dollar value of Mortgages

a) Residential6

 

 

b) Commercial7

 

 

c) Other

 

 

c-i) Specify the types of mortgages included under “Other”

 

 

  TOTAL (a+b+c)

 

 

 

 

 

d) Conventional1

 

 

e) High Ratio – insured2

 

 

f) High Ratio – uninsured3

 

 

g)  First Mortgage

 

 

h) Second Mortgage

 

 

i) Third Mortgage

 

 

j) Other Mortgages (4th, 5th, etc.)

 

 

 TOTAL (g+h+i+j)

 

 

 

 

 

k) New Loans

 

 

l) Renewals4

 

 

 TOTAL (k+l)

 

 

 

 

 

m) First Time Homebuyer

 

 

n) Reverse

 

 

o) Sub-Prime5

 

 

p) Construction Mortgages8

 

 

q) Home Equity Line of Credit (HELOC)

 

 

r) Qualified Syndicate Mortgages

 

 

NOTE: When entering in dollar amounts, round to the nearest dollar. Enter whole numbers for all amounts. Dollar sign ($), comma (,) and decimal point (.) are not accepted.

  1. Conventional: Loan to Value Ratio less than or equal to 80%.
  2. High Ratio: Loan to Value Ratio greater than 80% and insured with mortgage default insurance.
  3. High Ratio - Uninsured:  Loan to Value Ratio greater than 80% and uninsured
  4. Renewals: Mortgages that were originally placed by the brokerage and renewed with the same lender on the same property.
  5. Sub-Prime: For the purposes of this return, sub-prime business shall mean arranging a mortgage for individual(s) with a mean credit score of 600 points or less. It is based on the credit worthiness of the individual borrower(s).
  6. Residential: A mortgage entered into with an individual borrower that is secured by a residential property with four units of less, or a single residential unit within a strata condominium.
  7. Commercial: a mortgage entered into with a borrower, lender or investor that is not a residential mortgage.
  8. Construction and development: a mortgage entered into with a borrower, investor or lender for the purpose of financing the construction of a building or property development project.

12. Excluding non-qualified syndicated mortgages, provide the following information regarding the brokerage’s business funded by these lenders:

(12a)
Type of lender

(12b)
Number of mortgages

(12c)
Dollar value of mortgages

(12d)
Dollar value of fees received from the lender*

(12e)
Total number of different lenders used

Bank

 

 

 

 

Credit Union

 

 

 

 

Insurance Company

 

 

 

 

Mortgage Finance Company / Monoline

 

 

 

 

Mortgage Investment Corporation

 

 

 

 

Private Lender

 

 

 

 

Self Funding (Brokerage, broker, or agent’s own funds)

 

 

 

 

Trust Company

 

 

 

 

Other

 

 

 

 

Bank: Federally Regulated Financial Institutions incorporated (as a Schedule I or II bank) under the Bank Act.

Credit Union: A corporation incorporated or continued as a credit union or caisse populaire.

Insurance Company: Insurance Company incorporated or registered under the Insurance Companies Act.

Mortgage Finance Company (MFC) / Monoline: An MFC or “Monoline” lender is a non-depository financial institution that underwrites and services mortgages sourced through brokers.

Mortgage Investment Corporation: An investment/lending company designed specifically for mortgage investing or lending, in Canada, and governed by the Income Tax Act (Canada).

Private Lender: A person or business who lends their own funds for a mortgage.

Trust Company: A trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act (Canada).

Other: Lenders that do not belong to any of the other types of lenders listed above.

13d) If Mortgage Investment Corporation (MIC) is selected as a type of lender that funded a mortgage, provide the names of the top three MIC lenders based on total dollar value.

Mortgage investment corporation
(Name of top three lenders)

Number of mortgages

Dollar value of mortgages

Relationship between the lender to the brokerage, its broker or agents
- arm’s length relationship
- related persons/entities

 

 

 

[Select from list]

 

 

 

[Select from list]

 

 

 

[Select from list]

“Related persons/entities“ includes family members, affiliates, officers, directors, partners, employees, brokers, agents, principal shareholders, etc. of the brokerage.

13e) If Private Lender is selected as a type of lender that funded a mortgage, provide the names of the top three Private Lenders based on total dollar value.

Private lender:
(Top three lenders)

Number of mortgages

Dollar value of mortgages

Relationship between the lender to the brokerage, its broker or agents
- arm’s length relationship
- related persons/entities

 

 

 

[Select from list]

 

 

 

[Select from list]

 

 

 

[Select from list]

“Related persons/entities“ includes family members, affiliates, officers, directors, partners, employees, brokers, agents, principal shareholders, etc. of the brokerage.

