FSRA continues to protect consumers’ interests when they shop for a mortgage or invest in one. We are releasing our annual Mortgage Brokering Sector Supervision Plan which will:
- Help consumers receive mortgage recommendations suitable for their needs.
- Ensure investors and lenders have confidence that mortgage administrators are protecting the investments and funds in their care.
It will also help industry better understand FSRA’s expectations and identify areas of improvement.
The 2023-2024 Supervision Plan has three areas of focus:
- Brokerages’ practices to ensure private mortgages are suitable for consumers and consumers understand product features and costs, including consideration of an exit strategy
- The conduct culture, compliance structure and principal broker’s supervision in large brokerages to ensure all brokers and agents are conducting their activities with integrity and competence
- Practices of licensed administrators, brokerages and/or their related parties who provide services to investors during the life cycle of a mortgage investment.
As always, mortgage professionals must keep their clients’ interests top of mind. We encourage the sector to review the Supervision Plan and our other materials to learn more about their licensing obligations and requirements.
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FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.