Mortgage Brokering Technical Advisory Committee Meeting Summary
Date: Monday, November 28, 2022
Time: 1:00 p.m. to 3:00 p.m.
Location:
25 Sheppard Avenue West, Toronto, Ontario
Videoconference
This summary sets out the key points discussed at the November 28, 2022, meeting.
Roundtable
The Committee and FSRA shared observations on recent trends and emerging issues in the mortgage industry. Topics discussed include dual licensed mortgage agents, changing mortgage qualification requirements and increasing fees.
The principal broker’s supervision obligations
FSRA sought the Committee’s preliminary feedback on proposed regulatory expectations of Principal Brokers and drivers for their success.
Mortgage suitability assessments
FSRA provided an update on this initiative and sought the Committee’s feedback on the most effective way to confirm client’s understanding of the recommended mortgage and why it is recommended.
FSRA Forward progress update
FSRA provided an update on upcoming improvements to the Mortgage Brokering Portal and noted that there would be an opportunity for individuals to volunteer to test the system to ensure it meets their needs.
Next meeting
The next meeting of the committee will be scheduled for Winter 2023.
Attendance record
|
Invited/ Attended |
Company Name |
Attendance Status (A)ttended; (R)egrets; (S)ubstitute; (VC)Teleconference |
|---|---|---|
|
Sadiq Boodoo |
Approved Financial Services
|
A |
|
Guido Di Franco |
Richview Capital MIC Inc. / Mortgage Architects Experts |
A |
|
Kevin Fettig |
CMI Financial Group |
VC |
|
Carla Gervais |
The Mortgage Advisors (Verico) |
VC |
|
Elizabeth Gnoinski |
Boss Mortgages – The Mortgage Center
|
VC |
|
Neil Gross |
Component Strategies Consulting
|
VC |
|
Victoria Joly |
Distinctive Real Estate Advisors Inc.
|
R |
|
Alex Leduc |
Perch (Mortgauge) |
VC |
|
David Morrison |
Morrison Financial |
A |
|
Anthony Pistillo |
RiverRock MIC |
A |
|
Murray Snedden |
MarshallZehr Group Inc. |
A |
|
Marie Taylor |
FCT |
VC |
|
Gina Stephens |
Ministry of Finance |
VC |
FSRA members present:
Jennie Hodgson, Wendy Horrobin, Antoinette Leung, and Natalia Molka from FSRA’s Market Conduct team; Joel Gorlick and Abina Rogers from Policy team were present at the meeting. Martina Aswani, John Caldwell, Jason Harris, Siddhartha Kalita, Adam Levy and Chris Zolis from Legal and Enforcement team, Mark Cocklin from Digital Transformation, as well as Serina Yau from FSRA’s Public Affairs team were also present.
Available in French upon request