FSRA warns consumers about unlicensed operator Lampwater Financial Mutual offering mortgage brokering services in Ontario
The Financial Services Regulatory Authority of Ontario (FSRA) is warning consumers that Lampwater Financial Mutual is not licensed to conduct mortgage business in Ontario.
The unlicensed activity is operating out of 40 University Ave., Toronto, ON, M5J 1T1 using the following website: http://lfmutual.com/.
It has been reported that Lampwater Financial Mutual will contact consumers to offer mortgages across Canada. Interested consumers are asked to pay processing fees in advance of the approved mortgage. Once fees are sent, consumers did not receive the mortgage and their fees are not refunded.
FSRA encourages consumers to exercise caution if they are contacted by the company or anyone using the above website and claiming to represent Lampwater Financial Mutual. Consumers are also advised not to obtain a mortgage arranged through Lampwater Financial Mutual.
FSRA licenses mortgage brokerages, brokers and agents to safeguard public confidence and trust in Ontario’s financial services. If consumers obtain a mortgage through individuals or companies not licensed by FSRA, they are not protected under the Mortgage Brokerages, Lenders and Administrators Act, 2006 and its regulations that govern Ontario's licensed mortgage brokerages, brokers and agents.
Consumers are encouraged to check the public registry to ensure they are working with a licensed mortgage broker, agent, brokerage, or administrator.
FSRA is continuing to work with those we regulate to ensure financial safety, fairness and choice for consumers and members. Learn more www.fsrao.ca.
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