Mortgage fraud is a growing problem that is estimated to cost hundreds of millions of dollars in Canada each year. In a continued effort to combat mortgage fraud and raise awareness of this important issue, the Government of Ontario has made amendments to three existing regulations under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA):
These changes are being made in response to the Report to the Minister on the Five-Year Review of the MBLAA . The updated regulations will go into effect on January 1, 2016.
What You Need to Do
On January 1, 2016, all mortgage brokerages, administrators, brokers and agents in Ontario must ensure they are compliant with these amended regulations. To make sure you are meeting these new requirements, the Financial Services Commission of Ontario (FSCO) recommends you: