FSRA warns consumers about unlicensed operator Nationwide Canada Loans offering mortgage brokering services in Ontario
The Financial Services Regulatory Authority of Ontario (FSRA) is warning consumers that Nationwide Canada Loans is not licensed to conduct mortgage business in Ontario.
Nationwide Canada Loans is operating and advertising as a mortgage brokerage out of 439 University Ave., Toronto, ON, M5G 2H6 and through its website https://nationwidecanada.loan.
Nationwide Canada Loans is gathering consumers’ personal details and asking consumers to apply for mortgages on its website.
FSRA encourages consumers to exercise caution if they are contacted by the company or anyone using the above website and claiming to represent Nationwide Canada Loans. Consumers are also advised not to obtain a mortgage arranged through Nationwide Canada Loans.
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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