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

The information listed on this page represents information on file with FSRA as of December 31, 2021:

Legal Name of Administrator:
Other Authorized Name:
Contact Person:
Administrator Licence Number:
Business Type:
Contact Name:

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

If No, provide an explanation why the administrator 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 Representative 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 administrator.

NOTE: If any of the above information has changed, you are required to notify the Financial Services Regulatory Authority of Ontario (FSRA) within 5 business days of the change by email at: [email protected]

Welcome to the 2021 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, 2022. The reporting period is January 1 to December 31, 2021; you must file even if you did not conduct any business during the reporting period.

Before You Proceed

Only the Principal Representative of the licensed mortgage administrator 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 administrator licence. You may also be subject to an administrative monetary penalty. Any missed deadline will result in a warning letter 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 Representative.

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.
  • administrator licence number
  • errors and omissions insurance policy number and expiry date
  • total number and location of offices in Canada
  • dollar value of mortgages administered in Canada, by region
  • review this 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 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.

Reporting Changes

It is required to notify the Financial Services Regulatory Authority of Ontario (FSRA) within 5 business days of a change to the general information of an administrator by email at: [email protected].

Did any of the following information change during the reporting period, and did you report the changes to FSRA by email at [email protected]: (Check all that apply)

Administrator 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

Administrator 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:

(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:

(ii) Policy Number:
(iii) Expiry Date:

Upload a copy of the administrator’s Errors & Omissions Insurance Certificate: 

b. What is the administrator’s designated fiscal year end?

c. Is the mortgage administrator’s auditor a licensed public accountant?

▢ Yes
▢ No

If No, provide an explanation:

Note: Audited financial statements are required to be prepared by a licensed public accountant listed on CPA’s public registry as good standing.

d. Did the administrator file financial information pursuant to O. Reg. 193/08 s. 3

▢ Yes
▢ No

(i) If Yes, what date?

If not filed within 90 calendar days from the designated fiscal year-end, explain why?

(ii) If No, provide an explanation:

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

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

f. Does the administrator have a mortgage brokerage licence in another jurisdiction/province?

▢ Yes
▢ No

g. Is the administrator a publicly traded company?

▢ Yes
▢ No

If yes, what is the administrator’s trading symbol?

h. If no, is the administrator related to a publicly traded company?

▢ Yes
▢ No

If yes:
i.    What is the name of the publicly traded company the administrator is related to?

ii.   What is the trading symbol of the publicly traded company the administrator is related to?

iii.  What is the relationship between the administrator and the publicly traded company?

▢ Parent of the administrator
▢ Subsidiary of the administrator
▢ Commonly controlled
▢ Other affiliations

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 administrator have a trust account(s) under the MBLAA?

▢ Yes
▢ No

1a) If No, Explain:

If Yes:

1b) If How many MBLAA trust accounts did the administrator have as at December 31, 2021?

1c) Of the total number, how many MBLAA trust accounts did the administrator open during the reporting period?

1c/i) Did the administrator obtain prior written consent from the FSRA Chief Executive Officer pursuant to O. Reg. 189/08, s. 34 (2)?

▢ Yes
▢ No

1c/ii) If No, explain why?

1d) What accounting system does the administrator use to keep track of deemed trust funds (including investors’ funds remittance) and investor investment balances?  If more than 1 system is used, please identify all and the purpose of each system.

1e) Did the administrator reconcile all of its MBLAA trust accounts?

▢ Yes
▢ No

1e/i) If Yes, how often did the administrator reconcile the trust accounts?

▢ Monthly
▢ Annually
▢ Quarterly

1e/ii) If No, explain why?

1f) Was interest earned from monies on deposit in your trust account fully credited to the investor/lender?

▢ Yes
▢ No

1f/i) If No, explain why?

2. Was there a shortfall, at any time during the reporting period, 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

 

 

▢ Yes   ▢ No

 

▢ Yes   ▢ No

 

 

 

▢ Yes   ▢ No

 

▢ Yes   ▢ No

 

 

 

▢ Yes   ▢ No

 

▢ Yes   ▢ No

 

 

 

▢ Yes   ▢ No

 

▢ Yes   ▢ No

 

Supervision of Operations

The purpose of these questions is to determine whether the administrator’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 administrator, including those who are Directors, Officers, Partners and Beneficial Owners as at December 31, 2021.