13f) If Self Funding is selected as a type of lender that funded a mortgage, provide the names of the top three Self-Funding lenders based on total dollar value.

Self-Funding
(Brokerage, broker, or agent’s own funds)
(Top three lenders)

Number of mortgages

Dollar value of mortgages

Who in the brokerage provided the source of funds?
- brokerage itself
- broker
- agent

(Max 100 characters)

 

 

[Select from list]

(Max 100 characters)

 

 

[Select from list]

(Max 100 characters)

 

 

[Select from list]

13g) During the reporting period, did the brokerage receive any fees from the borrower?

▢ Yes
▢ No

13g-i) If Yes, provide the total  dollar value of fees received.

14. Excluding non-qualified syndicated mortgages, did the brokerage buy, sell or exchange mortgages during this period?

▢ Yes
▢ No

If yes,

14a) On behalf of a person or entity?

▢ Yes
▢ No

Number of mortgages
Dollar value of mortgages

14b) On the brokerage’s own behalf?

▢ Yes
▢ No

Number of mortgages
Dollar value of mortgages

15. If engaged in mortgage lending activities, provide the total number and dollar value of mortgages funded by the brokerage during the reporting period, including non-qualified syndicated mortgages:

Number of mortgages
Dollar value of mortgages

Mortgage Investment Corporation

The questions in this section are intended for information gathering purposes only, and not for compliance purposes.

NOTE: For the purpose of the AIR, a Mortgage Investment Corporation (MIC) is an investment/lending company designed specifically for mortgage investing or lending, in Canada, and governed by the Income Tax Act.

The MIC is organized for investing in pools of mortgages, primarily residential, and manages a diversified and secured portfolio of mortgages. Profits generated by the MIC are distributed to its shareholders according to their proportionate share.

16. Did the principal broker, officers or directors of the brokerage have any equity interest including beneficial ownership in a Mortgage Investment Corporation (MIC) as at December 31, 2020?

▢ Yes
▢ No

16a) If Yes, list all applicable names, their corresponding equity interest, and the legal name of any MIC they have an equity interest in:

17. Did the principal broker, officers or directors of the brokerage hold any management roles in a MIC as at December 31, 2020?

▢ Yes
▢ No

If Yes:

17a) List all the names, positions and the legal name of any MIC registered under any securities act of any jurisdiction:

17b) Were any of the MICs fully managed by the principal broker?

▢ Yes
▢ No

If Yes, are all loans passed through the MIC assessed by the principal broker?

▢ Yes
▢ No
▢ Do not know

Syndication

(The purpose of these questions is to verify compliance with legal obligations under the MBLAA and to gather marketplace statistics.)

18. Did the brokerage execute any non-qualified syndicated mortgages (brokered or co-brokered)?

▢ Yes
▢ No

18a) If “Yes”, provide the following information about the non-qualified syndicated mortgages (brokered or co-brokered):

Type of Mortgage

Response
(Yes/No)

Total number
of mortgages

Total dollar value
of
mortgages

Total number
of Investors

Number of Designated Investors (O. Reg.  188/08, s.2)

Who administers the mortgages?

Number of Sophisticated Investors

Number  of Forms 3.2.1 submitted to FSRA

Residential

 

 

 

 

 

 

 

Commercial

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

Qualified syndicated mortgage: A syndicated mortgage that meets all of the following criteria:

  1. It is negotiated or arranged through a mortgage brokerage.
  2. It secures a debt obligation on property that,
    1. is used primarily for residential purposes,
    2. includes no more than a total of four units, and
    3. if used for both commercial and residential purposes, includes no more than one unit that is used for commercial purposes.
  3. At the time the syndicated mortgage is arranged, the amount of debt it secures, together with all other debt secured by mortgages on the property that have priority over, or the same priority as, the syndicated mortgage, does not exceed 90 per cent of the fair market value of the property relating to the mortgage, excluding any value that may be attributed to proposed or pending development of the property.
  4. It is limited to one debt obligation whose term is the same as the term of the syndicated mortgage.
  5. The rate of interest payable under it is equal to the rate of interest payable under the debt obligation.

A syndicated mortgage that secures a debt obligation incurred for the construction or development of property is not a qualified syndicated mortgage.

Non-qualified syndicated mortgage:  A syndicated mortgage which does not meet the requirements of a qualified syndicated mortgage.