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

List any owners of the administrator including Beneficial Owners, other than the Directors, Officers, or Partners as at December 31, 2021; 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 administrator is a publicly traded company, insert “Shareholders” in the “Owner’s legal name” column.

Owner’s legal name

Percentage owned

 

 

 

 

 

 

 

 

 

 

3a) Where was the administrator’s head office/principal place of business in Canada as at December 31, 2021?

▢ Alberta
▢ British Columbia
▢ Manitoba
▢ New Brunswick
▢ Newfoundland and Labrador
▢ Nova Scotia
▢ Northwest Territories
▢ Nunavut
▢ Ontario
▢ Prince Edward Island
▢ Quebec
▢ Saskatchewan
▢ Yukon

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

4. Provide the total number of offices for each Ontario region as at December 31, 2021 as applicable:

Ontario Region

Number of Offices

 

Toronto (M)

 

 

Central Ontario (Excluding Toronto) (L)

 

 

Eastern Ontario (K)

 

 

Northern Ontario (P)

 

 

Southwestern Ontario (N)

 

 

Total # of Offices

 

 

NOTE: Include your head office as well as all additional offices that are open to the public.

5. Does the administrator have an individual designated to ensuring compliance with the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA)?

▢ Yes
▢ No

If yes, provide their name, email and phone number:

Portfolio Details / Information

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

Where mortgage specifics, such as number or dollar value of mortgages, are requested, please provide the information as of December 31, 2021.

6. Provide the following information on the administrator mortgage portfolio as at December 31, 2021:

    Total Mortgage Business Mortgage Property Within Ontario

6a

Total number of mortgages under administration

 

 

6b

Total dollar value of mortgages under administration

 

 

6c

Total number of investors in the mortgages under administration

 

 

6d

Total number of mortgages in arrears

 

 

6e

Total dollar value of mortgages in arrears

 

 

6f

Total number of mortgages in arrears where foreclosure/power of sale proceedings commenced

 

 

6g

Total dollar value of mortgages in arrears where foreclosure/power of sale proceedings commenced

 

 

7. Provide the following information regarding the underlying properties for the mortgages under administration as at December 31, 2021:

 

Property Type

Number of Mortgages under administration

Dollar value of mortgages under administration

7a

Vacant Land

 

 

7b

Raw Land

 

 

7c

Development Properties (Construction)

 

 
7d Income Producing Properties (Existing Buildings)    
7e Agricultural / Farmland    
7f Other (e.g.: hospitality)    
7g Residential    

If other, please specify the property type:

8. Provide the demographic of the investors in the mortgages under administration as at December 31, 2021:

  Investor Type Number of Investors Total number of mortgage administered Total dollar value administered
8a Individual      
8b Mortgage Investment Corporation (MIC)      
8c Mortgage Investment Entity (MIE) other than MIC      
8d Regulated Financial Institution      
8e Other (Non-Regulated Financial Institution)      

Mortgage Investment Entity ("MIE") is a mortgage-financing business, other than a MIC, that pools together money from investors to lend on mortgages. MIEs can vary in organizational structure, and may be a trust, a limited partnership or a corporation.

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.

9. Did the administrator administer mortgages in Canadian provinces / territories, other than Ontario?

▢ Yes
▢ No

If Yes, provide the total number (#) and dollar value ($) of mortgages administered outside of Ontario as at December 31, 2021:

Total number of mortgages:
Total dollar value of mortgages:
 

10. Did the administrator manage a Mortgage Investment Corporation (MIC) during the reporting period?

▢ Yes
▢ No

If Yes, complete the following as at December 31, 2021:
# of mortgages administered for the MICs that is/are managed by the administrator:
$ of mortgages administered for the MICs that is/are managed by the administrator:
# of different MIC lenders managed by the administrator:

11. List the top three (3) MICs the administrator administered based on the total dollar value of mortgages.

Name

Number of mortgages administered by the administrator

Dollar value of mortgages administered by the administrator

 

 

 

 

 

 

 

 

 

12. List the top three (3) MICs the administrator administered based on the total number of mortgages.

Name

Number of mortgages administered by the administrator

Dollar value of mortgages administered by the administrator

 

 

 

 

 

 

 

 

 

13. Provide a list of all MICs that were managed by the administrator during the reporting period that sold units/shares/etc. to investors through a prospectus or Offering Memorandum filed with a securities commission?

14. Did the administrator administer any private mortgages other than a MIC?

▢ Yes
▢ No

A Private mortgage is a mortgage by a person or business who lends their own funds for a mortgage including Mortgage Investment Entities (other than MICs), other mortgage brokerages, and/or individual mortgage brokers or agents. A Mortgage Investment Entity ("MIE") is a mortgage-financing business that pools together money from investors to lend on mortgages. MIEs can vary in organizational structure, and may be a trust, a limited partnership or a corporation.

14a) If Yes, complete the following

Number of mortgages:
Dollar value of mortgages:
Number of private lenders:

14b) List the top five (5) private lenders the administrator administrated for based on the number of mortgages:

Name

Type of Private Lender
[Select from list: (a) MIE other than MIC, and (b) private lender who are persons or business other than MIC & MIE.]

Number of mortgages

Dollar value mortgages

 

 

 

 

       
       

 

 

 

 

 

 

 

 

14b-i) If more than five (5) private lenders, upload a list of all private lenders for whom the administrator administered for during the reporting period (provide the legal first and last name of an individual or the legal business name of an entity):

15. Does the administrator have in place policies and procedures which relate to the disbursement of funds for all types of mortgage products under its administration?

▢ Yes
▢ No
If No, Explain:

16. Please provide the total number of instances of redemption or early repayment freezes that the mortgage administrator put in place during the reporting period.

17. Did the administrator administer any non-qualified syndicated mortgages?

▢ Yes
▢ No

17a) If Yes, complete the following:

# of mortgages: 
$ of mortgages: 
# of lenders: 

18. Did the administrator administer any qualified syndicated mortgages?

▢ Yes
▢ No

18a)     If Yes, complete the following:

# of mortgages: 
$ of mortgages: 
# of syndicates/lenders: 

Qualified syndicated mortgage investment (“QSMI”) definition before July 1, 2021:
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,
i) is used primarily for residential purposes,
ii) includes no more than a total of four units, and
iii) 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.

The transfer of regulatory oversight of certain syndicated mortgages from FSRA to the Ontario Securities Commission (“OSC”) took effect on July 1, 2021. The QSMI definition above has been replaced effective July 1, 2021 to align with the OSC definition. Please refer to FSRA Guidance on the Supervision Approach for Non-Qualified Syndicated Mortgage Investments with Permitted Client and Legacy Non-Qualified Syndicated Mortgage Investments for details.

Records Information

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

▢ Electronic
▢ Paper

19a) Were the required records retained at the administrator’s principal place of business in Ontario?

▢ Yes
▢ No
If No, you are required to notify the FSRA 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

Unimpaired Working Capital

20. Have you maintained $25,000 of unimpaired working capital or other form of financial guarantee as approved by the FSRA Chief Executive Office at all times throughout the year?

A mortgage administrator shall maintain a financial guarantee in an amount equal to $25,000.  O. Reg. 189/08, s. 28 (1)

The financial guarantee may be unimpaired working capital or it may be another form of financial guarantee acceptable to the Chief Executive Officer.  O. Reg. 189/08, s. 28 (2)

Confirm that you have complied with these requirements.
▢ Yes
▢ No

If No, Explain:

Complaints and Complaint Handling

21. You are required to designate one or more individuals to receive and attempt to resolve complaints from the public, and each designated individual must be an employee of the mortgage administrator or someone who is otherwise authorized to act on its behalf.  O. Reg. 189/08, s. 26 (2).

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

If No, explain:

22. Total number of written complaints received by the administrator during the reporting period:

22a) Indicate the number of complaints which originated from each of the following sources:

Borrower:
Provide a summary of the complaints received from borrowers:

Lender (other than MIEs):
Provide a summary of the complaints received from lenders:

MIE:
Provide a summary of the complaints received from MIEs (including MICs):

Other Regulator:
Provide a summary of the complaints received from other regulators:

Other Source:
Provide a summary of the complaints received from other sources:

22b) Did any of the complaints received by the mortgage administrator relate to non-qualified syndicated mortgages or qualified syndicated mortgages?