Sophisticated Investors: For purposes of the AIR, a sophisticated investor is a member of a Designated Class that is a/an:

  1. Non-Individual, or
  2. Individual who, alone or together with his or her spouse, beneficially owns financial assets (being cash, securities within the meaning of the Securities Act, the cash surrender value of a life insurance contract; a deposit or evidence of a deposit) that have an aggregate realizable value that, before taxes but net of any related liabilities, exceeds $5 million and who provides written confirmation of this to the brokerage.

18b) How many investors/lenders did the brokerage have available for non-qualified syndicated mortgages as of December 31, 2020?

18c) Based on the value of mortgages, list the top three (3) investors/lenders that funded the brokerage’s non-qualified syndicated mortgage transactions:

Name

Number of  mortgages

Dollar value of mortgages

 

 

 

 

 

 

 

 

 

18d)You are required to review and confirm the suitability of a non-qualified syndicated mortgage for each investor/lender.

Confirm that you have complied with this requirement.
▢ Yes
▢ No

If No, explain why:

19. Did the brokerage refer any clients to other licensed brokerages to invest in non-qualified syndicated mortgages?

▢ Yes
▢ No

19a If Yes:
How many clients did the brokerage refer?

19b) Provide the dollar amount of compensation received by the brokerage for referring clients to invest in non-qualified syndicated mortgages.

19c) Does your brokerage have policies and procedure which relate specifically to the referral of clients for the purpose of investing in non-qualified syndicated mortgages?

▢ Yes
▢ No

If No, explain:

Complaints and Complaint Handling

20. Is the person designated to receive complaints at the brokerage the principal broker?

▢ Yes
▢ No

20a) If No, name of person(s) designated to receive complaints for the brokerage:

21. Total number of written complaints received by the brokerage during the reporting period:

21a) Of the total written complaints received, how many were responded to, as required by legislation?

NOTE: The brokerage must respond, in writing, to all written complaints that are received.

21b) Of the total written complaints received, how many were resolved as at December 31, 2020?

NOTE: For the purpose of the AIR, “resolved” means that the brokerage has addressed and responded in writing to all concerns raised by the complainant.

21c) Provide the following breakdown for the total written complaints received:

Complaint Category

Number of Complaints

Comments
(Provide a brief  explanation about the types of complaints received by the brokerage for each category)

1. Administration

Complaints regarding administrative practices e.g., failing to return original records, record-keeping, payment schedule problems, contractual disputes (client fees or services) and customer service (client expectations).

 

 

2. Disclosure

Complaints regarding disclosure requirements e.g., disclosure of potential conflicts of interest, material risks, or fees as it relates to the mortgage transaction, improper release of personal information.

 

 

3. Marketing & Sales

Complaints regarding product suitability, incomplete, inappropriate or misleading public relations material, high pressure sales tactics, tied selling.

 

 

4. Fraud

Complaints regarding deceptive or deliberate practices to secure unfair or unlawful gain, e.g., falsifying documents or information related to a mortgage transaction or arrangement, defalcation.

 

 

5. Fees

Complaints regarding fees involved in the mortgage brokering transaction  e.g., amounts charged to client from brokerage, broker, or agent.

 

 

Total

 

 

21d) Did the brokerage receive any complaints relating to Non-Qualified Syndicated Mortgages?

▢ Yes
▢ No

If Yes, how many complaints?

Did the Brokerage report all complaints to the FSRA CEO within 10 business days of receiving the Non-Qualified Syndicated Mortgage complaint? {Yes/No}

▢ Yes
▢ No

 If No, explain why they were not reported:

Suitability

The purpose of these questions is to help further determine if the mortgage brokerage is suitable to continue to be licensed.

22. Were there any E&O claims made against the brokerage or the brokerage’s brokers/agents, in any Canadian jurisdiction, during the reporting period?

▢ Yes
▢ No

If Yes:

22a)  How many claims were made?

22b)  Provide a brief explanation:

23. During the reporting period, was a complaint made against the brokerage to a regulatory body in any Canadian jurisdiction that was based, in whole or in part, in allegations of fraud, theft, deceit, misrepresentation, forgery, or similar conduct?

▢ Yes
▢ No

23a)If Yes, provide a brief explanation:

24. During the reporting period, was the brokerage fined or were any monetary penalties imposed by any Canadian financial services regulator excluding FSRA?