▢ Yes
▢ No

22c) Of the total written complaints received, how many were responded to, as required by legislation?

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

22d) Of the total written complaints received, how many were resolved as at December 31, 2021?

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

Suitability

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

23. Were there any E&O claims made against the administrator during the reporting period in any Canadian jurisdiction?

▢ Yes
▢ No

If Yes, provide a brief explanation including the number of claims?

24. During the reporting period, was a complaint made against the administrator 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

24a) If Yes, provide a brief explanation:

25. During the reporting period, was the administrator or any of its Directors, Officers or Partners fined or were any monetary penalties imposed by any Canadian financial services regulator excluding FSRA?

▢ Yes
▢ No

If Yes, provide a brief explanation:

26. During the reporting period, did the administrator or any of its Directors, Officers or Partners file for bankruptcy or have any overdue fines/monetary penalties owing to any Canadian financial services regulator excluding FSRA?

▢ Yes
▢ No

If Yes, provide a brief explanation:

27. During the reporting period, was administrator or any of its Directors, Officers or Partners subject to any charges laid under the laws of any Canadian province/territory?

▢ Yes
▢ No

If Yes, provide a brief explanation:

28. During the reporting period, was the administrator or any of its Directors, Officers or Partners fined or otherwise sanctioned by any Provincial/Federal courts?

▢ Yes
▢ No

If Yes, provide a brief explanation:

29. During the reporting period, were any licences the administrator or any of its Directors, Officers or Partners held from a regulatory body/professional organization revoked or suspended?

▢ Yes
▢ No

If Yes, provide a brief explanation:

30. Did the administrator or any of its Directors, Officers or Partners conduct any other business from the business’ premises?

▢ Yes
▢ No

If Yes, describe:

31. During the reporting period, was the administrator or any of its Directors, Officers or Partners named in a lawsuit (Statement of Claim, Counterclaim or Third-party Claim) If yes, provide a brief explanation:

▢ Yes
▢ No

If Yes, provide a brief explanation:

Closing Questions

FSRA published the Mortgage Broker Regulators’ Council of Canada (MBRCC) National Code of Conduct (the Code) which came into effect August 5, 2021.

Has the mortgage administrator incorporated the MBRCC National Code of Conduct into its policies and procedures?

▢ Yes
▢ No

If no, explain:

Does the administrator have cyber security Policies and Procedures in place?

▢ Yes
▢ No

Does the administrator have cyber security insurance?

▢ Yes
▢ No

During the reporting period, did the administrator experience any cyber security incident which resulted in a breach of the administrator’s computer systems/networks?

▢ Yes
▢ No

If yes,
i) How many cyber security incidents occurred? {numerical value}
ii) Describe the nature of the incident. {open text box}

This question is for statistical purposes

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

Hours:                               Minutes:

Payment of Annual Regulatory Fee

FSRA has integrated the payment of the Mortgage Administrator's Annual Regulatory Fee with the filing of the 2021 AIR

In order to retain the Mortgage Administrator's licence, the Annual Regulatory Fee of $841 must be paid.

The Annual Regulatory Fee

  • Supports the cost of FSRA as an independent regulator, and its priority to transform existing regulatory processes through a new organizational design, with enhanced capacity and staff expertise.
  • The fee has been determined based on FSRA Rule 2019 - 001 Assessments and Fees.
  • On or before the day on which a fiscal year ends, a corporation, partnership, sole proprietorship, or other entity that has a mortgage administrator’s licence shall pay a regulatory fee in respect of the next fiscal year of $841.
  • Payment of the fee is due to FSRA no later than March 31.

To learn more about the fees for the Mortgage sector, please visit: Financial Services Regulatory Authority of Ontario Rule 2019-001 Assessments and Fees and refer to Subsection 6.2

For more information, please refer to the question and answer page. You can also contact FSRA by emailing [email protected] or calling 1-800-668-0128.

Attestation

I _______________________________, _______________________________________________ of
Print Name                                                    Title of Position at the Administrator

_________________________________________________________________________________
The Administrator

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: This Annual Information Return can only be completed by a sole proprietor, a general partner of a partnership or an officer of a corporation.