▢ Yes
▢ No

24a) If Yes, provide a brief explanation:

25. During the reporting period, did the brokerage have any overdue fines/monetary penalties owing to any Canadian financial services regulator excluding FSRA?

▢ Yes
▢ No

24a) If Yes, provide a brief explanation:

25. During the reporting period, was the brokerage fined or were any monetary penalties imposed by any Provincial/Federal courts?

▢ Yes
▢ No

26a) If Yes, provide a brief explanation:

27. During the reporting period, was the brokerage subject to any charges laid under the laws of any Canadian province/territory?

▢ Yes
▢ No

27a) If Yes, provide a brief explanation:

During the reporting period, were any licences the brokerage held from a government agency, regulatory body or professional organization revoked or suspended?

▢ Yes
▢ No

28a) If Yes, provide a brief explanation:

29. During the reporting period, was the brokerage named in a lawsuit (Statement of Claim, Counterclaim or Third-party Claim)?

▢ Yes
▢ No

29a) If Yes, provide a brief explanation:

Reporting Changes

Did any of the following information change during the reporting period, and did you report the changes to FSRA by email at contactcentre@fsrao.ca: (Check all that apply)

Brokerage Information

Changed?
(Yes/No)

Reported?
(Yes/No)

Address for Service

▢    ▢

▢    ▢

Address of Principal Place of Business

▢    ▢

▢    ▢

Email, Phone or Fax

▢    ▢

▢    ▢

Officers or Directors

▢    ▢

▢    ▢

Partners in Partnership

▢    ▢

▢    ▢

E&O Insurance

▢    ▢

▢    ▢

Open/Closed Offices

▢    ▢

▢    ▢

If No to reporting any changes above, explain why the change was not reported.

Remuneration

31. Did your brokerage accept monetary or non-monetary incentives from lenders?

▢ Yes
▢ No

NOTE: Monetary incentives include but not limited to: Credit card, gift cards.

Non-monetary incentives include but not limited to:  Reward points, trips, gifts, event tickets, memberships.

31b) If Yes, from how many lenders did the brokerage accept non-monetary incentives?

32. Did your brokerage offer monetary or non-monetary incentives to other parties?

▢ Yes
▢ No

33. Did your brokerage receive contingency commission (i.e. volume bonus) or payment arrangements with lenders?

▢ Yes
▢ No

33a) If Yes, with how many lenders did the broker have arrangements?

34. Did your brokerage have tri-party compensation agreements for non-monetary incentives between your brokerage, brokers/agents, and other brokerages?

▢ Yes
▢ No

34a) If Yes, explain:

35. How many brokers and/or agents are remunerated through a personal corporation?

Referrals

36. During the reporting period, did the brokerage make any referrals to other brokerages?

▢ Yes
▢ No

36a) If Yes, how many referrals did the brokerage make?

36b) Provide the total dollar amount of compensation received by the brokerage for these referrals.

37. During the reporting period, did the brokerage receive any referrals?

▢ Yes
▢ No

If Yes,
37a) How many referrals did the brokerage receive from other brokerages?

37b) Provide the total dollar amount of compensation paid by the brokerage for these referrals.

37c) How many of these referrals received were simple referrals from unlicensed entities?

37d) Provide the total dollar amount of compensation paid by the brokerage for these simple referrals.

For purposes of the AIR, compensation can include but is not limited to: Finders fees, credit cards, gift cards, tickets, reward points. 

A “simple referral” is defined in subsections 6(4) and 6(5) of the MBLAA and sections 1 and 2 of Ontario Regulation 407/07

Closing Questions

This question is for statistical purposes

How long did it take to gather the information and complete the AIR?

Hours:                      Minutes:               

FSRA is in the process of publishing a Mortgage Brokers Regulators’ Council of Canada (MBRCC) National Code of Conduct (the Code) that is expected to come into effect during the 2021 calendar year.

MBRCC has been working with the Canadian mortgage brokering industry to develop this proposed Code.

Are you aware of this initiative?

▢ Yes
▢ No

Attestation                   

I ___________________________________________________________ of
Print Name                                                  

_________________________________________________________________________________
Brokerage

CERTIFY THAT:
I am aware that it is an offence to make a false statement to the FSRA Chief Executive Officer under the Mortgage Brokerages, Lenders and Administrators Act, 2006, and that the information provided in this Annual Information Return is true to the best of my knowledge and belief.

 

_____________________________________________                  __________________________
Signature                                                                                            Date

NOTE: Only the principal broker of the brokerage can submit this Annual Information Return.  The above name must match the name on the principal broker's licence.